NIAGARA FIRE INS. C0.                              703
UNDERWRITING        AND INVESTMENT EXLIIIBIT-Continued.
Underwriting expenses incurred dur-I                                I
Ing the year .........1,2,162 501 .
I         ~~~I            I
Underwriting losses and expenses....        I..............            2,945,326
13
Gain from    underwriting during thel                 I
yea r ..........................                     .....i*....      $159,996
45
INVESTMENT       EXHIBIT.         l
Interest and Rents.           l
interest, dividends and rents received!
during the year .............      Il    $260,758 311.............. ............
Deduct interest, dividends and rents!                I I
accrued Dec. 31, end of the year...!       28,486 951 .......      I
Balance .....       .                $232',271 361 .........   I
Add interest, dividends and rents ac-I                I.
crued Dec. 31, end of the year......       30,175 93 ....... 1
Total ..........................I ...         ....  $262,447 29!.
PROFIT    ON INVESTMENTS.
Gain from sale of ledger assets .......  .............      35,686 391.
Investment income earned during 19121                 .      .        1 
$298,133 68
LOSS ON INVESTMENTS.
Loss from    change In difference be-!
tween book and market value dur-!
Ing the year ...           ...... I                 I   $12,554 03!.
INVESTMENT EXPENSES.
Investment expenses paid during the!                  I
year  ..                '_____6,_382 97_                      _     .......
........
Investment losses and expenses dur-!
ing the year .............. ;..                                         18,937
00
Gain   from  investments during     thel
year .........................          .$279,196 68
MISCELLANEOUS EXHIBIT.                            |(ain in       |  Tss in
S         I ~~Surplus.   |  Surplus.
Dividends   declared  to  stockholders                   S          l
during the year .............. .       .        ...................I $250,000
00
Net loss from above .................. l             l                  
250, 0  0 o0)
Total gains and losses in surplus dur-!              I
Ing the year ...................                    1  $439,193 131   $250,000
00
Surplus Dec. 31, 1911 ................. 1 $2,475,199 181...!.........................
Surplus Dec. 31, 1912 ................. 1 2,664,392 311..............I..............
Increase in surplus during the year.! .      ............. I ..............
'  189,193 13
1              1             I-            -
Totals  ...       ...... ..............            $439,193 131   $439.193
13
I              I             1
Per cent of losses incurred to premiums earned, 54.10.
'Per cent of underwriting expenses Incurred to premiums earned, 40.74.
Per cent of Investment expenses incurred to Interest and rents earned, 2.43.
Per cent of total losses and expenses incurred and dividends declared to
total
Income earned, 94.44.