UNDERW14ITING AND INVESTMENT EXHIBIT-Continued.
Add unpaid losses Dec. 31, end of thel
year ..............................I   544,104 761 .............. I... .........
H-
Losses incurred during the year ....................  $321,203 7.3.............
UNDERWRITlING EXPENSES.
Underwriting expenses paid during.
tue year ........................... - $277,564 081 .........   j
DeCuUci Laiderwriting expenses unpaijl            I            I
iDee. 3-L oL previous yar ............ y  .5,000 001 .
Balance .......................... 2$272,564 08. ..
Add unoerwriuing    expenses unpaidl              I            I
Dec. 31, end  or tWe  year .........................................
Underwriting expenses incurred dur-I
ing tWe year ........................               277,564 081..............
Underwriting losses and expenses ................................  5 598,767
81
Loss from   underwriting during thei
year ...............................             I .             $13,886
97
INVESTMENT EXHIBIT.            1
Interest and Rents.
Interest, dividends and rents receivedl
during the year ....................  $31,678 661 ........     -.      .
Deduct interest, dividends and rentsl             I            I
accrued Dec. 31, end of the year ....   ....        ..........14. .............
I        ~~I            1
Balance           .                $20,630 611 .....  ...      |.
Add interest, dividends and rents ac-1I
crued Dec. 31, end or tee year ......  13,021 471 ............ 1
Total ........................... ..  .         $33,652 081.
PROFIT ON INVESTMENTS.
Gain from sale of ledger assets .          $337 50j.       ..... ..............
Gain froic other investments:       1             I            I
Overdue and acquired   interest onl j
hoads in default 1911 statement-...j    4,041 671 ......       .
Profit on investments during the yearl ..............I  4,379 171.
Investinenit income earnedl dluring theI                       I
yea r..             .. ..I $38, 031 25
LOSS ON INVESTMENTS.           I
Loss from sale of ledger assets ......   $1, 246 541- -.......... . ......
Loss from  change in difference be-I
tween book and market value duringl             I            I
ttie year ..... I                       4,341 091. .         I...............
Loss on investments during the year.1 ..              $5,587 631.
INVESTMENT EXPENSES.                         I
Investment expenses paid during thel                           I
year ...........                   ..                 2,257 511.
Investment losses and expenses dur-1              I -
ing the year .               ...I                                  7,880
14
Gain from investments during the yearl.        .       .       1   $30,186
11