tC52                    NATIONAL BREWERS INS. CO.
IJNDERfW    TIUTNG  AND INVESTMENT EXHIBIT-Continued.
NDI)ERWRITING EXPENSES.                            I
lulde( litilg  eXl~elis es paid duringj
the yer .....y........................I.  $ 12,154 461 .   ........ I
l)ellict llll(101Writillu expenses unpaidl          . I
Deec. 31 of previou-s year ....      1       567 401 ............  .
Batla-nce .........                 1.1,587 061 .
lnlderwritiug losses aind expelises .        .    .    .I               
 13,802 94
CGain from   underwvriting  during thel                             I
year                               $. .       .      |......            222
27 89
INVESTMENT EXHIBIT.              I              I
Interest and Rents.                  I                     I
lilt(eest, dividends and rents receivedj             I
dirliig the year ....................   $12,877 891 ............
D educt interest. dividend(s ajn(l rentsl             I
accrued 1)ec. 31, end of the year ....1     4,162 90.1 ..  ....... .
Balance           .......              $,714 991 .......    .. .        .
Ad(l interest, dividends    and   rentsl            I I
accrued D)ec. 31, end of the year....      4,162 901.......................
I......
interest in(l rents earield duin(1ll,'i   tI
ylear ...............................!.................    ........    $
|12,877 89
LO)SS ON INVESTMEN'lS.           I              I
Loss froi (Ihmage in difference be-I
tween book and mnarket value duringl               I
time y'ealr ................I                            $ $ 3,720 01l .
INv'xS'l'AlIENT lEXPENSES.        I             I
I I I (t~lll('llt expenlses paid (luring the!        I
I...... ...........          .                        978 10!     . ..
I vI(estl 11w(lt losses mi (t X 1(15ses dir-!  *              ---
in. lilme year.............                               ........      
4, 6)8 10
(.;lii it  i illnStnillent 5 ti dur- thel
I. ..............I                                                     $8,179
.  ............... . ...  -  )8,179 79
I====--===~~  ~~          -= == = = --====== -
IiSCE'LLANE:01is EXIITII'.         II             |    h   10        r055
in
I  Surplus.       Surplus.
D ividenid s  (eclared  to  stockholders!                            .
(li1illii tim  ert11 .  .........................       . .      I     $25,000
00
Di)ividenmds declared  to policy holders!     I
(hiring   the   year . ............  ...... ..............  ..............
 8s,.389   01
N(t loss from  nabove .....   ............... 1..........               $33,389
01
Iota 1 gpaills a(Ild losses iii surl)lpls dlur-!     I
ilug the -year .    . ...$3................               0 1 30,407 681
 $33.389 01
S'urplu'-,s Dec. 31, 1911 .................1  $12382. 56!.              
.....
SllrI)llms   Dee. 31,   1912  .      I .................  120,844   1  .
............. 23!. ........
I              I             I
l)ecrease iii surplus during the yearl ..............I      2,981 331.
I              I            -I        _   -_-_
Totals ......................... I.............. I   $33,389 011   $33,389
01
Per cent of losses incurred to premiums earned, 6.15.
Per cent of underwriting expenses incurred to premiums earned, 32.16.
Per cent of investment expenses Incurred to Interest and rents earned, 36.48.
Per cent of total losses bpq expeppes ipeurred apd div1dendp declared to
totgl
114come earned, 106,Q9,