1118            HARDWARE DEALERS MUTUAL MlRE INS. 00.
UNDERWRITING AND INVESTMENT EXHIBIT-Continued,
INVESTMEN1T EXPENSES.
Investment expenses paid during 19121 ..............4..............     
     2 44 35
Gain from investments during 1912... .............. ..............      
 $4,991 75
MISCELLANEOUS EXHIBIT.                                Gain In       Loss
In
Surplus. j     Surplus.
Dividends declared    to  policyholders|
during 1912     .......................... ............ .   .          $49,312
32
Loss from other sources: Hardware
Association ......................       ...........   ..............   
1,500 00
Net loss from   above .      .      ............ .............. ..........
$50,812 32
Total gains and losses in surplus dur-
ing, 1912         ......... .............               $67,118 08     $50,812
32
Surplus Dec. .1I, 1911 ..................   $49,139 42 ...1I...... .............
Surplus Dec. 31, 1912 ..................    57,445 31 ............. |
Increase in surplus during 1912........  .............         .        
1,305 7
Totals ...                 a .                      $67,118 08     $67,118
08
Per cent of losses incurred to premiums earned, 32.
Per cent of underwriting expenses incurred to premiums earned, 11.
Per cent of investment expenses incurred to interest and rents earned, 8.
Per cent of total losses.and expenses incurred and dividends declared to
total
income earned, 84.