-,             PnO.N1~ ins. CO.                              765
IUND)E.RWRITING     AND INVESTMENT EXHIBIT--Continued.
MISCELLANEOUS       EXHIBIT.                       G I ain in  I  Loss in
I             | Surplus.       Surplus.
Dividends declared   to  stockholdersl
(dlling 1912, and tax on capital ...I. .    ............$........  $380,134
38
,                ~~~I                       .            -
Net loss from above .................I............. ....             $380,134
38
Totail gains and losses in surplus dur-1            I
ing 1912 -.........-.-.--..                      -1  $833,505 841  $380,134
38
Surplus December 31, 1911 ..........    $3,7{01,719 341 ..........................
Surplus December 31, 1912 ............ 1 4,155,090 801 .............. ............
Iierease in surplus during 1912..1 453,371 46
Totals         .           .. .                   $833, 505    $833,05 84
Per cent of losses incurred to premiums earned, 50.8.
Per cent of underwriting expenses incurred to premiums earned, 40.0.
Per cent of investment expenses incurred to interest and rents earned, 0.38.
Per cent of total losses and expenses incurred and dividends declared to
total income earned, 89.4.