INDIANA LUMBERMENS MUTUAL INS. CO.                             1173
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
__                            I
Underwriting expenses incurred dur-! l                  l
ing 1912 ............................45........            45,893 881.
Underwriting losses and expenses.I...                                   
  148,818 89
Gain from   underwriting during 1912 ll.             ..                 
 $129,213 84
INVESTMENT EXHIBIT.                I                            I
Interest and Rents.
Interest, dividends and rents received!
during the year ......................      $16,185 68 .............. . .............
Deduct interest, dividends and rentsl
accrued Dec. 31, 1911 ................        4,507 17 .............. ..............
Balance .$11,678 51 ............... ..............
Add interest, dividends and rents ac-I           ,2701
crued Dec. 31, 1912 ................ ---1_     _,127 05 ...           ...............
Total ...                           |.             ...........       $16,805
5(j
*                            ~       ~      ~       ~      ~~~I II
LOSS ON INVESTMENTS.               I              l              l
Loss from   decrease in book value of|
ledger assets ....         .....                             $729 10!.
INVESTMENT EXPENSES.
I              I .I
Investment expenses paid during 1912          $2,367 86 .......;        ..............
Deduct investment expenses unpaid
Dec. 31, 1911 ........................        1,000 00 ...........   ..............
Balance   ...... .           ......      $1,367 86 .......l... ..
Add investment expenses unpaid Dec.
31, 1912 .............................   _   __ 700 00 ..........     ..............
Investment expenses incurred during                                    I
1912 ................................ ......                 2,067 861.
Investment losses and expenses dur-
ing  1912  ............................  ..... .........  ..... .........
.  2,796  96
Gain from   investments during 1912     ................          ............
$14,008 60
MISCELLANEOUS EXHIBIT.               i              I  Gain in     |  Loss
in
Surplus.       Surplus.
Dividends declared     to  policyholders
during 1912                            .              .I $90,4- 40
Net loss from   above .................... ..............               
   $90,404 40
Total gains and losses in surplus dur-l
ing 1912 ....                .   .     ..............    $143,222 44    
$90,404 40
Surplus Dec. 31, 1911 ..................     $156,338 571 ..............
..............
Surplus Dec. 31, 1912 .................       209,156 611.............. ..............
I............ ........       | *   52,818 04
Increase in surplus during 1912.......I..............      $143,222 44' 
 $143,222 44
_~~~~~~~~ $13,2                                             1