[124]. As numerous inquiries convince me.
[125]. According to the U. S. Census of 1890, there were 4,564,641 farms consisting of 623,218,619 acres of land, or an average of 136 acres to a farm. World Almanac, 1899, p. 184.
[126]. Enc. of Soc. Reform, pp. 22, 23; also based on the census.
[127]. “Present Distribution of Wealth in the U. S.,” pp. 104, 105; (see here: Appendix I.). The same: Enc. of Soc. Reform, p. 1385—table of incomes, 1890.
[128]. Some one may suppose that some net earnings of the national banks might overlap some net earnings of the mortgagee monopolies, since mortgage profits are often obtained by banks. But such a supposition cannot have a real ground here, because the national banks are prohibited by the law of the United States to make investments in mortgages; and because mortgages of real estate, being not easily convertible securities for loans, would not be admissible by them. The only exception made by the law for these banks is that, for a necessary accommodation of their business, a mortgage may sometimes be held as a security, collateral to some other which is more easily convertible into currency. (See Revised Statutes, §5137. Prof. Dunbar’s “Theory and Hist. of Banking,” p. 26.)
It is the non-national or State banks that often directly deal with mortgages. But estimating their gross earnings at $200,000,000 for the year 1890 (see p. 101), Mr. Waite evidently could not ascertain their enormous net incomes, hence we leave them to be understood as surplus above all our concluding totals of net incomes.
And whereas, the net incomes of the national banks decreased $110,378,930 in the 7 years, those of the life insurance companies increased $108,932,030 (World Almanac, 1900, p. 180, 184) and with the help of the omitted net incomes of the gas companies (p. 101) more than offset the loss, leaving our totals correct.
[129]. Enc. of Soc. Reform, 1897, pp. 1346-7; from “Philadelphia Times,” etc.
[130]. Dr. Spahr, ibid., pp. 104-5.
[131]. It was the gross income.