746                        P1PLACAN   ASSURIANCE CO.
UNDERWRITING AND INVESTMENT EXIHIBIT-Continued.
PROFIT ON INVESTMENTS.
GaiIn froni increase in book value of]                I             I
ledger assets .................                -   .          3 121 ....
Investineat income earned during thej
Yealr  ... . . . . . . . . . . . . . .  .. . . .. . .  .. . . . . ..  | 2
 , 576),,h 49
LOSS ON INVESTMENTS.              I
Loss from decrease in book value of]                 ,
Je(lder assets .       .............. 1.1.......                75.
INVESTMENT EXPENSES.              I
Investment expenses paid during thel                                |
year .....................                                  861 561 .
Investment losses and expenses dur-j                                |
ing the year .   .0......... .                       .                | 
 , 541 31
Gain   from  investments during     thel
year  ................................-..............-..............   $16,035
  18
MISCELLANEOUS EXHIBIT.              I                 Gain in    I  Loss
in
Dividends   declared  to  stockholdersl                   urpus.        
urplus.
during tle year ..........   .......... I.............. ..........     $20,000
00
Net loss from above ..................              ..........          $20,000
00
Total gains and losses in surplus dur-l               I
ing the year .......................-------------1      $43,292 46f    $20,000
00
Surplus Dec. 31, 1911 .................. 1  $222,299 021 .............................
Surplus Dec. 31, 1912 .................    245,561 48 .............. ..............
Increase in surplus during the year            .     .      ........... 
23,262 46
Totals  .....................I.... .............. 1 $43,262 46     $43,262
46
Per cent of losses incurred to premiums earned, 51.09.
Per cent of underwriting expenses incurred to premiums earned, 39.37.
Per cent of investment expenses incurred to interest and rents earned, 3.27.
Per cent of total losses and expenses incurred and dividends declared to
total
inconme earned, 92.62.


I