790                            RELIANCE INS. CO.
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
INVESTMENT EXHIBIT.
Interest and Rents.
Interest, dividends and rents received
lauring the year .............          1  $36,047 531- -...-.-.... I...............
Delduct interest, dividends and rentsI
accrue(l December 31, end      of thel
year .........                              16,534 -4j ...........   I
Balance ................... Ia         $49,513 491..............I..............
Add interest, dividends and rents ac-                                  I
(ined December 31, end of the yearl         15,838 211 ...........    -.
       .
Total ........................      j.                $65,351 701..
PROFIT     ON  INVESTMENT.
('Luin fronm sale of ledger assets ...................     -    180 Oli 
    . .............
Investmnenll incomie earned during thel                 I              I
yeour .................................I                                
$65, 53.1 711
LOSS    ON   INVESTMENTS.           I
Loss from   decrease in book value of I                I
ledger assets ........................      $1, 718 7o -............. I..............
Loss from    change in    difference be-1               I
tween book and market value dur-j
ing the year ..................              5,452 751 ..        ....  j
   .
Loss on investment during the year..              --d        $7,171 50..
INVESTMENT        EXPENSES.         I              I
Investmient expenses paid during thel                   j              I
eA    ... . . . .. . . . . ..  . . . .  .... ... .....      7,547    781
. . . . . . .
Investment losses and expenses dur-                           7
in-g the year .....................                                  1  
.14,719 28
Gain   from   investments   during   thel
year ................................                        -   1      
$5 4812 42
.MISCELLANEOUS        EXHIBIT.       I                 G Gain in   I  Loss
in
I              I  Surplus.    I  Surplus.
Dividends    declared  to  stockholdersl       -
during the year ......                   .        .         .         - $40,060
00
Loss from   other sources.                         ........... ....... 1-1
36,545 73
Gain items .......................................1         $aO,812 421 ..........
Net loss from above ................. .............. I                  
  $25,733 31
Total gains    and   losses in   surplusi               I
during the year ................... ............ .   1   $50,812 421    $76,545
73
Surplus Dec. 31, 1911 ................. l   $206,564 37 .--l-...---------
Surplus Dec. 31, 1912 .................      180,831 06 ............    .
Decrease in surplus during the yearl ...........             25,733 311.
Totals         .           ..     .              I    $76,545 731    $76,545
73


Per cent of losses incurred to premiums earned 59.7.
Per cent of underwriting expenses incurred to premiums earned 44.7.
Per cent of investment expenses incurred and rents earned 11.5.
Per cent of total losses and expenses incurred and dividends declared to
total income earned 108.1.