*                   tiNulok   Ws. 0O.
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
Underwriting losses and expenses                 .   .    .   .    . 1  
 87,365 24
Loss from   underwriting   during thel e                                
   5   7
your.---------------1-------1*-*-*--1                                   $1,556
71
*~-… I -…I
INVESTMENT EXHIBIT.
Interest and Rents.
interest, dividends And rents received|
uurlng tne year ......--------1           $15,492 661 .
DeducL lnerest, dividends and rentsi                 1
accrued njec. al, encd ot the year .... 1   3,840 131 ........      I..............
Balance ......................... I   $11, 652 531 .....  ... I
Add interest, dividends and rents ac-I                I             I
crued Dec. 3L, end or tue year ...... 1     3,964 081 ......        I
Total ......................................         $15,616 611.
PROFIT     ON  INVESTMENTS.
Gain from   chan-e in difference be-i                               I
tween book ana -niarket value duriglI
tWe year .....                        .                      932 501.
Investment income earned during thel
year ......       ...... ..............                   .            $16,549
11
LOSS ON INVESTMENTS.
Loss from    change in difference be- 1              1
tween book and market value dur-1
ilg the year ..I.................... ...   ..........      $506 001     
. .-
INVESTMENT EXPENSES.              1              1             1
I                 i              I
Investment expenses paid during thel                  1             1
year .........I..........                  $1,217 821 ..........
Deduct investment expenses unpaidl                    I             I
Dec. 31 of previous year .......              558 001 ............
I          -  1-             I
Balance ....................... 1        $659 821 .....         I
Add investment expenses unpaid Dec.1                  I             1
31, end of the year ............7 11 031 ....                      I I
Investment expenses incurred duringj                                I
the year .........I ,...11,370 851.
Investment losses and expenses dur-1                  1             I
ing the year ... ...... ...                                        I    
1, 87 6 S5
Gain   from  investments   during   thel              1
year .1 .                                                              $14,672
26
MISCELLANEOUS EXHIBIT.             I    .            Gain in     I  Loss
In
I  Surplus.    1  Surplus.
Dividends   declared  to  stockholdersl               1             1
during the year ....................-....-...... .   ..                $10,000
0(
I              I             I           ,.
Net loss from above ..                     .      ........              
$10,000 00
*                          ~       ~      ~~~~~I  I   -lI
Total gains and losses in surplus dur-1               I
ing the year .......................                    $14,672 261    $11,556
71
Surplus Dec. 31, 1911 ............         $1,688 661 ............ I
Surplus Dec. 31, 1912 .................I    110,804 211 ............ I  
  .
Ilicease in surplus during-the year    .....1.........I..............   
  3,115 55
Totals .*----..----------------.1-------------1     $14,672 261    $14,672
26
Per cent of losses incurred-to premiums earned, 53.48.
Per cent of underwriting expenses incurred to premiums earned, 48.09.
Per cent of investment expenses to interest and rents earned, 8.'i8.
Per cent of total losses and expenses incurred and dividends declared to
total
Income earne(l, 96.75.