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$3000; C at first put in $ 2000, at the end of 6 months he put in $ 2000 more, at the end of 14 monthis he put in $ 2000 more, and at the end of 16 months he took out $ 1500; they had gained by trade $ 4420. What is each man's share of the gain?

Ans. A's gain, $ 1680; B's gain, $ 1260; C's gain, $ 1480.

8. Grover and Thorndike are associated in trade, Grover contributing of the capital $ 12000, and Thorndike $ 18000. At the end of 6 months they reduce the joint stock $ 5000, by each withdrawing an equal sum. 3 months afterwards Thorndike withdraws $ 6000, and Grover $ 1000. The business proving a losing one, they dissolve copartnership at the end of the year. Required what part of the stock then remaining, which was only $ 15000, belonged to each of the partners ? Ans. To Grover, $7276.6993; Thorndike, $7723.30 uri

9. John Jones, Samuel Eaton, and Joseph Brown formed a partnership, under the firm of Jones, Eaton, & Co., with a capital of $10,000; of which Jones put in $ 4000, Eaton put in $ 3500, and Brown put in $ 2500; but at the end of 6 months Jones withdrew $ 2000 of his stock, and at the end of 8 months Eaton withdrew $ 1500 from the firm ; but at the end of 10 months Brown added $ 2000 to his stock. At the end of 2 years they found their gains to be $1041.80. What was the share of each man? Ans. Jones's gain, $ 300.5111 ; Eaton's gain, $ 300.5113;

Brown's gain, $ 440.76 *. 10. James Bradshaw commenced trade, January 1, 1856, with a capital of $ 10000, and after some time formed a partnership with John Parkman, who contributed to the joint stock $ 2800. In course of time they admitted into the firm Joseph Delano, with a stock of $ 3600. On making a settlement, January 1, 1857, it was found that Bradshaw had gained $ 2250; Parkman, $ 420; and Delano, $ 405. How long had Parkman's and Delano's money been employed in trade, and what rate of interest per annum had each of the partners gained on their stock? Ans. Parkman's, 8 months; Delano's, 6 months. Gained 221

per cent. interest.

BANKRUPTCY.

to pay

419. BANKRUPTCY refers to business failures and inability to meet pecuniary liabilities. A bankrupt, or insolvent, is one who fails or becomes unable

his debts. An assignee is a person selected to take charge of the property and effects of a bankrupt, to convert the same into cash, and, after deducting the necessary expenses of settling, to divide the net proceeds, as the law requires, among the creditors.

The distribution is generally made pro rata, each creditor receiving according to his respective demand, or just claim.

420. To find each creditor's dividend or share of the net proceeds of an insolvent estate.

Ex. 1. A bankrupt owes to A $ 500, to B $ 1200, and to C $ 4300; and the net cash proceeds of his estate amount to only $ 1500. How much does he pay on $ 1, and what dividend does each creditor receive ? Ans. 25 cents on a dollar. A receives $ 125; B, $ 300;

and C, $ 1075.

OPERATION.

B's

A's claim, $ 500 $ 500 X.25 = $ 125, A's share.

$ 1200 $ 1200 x .25 $ 300, B's share. C's $ 4300 $ 4300 x .25 = $ 1075, C's share. Entire claims, $ 6000

Proof, $ 1500, entire proc'ds. $ 1500.00 · 6000 = $ 0.25, or 25 cents on $ 1. RULE. · Divide the net proceeds of the insolvent estate by the number denoting the total amount of its indebtedness, to find the sum it pays on each dollar of the debts.

Multiply each man's claim by the sum the estate pays on a dollar, to obtain each man's dividend.

EXAMPLES.

2. Clarke, Soule, & Co. have failed. Their liabilities are $ 63500, their assets have a cash value of $ 52384, and the expenses of settling are $ 1584. How much can they pay on a dollar, and what dividend should John Dayton receive, whose claim is $ 8361.55 ? Ans. 80 cents on a dollar; $ 6689.24.

3. A merchant failing in trade owes A $ 6C0, B $760, C $ 840, and D $ 800. The net proceeds of his effects are $ 2275. What dividend does each of his creditors receive?

Ans. A, $ 455 ; B, $ 576.33}; C, $ 637 ; D, $ 606.663. 4. J. Bonney owes A $ 400, B $ 300, and C $ 1000. His effects are worth $ 600. What sum can he pay each of his creditors ?

