.- FITCHBURG   MUTUAL FIRE INS. CO.                       1.169
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
. _                    ~       ~       ~         ~         ~~~~~~I  .  __
IJNDERWRITING EXPENSES. .                                         I
Underwriting    expenses paid    duringI                             I
in g 1912 ......    -    .   .......      $58,474 21 ........        I  
 .
Deduct underwriting expenses unpaid                                  I
Dec. 31, 1911 .......                       1,644 27 ............ I
Balance .                             $56,829 94                ...........
Add   underwriting    expenses   unpaidl      62     4
Dec. 31, 1912 ...........       .           2,082 3S                ......
   .
Underwriting expenses incurred dur-I                   I             I
illu  1912 ........................... ..............     58, 912 321.
I                      ~      I
Underwriting losses and expenses.         .    .............. I..............
I  124,046 09
Gain from underwriting during 1912 ............ . .                     
 $40,191 19
INVESTMENT EXHIBIT.                              I             |
Interest and Rents.
Int erest, dividends and rents received                |
dulring the year .      ............. |   $13,796 321 ........       .
Deduct interest, dividends and rents                   I
accrued Dec. 31, 1911 ................      1,876 58. .
Balance .                             $11,919 741 ..
Add interest, dividends and rents ac-I                 I             I
crued Dec. 31, 1912 .................I      1,040 441 ......         |
Total .         ..                                            I - -  ....$13,869
18f
LOSS ON INVESTMENTS.               I                            I
*            ~       ~      ~      ~      ~~~~~~~~I  I
Loss from     change in difference be-j                I             I
txveen book and market value duringl                 I             I
1912 .I ..                                                  $816 251.
INVESTMENT EXPENSES.               I
Investment expenses paid during 1912 .....                   3,910 701.
Investment losses and expenses dur-I                                 I
ing    1912  I.....................................                     
 4,726   95
Gain'from   investments during 1912      .   . ............I..............
1  $9,142 23
MISCELLANEOUS EXHIBIT.                                - Gain in   j  Loss
In
I              I  Surplus.    I  Surplus.
Dividends declared    to  policyholders|
during 1912 .........                                ..|..              $42,I074
16
Net loss from above ...................               .I -   -.-1       
$42,074 16
Total gains and losses in surplus dur-I               I              I
ing 1912 .......................    . ...............    $49,333 421    $42,074
10
Surplus Dec. 31, 191          .   1 ..................
Surplus Dec. 31, 1912 ...........            86,452 62I ............  .
Increase in surplus during 1912         .        .....................1 
   7,259 26
Totals ...........................               1   $49,333 421    $49,333
42
Per cent of losses incurred to premiums earned, 39.7.
Per cent of underwriting expenses incurred to premiums earned, 35.9.
Per cent of investment expenses incurred to interest and rents earned, 28.2.
Per cent of total losses and expenses incurred an ddividends declared to
total
Income earned, 93.3.