*570   INSURANCE CO. OF THE STATE OF PENNSYLVANIA.


UNDERW7RITING      AND   INVESTMENT      EXHIBIT-Continued.
INVESTMENT EXPENSES.
Investment expenses paid during theT                              1
year ...................-.----...... .       .          17,933 08      .
--..
Investment losses and expenses dur-.47,.. 1
ing the year ...................... 1             I    .     .        47,841
18
II            I  .          I       .
Gain  from   investments during    thel
year ..................                            .      l          $98,546
79
MISCELLANEOUS EXHIBIT.                               G      l    l
t t~~ Gainin L Ioss in
I  Surplus.      Surplus.
Dividends   declared  to  stockholdersI
during the year .                       ........................... $64,000
00
Net loss from above ...................                      1      1  $64,000
00
Total gains and losses in surplus dur-d             I
ing the year                  .          .            $98,546 791 $134,824
81
Surplus Dec. 31, 1911 ..........       1   $439,77'0 221..............I..............
Surplus Dec. 31, 1912 .    ----------1    403,492 201!....
I           - I             I
Decrease in surplus during the year .........36,28 0...............
Totals .                                      1 $134,824 811 $134,824 81
.-  l       l             ~   ~I _ _ _ _
Per cent of losses incurred to premiums earned 62.74.
Per cent of underwriting expenses incurred to premiums earned 40.32.
Per cent of investment expenses incurred to interest and rents earned 12.38.
Per cent of total losses and expenses incurred and' dividends declared to
total income earned .1101.