EQUITABLE FIRE & MARINE INS. CO.                          411
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
PROFIT ON INVESTMENTS.                                          X
Gal nfrom sale of ledger asests .......     $39,140 00 .......         ..............
Gain from   increase in book value of               0
ledger assets ..................              452 50 ...           .
Profit on investments during the year. ..          .       39,592 501.
Investment income earned during the                                 l
year ................      .......... ..............     ..........    $86,131
0.3
Il                       I
LOSS ON INVESTMENTS.
Loss from sale of ledger assets........     $6,900 001 .            1
Loss from   decrease in book value of                 I             I
ledger assets... :                 .. 160 001 -............ I.
Loss from    change in difference be-
tween book and market value dur-
ing the year .......                       33,113 50 .............
Loss on investments during the year .$40,173 50!.
INVESTMENT EXPENSES.
Investment expenses paid during the                                 |
year ................................ ..............      6,087 941.
Investment losses and expenses dur- l
ing the year .                         ............ . ,...46,261 44
Gain   from  investments   during   the               l             l
year ................................                            - .   $39,869
59
MISCELLANEOUS        EXHIBIT.                     |   Gain in    |   Loss
in
Surplus.   I   Surplus.
Total gains and losses in surplus dur-
ing the year ...........   ............ .... ......     $39,869 591    $17,690
12
Surplus Dec. 31, 1911 ..................   $239,183 83 ..............l............-
Surplus Dec. 31, 1912..............        261,363 30 .*----          ..............
Increase in surplus during the year ..............................-     
 22,179 47
Totals             .    .    .      ..............  $39,869 59!    $39,869
59


Per cent of losses incurred to premiums earned, 62.3.
Per cent of underwriting expenses incurred to premiums earned, 40.9.
Per cent of investment expenses incurred to interest and rents earned, 13.
Per cent of total losses and expenses incurred and dividends declared to
total
Income earned, 103.4.