720                          NORTHERN      INS. CO.
UNDERWRITING        AND INVESTMENT EXHIBIT-Continued.
I             I              I
LOSS ON INVESTMENTS.I
Loss from   decrease in book value ofl              I
ledger assets .....                       $6,112 501 .......       I
Loss from   change in differene'e be-I               i
tween book and market value dur-|                  I
ing the year .........               1    23,775 001.
Loss on investments during the year. ..............I     $29,887 501.
INVESTMENT EXPENSES.              I             I
Investment expenses paid during thel                 I             |
year ........................              ........      1, 285 661.
Investment losses and expenses duringl               I             I
the year ...I 31,17.3 10
i             I y   ............................ .................
Gain from   Investments   during   thel                            I
year                              *--------- .............. ........... 
 $35,128 55
MISCELLANEOUS EXHIBIT.             I                 - Gain in     TLos in
Surplus.      Surplus.
Dividends   declared  to  stockholdersj                           .
during the year .        ................... ............ ......      $21,000
00
Net loss from   above .........................................         $21,000
00
Total gains and losses in surplus dur-                             I
ing 1912 .       .       .         .. .                $55,435 381 $21,000
00
Surplus Dec. 31, 1911 .....I              $.221,       ..485.    . 571. 
.    .
Surplus Dec. 31, 1912 ..................   255,920 951.
Increase in surplus during the year .         ...........I              
34,435 38
Totals ....                      -...               $55,435 381   $55,435
38
.Per cent of losses incurred to preminims earned., 52..
Per cent of underwriting expenses inc-rred to premiums eairned. 44.1.
Per cent of investment expenses inclrre(I to intereste4 and rents earned,
.024.
Per e'nt of total losses and expenses incurred nnd dividendIs de(lared to
total
Income earnied, 95.1.