1.96            MAN-UPACTURERS MUTUAL FIRE INS. Co.
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
PROFIT ON INVESTMENTS.              I
(Thin from  sale Of ledger assets .....1.    $3,148 001...
Gain from other investments ....        /       170 84. .
Profit on investments during 1912 .....   .............     3,318       
     ........
Investment income earned during 19121                   ............... $56,540
62
I  ~      ~~~~~~~ I
LOSS ON INVESTMENTS.
Loss from   sale of ledger assets ......      $ 200 001 .............. ..............
Loss from   decrease in book value ofl                 I              I
ledger assets .... ..................       3,318 841.............. ..............
Loss from    change in difference be-.............. ............................
tween book and market value during                   I              l
1912 .............................. 1       11,240 261 ...........  I.
Loss on investments during 1912 ..................I..............       
 14,759 10
Gain from investments during 1912 ...         .          .........|
...........             ~ ~~$41, 781   52
MISCELLANEOUS EXHIBIT.                             I   Gain in   I   Loss
in
I   Surplus.   I   Surplus.
Unabsorbed premium        deposit declared             l
to policyholders during 1912 .....................           ....... 1  $452,508
55
Net loss from above ..................1.........                        
$452,508 5-5
Total gains and losses in surplus dun-I
iug 1912 .1...... T.                                    $517,497 101   $452,508
55
Surplus Dec. 31, 1911 ......      .        $590,774 201 ............ I
Surplus Dec. 31, 1912 ............       1  655,762 751 ...........     1
  .
I         -   I1              .
Increase In surplus during 1912 .......  I... .....     I.     .............I
 64,988 55
Totals          ....................-I.......... I  $517,497 10|   $517,497
10
Per cent. of losses incurred to premiums earned, 8.94.
I'er cent of underwriting expenses incurred to premiums earned, 9.02.
Per cent of total losses and expenses incurred and unabsorbed premiums de-
iosit declared to total income earned, 89.54.