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7. A real-estate broker received $40 for selling a house and lot, at 5% commission: for how much was the property sold?

8. An attorney received $60 for collecting a note, at 10% commission: what was the amount collected?

9. An agent received $108, with which to buy peaches, after deducting his commission at 8%: how much did he expend for peaches?

10. A factor received $309, with which to buy flour, after deducting his commission, at 3% what was the cost of the flour?

11. A lawyer collected a bill at 25% commission, and remitted $7.50 as net proceeds: what was the amount collected? What was the lawyer's commission?

12. A bookseller sold a lot of books on commission, at 20%, and remitted $160 as net proceeds: for how much were the books sold?

WRITTEN PROBLEMS.

13. A commission merchant sold 540 barrels of flour, at $6.37 a barrel: what was his commission at 3% ?

14. A real-estate broker sold 325 acres of land, at $24.50 an acre, and charged a commission of 2% what was his commission?

15. An auctioneer sold $5160.50 worth of dry goods, and $715.25 worth of furniture: what was his commission, at 11%?

16. A lawyer collected 65% of a note of $950, and charged 61% commission: what was his commission? What was the amount paid over?

17. A factor in New Orleans purchased $75000 worth of cotton for a Lowell manufacturer, at 13% commission: what was his bill for cotton and commission?

18. An architect charged 4% for plans and specifications, and 13% for superintending the erection of a building, costing $120000: how much was his fee?

19. An agent furnished a school-house for $4500, and received $540 commission: what was the rate?

20. An attorney charged $75 for collecting rents to the amount of $1125: what was the rate of commission?

21. A commission merchant charged 21% for buying produce, and his commission was $750: how much produce did he purchase?

22. A wool agent received 5% for buying wool, and his commission was $208.50: how much wool did he buy?

23. My agent has bought 3300 barrels of apples, at $1.75 a barrel, and I allow him 3% commission: how much money must I remit to pay both the cost of the apples and the commission?

24. A Boston merchant sent his factor in Cincinnati $3529.20, to be invested in bacon, after deducting his commission at 2% how much did he expend for bacon, and what was his commission?

25. A cotton broker in Charleston received $11774, with which to purchase cotton, after deducting his commission of 14% how much did he expend for cotton, and what was his commission?

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26. A merchant paid a broker % for a draft of $1280 on New York: how much was the brokerage?

27. A broker bought $15600 worth of stocks, and charged 4% what was his fee?

28. A real estate broker sold a section of land (640 A.) at $7.50 an acre, and invested the proceeds in railroad stock, receiving 14% for selling the land and % for buying the stock what was his brokerage?

29. What will be the total cost of 750 yards of carpeting, at $1.75 a yard, if a merchant pays 2% commission for purchasing, % for a draft covering cost and agent's commission, and $12.50 for freight? •

30. A grain dealer in Chicago received $5000 with directions to purchase wheat, at $1.10 a bushel, after deducting his commission at 21% how many bushels of wheat did he purchase?

31. An agent sold 45 sewing machines at $75 apiece, and 9 at $125 apiece, and, deducting his commission, remitted $3375 to the manufacturer as proceeds: what was his rate of commission?

32. A factor sold $15000 worth of goods, at 10% commission, and invested the proceeds in cotton, first deducting 5% commission for buying: how much money did he invest in cotton?

33. Smith & Jones sell for C. Bell & Co. 3040 pounds of butter, at 22 cts. a pound, and 10560 pounds of cheese, at 15 cts. a pound, and invest the proceeds in dry goods, first deducting their commission of 5% for selling and 3% for buying how much did they invest in dry goods? What was their entire commission?

34. A commission merchant sold 1300 barrels of flour, at $5.75 a barrel, receiving a commission of 31%, and invested the net proceeds in coffee, at 28 cts. a pound, first deducting 2% commission: how many pounds of coffee did he purchase? What was his entire commission?

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234. RULES.-1. To find commission or brokerage, Multiply the sum of money denoting the amount of business transacted, by the rate per cent. expressed decimally. (Form. 1.)

2. To find the sum to be invested when the amount given includes both the sum to be invested and the commission or brokerage, Divide the given amount by 1 plus the rate per cent., and the quotient will be the sum to be invested. (Form. 4.)

NOTE. These two rules cover all the ordinary business transactions in commission or brokerage, but the pupil should be required to form rules embodying each of the four formulas.

CAPITAL AND STOCK.

235. Capital is property invested in trade, manufac

tures, or other business.

236. The Par Value of capital is its original or nominal value.

The Market Value of capital is its real value, or the sum for which it will sell.

When the market value of capital equals its par value, it is said to be at par; when the market value is more than the par value, it is above par, or at a premium; when the market value is less than the par value, it is below par, or at a discount.

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237. Premium is the amount which the market value of capital exceeds its par value.

238. Discount is the amount which the market value of capital is less than its par value.

239. Premium and discount are computed at a given per cent. of the par value. The rate per cent. is called the Rate of Premium, or the Rate of Discount.

240. A Company is an association of persons united for the transaction of business.

The association of several persons in business as partners, bound by articles of agreement, is called a Partnership, and the company is commonly called a Firm or House. (Art. 380.)

241. An Incorporated Company is a company organized and regulated by law. It is called a Corporation, and the law regulating it is called a Charter.

242. The capital of a corporation is called Stock, and is divided into equal parts, usually $100 each, called Shares. The owners of these shares are called Stockholders.

243. Certificates of Stock are official statements of the size and number of shares owned by each stockholder. They are called Scrip, and are bought and sold like other property.

Stocks are at par, above par, or below par, according as their market value equals, exceeds, or is less than their par value or face.

The market value of stocks is quoted at a certain per cent. of the par value. Stocks quoted at 108 are worth 108 % of their face, that is, are 8% above par; stocks quoted at 92 are worth 92% of their face. that is, are 8% below par.

The business of buying and selling stocks is called Stock Jobbing, and persons engaged in such business are called Stock Jobbers, or Stock Brokers.

244. The Gross Earnings of a company are the total receipts from its business; and the Net Earnings are the net profits, found by deducting all expenses and losses from the gross earnings.

245. A Dividend is the part of the earnings of a company distributed among the stockholders.

Dividends are usually declared annually or semi-annually, and they are computed as a per cent. of the par value of the stock. The rate per cent. is called the Rate of Dividend.

246. An Assessment is a sum levied upon the stockholders to meet the losses or expenses of the business.

The business of incorporated companies is usually managed by directors, who are elected by the stockholders, each being entitled to as many votes as he owns shares.

NOTE. When a business corporation wishes to raise money in addition to that derived from its capital stock, it issues notes or bonds, payable at a specified time with interest, and secured by mortgage on the property of the corporation. These notes are called Mortgage Bonds, and their owners are called Bondholders. These bonds are negotiable and are called Stocks (Art. 330), but they should be carefully distinguished from Capital Stock.

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