INSURANCE CO. OF THE STATE OF PENNSYLVANIA.                   569
UNDERWRITING AND        INVESTMENT EXHIBIT-Continued..
LOSSES.
Losses paid ......................... $1,371,111 27 ........
Deduct salvage and reinsurance re-
coverable Dec. 31, end of the year      1,479 841..............I..............
Balance.~~~~~~$1,369,681 31 .......
Balance ............... 111      $J------.................
Add salvage and reinsurance recov-                I             I
erable December 31 of previous yearl    1,027 47. .
Total ........... .             $1,370,658 90 ...........
Deduct unpaid losses    December   31                       .   |
of previous year .....    ........     279,147 36.
Balance ..     ...       ,       $1,091,511 54 ......
Add unnaid losses December 31, end!
of the  year  .......                 268,581   .............6  ...........
Losses incurred during the year .$1,360,093 20.
I            1
UNDERWRITING EXPENSES.           I                           l
Underwriting expenses paid    during1
the year .....................        $871,530 63 ...........
Deduct underwriting expenses unpaid!
December 31 of previous year ....!     35,0 0   ..      ...... ..............
Balance ........................  $836,530 63 ........     ..............
Add underwriting    expenses unpaid
December 31, end of the year .....      37,733 54.........    ..............
Underwriting expenses incurred dur-!1
ing the year ...................                    8724     1..............I
Underwriting lossesland expenses ...        ..... I      ..... 1 2,234,357
37
I.. . . .     . ... ...
Loss from   underwriting during thel
year .. l              . -.-.. -..                              $70,824 81
INVESTMENT EXHIBIT                           1
Interest and Rents.
Interest, dividends and rents received            I
during the year ..                   $149,619 851..............I..............
Deduct interest, dividends and rents!            I
accrued December 31. end of thel
year ..           ...... 1             30,384 71. .
Balance ..................        $119,235 14. v...............e.e.........I
Add interest. dividends and rents ac-I           I             I
crued December 31, end of the yearl    25,561 19 ...      .... I
Total        .         ........................I $144,796 331.
PROFIT ON INVESTMENTS.                                      l
Gain from sale of ledger assets  ..........       I "Il  $1,591 641............
l        ~~I    .      I
Investment income earned during the!              I
year .................           ...                            $146,387
97
LOSS ON INVESTMENTS.           1 .
Loss from sale of ledger assets  .      .$4,851 18,1.
Loss from   change in difference be-i            I
tween book and market value dur-1               I
ing the year ............I..........   25,056 92 .
Loss on investments during the yearl .     .........j  $29,908   ....