(b) When a draft can be bought for its face, it is said to be at par. When the cost is less than the face, it is said to be at a discount. When the cost is more than the face, it is at a premium.

3. A draft made payable when presented to the drawee is called a Sight Draft. A draft made payable at a specified time after it is presented to the drawee is called a Time Draft.

EXERCISES.

256. 1. Find the cost of a draft on New York for $1,500, at % premium.

EXPLANATION: 1%==1 of .01. of .01 of $1,500-$3.75, the premium. $1,500+$3.75=$1,503.75, the cost of the draft.

Find the cost of a draft for:

2. $1,200 on New York, at % premium.

3. $690 on Chicago, at

% premium.

4. $2,400 on Boston, at % premium.

5. $1,000 on New Orleans, at 1% discount.

6. $1,600 on San Francisco, at % premium.

7. $950 on St. Louis, at% discount.

8. $1,895 on Cincinnati, at % discount.

9. $12,698 on Philadelphia, at % premium.

10. If exchange is % premium, how large a draft will $1,201.50 buy?

EXPLANATION: %. Then $1,201.50 is 888 of the face of the draft. The face of the draft must be 88 of $1,201.50, or $1,200.

11. How large a draft will $2,997 buy if exchange is % discount?

12. How large a draft will $6,850 buy if exchange is % premium? % discount? % premium? % discount?

13. Find the cost of a draft for $500, payable 45 days after sight, when exchange is % premium, and interest 6%.

EXPLANATION: The interest on $500 for 48 days is $4. If exchange were at par, the draft would cost $500–$4, or $496. But the exchange is 1% premium, or $1. Hence, the cost of the draft is $496+$1-$497.

ANOTHER EXPLANATION:

The interest not yet earned is .008 of $500; the premium is .002 of $500. Hence, the draft should cost .006 of $500, or $3 less than the face.

14. Find the cost of a draft for $1,450, payable 90 days after sight, when exchange is % premium, and interest 6%.

15. Find the cost of a 60-day draft for $2,600, exchange% discount, and the rate of interest 7%.

16. Find the value of a 75-day draft for $1,756, exchange % premium, and the rate of interest 5%.

17. Find the cost of the following draft, interest 6%, exchange % discount:

$768.

KANSAS CITY, Mo., Oct. 26, 1896. Fifteen days after sight, pay to the order of Baker & Williams seven hundred sixty-eight dollars, value received, and charge to the account of ALONZO KING.

TO GEORGE BENNETT, Chicago.

LONGITUDE AND TIME.

257. 1. Define circle. Circumference. Degree.

How

2. Turn, in your geography, to the map of the hemispheres. Find the equator. What is it? many degrees in its circumference?

3. In the Western and Eastern Hemispheres, what are the lines running up and down the page and crossing the equator called? What is a meridian? What is the meridian from which the numbering begins called? What meridian is used as prime meridian? What number is given to it? In which direction from the prime meridian are the others numbered? Why are they numbered in both directions? How far are they numbered in each direction? Why not farther? What is the distance east of the prime meridian called? West of the prime meridian? How many degrees of east longi

tude? Of west longitude?

4. What is the longitude of Boston, Mass.? Of Denver, Colo.? What is their difference in longitude? How do you find it? What is the difference in longitude between New York City and Omaha, Neb.? Between Washington, D. C., and Helena, Mont.? Between Charleston, S. C., and Salem, Ore.? Between Salt Lake City and Sitka, Alaska? Between City of Mexico and Sandwich Islands? Between Dublin, Ireland, and

Rio de Janeiro, Brazil?

5. What is the longitude of Athens, Greece? Of Detroit, Mich.? What is their difference? How do you find it? What is the difference in longitude between Mobile, Ala., and Constantinople, Turkey?

EXERCISES.

258. 1. In what direction does the earth rotate? When is it noon at any place? (When the meridian of that place is directly under the sun's rays.) How long does noon last? How many degrees of longitude pass under the sun's rays in 1 day, or 24 hrs.? In 1 hr.? In 2 hrs.? In 9 hrs.? From midnight to noon? From 3 o'clock A. M. to 11 o'clock A. M.? From 10 o'clock A. M. to 5 o'clock P. M.?

2. If 15° of longitude pass under the sun's rays in 1 hr., how long will it take 45° to pass under? 75°? 120°? 1 sextant? 1 quadrant? A semi-circumference?

3. If 15° of longitude pass under the sun's rays in 1 hr., or 60 min., how many minutes will it take 1° to pass under? 2°? 9°? 14°?

4. How many degrees of longitude will pass under the sun's rays in 8 min.? In 36 min.? In 52 min.?

5. If 15' of longitude pass under the sun's rays in 1 min. or 60 sec. of time, how many seconds will it take 1' to pass under? 3'? 7'? 11'? 14'?

In

6. How many minutes of longitude will pass under the sun's rays in 8 sec.? In 20 sec.? In 44 sec.? 56 sec.?

What places have night? 9 o'clock A. M.?

noon at the same time? Mid5 o'clock P. M.?

TABLE OF RELATIONS BETWEEN LONGITUDE AND TIME.

259. 8.
8. A difference between two places of-

15° in longitude makes a difference of 1 hr. in time. 15' in longitude makes a difference of 1 min. in time. 15" in longitude makes a difference of 1 sec. in time. 1° in longitude makes a difference of 4 min. in time. 1' in longitude makes a difference of 4 sec. in time. 1" in longitude makes a difference of sec. in time. (Can you show that this table is correct?)

9. When it is noon at a place, is the time earlier or later east of that place? Why? West of that place? Why?

10. When it is noon at Chicago, what is the time 15° east of Chicago? 30° east? 120° east? 1° east? 8° east? 13° east? 15' east? 45' east? 30' east? 1' east? 7' east? 12' east?

11. When it is noon at Washington, D. C., what is the time 15° west of Washington? 30° west? 135° west? 1° west? 2° west? 11° west? 15' west? 45' west?

12. When the days and nights are of equal length, and it is noon at the first meridian, on what meridian is it sunrise? Sunset? Midnight?

When it is 10.00 A. M. at Philadelphia, longitude 75° west, it is 6.00 A. M. at Sitka. What is the longitude of Sitka?

14. When it is 10.00 P. M. at Austin, Tex., longitude 974° west, it is 1.00 A. M. next day at St. Johns, N. F. What is the longitude of St. Johns?

15. When the time at Richmond, longitude 77° west, is 8.00 A. M., what is the time at Rome, Italy, longitude 12

east?