unforeseeable conditions, the same "may be higher or may be lower." It may be added that, but for a profit realized from sale of securities, the company's gross surplus would have shown shrinkage.
In order to realize what such a showing means, let us make a comparison, using the figures of a well-known Western company (partly tontine, but operated on diametrically opposite lines from the New York Life), for the three years 1901-03, this company being barely four-tenths the size of the New York Life as regards outstanding business:
Comparison of Totals, Three Years, 1901-03
| Dividend earnings. | Dividends. | Laid by for future dividends. | |
|---|---|---|---|
| New York Life | $16,826,289 | $13,189,278 | $3,636,091 |
| Western Company | 17,788,820 | 12,284,255 | 5,504,565 |
| -$962,531 | +$905,023 | -$1,867,574 |
After mulling these over, I dug further in regard to the "prosperity" as shown by the business of 1904. The company boasts of its enormous volume of new business, $345,722,000, which is $15,000,000 in excess of the 1903 business. Here is the story: While this new business was being secured,