NATIONAL LUMBELR INS. CO.                              665
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
INVESTMENT EXPENSES.
Investment expenses paid during the
year.~~~~~~Z)324 98..
year  ... .. . .. . .. .. . .. . .. .   ............                  ...
 . . . .
Investment losses and expenses dur-l
ing the year ........................ . .      ............ ..............
 6,005 88
I-
-Gain from investments during the yearl ..............                  
   $8. 513 79
MISCELLANEOUS        EXHIBIT.       I                 Gain in     |  Loss
in
Surplus.       Surplus.
Dividends declared to stockholders
during the year ....................$... ..............                 $12,000
00
Net loss from   above .................          ...... ..............  
 $12,000 00
l.......                                   -
Total gains and losses in surplus dur-                |              1
Ing the year        .          .........                   $8,513 79    $14,814
52
Surplus Dec. 31, 1911 ..................     ....$50,802-94 ...........94.
..............
Surplus Dec. 31, 1912 ..................      44,502 21 ...........   ..............
Decrease in surplus during the year .. ..............         6,300 73  
   .
Totals .........................I .............. 1   $14,814 521    $14,814
52
Per cent of losses incurred to premiums earned, 57.9.
Per cent of underwriting expenses incurred to premiums earned, 43.1.
Per cent of investment expenses incurred to interest and rents earned, 02.34.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 100.01.