43()                  FIDELITY-PHENIX       FIRE INS. CO.
IJUNDE'IATRITINtl AND     INVESTMENT      EXHIBIT-Continued.
I             Ii
INVESTMENT EXPENSES
Interest and Rents.
lIiterest, dividends and rents received              |
durin-g the year ..................|    $545,886 371f.......
Deduct interest, dividends and rents!                I
accrued Dec. 31, 1911 ................   1 01,886 191 .......
liatance .   .   ...I                   $444,000 18¶ .........
Add interest, dividends and rents ac-I               I
crued Dec. 31, 1912 ......                94,851 88 .......................
  .
Total  ........................... I..............   .  $538,852   061
PROFIT ON INVESTMENTS.             !             I
Galin from  sale of ledger assets .....   $42, 602 00 ...........  I
Gain from   increase in book value of                              I
ledger assets ......................     395,33,0 001 .   ..........................
Profit on investments during 1912 .     ..............   437,932 00!.--.-
Investment income earned during 19121 ............... .............. l  $976,784
06
LOSS ON INVESTMENTS.             j
Loss from sale of ledger assets ......................I......l.......
Loss from   decrease in book value of!        $
ledger assets ..           .....         32I0,182 97 ........... t
Loss on investments during 1912 ..................i     $320,432 971.
INVESTMENT EXPENSES.
Investment expenses paid during 19121 .                   31,,092 041 ........--.---
Investment losses and expenses dur- I
ina g   1912  ........................... I.............    ......    351,525
  01
Gain from investments during 1912...Il ,I ..............               $625,259
05
I............=I=====
MISCELLANEOUS        EXHIBIT.      I             I   Gain in   !   Loss in
I Surplus.       S surplus.
Dividlends declared   to  stockholders!              I
during 1912 ........................ .!                              $375,000
0,0
Titcrease in special reserves        .I                                 100,0100
00
G(ains ..................:.l.l                          $150, 975 91 .
Losses .                               I...........   .............. I  
55,954 57
Net loss from above .............    ..                                $379,978
66
Total gains    and  losses in  surplusl              I
(inring 1912..     --  -     -   ---1 ---- -     --1  $751,893 161   $379,978
66
Srlus Dec. 1, 1911 ...........           $4,227,755  11 ...........!.
,Snrplus Dec. 31, 1912 ................ l 4,599,670 011 ............ l
Increase i ' surplus during 1912 ..................................     371,914
5
Totals ...                       I.                $751,893 16! $751,893
16
l         ~    ~I   .
POT cent of losses incurred to premiums earned 54.55.
Per cent of underwriting expenses to premiums earned 43 15.
Per cent of investment expenses Incurred to interest and rents earned 57.4.
Per cent of total losses Ind eCpejses Incurred and dividends aecjarpq to
total
necome earned 94.55.