MASSACHUSETTS FItE & MARINE INS. CO.                 |    603
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
LOSS ON INVESTMENTS.
Loss from decrease in book volue ofl              i
ledger assets .......................   $1,343 81j .......      ,.      .
Loss from change in    difference be-
tween book and market value dur-l
ing the year .............5\............  2,.035 53 ..........
Loss on investments during the year..  .............   $3,379 341 ........
INVESTMENT EXPENSES.
Investment expenses paid during thel
year ...........................                 l     1,307   .
Investment losses and expenses duringI
the year .                         ......         .             1   4,686.35
Gain from   investments during   thel                               $   4
year                                                                    
- ..............  $37,743 37
MISCELLANEOUS EXHIBIT.           |                Gain In    |  Loss in
i  Surplus.      Surplus.
Total gains and losses in surplus dur-I           l
Ing the year .................-                 1   $37,743 371   $75,336
61
Surplus Dec. 31, 1911 .................   $410,801 60 ........   .      .
Surplus Dec. 31, 1912 ................. 373,2082363........
Decrease in surplus during the year .............. I   37,593 241.
Totals .......................................1  $75,336 611   $75,336 61
Per cent of losses incurred to premiums earned, .617.
Per cent of underwriting expenses incurred to premiums earned, .567.
Per cent of investment expenses incurred to interest and rents earned, .032.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 1.084.