LUMBERMENS MUTUAL INS. CO.                         1187
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
INVESTMENT EXHIBIT.
Interest and Rents.
Interest, dividends and rents received0
during the year ...............   ll51.
Deduct interest, dividends and rents'            l
accrued Dec. 31, 1911 ................   5,459 131 .....
Balance ........       .        ............    $15,99 451.
Add interest, dividends and rents ac-                    1
crued Dec. 31, 1912 ................1..............
PROFIT ON INVESTMENTS.          l
Gain from   change in difference be-i
tween book and market value dur-1
ing  1912  ...........................1.     ...      3,728  941 ...  ......
Investment income earned during 19L21 ..............$..............  $24,689
95
LOSS ON INVESTMENTS.
Loss from sale of ledger assets ...... 1   $350 801 ............
Loss from decrease in book value of l
ledger assets ...........    .           3,087 401 .I............
Loss on investments during 1912 ...................   $3,438 20l..............
INVESTMENT EXPENSES.           I
Investment expenses paid during 19121 .                1,627 101.
I            I1
Investment losses and expenses dur-              1             1     5,06530
ing l9l2 .......            .       1 . . .                         ,..30
Gain from Investments during 1912 .1 .............. ..............  $19,634
65
MISCELLANEOUS EXHIBIT.          I                Gain in      L Loss in
Surplus.     Surplus.
Dividends declared to policyholders.
during 1912 .................                                   $152,469
40
Increase  from  other sources: De-l
crease in unpaid dividends                            $351 251..............
Net loss from above .           ...................1.l.l    $152,118 15
Total gains and losses in surplus dur-!               1     I
ing 1912 ..........................      .......    118,6   91  $152,118
15
- Surplus  Dec. 31, 1911  ........ .........   $341, 009  491 ........ ....
..   .............
Su4rplus Dec. 31, 1912 ................ l  3 67,656 131. .............
1  _  _   _    1           1
Increase in surplus during 1.912 .....I............................  26,646
64
Totals    .      ...------..$118,164 791 $178,764 79
1            1             1
Per cent of losses incurred to premiums earned, 39.13.
Per cent of underwriting expenses incurred to premiums earned, 20.11.
Per cent of investment expenses incurred to interest and rents earned. 7.64.
Per cent of total loqqes and expenses incurred and dividends declared to
total income earned, 93.64.