STATE MJTUAL FIRE INS. CO.


1247


UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
I              I              I
LOSSES.
Losses paid ......        ..............     $82, 048 88 ....     ... ..............
Deduct unpaid losses Dec. 3            1, 1911...  2,823 65 ..........  
.............
Balance   .....        ..              $79,225 23 .................
Add unpaid losses Dec. 31, 1912.9,214 78 ..............
Losses incurred during 1911 .............. . . . . .. . .   $88,440 01 .
UNDERWRITING EXPENSES.                                              l
Underwriting expenses paid during
1912 ...............................       $129,619 28.............. ..............
Deduct underwriting expenses unpaid
Dec. 31, 1911 ...           .....           42,773 62 ...........    ..............
Balance   .........                   '$86,845 66 ...........     ..............
Add   underwriting    expenses   unpaid
Dec.  31,  1912  ........................    8,618  17  .............. ..............
Underwriting expenses incurred dur-
ing 1912 ............................................ ....            ..............
Underwriting losses and expenses .... .    ............. .............. 
   183,903 84
Gain from underwriting during 1912 ......... .     ..... .............. 
  $893,542 19
INVESTMENT EXRIBIT.
Interest and Rents.
Interest, dividends and rents received
during the year ..................I..      $86,444 53 .......         ..............
Deduct interest, dividends and rents
accrued Dec. 31, 1911 .1,716 58 ....                            ... ..............
Balance                                 $84,727 95 .......        ..............
Add interest, dividends and rents ac-
crued Dec. 31, 1912 .1,716 58 ....                              ... ..............
T otl .        .. .               ...........         $86,444 53 .
O NI                          I
PROFI1T' O)N INVESTMENTh.                          l




Gain from sale of ledger assets.......
Gain from other investments..........


Profit on investments during 1.912.... ....
Investim-not income earned diuring 1912 ....


268      131 .. ..... ........,,..I...........
4,885 13 ..............
.......... .    ..      ... $,31     2
.......... I... .............. .. .... l  r,329   66


LOSS ON INVESTMENTS.
Loss from decrease in book value of I
ledger assets ...........I........ l       $4,885 131 .....    .. ..............
Loss from change In difference be-
tween book and market value during
191215,443 ...................... .1
Loss on investments during 1912         .............. ...............  
  20,328 67
62-Ins.-