('48             NATIONAl313N FRANKLIN           FIRE IN8. CO.
UI.')EIiIt ITIN'' A    ) TtND  1 SlTM N'1T EXIJIINT---Continued.
Add iVestilllet expeilnses un1Paid 1)i(e.           I
81, en(d  ol.   the   ................. .  2,0 ()(00   001 ......0. I
In1vestmllent expenses' iloon r(l (11ringj         . |
the   ye(i ea   .... . ............... ..  .. ....... .. |  14,77,8   .8j........
.
Investmnent losses anil expenses dur-1               I             I
filu   the  yea.Ir  . .   ..........               ..............     '21,273l
57
Gain  from   investments   during  thel                            |
year  ..........1 .     .      .      .........                     $148,232
 52.
MISCELLANEOUS EXHIBIT.                               G |  ain in  |  Loss
in
l          l~~~ Surplus.  -  Surplus.
Dividends declared    to  stockholdersj                 S             S
during the year .*------ ------                    ...............  $160,000
00
Net loss from  above ................... .           ....             $160,000
00
'lot.l. gains and losses in surplus dlur-1           1
ing thre ye'ar .......                  .    .      1  $148,232 521  $256,010
50
Surplus  IDec. 31  1.911 ...........|. ... $63 ,830   .. .  . .  .  I   
 .
Surphls I)ee. 31 191-2 .................   5831, 052 521...............I.............
Iecrease in surl)lus dlurinig the year. I...............  1i07,777 981.
Totals ....I .                                    $256,010 501 $256,010 50
Per cent of losses incurred to premiums earned, 56.5.
Per cent of underwriting expenses incurred to premiums earned, 50.9.
Per cent of investment expeinses incurred to interest and rents earned, 8.8
Per cent of total losses a(nd expenses incurred and dividends declare(l to
total
ilncoune earned, 107.2-1.