MANUFACTURERS MUTUAL FIRE INS. CO.                            1 195
UNDERWRITING AND INVESTMENT EXHIBIT.
UNDERWRITING EXHIBIT.               I               I
Premiums.                                             -
Total premiums .                            $541, 086 11. |..
Add unearned premiums Dec. 31, 19121         549,505 881 ............ I
* I~~~~~~~~~~~~___________________      .....VI
Total ........................      1$1,090,591 991 ..............-.-.-.-.-.-.-.
Deduct unearned premiums        Dec. 31,1               1
1912 ..                                1   511,063 201 ..............
Premiums earned during 1912 ..........    .............I $579,528 791.
- I              I
UNDERWRITING PROFIT AND
LOSS ITEMS.                 1              I              I
I                 II
Agents' balances and bills
receivable not admitted                1              I
Dec. 31, 1911 ...........       $475 911 .....         I .
Agents' balances and bills
receivable not admitted                1             I
Dec. 31, 1912 .............      181 891 ....          I ..............
Gain from above ..............            I.      .              294 021.
Underwriting    income   earned   duringl                              1
1912 .  ....I..       ..... ...... ...........         .........   .    $579,822
81
LOSSES.                  |              I
Losses paid .....................            $48,428 901 .........   .
Deduct unpaid losses Dec. 31, 1911 ....        1,364 361 .........  .
Balance .....                      1   $17,064 541.. .............
Add unpaid losses Dec. 31,1912     .    . I      4,779 571 ......   .
Losses incurred during 1911 ........................ .   1  $51,844 111.
UNDERWRITING EXPENSES. I
Underwriting    expenses   paid   duringl 1
1912 .                                     $72,523 781 -..
Deduct underwriting expenses unpaidl                    I
Dec. 31, 1911 ..........                    25,05 03 .       ...      ..............
Balance ..........                  I  $47,458 751 ............
Add   uulderwriting   exl)enses unpaid I
Dec. 31, 1912 ..........               1     4,804 371 ..........
Underwriting expenses incurred (ur-I                    I 1
ing  1912  ............................I.....1  .   .      52,263  121
Underwriting losses and expenses .................................      
    104,107 23
Gain from   underwvriting during 1912.                  ..............  
 $457, 715 58
INVESTMENT EXHIBIT.               I               I
Interest and Rents.            I              I
Interest, dividends and rents receivedl
during the year .............              $53,355 IIT ..........
Deduct interest, dividends and     rentsl
accrued Dec. 31. 1911 .....1911.,         1  1,601 501 ............
Ballance ......I.......                $51,753 611 l.
Add interest, dividends and rents ac-I I I
crued Dec. 31, 1912 .................        1,468 171 ......         ..
Total                                                                   .......
$5,2 78.