s which now appear. I may remark, however, that it is an evidence of
the scientific mode in which the figures are presented, that it
facilitates such explanations as are pertinent of any of the ratios.

For instance, some of the ratios are undoubtedly affected by the fact that
the claims for the year of the company in question have been exceptionally
high or low, or that the company (being of recent organization perhaps)
has just incurred exceptional expense to increase its business, the
advantage of which will appear later, etc. But I leave to the companies
themselves to show to what extent such circumstances have affected their
ratios; except that, in regard to the several net rates of interest
earned, it is proper to say that in all cases in which they considerably
exceed the average of 5.42 per cent. it will be found, by referring to the
details of interest receipts reported to the Commissioner, that the excess
is owing to the fact of exceptional profits by the sale of stocks, or
recovery on investments previously reckoned as loss.

WALTER C. WRIGHT.

Medford, Mass., Sept., 1884.

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