BOSTON MANUFACTURERS MUT. FIRE INS. CO.                 1143
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
INVESTMENT EXPENSES.
Investment expenies paid during 19121 ........I       3,226 921 ........
Investment losses and expenses dur-J
ing  1912  .. . . . . . . . . . . . . .. . . . . . .  . . . . . . . 39,578
 92
Gain from investments during 1912..................              $69,914
70
MISCELLANEOUS EXHIBIT.          I               Gain in   ILoss in
ISurplus.  ISurplus.
Total gains and losses in surplus dur-1
lu g 1912 ......................I $1,962,615 901 $1,946,312 16
Surplus Dec. 31, 1911.......... $1,266,829 051 ........I.......
Surplus Dec. 31, 1912..........      1,283,132 791 ........I.......
Increase in surplus during 1912 ....I..............               16,303
74
Totals............I........... $1,962,615 90$1,962,615 .90
Per cent of losses incurred to premiums earned, 4.04.
Per cent of underwriting expenses incurred to premiums earned, 8.69.
Per cent of investment expenses incurred to interest-and rents earned, 2.94.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 99.27.