HANOVER FIRE INS. CO,                                529
UNDERWRITING         AND   INVES1TMENT      EXHIBIT-Continued.
UNDERWRITING          EXPENSES.       I              j
Underwriting    expenses paid    duringl
1912 ............................... . $1,271,524 3(} ........
Deduct underwriting expenses unpaidl !
Dec.    31,   1911  ....................... . ..' 60,945   001 ..............
I. . . . . . .
Balance    .......................  $1, P1(, 578 70 .............. .  .
Add   underwriting    expenses   unpaidl
Dec. 31, 1912 ..........         .          60,111 41 ..............1-.----------.
Underwriting expenses incurred dur-l
ing 1912 ................................,.1,270,690 11!.
Underwriting losses and expenses          ...............2,564 ..............
 2 p 56538 61
Loss from    underwriting   during 1912' .............................  
  $225,988 15
INVESTMENT EXHIBIT.
Interest and Rents.
Interest, dividends and rents receivedl
during tle year .....!... ..:  ....      $213,409 55 ...         .......
.   .
Deduct interest, dividends and rents                    I              I
accrued Dec. 31, 1911 ........              30,000 501 .
Balance         .         .......... $183,409 051 .               I.
Add interest, dividends and rents ac-I                                 I
crued Dec. 31, 1912 ............!           28,334 531 ...........!     
;.
Add   interest and rents paid in ad-!                   I              I
vance Dec. 31, 1911 .............      ! ''Il  3,037 831 .
1-             1               1
Total .                       ...     $214,781 41! .....          ..............
Deduct interest and rents paid in ad-!
vance Dec. 31, 1912 .................         3,004 131 ..---.-.-.-----.
Interest and rents earned during 19121 .............. l    $211,777 281 ...............
PROFIT ON INVESTMENTS.
Gain from   sale of ledger assets ..................     1    3,875 001.
Investment income earned during 19121 ..............I.............. 1   
 $215,652 28
LOSS ON     INVESTMENTS.
Tross from sale of ledger assets.       !     $3,224 501               ..............
Loss from    change in difference be-.
tween book and market value dur-!                                    I
ing  1912   .......                         52,204 20! .
Loss on investments during 1912          ..............     $55,428 701.............
INVESTMENT EXPENSES                                               I
Investment expenses paid during 19121        $44,884 921 ........       1
Deduct investment expenses unpaidl                                    I
Dec. 31, 1911 .............        .           850 481 ........       I
Blalance .....I ........-         .          $44,034 441 .............. I..............
Add irvestment expenses unpaid Dec.l
31, 1912 .....              .                1,020 791 ......         I.
Investment expenses incurred duringl                   I
1912 .. ...................                  ..             45,055 231.
*               ~       ~      ~~I  I          I