1138                 AMERICAN MUTUAL FIRE INS. CO.
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
PROFIT ON INVESTMENTS.             I             I
Gain from sale of ledger assets ........ !    $150 o(1 .............. I
Gain from investments ..............            73 561 ............ I
Profit on investments during 1912....................I       223 561.
Investment income earned during 19121 ..............I..............     $30,
6b1 67
LOSS ON INVESTMENTS.
Loss from   decrease in book value ofl
ledger assets .....    .........             $73,561 .......        ..............
Loss from   change in difference be-I
tween book and market value duringi                I
the year .I....                           12,353 441 ....    ... ..............
Loss on investments during 1912     * -               ...... . . .      
12,427 00
Gain from investments during 1912.     ........................... . I  $18,224
67
MISCELLANEOUS EXHIBIT.             I             |   Gain in    {  Loss in
I  Surplus.       Surplus.
Unabsorbed    premium    deposits   de-I
dared to policyholders during 1912.1 .    .       ...                $221,568
96
I             I... .. .
Net loss from   above *--                                              $227,568
96
Total gains and losses in surplus dur-
ing 1912 ................. l.-.-.            |         $267,227 871  $227,568
96
Surplus Dec. 31, 1911 ..................  $292,364 611........     I
Surplus Dec. 31. 1912 ..................   332,023 521 .......
Increase in surplus during 1912      *     ---        ............. . I 
39,658 91
Totals .      .     .. $5267,227 87| $267,227 87
Per cent of losses incurred to premiums earned, 9.98.
Per cent of underwriting expenses incurred to premiums earned, 9.15.
Per cent of total losses and expenses incurred and unabsorbed premium de-
posit declared to total income earned, 87.93.