20. How many $1000 U. S. bonds at 1023% can be bought for $12,315, brokerage %?

21. How many shares of stock ($50) at $62 per share, brokerage %, must be sold to realize $996 ?

22. I wish to sell sufficient U. S. 2s at 1011%, brokerage %, to pay a debt of $3800; how many $100 bonds must I sell, and what will be the surplus?

23. Find my annual income from 10 shares of Boston & Maine R.R. stock, the semiannual dividend being 6 %.

24. Find the annual income from 50 shares of Penn. R.R. stock ($50), which pays a quarterly dividend of 11%.

25. Find the annual income from 20 shares of Denver & Northwestern Railway Co. stock, which pays a quarterly dividend of 2%.

26. Find the annual income from 25 shares of Utah Copper stock ($10), which paid a quarterly dividend of 71 %.

27. Find the annual income from 700 shares of mining stock, par $1 per share, if it pays a quarterly dividend of 25 %.

28. Find the annual income from 20 shares of Standard Oil of N. J. stock, which pays a quarterly dividend of 5%.

29. When mining stock, par $1 per share, pays 40% quarterly dividends, what income does a man receive each year from 40 shares of this stock?

30. How much is gained by buying 25 shares of Amalgamated Copper Co. stock at 60% and selling it at 923 %, brokerage % on the sale and purchase?

31. What profit is made by buying 1300 shares of Chicago Great Western R.R. stock at 17% and selling it at 18%, brokerage % on the sale and purchase?

32. What profit is made by buying 20 shares of R.R. stock at 98% and selling it at 112%, brokerage % on the sale and purchase?

33. Find the annual income from $2310 invested in Northern Pacific R.R. stock at 115 %, brokerage %, if this stock pays a quarterly dividend of 1%.

34.

Find the annual income from $2584.50 invested in Adams Express Co. stock at 2151 %, brokerage %, if this stock pays a quarterly dividend of 3%.

35. Find the annual income from six $ 100 U. S. 4s, 1925. 36. Find the annual income from eight $1000 U. S. 4s, 1925.

37. Find the annual income from six $1000 Panama 2s, 1936.

38. Find the annual income from four $1000 Reading R.R. Co. 4% bonds.

39. Find the annual income from eight $1000 Baldwin Locomotive Co. 5% bonds.

40. How many shares of stock paying 5% dividends must be purchased that the annual income derived therefrom may be $220 ?

41. How much must I pay for sufficient 8% stock ($50), market value $891 per share, that my annual income may be $120, brokerage 1% ?

42. What must I pay for sufficient United Gas Improvement Co. stock ($50) that my income from it may be $240 per year, if I buy this stock when its market value is $89 per share, brokerage %, this stock paying a quarterly dividend of 2 % ?

43. If I purchase 6% stock at 124 %, brokerage %, what rate of interest does my investment pay? Answer to nearest hundredth per cent.

44. If I purchase Penn. R.R. stock ($50) at $611 per share, brokerage 1%, what rate of interest does my investment pay me, my annual income from each share of this stock being $3?

45. If I purchase 5% stock at 1197 %, brokerage %, what rate of interest do I receive? Answer to nearest .01%.

46. What rate of interest does 4 % stock ($50) pay an investor, if it is bought at 1121%, brokerage % ?

to nearest .01 %.

Answer

47. What must be the market value of 6% stock in order that it may yield 5% on the investment (which includes brokerage), if the rate of brokerage is %?

48. What must be the market value of 5% stock to yield an investor 4 % interest on his investment, brokerage

NEGOTIABLE PAPER AND BANKING

284. A bank is an institution which cares for, lends, exchanges, and issues money.

285. National banks are authorized by the United States, and controlled by its laws.

286. State banks are authorized by the various states, and controlled by their respective state laws.

287. Savings banks are banks established to take care of people's savings. They will receive very small deposits, and they pay interest on these deposits, but usually at a low rate.

288. Trust companies are state institutions which settle estates, take care of the property of children, and execute other trusts. They also do a banking business.

289. Private banks are individuals or partners who do a banking business.

290. Deposits are money put into banks by people for safe keeping. Some banks pay a small rate of interest on part or all these deposits; others do not.

291. All banks lend most of their deposits, keeping in their safes only as much as the laws require and experience shows will be asked for. Banks make most of their profits by lending their deposits.

292. All banks receive deposits and lend money. Only national banks issue bank notes, and they must deposit in the United States Treasury bonds of the United States whose par value is equal to the notes they issue.

293. Besides national bank notes there are two other kinds of paper money in common use: United States notes, or greenbacks, which are issued by the United States; and gold and silver certificates which are substitutes for gold and silver coin kept in the government vaults at Washington. NOTE. Read carefully both sides of all these kinds of paper money.

OPENING AN ACCOUNT AT A BANK

294. To open an account at a bank, a person should fill out a deposit slip and deliver it, with the deposit, to the receiving teller or cashier

of the bank.

295. After opening an account at a bank, a depositor is given a bank book with the amount of his deposit credited therein, and also a blank check book.

He is generally required to sign his name on a card or in a book of signatures.

CHECKING OUT MONEY

296. When a deposi

Deposit Slip

tor wishes to use any or all of the money he has in a bank, he fills out a check for the amount desired.