LUMBER     MUTUAL FIRE INS. CO.                      1181
UNDERWRITING AND INVESTMENT EXHIBIT.
UNDE11WR11TING EXHIBIT.
Premiums.
Total premiums .............              $424,1104 96!.
Add uearned premiums Dec. 31, 19111       188,942 48.                   
 .
Total ..                        1 $613,047 441 ........... I
Deduct unearned premiums Dec. 31,1        2         1.
1912  ...                               203,884  761 ............
Premiums earned during 1912 ......I...........         $409,162 GS..
UNDERWRITING PROFIT AND
LOSS ITEMS.
Gain from agents' balances previ-
ously charged off, $9.11, and from
other underwriting income, $19,000      $19,009 11. .............. .....
Loss from agents' balances charged
off, $34.109, and from  other under-I i           I
writing disbursolments, $4.95 .      I....   39 041 ..............
Gain from   above .....................    $18,970 17| ........|
Agents' balances and bills
receivable not admitted                           I             I
Dec. 31,  11 ..........           031...........
Agents' balances and bills
receivable not admitted             I
Dec. 31, 1912 ............     15 901 ........................
Loss from above ............. .                 7 87 ..............-..............
Gain from   underwriting   profit and1              1j
loss items                   8....... I           I    I,962 201.
.1       I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~.
Underwriting income earned duringi                                I
1912 .       .       ................I....................          $428,124
88
LOSSES.                1             1
Losses paid ..........................1 $145,797 90 1.    .........
Deduct unpaid losses Dec. 31, 1911 ..1      7,200 731 ..      .... I.-.---.
Balance ......                       $138,537  171.          ...........
Add unpaid losses Dec. 31, l9S  ......     13,754 .l..             ..............
Losses incurred during 1911 .... ..........            $152,291 181.
UNDERWRITING EXPENSES.             I             I
Underwriting   expenses paid   duringl
1912 ......................             $87, 176 90 ........... \
Deduct underwriting expenses unpaidl      $
Dec. 31, 1911 ..............                 4,46 93.
Balance ....I,..                      $82,706 97 .
Add   underwriting   expenses unpaidl               I
Dec. 31, 1912 .......................     5,778 91 .....          .
Underwriting expenses incurred dur-      .
ing  1912  ........................... ..... ......    88,485  91
Underwriting losses and expenses                                  I   240,777
09
Gain from   underwriting during 19121 ..............$..............   $87,347
79