2.138      PI;INNSVJNJVAN A1A1A:LIRS M0111AL PIROE INS. CO.
UNDERWRITING AND IN VESTMENT E1iXJIBITL' Conitinued.
UNDEIRIIWRITING EXPENSES.
Underwriting expenses paid duringi              I
Dedct. ..........            .   .   $30,539 071 ........    ,.    ..
Deduct underwriting expenses unpaidl
Dec. 31, 1911 ......             I     1,000 °l -.--I        ....
Balance.                  ..... |  $29,539 07               ..........
Add   underwriting  expenses unpaid
-Dec. 31, 1912 ......   J.              1,     .....°°l ..... . 
 .
Underwriting expenses incurred dur-           - 1
ing 1912'.                           ........... 1  30,539 071 ..............
Underwriting losses and expenses ...................I             76,029
62
Gain from underwriting during 1912 .$68,949 11
INVESTMENT E XRIBIT.
Interest and Rents.                                  I
Interest, dividends and rents received
during the year ............. .......  $13,499 741 ........   1
Deduct interest, dividends and rentsl
accrued Dec. 31, 1911 ................ I      I
I~alance .................  2,07 429  ............. ........
Balance .......    ;         I1   $11,42 61.
Add interest, dividends and rents ac-           I             .    .1
crued Dec. 31, 19129 ..................     0.
T lotal  ................  |..... ...$1,9 4
Total.I~~~............                   $14,396 741 ........
PROFIT ON INVESTMENTS.
Gain from  change in difference be-I                         |
tween book and market value duringl           I            I
1912 .                                       I        783 001.
InvestmIent income earned during 19121 ..                  I     $15,179
74
I            II
LOSS ON INVESTMENTS.
Loss fromt decrease in book value of| I                      |
le(lger assets .  .......... . . . . . .  . . . . . . . .  $2,601 921 *..........
*         I          ~      ~     ~~~~~~~I  I
INVESTMENT EXPENSES.           I            I
Jnvestmllent expenses paid during 19121 ..........
Investlm-ent Josse sand expenses dur-           I            I'
inlg 1912. - -----------------------1---------........-...........1  3,109
55
Gnai fromt investments during 1912. .  .    ..........................I 
$12,070 16
MISCELLANEOUS EXHIBIT .                         Gain in     'Loss in
I  Surplus.  I  Surplus.
Total g    tiins and losses in surplus dur-j
ing j1. ..                       . ..*.1.    $81,019 271.
Surplus tec. 31, 1911 ..................  $244,189 541 .....
Surplus 1,ec. 31, 1912 .................  325,.208  .
Increase in surplus during 1912 .......  ..     |................  $81,019
27
To- s       -     ..  ..                       $81,019 271  $81,019 27
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