Commercial Drafts A commercial draft is a written request directing a person or firm to pay to a bank, or person, a certain sum of money at a stated time. Adam Miller of Mt. Liberty, O., owes Brown & Co. of Columbus, O., $140 on account. If Miller is not prompt in paying the account when it is due, Brown & Co. may draw on him, using the following commercial draft. $140.00 Columbus, Ohio, Dec. 15, 1920 At Sight Pay to the order of the New First National Bank Value Received and Charge to the Account of To Adam Miller, Mt. Liberty, O. Dollars Brown & Co. Brown & Co. deposit this draft with their bank (New First National) for collection. After endorsing it this bank sends the draft to a bank at Mt. Liberty, which presents it to Miller for acceptance. If he accepts the draft by writing the word “Accepted," the date, and his signature across the face of it, the draft is good, and being a sight draft it becomes due at once. Miller may give his check for $140 in favor of the Mt. Liberty bank. This bank in turn remits to the Columbus bank, which places the amount, less a small fee for collection (usually 1%), to the credit of Brown & Co. Sight drafts are due when they are accepted. Time drafts are due a stated number of days after date or after acceptance. The draft must state definitely when PAYING WITH THE COMMERCIAL DRAFT 133 payment is to be made. The draft on this page is due 60 Thirty-one Hundred Seventy and 45/100 VALUE RECEIVED AND CHARGE TO ACCOUNT OF Cincinnati, Ohio. DOLLARS Chas. G. Price Problems 1. The draft on page 132 was accepted on Dec. 17. Copy it and write the proper acceptance across the face. 2. Write the draft on this page. Accept it on Mar. 24. 3. When is the draft in example 2 due? Who pays it? To whom? 4. Write a commercial time draft due in ten days after sight, in which Brown & Co. draw on Frank Smith of New London, O. 5. Sidney Brown of Madison, Ind., owes Lyons and Carnahan of Chicago, Ill., $60 due Oct. 1, 1920. Write the proper commercial sight draft. Who signs this draft? Trace the draft until Lyons and Carnahan are credited with $60, less 10¢ for collection. CHAPTER XI TRAVEL How Time Changes When We Travel When Jack's father returned from New York City to his home at Cincinnati, he told Jack that the clocks in New York were one hour faster than those of Cincinnati. The following pages tell how Jack learned why different places may have different time at the same moment. 90° Washington Longitude and Time Greenwich West Longitude East Longitude→ 75° 60° 45° 30°15° 15° 30° 45° 60° 75° 9 Equator Meridian 1. How long does it take the earth to make one rotation? How far in degrees does a given point on the earth rotate in 1 hr.? How far in 1 min.? 2. In what direction does the earth rotate? 3. Any place is said to have noon (12 o'clock sun time) when the sun is on the meridian of that place. In what direction does the shadow point at noon in the United States? 4. When it is noon at Cincinnati, O., what is the time of all places on the same meridian as that of Cincinnati? What is the time for all places east of Cincinnati? Why? For all places west of Cincinnati? Why? 5. When it is 12 o'clock at Cincinnati, what is the time of all places 15° east of this city? Of all places 15° west of this city? Why? 6. When it is 12 o'clock by the sun at your town, what places have 10 A.M.? What places have 2 P.M.? Why? 7. When it is 6 A.M. at Chicago, how far in degrees and in what direction must you go to find a place whose time is 5 A.M.? Why? How far to a place whose time is 8 A.M.? 8. When it is 9 A.M. at St. Paul, what is the time of a place 45° east of St. Paul? Of a place 45° west of St. Paul? 9. If you know the difference in time between two places, how can you find the difference in longitude? 10. If you know the difference in longitude between two places, how do you find the difference in time? 11. If you know the difference of time between two places, their direction (east or west) from each other, and the time of one, how do you find the time of the other? 12. If you eat breakfast at 7 A.M., in what direction and how many degrees away from you would people be eating lunch at 12 o'clock noon at your breakfast time? 13. Where would people be eating supper at 6 P.M. at the moment San Francisco children begin school at 9 A.M.? 14. Events occurring at 9 A.M. in London, Eng., may appear in the Chicago morning papers in time to be read at a 7 o'clock breakfast. How is this possible? Standard or Railroad Time You have observed that solar or sun time changes as one travels east or west. To avoid confusion caused by this fact, the railroads of our country in 1883 adopted a plan of giving all places within a given belt the same time, called standard or railroad time. In accordance with this plan the United States was divided into four great divisions, called Eastern, Central, Mountain, and Pacific time belts. Eastern time is the solar (also called local) time of the 75th meridian; Central time is the solar time of the 90th meridian; Mountain time is the solar time of the 105th meridian; and Pacific time is the solar time of the 120th meridian. It follows then that the standard time of all places in a given belt differs by one hour from the standard time of places in the adjoining belt or belts because the governing meridians are 15° apart. Since Jan. 1, 1919, standard Eastern Time has been used by railroads from the Atlantic Ocean west to a line through Sault Ste. Marie, Mich.; Toledo, Ohio; Ashland, Ky.; Atlanta, Ga.; to Apalachicola, Fla. See the map. What is the western boundary of the Central Time belt? Of the Mountain Time belt? See the map. |