ENTERPRISE MUTUAL FIRE INS. CO.                          1153
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
PROFIT ON INVESTMENTS.
Gain from sale of ledger assets ........       $350 001 .............
Gain from other investments .....   .....        73 56 ..............
Profit on investments during 1912 .....  .............         423 56.
Investment income earned during 19121.............                      
$30,129 75
I   .      I             I.. .. .. ..
LOSS ON INVESTMENTS.
Loss from   decrease in book value of|                |
ledger assets .......................        .......         $73 56 .
Loss from   change in difference be-I                 I
tween book and market value dur-I                   I
ing 1912 .....................    1   --I--- - - -- 1    13,058 44 .
Loss on investments during 1912 ......    .     .........................
 13,132 00
Gain from investments during 1912. .                                    
 $16,997 75
MISCELLANEOUS EXHIBIT.              I             I   Gain in       Loss
in
Surplus.   I   Surplus.
Unabsorbed. premium deposit declared
to policyholders during 1912 .................... ..............      $228,199
99
Net loss from   above .................. .............. |   .........   $228,199
99
Total gains and losses in surplus dur-j               I     -
ing 1912         .          ........                1  $266,653 461   $228,199
99
Surplus Dec. 31, 1911 ......             1  $275,127 491 .
Surplus Dec. 31, 1912 ................. 1   313,580 961..............
Increase in surplus during 1912 ...............       .    .............
  38,453 47
Totals         .          .I. ..                   $266,653 46    $266,653
46
Per cent of losses incurred to premiums earned, 9.97.
Per cent of underwriting expenses incurred to premiums earned, 9.17.
Per cent of total losses and expenses incurred and unabsorbed premium   
     de-
posit declared to total income earned, 88.28.