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4. Profit by Notes lost under circumstances which
either do not admitt of, or do not call for, compensation.
As this source of profit will go on increasing
as the quantity of Annuity Note paper increases,
and will consequently be inconsiderable in this first
period, even at the close of it in comparison of
what it will be at the close of the 2d period, at which
time the cot conversion of the whole mass of stock
Annuities into Annuities secured by Annuity Note
paper will have been completed, it is to the second
period that what there may be to say in regard to
this source of profit may with most propriety, be
referred.
