HIERMAN     FARMERS MUTUAL INS.' CO.                        1123
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
Investment Expenses.
Investment expenses paid during 19121           $665 56 ......          
    ..*.i
Deduct investment expenses unpaidl
Dec. 31, 1911.......................710 04 ............................
Balance ........................            $4448 . ........  . .  .............
Add investment expenses unpaid Dec.
31, 1912 .............................         778 28 ..............
Investment expenses incurred -during
1912 .... .                                             ..............733
80
Gain from investments during! 1912... ............. . . ..........      
    $4,440 '1
MISCELLANEOUS EXHIBIT.                                 Gain in         Loss
in
Surplus.   I   Surplus.
Total gains and losses in surplus dur- l
ing 1912           *           - ........-.. ..............  $4,440 211 
 $9,617 38
Surplus Dec. 31, 1911 .................       $30,282 891..............I..............
Surplus Dec. 31, 1912..... e     ....        25,105 721 .............I............
Decrease in surplus during 1912             ..                5,177 171..........
Totals .                                               $9,617 38TI $9,617
38
Per cent of losses incurred to premiums earned, 97+.
Per cent of underwriting expenses incurred to premiums earned, 31+.
Per cent of investment expenses incurred to interest and rents earned, 14+.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 118.