610           ;t1CIIANICS INS. CO.
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
MISCELLANEOUS EXHIBIT.                               Gain in    I  Loss in
&         | ~~~Surplus.  atSurplus.
Dividends declared    to  stockholders                  S               u
during the year .................... ...            ............     $25,000
00
Loss  from   above  I ....................        ..  ...........      $25,000
 00
Total gains and losses in surplus dur-_
ing the year          .          ..                    $51,302 70     $54,889
32
Surplus Dec. 31, 1911 ..............     $392,034 43 .........        ..............
Surplus Dec. 31. 1912 .................   388,447 81 ........         ..............
Decrease in surplus during the year.I3,586 ..............        72J.
Totals  ..                  .                  |   $54,889 32     $54,889
32.
. ~ ~~~   ~  ~~ __  __
Per cent of losses incurred to premiums earned, 59.
Per cent of underwriting expenses incurred to premiums earned, 48.8.
Per cent of investment expenses incurred to interest and rents earned, 0.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 99.