1182                 LUMBER     MUTUAL FIRE INS. CO.
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
INVESTMENT EXHIBIT.
[nterest and Rents.          |             |
Interest, dividends and rents receivedj             I
during the year .         *   ......    $28,264 141.                .........
Deduct interest, dividends and rentsl               I
aIccrued Dec. 31, 1911 .............      3,736 991 ..........    .
Balance ........       ..........   $24,527 151 ...........  I
Add interest, dividends and rents ac-1              I
ecrued Dec. 31, 1912 ................     4,807 401 .
Tl'otall .. g g $29,334 551.
PROFIT ON INVESTMENTS.            i             I
Gain from   sale of ledger asses ......I     $150 881 ............. .
Gain from   increase in book value ofj
le(dger assets ..........i............       2 2
Profit on investments during 1912 ...I7..............        71..............5
Investment income earned during 19121..............                   $30,19
69
LOSS ON INVESTMENTS.
Loss from sale of ledger assets.     I         $7 251 .
Loss from   decrease in book value of I
ledger assets .........     ......... 1     428 03 .
Loss from   change in difference be-I
tween book and market value dur-j                 I
ing 1912 ......            .              8,644 86 |.
LsOs oli investments during 1912 .... .  . I...........  $9,080 141.
*         '                ~~~~~                ~      ~~~~~~~~~~~~~~~~~~I
-I  I
INVESTMENT EXPENSES.                           I
Investment expenses paid during 1912 1..............        7   8..............'7
Investment losses and expenses dur-                               I
ing   1912  ....................         ..........*  .............    9,823
 0(
Gain from investments during 1912        .         . ......$20,286 69
MISCELLANEOUS EXHIBIT.                          I   Gain in   I  Loss in
I             I  Surplus.   I Surplus.
Dividends declared   to policyholders               I
during 1912               .........                             1   $157600
45
Gnin from   other sources:  Excess of '                           I
caNsh held for agency expenses       ........$425 781..............
Net loss from above ........... . .....              ........   $157,174
67
Totail gains and losses in surplus dur-   -
ing 1912 .                             ............   $207,634 481  $157,174
67
,Surplus Dec. 31 1911 ................  $471,987 92 ............. .-..
Surplus Dec. 31, 1912 .                   522,447 .3 .
lI                       I
Increase in surplus during 1912 ............................    . I    50,459
81.
Tot ls         .          .                      $207,634 481 $207,634 48
_.___ .__   _        _   __                   )            I
Per cent of losses incurred to premiums earned, 37.22.
Per cent of underwriting expenses incurred to premiums earned, 21.63.
Per cent of- investment expenses incurred to interest and rents earned, 2.53.
Per cent of total losses and expenses incurred and dividends declared to
total income earned, 89.{08.