1248                    STATE MUTUAL FIRE INS. CO.
UNDERWRfTING AND INVESTMENT EXHIBIT-Continued.
INVESTMENT EXPENSES.                            I              I
Gain from Investments during 1912 .........  ..            .            $71,000
99
MISCELLANEOUS EXHIBIT.                    I          Gain in       Loss in
Unabsorbed premium deposit declared                      Surplus.      Surplus.
to policyholders during 1912 .      .................................  $850,063
98
Net loss from above .         ................. .............. ..............
 $850,063 98
Total gains and losses in surplus dur-
ing 1912 ............................ ...     .....   $964,543 18    $850,063
98
Surplus Dec. 31, 1911 .................                      54 ........
....
Surplus Dec. 31, 1912 .................   989,490 64 ............      ..........
Increase in surplus during 1912 ..................... ...............   114,479
20
Totals                 .......    ..............   $964,543 18   $964,543
18
Per cent of losses incurred to premiums earned, 8.21.
Per cent of underwriting expenses incurred to premiums earned, 8.S6.
Per cent of total losses and expenses incurred and unabsorbed premium deposit
declared to total income earned, 90.88.