i  r  ;  '       , V~~~s~serii9 s. tot'S~
NI:)tRWILimING AND INVESTMENT EXHIBIT-Continued.
MISCELLANEOUS EXHIBIT.                              a Gfin in  I  LOSS III
*                         ~      ~      ~~~~~~~~   ~~~~I  I  S;I llS   >urpluls.
lMividends declared  to  stockholdersl                       s
(dllI-iIt, the year ................1                               $24,000
00
II.       I~~~~...  ....
Net loss from above ................. .        .                     $24,000
00
I I ~I _-
Total gains and losses in surplus dur-1            I             I
ing the year                                          $30,186 Ill  $37,886
97
Surplus Dec. 31, 1911       .68,405 061 ..............I ....            .
  .
Surplus Dec. 31, 1912 .................    60,704 201 ............  .
,               ~    ~    ~   ~      ~     ~~~~~~~~I_  II
Decrease in surplus during the year ... ..............    7,700 861 .
Totals .     . ........................ ......  |  $37,886 971  $37,886 97
_~~~~                        ~ _  ________
Per cent of losses incurred to premiums earned, 55.29.
Per cent of underwriting expenses incurred to premiums earned, 47.78.
Per cent of investment expenses incurred to interest and rents earned. 6.71.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 101.24.