NATIONAL     UNION     FIRE INS. CO.                     671
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
INVESTMENT       EXHIBIT.         l
Interest and Rents.
Interest, dividends and rents receivedI
during the year ....................     $154,900 411 ........     .
Deduct interest, dividends and rentsl                               I
accrued Dec. 31, 1911 ............... 1   41,932 551.............. ..............
Balance ...................          $112,967 861 ........       l   .
Add interest, dividends and rents ac-I
crued Dec. 31, 1912 ............. --I     45,356 96 ........
Interest and rents earned during 19121.1                 $158,324 821.
PROFIT    ON INVESTMENTS.           |
Gain from   sale of ledger assets......I    $4,531 19 ...      ... ..............
Gain from   change in difference be-I
tween book and market value dur-l
ing the year .......................I      2,174 751.
Profit on Investments during 1912 .... .............. 1     6,705 94.
Investment income earned during 19121                 ........         |
$165,030 76
LOSS ON INVESTMENTS.              I
Loss from   sale of ledger assets....               ..        $56    ..............
INVESTMENT EXPENSES.                                2a
Investment expenses paid during 1912 .7,820 66.
Investment losses and expenses Cutr-I
Ing 1912 ............................                                   
7,876 91
Profit on investments during 1912....         ........ ... .......     $157,153
85
MISCELLANEOUS EXHIBIT.             l                 Gain in        Loss
in
S         | ~~Surplus.      Surplus.
Dividends   declared' to  stockholders                                  
$90,000r00
during 1912 ..................     ,                .    .    .        $90,000
go
Net loss from above             .       .      ..............    ...    
$90,000 00
Total gains and losses in surplus dur-1              l
ing 1912 ...........................               1   $157,153 851   $144,022
23
Sur'plus Dec. 31, 191X .........           $532,095 54 .............. ..............
Surplus Dec. 31, 1912 .........             545,227 16 1.
Increase in surplus during 1912 ...... .............. .                 
13,131 62
Totals ..                .       l          ..     $1571558 851   $157,153
85
I       I _~~~~
Per cent of losses incurred to premiums earned, 57.26.
Per cent of underwriting expenses incurred to premiums earned, 43.97.
Per cent of investment expenses incurred to interest and rents earned, 4.94.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 99.39.