GERMAN FIRE INS. CO.                            479
UNDERWRITING       AND   INVESTMENT      EXHIBIT-Continued.'
INVESTMENT EXPENSES.             ;                           I
Investment expenses paid, during thel            ' l
year .1                                                        1 4.550 48
Gain from    investments during   thel.            I               |
year                             - I ......I.............. ..-.-.-.-.-..
 $58,383 03
MISCELLANEOUS       EXHIBIT.      I                Gain in    {  Loss In
|             I  Surplus.      Surplus.
Dividends declared to policyholders                    S
during the year .            - -                                   $20,000
00
Loss form    other sources:    Under-i             1
writing exhibit .                   .              l
Net loss from above .                 .                     .        $20,000
00
Total gains and losses in scrplus dur-!            l             l
ing the year ..                     I..$58,383 031                  $33,923
31
Surplus Dec. 31, 1911 ..........$195,455 041..............I.....
Surplus Dec. 31, 1912 .........           219,914 761....................
Increase in surplus during the year    .    .   . ..                  24,459
72
Totals .......................... ....       . 1  $58,383 031   $58,383 03
Per cent of losses incurred to premiums earned, 57.3.
Per cent of underwriting expenses incurred to premiums earned, 45.2.
Per cent of investment expenses incurred to interest and rents earned, 15.9.
Per cent of total losses and expenses incurred and dividends declare(d to
total
income earned, 95.4.
17-Ins.-I