The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-07

Reviewing the figures, Bradstreet's says,
among other things:
There were, it will be seen, 1893 mer-
camille failures in the United States during
the period mentioned, a total strikingly
similar--only eighteen more failures-to
the total in 1883, but 20 per cent fewer
than in 1898, Is per cent fewer than IN
1897, and 81 per cent less than in the year
1886, four years ago. With the exception
OF last year, in fact, the number OF fail
ures reported is the smallest there is any
record OF since 1887 fourteen years ago.
THE showing as TO Liabilities is. OF
course, not quite Us favorable owing to
the occurrence Of a few large failures, not
ably those of one large -four milling cor
poTation, large publishing house, some
silk and coal concerns, and a few heavy
building trade suspensions, none OF which,
however-except, perhaps, in the case of
the building trade failures-could be re-
garded as indicative OF any significant
weakness or want of strength in the gen.
eral trade situation"
Railway earnings continue TO make sur
prising showing. In nearly all cases there
is steady increase both in gross and in
net. The august statements are now most
ly all in and il is certain that the showing
Is quite as good as the most enthusiastic
prosperity crank has expected. II is far
better than conservative railway men
leaked for. The September gross earnings
have been excellent also. although in this
case the increase Is smaller than hereto
fore, for reasons which railway men fully
understand, and are not frightened over
in the least. The gross earnings of forty
seven systems for the month were $36. III
04S. an increase OF 81 271, I47, or about 359
per cent. The gross figures for the last
week of September show decrease for the
forty lines that have reported up TO the
present time according to the Financial
Chronicle" The total earnings for the
week were S9.4s6,56S, which was less than
that of the same week last year by So, 29S.
or about one-half of per cent. The gross
earnings for the last week of September,
1899, were the finest ever recorded and
showed an immense increase over those of
other recent years.
One fact regarding the market Is estab-
lished beyond a doubt. The important
people are buying stocks for Investment
steadily, irrespective of immediate fluc-
tuations. They have been doing this for
two or three weeks and the movement
has been taking place all over the list, in
the industrial securities as well as IN the
railway issues. The manipulation to hold
prices down in some cases has been par
ticuiarly clever and successful. though
the methods resorted TO have been of z
character that would receive a harsh name
anywhere else than in Wall Street. The
Tennessee Coal and Iron episode is a case
in point. 1t has been discussed somewhat
al length in this column heretofore There
have been few more fragrant hold-ups in
the street Ii would seem certain that
Tennessee Coal and Iron will now have a
good advance in the near future. Specu-
lation in the stock should not be attempt
ed on short margins. however. No mat
ter how much the business of the company
may warrant a higher price than the
present for the stock, these very nanipu-
latiye methods show that the insiders do
not wish the public TO make any money
out OF IT if this can be helped.
The report of the Colorado Fuel and
Iron Company for August was given out
yesterday II Is much better than the
report OF the Tennessee company and can
hardly help having a good effect on the
stock. which is now selling much below
its apparent value. The increase In net
earnings for the month was S137 JIG. and
the increase for the two months Of the
fiscal year S29s.3i6.
The Tammany game in the traction Sc
curities is being played In deft and beau.
tiful manner. The politicians have been
manipulating these securities for several
weeks and the evidences of this are I'M
mistakable; but at the present time there
are few outsiders who feel certain Just
what they are trying 10 do, despite all the
rumors that have been foated. 1t is
pretty nearly certain that Mr.. Croker and
his lieutenants are intending TO advance
Brooklyn Rapid Transit and the others of
The group many points before election,
but there arc those who still doubt this
The group is up more than any other dur
ing the past week and the advance has