436


FIRE ASSOCIATION OF PHILADELPHIA.


UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
I       I~~~~~~~~~~~~~~~~~~~~
Underwriting expenses incurred dur-1I
ing the year                                             ,7876 511.....
Underwriting losses and expenses .................. ..............      
4,074,475 9&
Gain from    underwriting   during    thel              |
year ................................           .           l l         
$61,014 62
INVESTMENT EXHIBIT.                               |
Interest and Rents.           D
Interest, dividends and rents received                  I              I
during the year ......           ...... 1  $383,822 311..............I..............
Deduct interest, dividends and rents                    I              I
accrued Dec. 31, end of the year....       114,865 281..............I..............
Balance .............            .    $268,957 031 .........      I     .
Add interest, dividends and rents a      l-             I              I
crued Dec. 31, end of the year......       114,969 311..............I..............
'Total.                               1I. 1          $383,926 341 ...........
PROFIT ON INVESTMENTS.                              |
Gain from    sale of ledger assets ....................I      11,049 35..
Investment income earned during the
year ...                                .............. ...........   I  
$394,975 69
LOSS ON INVESTMENTS.               I
Loss from   sale of ledger assets......I      $9,653 711 .......        I
Loss from    change in    difference be-l               I
tween book and market value duringf                   I.
the year .............................      38,711 57                 .........
I              II. . . .. . . .II
Loss on investments during the year.. ..............        $48,365 281 ...............
INVESTMENT EXPENSES.                               I
Investment expenses paid during thel                    l              I
year ..                                               1 23,219 621.
Investment losses and expenses during!.
the year ............................ ..............i........           
  71,584 90
Gain   Irom   investments   during    thel
year .I ..............-.........1...                                    
$323,390 79
MISCELLANEOUS         EXHIBIT.       I              I   Gain in    I   Loss
in
l            ~~~~Surplus.  | Surplus.
Dividends    declared  to   stockholdersll
during the year ..     ................ .             ..............I   $300,000
00
Net loss from above ................        ..............1--------------1
 $300,000 00
Total gains and losses in surplus dur-!        .                       I
ing the year ...............                         I1  $384,405 411   $300,000
00
Surplus Dec. 31, 1911 .................. | $2            ..............I............
Surplus Dec. 31, 1912 ..................I  2,590,263 30!..............I..............
Increase in surplus during the year.f            .   .    .   . I.........
  84,405 41
--                                I               I      _       I      
  -
Totals ..........................-...........----1   $384,405 411    $384,405
41
Per cent of losses incurred to premiums earned, 57.32.
Per cent of underwriting expenses incurred to premiums earned, 41.38.
Per cent of investment expenses incurred to interest and rents earned, 6.05.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 98.14.