FEDERAL INS. CO.                                 417
UNDERWRITING        AND INVESTM\1ENT EXHIBIT-Continued.
LOSS ON     INVESTMENTS.           I
Loss from   sale of ledger assets.               $12 121..............I..............
Loss from   decrease in book value of                   I              I
ledger assets.         .......... 1          5,223 861 ......           l
   .
Loss from    change in difference be-I 1
tween book and market value dur-1                    l
ilg the year ...          ......            22,819 211 ....     ... I   
   .
Loss on investments during the year. ..............I        $28,055 191.
INVESTMENT       EXPENSES.          l              l
Investment expenses paid during the
year ................            .       ............       2,940 581.
Investment losses and expenses dur-
ing the year ........................ ............................ I    
 30,995 77
Gain   from   investments   during   tbelII
year   ...........................I ......                            1 
$80,176 53
MISCELLANEOUS         t, XHIBIT.                        Gain in        Loss
in
I   Surplus.   |   Surplus.
Dividends    declared  to  stockholders                               I
during the year ..................... .............. ..............     $100,000
00
Net loss from   above .................. .............. ..............  
 $100,000 00
Total gains and losses in surplus dur-                  I              I
ing the year         .         ..................I     $167,393 231   $100,000
00
Surplus Dec. 31, 1911 .................      92,000 431 .
Surplus Dec. -31, 1912 .................     988,393 661 .
Increase in surplus during the year ................I..............     
   67,393 23
Totals ...                                   | I     $167,393 231 $167,393
23


Per cent of losses incurred to premiums earned, 46.
Per cent of underwriting expenses incurred to premiums earned, 47.
Per cent of investment expenses incurred to interest and rents enrned, 268.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 95.