QUEEN      INS. COMPANY OF AMERICA.                          783
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
Deduct unearned premiums Dec. 31,                       1              I
end of the year ....................1    4,382,872 801 ............. I
Premiums earned during the year.... 1 .   ............. l$4,817,590 151.
UNDERWRITING PROFIT AND                                              |
LOSS ITEMS.                 I              I
Gain   from   agents' balances    previ-!               I
ously charged off ..........                    $9 85! .....          I
Loss from    agents' balances chargedl                 I              I
off .                                          146 951 ..........
Loss from   above ..............    1.          $137 10. .......
Agents' balances and bills              I              |
receivable not admitted                               I
Dec. 31, 1911.               $5,232 791 ..      .....                ..............
Agents' balances and bills               I
receivable not admitted                               1              1
Dec. 31, end of the year      7,135 15 ...........
Loss from   above ................      - 1    1,902 361 ............. I................
Loss from    underwriting    profit and!
loss items ....-.................I............              2,039 461..............
Underwriting    income earned    duringl                I
the  year  ......                 I    ..............  .............. 1$4,815,550
 60
LOSSES.                  I
Losses paid ......... ................ l$2,545,020 561 .............. .......
Deducet silvage and     reinsurance re-l                I
coveralle Dec. 31, end of the year..!..     15,148 621 .
Balance ..............            1$2,529,871 94 !.
Add salvagre and reinsurance recov-!            I                      1
erable Dec. 31 of previous year.....l       17,165 361 ..........     1
Total.                            1 $2,547,037 301 ..........
Deduct unpaid losses December 31 ofl                    I
previous year .................        !   391,337 153.                 
  ..........
.         I             ~       ~       ~~~~~~~~~~~~~~~I  I
B1alanee ......                    l$2,155,700 15'! .     ..........  I.
1   .
Add iupaid losses December 31, end!                     I              I
of the year .........       ..         1 411,817 331 .
Losses incurred dluring the year ..... I.............. 1$2,567,517 4!..
UNDERWRITING EXPENSES.
Underwriting    expenses paid    duringl               I
tile year.                 ....... 1$1,955,566 92!.
t~ sl..............   ..                         ..............    .  19B5
691...........
D-l'uet uinderwriting expenses unpaid!
December 31 of previous year ...... 1      167,07'8 371 ............ I
B al n ce ......                 1$1,788,488 55!.              I.
Ac1d  undlerwritilrr exn.usPs    unpaidl                I              I
December 31. 1912, end of the year!        155,498 171 .
Ulderwriting expenses incurred dur-!                    l
Ing t~le year .......................!....... I 1.943,986 721.
I              I          . _
T. (Io,, writilng losses and expenses ..-.1 ..I.. ..... -....1          1
4,.r:' ..;04 20
Gn1 from    underwriting during thel
year ................... I                          - 1 .--.    -----1  $304.046
49