GIRARD FIRE & MARINE INS. CO.
UNDE'R WRITING AND INV I'STMENT EXHIBIT-Continued.


50):3


INVESTMENT EXHIBIT.
Interest and Rents.
Interest, dividends and rents received
during the year...............
Deduct interest, dividends and rents
accrued Dec. 31, end of the year....
Balance.1
Add interest, dividends and rents ac-
crued J)ec. 31, end of the year .
Total .
PROFIT ON INVESTMENTS.
Gain from  increase in book value of
ledger assets .
Investment income earned during the
year ................................
LOSS ON INVESTMENTS.
Loss from sale of ledger assets .
Loss from decrease in book value of
ledger assets.
Loss from   change in difference be-
tween book and market value dur-
ing the year .
Loss on investments during the year. .I.


,$111,281 53
27,216 65
$84,064 88
27,842 98
. .............


.............. ..............
.............. ..............
.............. ..............
$111,907 861..............
2,911 1 .


$114.818 96


$1,627 691 ...
1,384 281..............
15.,019 881..............
................ $1-8,031 85


INVESTMENT EXPENSES.          I           I
I            l           I
Investment expenses paid during the. 221
year  ... . . . . . . . . . . . . . .  ..............  15,229   221  . .
.. . . .
Investment losses and expenses dur-
ing the year ..........- .... .......... ......               33, 261 07
Gain from investments during the yearl l..                   l$ 81 57 89
MISCELLANEOUS EXHIBIT.         |            I Gain in   I Loss In
I  Surplus. I   Surplus.
Dividends declared to stockholders             l           l
during the year .....................                       $100.0(o0 o)
Gain from other sources . ............. .      .     $7520 ..............
Net loss from above..       ..      .   .                      $99,247 95
Total gains and losses in surplus dur-I                    I
ing the year    .      .....................    $214,818 341  $99,247 95
Surplus Dec. 31, 1911 .......1.......... I $324,18181..............
Surplus Dec. 31, 1912 ................. I  439.752 2(1 ............ 1
T. ... ---  I            I
Increase in surplus (hiuring thle year ..                      1 15.5,70
29
T1otas.I, $21 l.;l4.X1 341                               $.......2148X15
34


Per cent of losses inecur-red to mremnimns earned, 4:l().05.
Per cent of underwriting expenses incurred to preniuios    l variel. -12.61.
Per cent of investment expenses incurred to interest and rents Pea1rned.
13.61.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 89.01,