GRANITE STATE FIRE INS. CO.                           523
UNDERWRITING         AND    INVESTMENT       EXHIBIT-ContntLled.
Il                        l
Underwriting losses and expenses.... .............. ..............      
550,926 16
Gain from    underwriting during thel                               l
year ..........................4...... ..............                  $18,981
47
UNDERWRITING EXPENSES. |                                         l
Interest and rents.
Interest, dividends and rents received          789
during the year .....................$37,789 821 ........
Deduct interest, dividends and rents                  l             l
accrued Dec. 31, end of the year .....      5,336 261..............I
Balance ..........................    $32,453 56 ..............
Add interest, dividends and rents ac-
crued Dec. 31, end of the year .......     11,203 34 ..............
Total ............................ ..............              ..............
PROFIT ON INVESTMENTS.
Gain from   increase in book value of I               I
ledger assets.965 001                                                   
.
Investment income earned during the
year ..                               .............. .............. $44,621
90
LOSS ON INVESTMENTS.
Loss from  sale of ledger assets .......       $759 001      .        ...
Loss from   decrease in book value ofl          112
ledger assets .....         ......1....       112 50..............
Loss from   change in   difference  be-               I             I
tween book and market value during                  l
the year ............................      17,723 031 ..
I  i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Loss on investments during the year.     ...   .........   $18,594 531.
INVESTMENT EXPENSES.              I l
I              I             .
Investment expenses paid during thel                  I
year ..                               ..                  5,007 871.
*              ~       ~I      l              I
Investment losses and expenses during                 I              l
the year .1   2..........                                    ......     23,f602
40
~~~~I      I     .       ..... 1
Increalse fromn investments during theo.
year... .                                  . .        .............    $21,0l1
.50
MISCELLANEOUS        EXlIIJT.       I             I   Gain in    I    oss
i
I  Surplus.      Surplus.
Dividends declared    to  stockholdersl
during the year ....................$.............. ..............     $20,000
00
I             1
Net loss from  above *.................. .........- .........----*-     1--------l.....
 $20,000  00)
Total gains and losses in surplus dur-t               I
ing the year           ...........          |    .      $40,000 971    $20,000
00
Surplus Dec. 31, 1911      .      .......i $311,903 771 ..
Surplus Dec. 31, 1912       .        ....   331,904 741 .--------.*--.---------
I                                        I
Increase in surplus during the year................ I.............. I   
 20,000 97
Totals   ..................................... . 1  $40,000 971    $40,000
97
Per cent of losses incurred to premiums earned, 59.1.
Per cent of underwriting expenses incurred to premiums earned, 37.4.
Per cent of investment expenses incurred to Interest and rents earned, .112.
Per cent of total losses and expepses Incurred and dividends declared to
In-
come earned, .92.