622                   MICHIGAN COMMERCIAL INS. CO.
UND)ERWR ITING' ANID       INVESTMENT       EXHIBIT-Continued.
Balanlllce ........................    $29,928 131 ........      .
Add interest. dividends and rents ac-I                 I              I
crued December 31, end of the yearl         11,788 471 ...........  1
Total .           ..I |                               $41,716 60 .
PROFIT ON INVESTMENT.               I                            I
Gain from   sale of ledger assets .....       $1,385 451..............I..............
(ain ftrom  increase in book value of|                 I              I
ledger assets .............-                   278 481 ....          1
I                -1               1
Profit on investments during the yearl .... ..........    l   1,663 931.
T           .
Investment income earned during thel                   I              I
year ........................          .............. ...........1      $43,380
53
LOSS ON INVESTMENTS.
Loss from    change in difference be-I                 I
tween book and market value dur-I                    I
ing the year .......... 1                                 $3,294 001.
INVESTMENT       EXPENSES.         I
Investmnent expenses paid during the                   |
year           - . ..!..             ....        .         1,741 571.
Investmnent losses and expenses dur-|                                 I
ing the year .....................5 --           .... ..-- 1            
 5,035 57
Gain from investments during thel
year ... ...............                                     .          $38,344
96
MISCELLANEOUS        EXHIBIT.       j               I  Gain in    I   Loss
in
Surplus.       Surplus.
Totlal gains and losses in surplus dur-1                   S
lug tlhe year .- ......................                  $73,334 19..
Suirplus, Dec. 31, 1911 ................ l      ,759  7 j
Surplus Dec. 31, 1912 .................      556,093 86!.
Increase in surplus during the yearl ..............I.............. |    
 $73,334 19
Totals ...                           1- 1 $73,334 191 $73,334 19
_      __                     _
Per (Pelt of losses incurred to premiums earned 61.95.
P1'er cenlt of underwriting expenses incurred to premiums earned 32.23.
Per celnt of investment expenses incurred to interest and rents earned .042.
Per ceilt of total losses and expenses incurred and dividends declared  
        to
total income earned 88.77.