5. A manufacturing company becomes insolvent. Its indebtedness amounts to $ 300000. Its assets consist of factory buildings and machinery worth $ 180000, stock worth $ 40000, and bills receivable good for $ 12875. The charges of the court of insolvency and the assignee will amount to 3 per cent. on the amount distributed to the creditors. How much will the company pay on a dollar, and what will be Amos Henderson's dividend on a claim of $ 1360.60 ?

Ans. 75 cents on a dollar; $ 1020.45.

TAXES.

421. A tax is a sum of money assessed on individuals by government, corporations, societies, districts, &c.

Taxes for government purposes are imposed on property, and in most States on persons.

A poll or capitation tax is one without regard to property, on the person of each male citizen liable by law to assessment. A person thus liable is termed a poll.

122. Immovable property, such as lands, mills, houses, &c., is called real estate. All other property, such as money, notes, mortgages, cattle, shipping, furniture, &c., is called

personal property.

In assessing taxes, it is necessary to have an inventory of taxable property ; and, if a levy on the polls is to be included, there should be also a complete list of taxable polls.

423.

424. The method of assessing taxes, though not precisely the same in all the States, is yet in most of them virtually the

same.

In some of the States, however, the public schools are supported in whole or in part by rate bills; that is, the expenses of the schools, in whole or in part, are apportioned among the inhabitants patronizing the same, according to the number of days of each pupil's attendance.

NOTE. — In Massachusetts one sixth part of the whole sum to be raised is assessed upon the polls; provided the whole poll tax assessed in any one year upon any individual for town, county, and State purposes, except highway taxes, shall not exceed two dollars.

425. To assess a state, county, town, or other tax.

Ex. 1. The inhabitants of a certain town are to be taxed $ 4109. The real estate of the town is valued at $ 493000, and the personal property at $ 177000. There are 506 polls, each of which is to be taxed $1.50. What is the tax on each dollar of property? What is J. B. Tewksbury's tax, whose real estate is valued at $3700, and his personal at $ 2300, he paying for 2 polls ?

OPERATION.

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$ 1.50 X 506 $ 759, amount assessed on the polls. $ 493000 + $177000 $ 670000, amount of taxable property. $ 4109 $ 759 $ 3350, amount to be assessed on property. $ 3350 ; 670000 $.005, tax to be assessed on each dollar. $3700 + $ 2300 = $ 6000, Tewksbury's taxable property. $ 6000 x .005 = $30, Tewksbury's property tax. $1.50 X 2= $3, Tewksbury's poll tax. $ 30 + 3 $ 33, amount of Tewksbury's tax.

RULE. — Multiply the tax on each poll by the number of taxable polls ; and the product, subtracted from the whole sum to be raised, will give the sum to be raised on the property.

The sum to be raised on property, divided by the whole taxable property, will give the sum to be paid on each dollar of property taxed.

Each man's taxable property, multiplied by the number denoting the sum to be paid on $1, with his poll tax added to the product, will give the amount of his tax.

NOTE. — The operation of assessing taxes may be facilitated by finding the tax on $ 2, $ 3, &c. at the rate of taxation on $ 1, before making the assessment on the inhabitants of the town, &c., and arranging the numbers as in the following

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. 2. What is Samuel Forster's tax, by the above table, whose property, real and personal, is valued at $ 1310, and who pays for 7 polls a tax of $ 1.50 each?

Ans. $ 17.05. . 3. What is the tax of a non-resident, having property in the same town, worth $ 415.35 ?

4. A tax of $ 14018.90 is to be levied on a certain city. The property is valued at $3506300; and there are 3500 polls, each of which is taxed $1 each. What is the assessment on a dollar, and what is A's tax, who has property worth $ 29010, and pays for 2 polls ? Ans. $.003 on $1; A's tax, $ 89.03.

426. To find what sum must be assessed to yield a given net amount.

Ex. 1. What sum must be assessed to yield a net amount of $ 6240, the collectors receiving 21 per cent. commission for collecting?

Ans. $ 6400

Since the commission is 21 per $ 6240 ; .975 $ 6400. cent., the net value of each dollar

of assessment will be $ 0.975, and the amount to be assessed to net $ 6210 will therefore be as many dollars as 6240 contains times .975. Hence,

The given net amount divided by 1 decreased by the rate of commission, expressed decimally, will give the amount to be assessed.

OPERATION.

EXAMPLES.

• 2. What sum must be assessed to net $ 10450, allowing the collector receives 5 per cent. for collecting ? Ans. $ 11000.

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