SPICUR1TY INS. CO.                              807
UNDERWRITING        AND    INVESTMENT EXHIBIT-Continued.
-~~~~~~~~~~~~~~~~~~~~~ t
INVESTMENT EXHIBIT.
Interest and Rents.           1
*                            ~       ~     ~       ~      ~~~~I  I
Interest, dividends and rents receivedl                             1
luriug the year                ......1   $163,017 171 .........     I
Deduct interest, dividends and rentsl                               t
accrued  December 31,' end    of thel                             I
year .I...........................--.      37,479 961 .............. I..............
Balance ....                     1$125,537 211 .......      ..       1
Add interest, dividends and rents ac-1                I
crueW December 31, end of the yearl        38,987 791 ........
Total ......................       1.    -   .I $164,525 001.
PROFIT    ON INVESTMENT.
(Gain from sale of ledger assets            1                 568 751.
*               ~      ~I      I              I
Investment income earned during thel                  I             1
year .                                .              .                $165,3
75
LOSS   ON   INVESTMENTS.                                        1
I      I                     I
Loss from    change in difference be-1
tween book and market value dur-l 1
lng the year .......... .                               $17,091 201 ..........
INVESTMENT EXPENSES.
Inveestment expenses paid during the1                I              I
year                .    .... I -    1    $2.,252 611.............. .............
Deduct investment exuenses unpaid                                   I
December 31 of previous year .....         3,232 75 .............. I
Balance .....                      ,.                22,019 861...
I                            I
Investment losses and expenses dur-1
lng the year .........                                                  
  11...............6..........6
I............ .I
Gain   from  investments during     thel.             I
year .I1 .............. ............                                  $125.977
69
MISCELLANEOUS        EXHIBIT.      I              I  Gain in    I   Loss
In
1  Surplus.    I  Surplus.
Dividends   declared  to  stockholdersl               I         .
during the year       *     -         ............ . .I...........    $119,000
00
I         ~    ~I        . 1-
Net loss from  above ................. ........................... . . I
 $119,000 00
Total gains and     losses in  surplusl
dluring the year       .         ......      .......   $125,977 691   $170,048
32
Surplus Dec. 31, 1911 .......  ..........  $940,287 311........
Surplus Dec. 31, 1912 ................   I  896,216 68 1............................
Decrease in surplus during the yearl .............. 1      44,070 631.
I                            I
Totals ......................... ..............     $170,048 321  $170,048
32
Per cent of losses incurred to premiums earned, 56.4.
Per cent of underwriting expenses incurred to premiums earned 46.2.
Per cent of investment expenses incurred to interest and rents earned 13.3.
Per cent of tots] lnqses and expenses incurred and dividends declared to
total income earned, 102.2.