366                  COMMERCIAL UNION         FIRE INS. CO.
UNDERWR ITING       A ND  INVESTMENT       EXIIIBIT-Continued.
PROFIT ON INVESTMENTS.
Gain from   sale of ledger assets ...... . .............       47 001.
Investment income earned during thel
year ..                                              ....... $33,625- 25
LOSS ON INVESTMENTS.                                           I
Loss from   sale of ledcler assets .    .      ...   . $460 50! ....... 
 I
Loss from   change ill difference be-I               I              i
tveen book and market value duringl
the year .           .        ........    21,090 501 .......       I  .1
Loss on investments during the year.1 .............. 1    $21,551 °°I.
I      I             ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I
INVESTMENT       EXPENSES.         I             I              I
*                 ~      ~      ~       ~      ~~~I  I
Investment    expenses   incurred   aundl             I
paid during the year..                                    1,294 431.
l         ~~~~~~~~~~~I .
Investment losses and expenses dur-1                  I I
ing the year                          .         .        .          F 22,845
43
*             ~      ~      ~       ~~I  I  I-
Gain   from   investments  during   thel              I              I
year ..       $..,-l. .8--... .................                        $10,779
8?
MISCELLANEOUS        EXHIBIT.       I             I   Gain in        Loss
in
I              t  Surplus.   I   Surplus.
Dividends   declared   to  stockholdersl              I             I
during the year ....................            ----1------ -......1   $20,000
00
Net loss from  above .      ................. ............... I     1   
4  $20,000 00
I      I             ~~I    -
Total gains and losses in surplus dur-!               I              I
ing the year      .       ..............                $60,612 561    $20,000
00
Surplus Dec. 31, 1911 .................I 1  $310.s0s58 661 ..............
Surplus Dec. 31,.1912 .................     350.671 221 ...........  I  ..
Increase in surplus during the year...   .............I..............   
 40,612 56
Totals   ..................... ..............       $60,612 561    $60,612
56
Per cent of losses incurred to premiums earned, 48.5.
Per cent of mnuderwriting expenses incurred to premniums earned, 38.6.
Per cent of investmnent expenses incurred to interest and rents earned, 3.8.
Per cent of total losses and expenses incurred and dividends declared to
tota.I
income earned, 90.