months, and the amount received was $789,375; what was the rate per cent.?

Ans. 7. 10. If 300 dollars gives 45 dollars interest in 5 years, what was the rate per cent.?

Ans. 3. 11. The amount of 750 dollars, at 6 per cent., was 1301 dollars 25 cents; what time was it out?

Ans. 12 y. 3 m. 12. The interest on a certain sum at 4 per cent., for 4 months and 18 days, was 9 dollars 20 cents; what was the sum ? Ans. $600. 13. In what time will 837 dollars amount to 1029 dollars 51 cents, at 53 per cent.?

Ans. 4

years. 14. What sum will amount to 571 dollars 20 cents in 4 years, at 5 per cent.? [This comes under discount.] Ans. $476. 15. The interest on 576 dollars, at 6 per cent., is $60,48; what was the time? Ans. 21 months.

PER-CENTAGE..

(Art. 101.) THIS includes Commission, Brokerage and Insurance; all of which is paid at so much per hundred; hence, it is called per-centage, and must fall back on proportion; or, it may be more naturally compared to interest, wanting the element of time, or, as in the case of insurance, considering no other than the unit of time; but commission and brokerage have no reference to time whatever; we only consider the proportion to the given rate per 100: hence this

RULE. As 100 is to the given rate per cent., so is the given sum to the required commission, brokerage, or insurance.* Or, proceed in the same manner as though

*Commission is compensation for selling or buying goods for others. Brokerage is allowance made to dealers in money or stocks, for the purchase of stock or the exchange of money, or commercial paper. Insurance is money paid to a joint-stock company, for them to assume the hazard and risk of damage by fire, or loss of any kind by sea; and, in case of damage or loss, the company or insurers are to make such loss good, as expressed in the contract. The written

you were required to find the interest of the given sum for one year.

EXAMPLES.

1. An agent sold goods for his employer to the amount of 1200 dollars; what was his commission at 5 per cent.? Statement: as 100: 5 :: 1200: to answer. Ans. $60.

2. Sold goods to the amount of 975 dollars 50 cents, on a commission of 7 per cent.; what was my compensation? Ans. $73,16.

3. A merchant exchanges 3250 dollars of unbankable notes with a broker, allowing him 13 per cent. for par funds; how much did the broker pay him?

By practice; thus, at 1 per cent., the broker's bonus or commission would be,

Broker's full commission,.

$32,50

16,25

8,125

$56,875

Therefore, the merchant must receive 3193 dollars 12 cents, the remaining part of the 3250 dollars.

4. An agent sells 750 bales of cotton, at 48 dollars per bale, and received 11 per cent. commission; how much did he receive?

5. What must be paid to insure a steamboat and cargo, from Pittsburgh to New Orleans, at a premium of 3 of 1 per cent., the valuation of the whole being 47500 dollars? Ans. $356,25.

6. A gentleman in New York has a house valued at 15000 dollars; he can obtain insurance for 12000 dollars, at a premium of 2 per cent.: what is his insurance tax? Ans. $285.

7. The sales of certain goods amount to 1680 dollars; what sum is to be received for them, allowing 23 per cent. for commission? Ans. $1633,80.

instrument expressing such contract, is called a policy The amount of insurance paid, is called the premium.

8. What is the insurance of 760 dollars, at 61⁄21⁄2 per cent.? Ans. $49,40.

9. What is the insurance of 5630 dollars, at 73 per cent.? Ans. 436,325. 10. A merchant sent a ship and cargo to sea, in time of war, valued at 17654 dollars; what would be the amount of insurance, at 183 per cent.? Ans. $3310,121. 11. What is the brokerage on 2150 dollars, at 2 per cent.? Ans. $43.

12. A merchant shipped, on board a vessel bound from Boston to St. Thomas, goods to the amount of 2464 dollars; what must he pay to be insured against the dangers of the sea, the premium being 21 per cent.?

Ans. $55,44.

13. A merchant having a house, valued at 10650 dollars, and goods in his store amounting to 6740 dollars; what must he pay to be insured against the danger of fire, the premium being 1 per cent.? Ans. $260,85.

