(228                MICIWGAN lFIRE, & MARINE ]INS. CO.
IJNDEERWIIITING AND INVESTrMV1ENT EXIlTEIT--C(ontinueed.
, tirilig   ti e  y e a r  .... .... .0)      ). ,  .........
Di.~l(  ec. 81., end ot til(yea'r....j 1518  9........ .......
..Iliwe ........... .   .lil . .......... .  0 0 _l._
Add interest, dvlidlends atd rents  c-I            I
crue(d Dec. 81, (11(d of tue yea .i      160)74   1      .       I
Total .$557.4 I         ...                               721... I............
.. 1  5   1 ............
PROFIT ON INVESTMENTS.            II
Gain from cliange in difference 1e-                I
tween Look and mnarket vaine diuriDg
tilte .t. ..............................                2 ,998 571 ..............
I             I-,----     ---I
Inve stment incoime (EarlelS  (luring t-         I ie
ea  I  r  .........................38 .,738 2..       . .......         
  9
L1OSS ON INVES'TMIENTS          I
I.oss from liecrease ill hook vanle ofl             I             I
ledger assets.                  .....                           J 1  8 .
ll~e~tllltslt ill(-(lll( ('filitd dilrill.          tl:|.......... .j
I                           I . . . . . . . . . . . . . . . . . . . . . .
 .
1J()SS~ ~ ~ ~ OI ViS13  XS
INVIESTMEiFNTl E£XPENSES.
Inlves~tmenet expenses paid during tlhe             l
Investment losses amid expenses dur-I
ing tile year .    .     .     .     .....               ....|.      4,385
45
Ga,-in from investments during the yearjl .............           I   $54,877
84
MISCELLANEOp7S EXHIBIT.           I              I   ain in    I  TosS in
I             I  Surplus.   I Surplus.
Dividends   declared  to  stockholdersj                           i
dotring the year       .        ................1.                  $40,000
10
Net loss from anove              .       .       ................I    $40,000
00
Total gain and losses in surplus (ldr-I             I
imug the 3'ear .......   .........5. ..............    $54,347 84   $68,343
11
Sill-plus Dec. 31, 1911 ..................  $836,614 491 ............ I.----.------
Surplus Dec. 31, 1912 ..       .......    852,619 221 ...
Decrease in surplus (luring tile year ... ..............  13,995 271 .
'Totals .   ........ I.............                $68,343 11    $68,3:43
11
= =    _             _ _   _ _______,____I.                   I
Per cent of losses incurred to premiums earned, 56.
Per cent of underwriting expenses incurred to premiums earned, 17.
Per cent of investment expenses incutired to interest and rents earned. 5.
Per cent of total losses and expenses incurred and dividends deelared to
totall
income eal rned, 102.