1234 PENNSYLVANIA LUMBERMENS MUTUAL FIRE INS. CO.
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
' _~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


*~~                                             ~      ~~~~~~~ I .
Add interest, dividends and rents ac-I                               I
crued Dec. 31, 1912 ..................      7,160 661    .      ..... l-----------..-
Total ...                                       I $22,843 691 .........;
PROFIT ON INVESTMENTS.
Gain from increase In book value oft
ledger assets .l                                            325 001 .
Investment income earned during 19121 ............     ....             
$23,168 69


LOSS ON INVESTMENTS.
Loss from sale of ledger assets .........
Loss from decrease in book value of
ledger assets .......................
Loss on Investments during 1912......


$60 00
4,879 63
..............


~~~~~~~~~~~~~~~I 1
I1 I -   I I I I I I I I -   - II.1 .   . . . . . . . . . . .  .
..
$4,939 63! ........  .
l          \~~~~~~~~~~~~~~~~


INVESTMENT EXPENSES.
Investment expenses paid during 1912.1                              29! ........59129.
............. 2
Investment losses and expenses dur-1
ing 1912 ......           .                  ..   .1 ..............     
 5,530 92
Gain from investments during 1912...!.............. ..............      
 $1.7,637 77
MISCELLANEOUS EXHIBIT.                                 Gain in        Loss
in
I   Surplus.   I  Surplus.
Dividends declared    to policyholders1
during 1912 ................     .... .               ..-...           $147,841
64
Receipts front home office .............I.............. l   $6,582 431 .
Loss from other sources ...............I      ....... I.    I   .       
     117 19
Net loss from above ..................... l.I. $141.376 40
Total gains and losses in surplus dur-l                I              I
ing 1912 ...          . ....-.-.-.-.     .  -.-.-..     $175,730 391   $141,376
40
Surplus Dec. 31. 1912 .................. .   $341,694 641 ............ 1
Surplus Dec. 31, 1912 .................      376,048 63! ............ I
Increase in surplus during 1912 ...............        .     .............
 34,353 99
Totals         .          .......................I   $175,730 39!  $175,730
39




Per cent of losses incurred to premiums earned, 38.8.
Per cent of underwriting expenses incurred to premiums earned, 21.91.
Per cent of investment expenses incurred to interest and rents earned, 2.59.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 91.8.