404                 DUBUQUE FIRE & MARINE INS. CO.
UNDE3RWRITING      AND   INVESTMENT EXHIBIT-Continued.
MISCELLANEOUS EXHIBIT.            I            I   Gain in       Loss in
Dividends   declared  to  stockholders                Surplus       Surplus.
(luring the year .     .          . .       .       ......         $40900(
00
Net  loss  from   above  I................ .........  ...................
 $40J000  00
Total gains and losses in     surplus]                           I
during the year .                           |        $79,838 721   $40,000
00
Slus Dec. 31, 1911 ................ $4,36 .
Surplus Dec. 31, 1912 ................   394,145 66 ............ I
Increlaise in surplus during the yearl .      .............           39,838
72
Totals  .                             .... ...    $79,838 72I  $79,838 72
Per cent of losses incurred to premiums earned .492.
Per cent of ulnderwriting expenses incurred to premiums earned .485.
Per cent of investment expenses ineurred to interest and rents earned, .021.
Per cent of total -1^'ses and expenses incurred and dividends declared to
total income earned .937.