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. Footnote 129: Enc. of Soc. Reform, 1897, pp. 1346-7; from “Philadelphia Times,” etc. Footnote 130: Dr. Spahr, ibid., pp. 104-5. Footnote 131: It was the gross income. Footnote 132: See the upper table, p. 42. Footnote 133: Table, p. 47. Footnote 134: Lower table, p. 42, 1st two groups. Footnote 135: Mr. Waldron, “Hand-book on Currency or Wealth,” pp. 106 and 107. See also: Enc. of Soc. Reform, p. 1389. Footnote 136: See the statistical conclusions on the fall of wages, p. 134; also Dr. Spahr’s “Present Distribution of Wealth,” etc., pp. 95-118. Footnote 137: “Present Distr. of Wealth in U. S.” (1896), pp. 104, 105, 112. Here, pp. 140-143. “Average daily wages: 1873, $2.04; 1891, $1.69; urban laborers.” Footnote 138: Dr. Spahr, ibid., pp. 104-5. Enc. of Soc. Reform, p. 1385. Footnote 139: Dr. Spahr, ibid., pp. 98, 104-5. Also: Statistics of Massachusetts Bureau of Labor, 1890, p. 319. Footnote 140: Dr. Spahr, ibid., p. 104-5. Footnote 141: Dr. Spahr, ibid., pp. 116, 117. Footnote 142: Ibid., pp. 104, 105. Footnote 143: Dr. Spahr, ibid., p. 104-5. Footnote 144: World Almanac, 1899, pp. 200, 225. Footnote 145: Quoted from Enc. of Soc. Reform, p. 1347. Footnote 146: For 1897 is an approximate estimate of The World Almanac, 1899, p. 200, foot note. Footnote 147: