XATIONAL EtN PRANKLIN FIRE t18. CO.
UJNDE 'RtWRITING AND INVES'TMENT EXlIImIrTContinued.


647


*                    ~      ~~I     I      .      i
UNDERWRITING EXPENSES.
UJnlderwriting  expenses paid   duringj
the year ....$........................  $668,717 551 .      ......... I .
Deduct underwriting expenses unpaid[ I                I
Dec. 31 of previous year ........          19,978 241 ......
Balance .$6......                    $648,739 311 ...........  I
Add   underwriting   expenses   unpaidj               I
Dec. 31, end of the year ............      21,266 541 ......
I           -I
Underwriting expenses incnrred dur-I                  I
ing the year .......................6....... 1          670,005 85 .
Underwvriting losses and expeuses ...............................- 1,413,322
12
Loss from   underwvriting during thel
year ..       .      .          ..- --              ..............     $96,010
50
I              I
INVESTMENT EXHIBIT.
I              II
Interest and Rents.
Interest, dividends and rents received                I
.   l  A ,  IT  A -  SS  V -       I   1  71 1  .! -1   .91 I.


during tie year ...... If............. I
Deduct interest, dividends and rentsl
accrued Dec. 31, end of the year ... .
Balance ...............
Add interest, dividends and rents ac-
crued Dec. 31, end of the year ......
Total ..........................
PROFIT ON INVESTMENTS.
Gain from sale of ledger assets......
Gain from change in difference be-I
tween book and market value dur-I
ing the year ...................
Profit on investments ...............
Investment income earned during thel
year ........................... 1
LOSS ON INVESTMENTS.            I


48.681. 041 ........    .
$122,502 141 ........     .
44,805 051 ..
I             I
.............  $167,307 191.
I             I
$1,033 oSlj...


1,165 821 ....:......... I..............
I             I
..............1   2,198  901 ..............


$1(-'q'506 1)9


Loss  from  sale  of  ledger  assets ......I...............


$6,495 19 ..............
I


INVESTMENT EXPENSES.


Investment expenses paid during the)                I             I
year    .:  ......................  .......1  $14,578   381 ..............
I..............
Deduct investment expenses. Unpaid                  I             I
Dec. 31   of   previous   year .............I  ,  1,800   001 ..............
I..............
I             I             I
B alance  ........................ 1  $12,778   381 .............. I..............