BUFFALO     GERMAN     INS. CO.                      305
UNDERWItITING AND INVESTMENT EXHIBIT-Continued.
Add interest, dividends and rents ac-I               |
crued December 31, end of the yearl       20,313 481 ..............
Interest and rents earned during the                 I             I
year                 I............................... .............. 1  $122,444
091 .
PROFIT    ON INVESTMENTS.
Gain from sale of ledger assets .           $2,253 331 .......       1
Gain from other investments, viz.: 2nd
mortgage, $495.00 paid .............       1, 500 001 ......       I..............
Profit on investments during the year|   .75.                       ...............
Investment income earned during the
year  ................                  1..........         1        $126,197
42
LOSS ON INVESTMENTS.
Loss from sale of ledger assets .$306 251 ........
Loss from   decrease In book value of!               1
ledger assets ...........                 15,034 621 .
Loss on investments during the year. .............. l    $15,340 871 ............
INVESTMENT EXPENSES.
Investment   expenses   incurred   and!              I
paid during the year          .       ............      25,138 231.
Investment losses and expenses dur-!                 I
ing the year ..................... 1. ............................01 40,479
10
I             I
Gain   from  investments during     the!             1
year  -.....-..1.......-......        .             ......            $85,718
32
.,     I        ,    B              B  .I
MISCELLANEOUS EXHIBIT.                           I   Gain In   I   Loss in
T          t~~~ Surplus.  ISurplu,,;.
Dividends   declared  to  stockholdersI                 S
during the year ............     ...  ..        ... I..              $70
000 00
Net loss from above                 .       .       I.............. 1   $70.
000 00
*            ~       ~      ~      ~      ~     ~~~~I  I   t
Total gains   and   losses in  surplusl              1
during the year. 1                                    $85,718 321    $70,003
30
Surplus Dec. 31, 1911 ..      ......... 1,.
Surplus Dec. 31, 1912 .............l     1,630, 206 311 ...........  I
Increase in surplus during the yearl        .      ... I.............. l
 15,715 02
Totals ....                       1.               $85,718 321 $85,718 32
Per cent of losses incurred to premiums earned 55.87.
Per cent of underwriting expenses incurred to T)remDiums earned 44.24.
Per cent of investment expenses incurred to interest and rents earned 19.81.
Per cent of total losses and expenses Incurred and dividends declared to
tota17 Income earned 97.94.