MILL OWNERS MUT. FIRE INS. CO. OF IOWA.                       1221
UNDERWRITING       AND INVESTMENT EXHIBIT-Continued.
UNDERWRITING EXPENSES.
Underwriting   expenses   paid  duringl               |
1912 .j $32,839 661 ........                                       ......
Deduct underwriting expenses unpaid
Dec. 31, 1911 .........                     9500 00 ...........    .
Balance ..          ......            $30,339 66 ..............       .
Add   underwriting   expenses unpaid                  lI|
Dec. 31, 1912 ...... ...... ..........       ,132 521 ........
Underwriting expenses incurred dur-                        3
ing 1912 .....                                                  18.....................
.........
Underwriting losses and expenses        ...............                 
111,559 33
Gain from underwriting during 1912            .      .     ...........  
 $94,570 38
INVESTMENT EXHIBIT.
Interest and Rents.
Interest, dividends and rents received
during the year ........    ............  $15,662 09 .............. ..............
Deduct interest, dividends and rents
accrued Dec. 31, 1911.8,418 53......
Balance ....                            $7,243 56 ......        l...
Add interest, dividends and rents ac-I
crued Dec. 31, 1912 ..............         10,289 07 ......         .
Total ...........................l ..........I..........           $17,532
63
INVESTMENT EXPENSES.
Investment expenses paid during 1912 .............. ...............     
      69 00
Gain from investments during 1912....…..............…...  
              $17,463 63
MISCELLANEOUS EXHIBIT.                            I
Gain In       Loss In
Surplus.   I   Surplus.
Error in 1911 statement              .       .       ..  ............I  
   $447 26
Net loss from above ......      ..... ! *                               
   $447 26
Total gain and losses in surplus dur-
ing 1912 ............................ ............  .    . $112,034 01  
 $447 26
Surplus Dec. 31, 1911 ...................   $179,004 09 ........ ..............
Surplus Dec. 31, 1912 ..................     290,590 84 ..........
Increase in surplus during 1912 ....... ..........                      
 111,586 75
Totals *             I ......      .               $112,034 01    $112,034
01
1              1_ I
Per cent of losses incurred to premiums earned, 40.
Per cent of underwriting expenses incurred to premiums earned, 15.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 55.