(Endorsement in blank.)

XVI

NOTES ON CHAPTER THIRTEEN

1008. The word endorsement" means something that is written on the back of a document. As applied to notes, checks, drafts, etc., it generally means the signature of the person in whose favor the note, check, etc., is made out, which is written on the back in order to transfer the ownership. If the payee of the following note sells it to William Simms, he writes his name on the back, as shown below.

ACCOTINK, VA., March 4, 1897.

Four months after date, I promise to pay to the order of James McWilliams, Two Hundred Dollars, value received, at the Pohick National Bank.

The effect of the "endorsement in blank" is to make it payable to any holder; the "endorsement in full" transfers it to William Simms, who may transfer it to another by either kind of endorsement.

Besides transferring ownership in a note, the effect of an endorsement is generally to bind the signer to pay the note, in case of default by the maker or preceding endorsers. This liability is avoided if the endorser writes after his name the words, "without recourse."

The “endorsements" mentioned in this chapter are a record of the payments received by the holder of the note. This is usually kept on the back of the note, the date and the amount received being written in each instance.

1010. Although the maker of a note is generally supposed to pay the interest at the end of each year, the U. S. Courts, by whom this rule has been formulated, do not permit the collection of interest upon deferred payments of interest.

This rule is followed in all the states except Connecticut (see Art. 1307) for computing the amount due on notes that do not expressly provide for the payment of interest annually (Art. 1172). Connecticut pupils should learn only their own rule; in other states, no reference whatever to the Connecticut rule should be made.

See Art. 1307 for Connecticut-rule answers to the partial payment examples of this chapter.

1013. 6. Let 100 x= cost of coal; 2 x

=

commission. 102 x cost of coal + commission = 7650.

1015. 1. The man expended 30% of 50% of of his money, or of it; which was of his money. 180x=1} 1층 × 728= 819; x= 9100 Two-fifths of $9100 equals the balance in bank.

2. Cost per gallon, $1.50; selling price, $1.60; gain per gallon, 10 on 150, or=63%.

5. Let 10x = cost, then x will represent the loss in one case and the gain in another, making the selling prices 11 x and 9x. 11x=99; x 9, gain in dollars.

=

9x99; x = 11, loss in dollars, making the net loss $2.

NOTE. Some teachers, wishing to avoid fractions as far as possible in equations, assume x for loss or gain, making 10x = cost; etc. Solutions of this kind are given occasionally as a suggestion to be followed or not, as may seem most desirable.

8. Arithmetic, Art. 924, 7 and 8.

1016. As there is no such thing as true discount," it is unprofitable to spend time upon it. Any problem involving finding the "present worth" can be solved by an intelligent pupil, from his previous work in interest.

1019. 2. To 11% of 3 of $25000, add $1.

3. Longitude difference = 5° 59′ 18". See Art. 1002, 2.

10. Number of yards (56161.04)

=

1. Art. 1013, 6. 11. Term of discount 36 (33) days. Yearly interest is $30, which is $3 for 36 da., 1 yr. $500-$3 = proceeds, $497. Without grace, the term is 33 days, the interest for which time is $2.75. Proceeds, $497.25.

Cost per square foot being the number of

13. Cost of an acre = $21.78 × 5. ($21.78 × 5) ÷ (4840 × 9), the divisor square feet in an acre. To gain 20% or of cost, the selling price must be of cost. Multiplying the foregoing by, the selling price per foot will be

$21.78 × 5 × 6

4840 × 9 × 5

In getting the number of square feet in an acre, the pupil may use 160 × 301 × 9, unless he remembers that there are 4840 sq. yd. in an acre. 14. Specific duty (duty by weight) = $× 700 × 14. Advalorem duty 30% of $14 x 700. The sum of the two gives the total duty.

=

1020. 7-9. See Arithmetic, Art. 384.

1021. 4. (50 ft.+ 38 ft)-(7 ft.+2 ft.).

=

5. of cost of horse $90. Cost $80. A selling price of $100 makes a gain of $20 of cost 25%. Ans.

=

15-16. See Art. 878. 19. 1% of $700. 20. $10 of $10 for 5 da. 21. 200%. 22. 7 of $7. 42÷ 3.

of 63

9

2x

25

29.

3

3

2x=25; x = - 124. Ans. 12 yr. 6 mo.

30. 5 qt. pk.; = .625; .6254.1561.15625.

1022. 1. $4 × 51 (yd.) × 4 (yd.) ÷ 11⁄2 (yd.).

$3××× Cancel.

2. What sum in 4 years at 6% will amount to $105.71?

4. Problems of this kind may be solved without finding the cost; 18 per yard represents of cost; what price will represent or of cost? If of cost 18, will equal 24, and will equal 24.

Ans.

==

1372; x= 5600. The whole real

=

estate was worth $5600; the part remaining after the sale of $1372 worth $5600 $1372 $4228. $14000+ $4228 = $18228. Ans.

$300. The company loses $40000 less the premium received,

$300.

8. This may be solved without finding the cost, although many pupils will prefer the more tedious way. $764.40 represents 91% of cost; what per cent does $894.60 represent?

91% X 89460
76440

213%
2

1061%; gain 61%.

10. Cancel. $37 x 25 x 8 x 8 ÷ 128.

11. Total cost, $ 252.50; loss = $252.50 - $141.40=$111.10, which is 44% of the total cost.

12. [14 (yd.) + 5 + 14 + 5] × 3.

14. Profit $2 per ton, of cost. Cost $198 × 3.

15. Art. 546. A bill is receipted by writing the words, "Received payment" at its foot, followed by the date and the name of the seller :

Reed. payment, Qet. 3, 1897,

Abraham & Straus,

per J. S.

If the money is received by a clerk, he writes his initials underneath, preceded by the word "per" or "by."

17. Omit 41 bu. I gave away and = += }}. The remainder == .263 = 263%.

21. $3 per yd. = 80% of cost; $?=115%.

=

=

22. Number of gallons sold (65 gal. × 60) — 80 gal. 3820 gal. Selling price per gallon = of $1542 ÷ 3820. Cancel. 23. $180 = cost of one horse = § cost of other.

=

24. Number of square yards in walls (6+4+6+4)×3; in ceiling, 6 x 4. Number of cords (18 x 12 × 9) ÷ 128.

25. Let x less, x+= greater; x+x+= 43.

26. 16 cu. yd. is x% of (10 × 8 × 2) cu. yd. ?