GltOBE   IRUTGERS :FlIRI INS. CO).                     t)i1J7
UJNDERXVLI ITING    AND   IN VESTMENT      EXL-HIBIT-Corltiliuted.
PROFIT ON INVESTMENTS.              II
Gain  fro",  sale  of  ledger  assets ....... ..............$..............
Gain from    change in difference be-I
tween book and market value duringl                            .
1912 ..                                    94, 300 2611.           I...
Mercantile National Bank in liquida-                  I             I
tion .......                               19,912 501 .             -
Profit on investments during 1912 .... I................   122,557 9611.
Investment income earned during 19121 ..............I..............I    $387,745
97
I.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
LOSS ON    INVESTMENTS.           I              l             I
Loss from sale of ledger assets .......     $21,007 S51 ........      I
Loss from   decrease in book value of                 I             I
ledger assets .............-.-..           19,912 501 .
Loss on investments during 1912 .......  .............1   $40,920 351-.---------.-
INVESTMENT EXPENSES.              I              I              I
Investment expenses paid during 1912 ..............        32,559 551.
Investment losses and expenses during,
1912  ................................  ............                    73
, 479  '90
Gain from investments during 1912            .          .............I $314.
266 07
MISCELLANEOUS EXHIBIT.                            I   Gain in    I  TosS
il
Surplus.       Surplus.
Dividends   declared  to  stocklioldersl
during 1912 ........................$......1........                 a  
0,000 00
Net  loss  from  above ..................  $............. .... .........
 $160,000  00
Total gains and losses in surplus dur-I               |
ing 1912 ................$ $740,686 291                               $160,000
00
Surplus Dec. 31, 1911 ................. $'2,619,0.38 5.9. 1--
Surplus Dec. 31, 1912 .............      1'3,199,724 881 ...........
Increase in surplus during 1912 .                .   .    .1 580,686 29
Totals         .          .....1 $740,686 291 $740,686 29
I'        ~      ~I       I
Per cent of losses incurred to pre(Iminilmns earnel, (61.4.
Per cent of underwritiig,, exl)enses incnrredl to premilunis e-lflre(l, 26.7.
Per cent of investment expenses incurred to imiterest ain(d rents earned.
12-2l.
Per cent of total losses and expenses incurred anl(d dividends declared to
total
income earned, 84.63.