SPRING P14EL) FiRE      &  MAliNE     INS. kCO.                813
tVNDERW lIlTING      AND    INVESTMENT EXHIBIT-Continued.
INVESTMENT EXHIBIT.                               I 1
*  \        ~       ~      ~       ~      ~~~I  l  I
Interest and Rents.            1              1
Interest, dividends and rents received|                  I
during the year ..................         $414,740 421 .........      I
  .-
Deduct interest, dividends    and   renisi s
accrued Dec. 31, 1911 ................       45,095 441 .......        I..............
I-       1            I I
Balance .................I....         $369,644 981 .......        I    
.
Add interest, dividends and rents ac                     -
crued Dec. 31, 1912 .......                  47,748 221 ...........   I
Total .............................I............      $417,393 201.
PROFIT ON INVESTMENTS.               |
Gain from sale of ledger assets........       $42,493 02 ........       
.
Gain from   change    in  difference  be-     $        02.
tween book and market value duringl
1912                     ......              10,170 781 .
Gain from other investments ......              3,834 58 .
Profit on investments during 1912 .... .   ............. 1    56,498 381.
Investment income earned during 19121..............I..............1     
   $473,891 58
LOSS ON     INVESTMENTS.            I              l              l
Loss from sale of ledger assets ........         $643 501 ..   .    .   
     ....
Loss from   decrease in book value of                   1               I
ledger assets .......................         5,000 001. ...........
Loss on investments during 1912 ......     ..............I    $5,643 50!..............
INVESTMENT EXPENSES.                1              I
Investment expenses paid during 1912f1 ...............        15,773 86..
Investment losses and expenses duringl                                  T
1912    .........................       ....... I .                   1 
   21,417  36
Gain from investments during 1912... .......................            
  $452 474 22
MISCELLANEOUS         EXHIBIT.       I                  Gain in     I   T
oss in
I              I   Surplus.    I   Surplus.
Dividends    declared  to   stockholders                 I              I
during 1912 ...   ...........-- .............. I                        
$200,000 00
Increase Munich reserve .............          .........
Increase Munich reserve ..................             ... $.- .25,262 2.
I~~~~~~~~2,6 25,
Net loss from above ..............................             .........
  $200,000 00
I              II
Total gains and losses in surplus dur-1
Ing 1912 ....... .             ....      ..............    $595,346 10  
$200,000 00
Surplus Dec. 31, 1911..                .      .... $2,870,797 611 ............
1
Surplus Dec. 31, 1912 ...... ............ 1 3,266.053 711 ............ I
1-          - -                I
Increase in surplus during 1912 .......    ............. .............. 
    395,346 10
Totals .....                         ..............    $595,346 10   $595,346
10


Per cent of losses Incurred to premiums earned, 55.51.
Per cent of underwriting expenses incurred to premiums earned. 41.73.
Per cent of investment expenses incurred to interest and rents earned, 3.77.
Per cent of total losses and expenses inpiuted, and 4lydends declared to
total
income earned. 92.71.