MILLERS MUTUAL FIRE INS. CO.                             1211
UNDERWRITING AND INVESTMENT EXHIBIT-Continuecf..
LOSSES.
Losses paid ..........................       $162,382 741 ..............
Deduct unpaid loSses Dec. 31, 1911 ....       25,581 001 ........|
Balance         .. *136,801                     74.--  --  ---  --  --  --
 -l  ..... .........
Balnc  .. .. ... .. ..1912 .. .   19,802  341 ..... ..  . .
Add  unpaid   losses  Dec. 31,1912 .......      .         ...........................
Losses incurred during 1911       .      . .............. |  $146,604 101.
UNDERWRITING EXPENSES. -                             I
Underwriting    expenses paid     during|               I
1912 .                                     $46,452 2Sf ............     
   ..
Deduct ulnderwriting expe'nses ulnpaidl                I
Dec. 31, 1911 .........  .                   3,000 001 ......          ..............
I              I
Balance .                              $43,452 281 ........
Add   underwriting    expenses   unpaid                 I
Dec. 31, 1912 .     .........                 3,000 001 .............
Underwritin, expenses incurred dur-                                  281
     .
ing 1912 ............................      ........        46,452 28
Underwriting losses and expenses .................. ..............      
   193,956 3S
Gain from    underwriting    during  thef
year                        ...  .    .  .............--..1. ........ . 
 $62,712  63
INVESTMENT EXHIBIT.               .
Interest and Rents.
Interest, dividends and rents receivedf
during the year ...................        $16,874001 .f.............. ............
Deduct interest, dividends and rents                    I
accrued Dec. 31, 1911..............           5,857 561.......................
Balance   ............ . .......       $11,016 441 ........       I     
.
Add interest, dividends and rents ac-
crued Dec. 31, 1912 .....                     6,876 571 .........
Total .......................                                        $17,893
01:
1              I
LOSS ON     INVESTMENTS.           I                              I
Loss from   decrease in book value off
ledger assets . .    ..................... $1,714 891f...........
Loss from    change in    difference be-.
tween book and market value dur-
ing the year .......................            176 25 ...........   I..............
Loss on investments during 1912 ......$ ..............     |   1, S91 14
.
Investment expenses paid during 19121 .........                  507 25.......
Investment losses and expenses dur-f
ing  1912                                                               
   2.398...............................  ..............  2.398  30i
Gain from   investments during 1912 ...........              ......... .$15,494
62
MISCELLANEOUS EXHIBIT.               I              |   Gain in    f   Loss
in
I'             I   Surplus.       Surplus..
Total gains and losses in surplus dur-f
ing 1912 .................--..1                           $78,207 25 ..............
Surplus Dec. 31, 1911 ..................: 1  $242460 75 ..........................
Surplus Dec. 31, 1912..                      320,668 0.01 ................
Increase in surplus during 1912.......1I...........                     
    78,207 25
I          1   ~-       25-           --
Totals ..       .        .    .     .                 $78,207 25     $78,207
25-
Per cent of losses incurred to premiums earned, 57.25.
Per cent of underwriting expenses incurred to premtIms earned, 17.58.
Per cent of investment expenses incurred to interest and rents earned, 2.8.
Per cent of total losses and expenses incurred and dividends declared to
total:
income earned, 73.8.