MICHIGAN     MILLERS MUTUAL FIRE INS. CO.                    1207
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
-~ ~~~~~~~~ --               I
PROFIT ON INVESTMENTS.                            1             |
'Gain from  sale of ledger assets .......    $1,406 251 .......        ..............
Gain from   increase in book value ofl
ledger assets ...................... 1      6,817 201 ....       .. ..............
Profit on investments during 1912 .... . .........           5,223 451.
Investment income earned during 19121 .         .............II..............
I  $51.147 01
LOSS ON INVESTMENTS.              I                            I
Loss from sale of ledger assets ........ 1   $1,500 001 ........      I
Loss from   decrease in book value ofl                I
ledger a-sets.....       ......             2,349 551 ......        I
Loss from    change in   difference be-I              I
tween book and market value dur-I                                 I
ing 1912 .--..    ....................  112,966 551 .........1
_______________ _ . - l      I
Loss on investments during 1912               1 ! ..$16,816 101.
INVESTMENT EXPENSES.              I              I              I
Investment expenses paid during 1912!1 ..............I      1 .380 861.
*  b   I             ~   ~~I ----1
Investment losses and expenses during!               I               I
1912 .          . ......................... ..................          1,196
96
,Gain from investments during 1912          .     .     ..............I 
$32.950 05
MISCELLANEOUS EXHIBIT.              I             I   Gain in   I   Loss
in
I   Surplus.   I  Surplus.
Total gains and losses in surplus dur-I                              I
ing 1912 .....                       I                  $130,428 091 .
Surplus Dec. 31, 1911 .................I1 $239,693 13..........         
     .......
'Surplus Dec. 31, 1912 ................. 1  370,121 22! .
Increase in surplus during 1912 ..............................          $130,428
09
I I- -I -
Totals ..........................              1 $130,428 091    $130,428
09
Per cent of losses incurred to premiums earned, 50.82.
Per cent of underwritin- expenses incurred to premiums earned. 35.88.
Per cent of investment expenses incurred to interest and rents earned, .032.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned. 83.37.