388. Representation of Temperature. The average monthly temperatures of New York City beginning with January are: 29°, 33°, 39°, 46°, 53°, 63°, 67°, 67°, 61°, 52°, 47°, 41°. These temperatures are represented in the graph on the opposite page. Vertical distances above the heavy horizontal line represent temperatures, and horizontal distances from the heavy vertical line represent length of time from Jan. 1. 389. Shipping Statistics.-The table below shows the total foreign trade of the United States which was carried in vessels, and the parts of this trade carried in American and in foreign vessels. Example. Compute the per cent of the total trade which was carried in American vessels each year and construct a graph to represent these per cents. A part of this graph is given on the opposite page. CHAPTER XXIX DOMESTIC EXCHANGE 390. Contracting Bills at a Distance. - People in one part of the country are constantly doing business with people in other parts. The North Central States produce yearly great quantities of cereals and meats which are sold to the other states. In New England and the Middle Atlantic States, clothing of all kinds, boots, shoes, cutlery, and other articles of manufacture are produced and sold in all sections of the country. This selling and buying between people living in different localities makes it necessary to pay bills at a distance. 391. The Problem of Domestic Exchange. - The problem which our bankers and others are trying to solve is to set off against one another the mutual indebtedness of different sections of the country and thus reduce the actual transportation of cash. 392. Means of Paying at a Distance. In actual practice cash is seldom sent from one section of the country to another. The immediate means used for paying debts at a distance are: 1. Personal Checks. 2. Postal Money Orders. 3. Express Money Orders. 4. Telegraphic Money Orders. 5. Commercial Drafts. 6. Bankers' Checks or Drafts. 393. Personal Checks. — The simplest way to pay a bill at a distance is to send a personal check. However, the man who receives the check may not receive credit for it in his bank until enough time has elapsed to hear from the bank on which it is drawn. 394. The Certified Check. If the bank on which the check is drawn certifies it, the check is known to be good so long as the bank is solvent. To certify a check the banker stamps "certified" across the face of it, and deducts the amount from the maker's account. |