14. A sends 4500 dollars to an agent, to purchase railroad stock, and allows the agent 2 per cent. for his trouble in making the investment;, how much of the money shall the agent retain? Ans. $88,23 +

(ART. 102.) In this case, it is evident that the agent must not compute per-centage on that portion of the money which he may retain. It is only 2 per cent. on the portion spent for his employer. For every 100 dollars the agent spends, he is to have 2 dollars; then for every 102 dollars, 100 is to go to the principal, and the remainder to the agent. Therefore, as 102: 100 :: 4500 : a 4th term. This 4th term is $4411,76+, spent for the employer, and the remaining $88,23 +, is retained by the agent. Strictly speaking, this is discount.

(ART. 103.) Neither individuals nor insurance companies will ever insure to the full value of property, as this might create negligence in those who have care of it; or worse, tempt the unprincipled to destroy, or suffer its destruction, to turn it into cash. Yet, in the various turns of business, it is sometimes necessary for individuals to secure a policy for a given specified amount, even at the expense of paying a higher rate. Such a policy may be

wanted, to send before a vessel to a foreign port, to sustain the credit of a partner, agent, or friend, until the insured ship or cargo shall arrive.

To secure a given amount, in case of the destruction of the property, we must draw for a higher sum, such a sum as when the per-centage is taken off, will leave the given amount.

Now, as all these operations are based on proportion, it is evident that we must take the per-centage from 100: then say,

As the remainder is to 100, so is the desired amount to the policy to be taken out.

Example 1. A merchant wishes to secure $1920 on an adventure to London; what sum must be mentioned in the policy to cover that amount, the premium being 4 per cent.?

As 96 100 :: 1920: fourth term ;

or, 1 100 :: 20: 2000. Ans. $2000. 2. A gentleman has produce on hand to the amount of $14000, which he intends to ship to South America. The marine insurance company are willing to insure to the amount of $9000 for 21 per cent. ; but he wishes to secure $11000, and for this sum they demand a premium of 23 per cent.; what sum must be mentioned in the policy? Ans. $11311,05.

3. A lady has property on which she wishes to secure the sum of $15000; what must be the policy to cover that sum, the premium being 6 per cent.?

Ans. $16042,79.

STOCKS.

(ART. 104.) STOCK is the term given to the aggregate or any number of shares of the capital belonging to any legal association or company, created for any special purpose, such as banking, insurance, making public improvements, or establishing manufactories.

To organize a bank, such as the people may have con

fidence in, it is necessary that it should have ready capital at all times, to redeem its notes; and to secure this end, a certain amount of capital is designated in the charter or legal act of corporation: this capital is divided into shares, generally consisting of $100 each, for which individuals subscribe and pay. These individuals are called stockholders, and receive the profits of the bank, in proportion to the shares they hold. Certificates of stock are bought and sold like individual notes or other property ; and when the profits of the company are large, the stock will command more than its nominal value in the market, and is then said to be above par; and when the profits are small, the stock sinks below par.

The rates above and below par are estimated at so much on, or so much taken off of the 100. Hence, we compute the value of stocks by per-centage, as in Art. 101, or Art. 103.

EXAMPLES.

1. A sells 25 shares of bank stock at 3 per cent. advance, the par value per share being $100; how much money did he receive? Ans. $2575.

Statement: If 100 give 103, what will 2500 give? 2. The stock in a certain rail-road company is 15 per cent. below par; what are 12 shares worth, the original value being $50 per share? Ans. $510.

Statement: 100: 85 :: 12X50: Ans.

3. At a time of great fluctuation in stocks, a gentleman bought 36 shares of the United States Bank stock, nominal value $100, at 17 per cent. advance, and sold the same day at 18 advance; what did he realize by the transaction?

Ans. His gain was of 1 per cent., or $27. 4. If the stock of an insurance company sells for 33 per cent. below par, what are $1200 of the stock worth? Ans. $1159,50.

5. I directed a broker to purchase for me 75 shares in a certain rail-road company, if he could obtain them at