CONTINENTAL       INS. CO.                          385
UNDERWRITING        AND    INVESTMENT       EXHIBIT-Continued.
I          l      ~      ~~~~ I
Underwriting losses and expenses.... ..............I..............      7,066,500
16
Gain from    underwriting during 19121.            .   ............. I  
$584,918 24
I              I -=-=  ==    1  =   =
INVESTMENT EXHIBIT.
Interest and Rents.
Interest, dividends and rents received
during the year .........    ........... $1,108,440 91 ..............
Deduct interest, dividends and rents                                 I I
accrued Dec. 31, 1911 ........            173,889 12!.............. ..............
Balance           .           ....    $934,551 791 ........... I
Add   interest, dividends    and   rents        ,                    I
accrued Dec. 31, 1912 ..............      209,474 90!..............I..............
Total ............$..... $1,144,026 691..............I..............
Deduct interest and rents paid in ad-                  I             I
vance Dec. 31, 1912 .       ................  116 601..............I..............
Interest and rents earned during 1912............ $1,143,910 091..............
PROFIT ON INVESTMENTS.              I              I
Gain from sale of ledger assets.           $126,844 00! ............................
Gain from   increase in book value of!                 I
ledger assets ......... .  ........... 1  630,318 001 ............................
Gain from   other investments .........I       5,310 531 ............................
Profit on investments during 1912           .        2... ..............
.  762,472 531
Investment income earned during 1912! ..............I.............. I $1,906,382
62
LOSS   ON   INVESTMENTS.           I             I              |
Loss from   sale of ledger assets......        $174 00! ............ I
Loss from   decrease in book value ofl                 I             I
ledger assets ...........        .        412,823 001 ............ I
Loss on investments during 1912 .......    .......  $412,997 00!.
Investment    expenses   incurred   and                              I
paid during 1912 .............           ..............   87,482 431.
Investment losses and expenses dur-!.
ing   1912  . . . ......................... .............. ..............
 500,479  43
Gain from investments during 1912                   .    .    .      I $1,405,903
19
MISCELLANEOUS EXHIBIT.              I                  Gain in       Loss
in
Dividends   declared   to  stockholders                   Surplus       
Surplus.
during 1912 .                          ..........! -...              $1,500,000
00
Increase in interest paid The First! l
Bulgarian Insurance Co............I.................   ...........I.    
   062 36
Loss from    above               .        .        ................... $1,00,662
36
Total gains and losses in surplus dur-                 |             I
Ing 1912 ......            ..!..                      $1,990,821 431 $1,500,662
.36
Surplus Dec. 31, 1911 ......            $13,999,832 131 ..........     I
Surplus Dec. 31, 1912 ......             14,489,991 20!..............I..............
Increase in surplus during 1912 .     ..    ...........................-
 490,159 07
Totals         ....|.-..$1,990,821 431 $1,990,821 43
Per cent of losses incurred to premiums, earned, 51.5.
Per cent of underwriting expenses Incurred to premiums earned, 41.0.
Per cent of investment expenses incurred to Interest and rents earned, 7.6.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 95.0.