536  MUT. COS. MAINTAINING UNEARNED PREMIUM RESERVE.


UNDERWRITING AND INVESTME NT EXHIBIT-Continued.
Losses.ll
Losses paid        .........      .......|   $37,186 14
Deduct unpaid losses Dec. 31           , 1911....  5,0 00 ..........,  ..............
Balance..                              $32,186 14 ..............
Add unpaid losses Dec. 31, 1912                2,500 0( ..............
Losses incurred during 1911 .......... .  .............     $34,686 14 .
Underwriting Expenses.
Underwriting    expenses   paid  during
1912 Ua... $11,658 22 .......                                           ...;.
Unpaid      bills  ........................ .    323    57  ..............
Underwriting expenses incurred dur-
ing 1912 ............................. ..............      11,981 791.............
Underwriting losses and expenses            .         ... ................
 46,667 93
Gain from underwriting during 1912               .    .    .    .........
 .$62,125 33
INVESTMENT EXHIBIT.
Interest and Rents.    r
Interest, dividends and rents receivedl
during the year ....................       $5,374 001 ......            
|***
Deduct interest, dividends and rents
accrued Dec. 31, 1911 ................      3,747 05
Balance   .....      .                  $1,626   95  ..............  .....-
Add interest, dividends    n   rents ac-      $1   6
crued Dec. 31, 1912 ..................       3,639 15 ..       ..      ...:
Total .................$.........................      5,26610|
Profit on Investments.          l
Gain from    sale of ledger assets ......... ...............1 50 001...............
Investment income earned during 19121 .........         ..............| 
   $5,416 10
Investment Expenses.            I                             I
Investment expenses paid during 19121           .          .............
T    424 35
Gain from      investments during 1912 .     .    .     .7...........
MISCELLANEOUS EXHIBIT.              1                  Gain in        Loss
In
I         f ~~~surplus.      surplus.
Dividends      declared   to   policyholders             s
during 1912 .........                                    ,...,....... $4D
312 32
Loss from      other sources:   Hardwarej              l
Association                        .           .         ..........     
  1,500 00
Net loss from    above ...................I    ........ l l             
  $50,812 32
Total gains and losses in surplus dur-;
ing    1912 ..      .                  ........l    .     .$67,118 08!  
$50,812 32
Surp~lus Dec. 31, 19121        .57,445                  .............. ..............
Surplus Dec. "I, 1911       2 . ......    $9 57,1  445 311 42*. ..............
Incre~l-se in surplus during 1312 ...........................           
   16,305 76
Tota-,tls  ...................................        $67  1   0     $67,118
 08
Per cent of losses incurred to premiums earned, 32.
Per cent of underwriting expenses incurred to premiums earned, 11.
Per ernt of investment expenses incurred to interest and rents earned, S.
Pert cent of total- losjses and  expenses incurred  anaq  dividends  0eclared
to total
inc~oie, eairnle(, 84'