ST. PAUL FIRE & MARINE INS. CO.                          825
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
Underwriting expenses incurred dur-I
ing the year .................................1..................
Underwriting losses and expenses ... .............. ..............     5,457,704
16
Gain from    underwriting during thel
year ................................ ..........$. ..........         $295,128
41
INVESTMENT EXHIBIT.
Interest and Rents.                         l
Interest, dividends and rents receivedl
during the year .........     ......     $334,813 68 .............
Deduct interest, dividends and rents                                l
accrued December 31, end of the!
year ..........                            54,233 01 ..............
Balance ...........I.                 $280,580 67 ..............
Add interest, dividends and rents ac-
crued December 31, end of the yearl        60,590 63 ............................
Total ......................                       $341,171 301..
PROFIT    ON INVESTMENT.           I              l
Gain from   sale of ledger assets .. ...    $46,034 001........
Gain from National German Americanj                   I
bank stock ............   .............     7,W000 00!.....
Profit on investments during the year ...         ..       53,034 001.
Investment income earned during the!
Year ................................. ..............I..............  $394,205
30
LOSS ON INVESTMENTS.              I
Loss from sale of ledger assets ......       $4,252   .........       .
Loss from   change in difference be-l
tween book and market value dur-t
ing the-year .I........... 1               64,490 19 !     -      . . .............
Loss on investments during the year!........... I         $68,743 01!..............
INVESTMENT EXPENSES.              l              I
Investment, expenses paid during the!                 I             l
year ................................-..............     18,622 721 ...............
Investment losses and expenses dur-!                  I             I
ing the year .......................I............. ..............       87,365
73
Gain   from  investments   during   the!ll
year ............................... .............. ......J.       I..  $306,839
57
MISCELLANEOUS        EXHIBIT.                         Gain in    I  Loss
in
Surplus.    I  Surplus.
Dividends   declared  to  stockholders
Net loss from above ..............I... ......l.l                        
$100,000 00
Net loss from above .................. ..I........... ..............    $1i00,000
00
Total gains and     losses in  surplus!                             l
during the year ....................          I        $601,967 981   $100,000
00
Surplus Dec. 31, 1911 ................. $2,349,4,02 791 ............ I..............
Surplus Dec. 31, 1912 ..................  2,851,370 771 .....................
 .
I                            I
Increase in surplus during the year ...................      ...... l   
    -01,967 9Pg
Totals         .           .     . 1.....$601,967 981 $601,967 98
I                   I
Per cent of losses incurred to premiums earned, 57.8.
Per cent of underwriting expenses incurred to premiums earned, 3&.5.
Per cent of investment expenses incurred to interest and rents earned, 5.5.
Per cent of total losses and expenses incurred and dividends declared to
total income earned, 90.7.