18* What would be due on the above note Feb. 15, 1862, if $50 had been paid on it at the termination of each six months from its date, interest being 5%?

295. GENERAL REVIEW, No. 6.

1. Reduce 75%, 163%, 371%, 95%, and 833% to their low est terms, and give their sum in a common fraction.

2. If you buy socks at $4.80 per dozen pairs, and sell at $.50 per pair, what % do you gain ?

3. For what must apples which cost $1.25 per bbl. be sold to gain 20% ?

4. If 25% is lost by selling a pair of boots at $41, what was the cost?

5. What is the simple interest of $300 from May 5, 1860, to Feb. 2, 1862, at 11% a month?

6. What is the amount at compound interest of $271.36 for 2 y. 6 m. at 6% ?

7. What is the present worth of $4508.25 for 11 days, at 6%? 8. What is the bank discount of $450 for 30 days, at 5%?

9. What are the avails of a note of $100 discounted at a bank for 27 days?

10. What is the amount at simple interest of 5£. 4s. 6d. for 2 years, at 5% ?

11. The interest of $400 for a certain time at 6% was $60; what was the time?

12. What principal at 5% will gain $4.50 in 10 months? 13. At what % will $462 gain $103.95 in 2 y. 3 m.? 14. For what must a note be given, which, discounted at a bank at 6 % for 60 days, will yield $1295?

15. Given a note for $2500, dated Sept. 5, 1862, on which were paid $50 Jan. 29, 1863, $500 July 1, 1864. The note being on interest at 6% from its date, what was due Sept. 5,

1864?

For changes, see Key.

COMMISSION, BROKERAGE, AND STOCKS.

296. Commission is a certain percentage received by a commission merchant for transacting business as factor, or agent for another.

297. Brokerage is the percentage received by a broker A Broker is one who exchanges money and deals in stocks and bills of credit.

298. Stocks are Government Ponds of all kinds, and share‹ of the capital invested in Banks, Insurance Companies, &c.

299. When stocks and money seli for their original or nor◄◄ inal value, they are said to be at par; when they sell for mora than their nominal value, they are said to be at an advance, abovs par, or at a premium; when they sell for less than their nominal value, they are said to be at a discount, or below par.

300. In Commission, the % is estimated upon the sum octually expended; in Brokerage, upon the par value, or an assumed value.

ILL. EX. My agent buys a quantity of goods for $220; what is his commission at 5 %?

1. What should a commission merchant receive for selling 4750 pounds of sugar at 12 cents a pound, his commission being 1%? Ans. 5.937-+.

2. A stock broker purchases for a person 8 shares of stock in a manufacturing company at $72 a share; what is his commission at 7% ?

3. What is a broker's commission for negotiating a loan of $4500 at %?

4. Dupee & Sayles bought on account of T. Winship, 4 shares

of Essex Company's stock, at $27 each, their commission being %; what is Winship's bill?

Ans. $108.27. 5. What amount of current money will be given in exchange for $450 of that which is at 5% discount? Ans. $427.50. 6. When gold is at a premium of 25%, what must be paid for $275 of gold? Ans. $343.75.

7. If an auctioneer sells, on a commission of 8%, 14 chairs at $1.25, 1 bedstead for $10, and a miscellaneous lot for $53.79, what sum will be due the person for whom he makes the sale, his commission being deducted?

8. What is the commission on the sale of 200 yards of broadcloth at $4.80 per yard, 6% being paid for selling, and 24% for guaranteeing the sales? Ans. $81.60. NOTE. The seller sometimes guarantees the payment for the goods sold; for this he is paid a premium.

9. What are the net proceeds on the sale of a lot of crockery amounting to $10650, commission being 41%, and 11% being allowed for guaranteeing payment?

NOTE. To obtain net proceeds, deduct commission.

Ans. $10011.

10. What are the net proceeds from the sale of 1260 barrels flour, at $3.50 per bbl., charges for freight and storage being 40c. per bbl., commission for selling being 2%, and for guaranteeing nales 14% ?

11. What are 50 shares of railroad stock worth, at 4% advance, the par value being $100?

$100 × 1.04 × 50 = $5200.

Ans. $5200.

12. What would be the value of 15 shares of the above stock at 7% premium?

13. What would be the cost of 8 shares of the above, at a dis count of 35%?

14. What would be the value of 4 shares in the stock of a gas company, originally worth $200, at 3% above par?

15. What would be the value of 12 shares of above stock, at 17% below par?

16. A certain corporation, wishing to increase their capital

1

stock without multiplying their shares, assessed the stockholders 40% on the par value of their stock, which was $500 per share; what was assessed on a person holding 3 shares?

17. What was the par value of the stock per share in the corporation after the assessment was made?

18. If I buy 10 shares of stock, originally worth $100, at 18% above par, and sell it at 7% below par, what do I lose? Ans. $250.

19. What would have been my gain if I had bought the above at 10% discount, and sold it at a premium of 8% ?

20. Bought 75 shares in a savings-bank, par value being $50, at 61% advance, and sold at 31% above par; what did I lose on the lot?

21. The amount of the deposits in the savings-banks of Massa chusetts for 1863, was $44,785,438.56; the ordinary dividends were at the rate of 41% of the deposits; what was the total of the dividends?

301. TO FIND THE COMMISSION OR BROKERAGE AND THE SUM INVESTED, WHEN BOTH ARE CONTAINED IN A CER TAIN SUM SENT TO A FACTOR OR BROKER.

ILL. EX. I send to my agent at St. Salvador $1224; what part of this sum will remain to invest in sugars, after deducting his commission of 2% on what he lays out?

every dollar which he is to lay out. If he receives $1224, he will have as many dollars to lay out as $1.02 is contained times in $1224, which is 1200 times.

Hence the

Ans. $1200.

RULE. To find the sum invested: Divide the amount named by $1 plus the commission on $1; the quotient will be the sum invested.

To find the commission or brokerage: Subtract the sum invested from the amount.

EXAMPLES.

1. I have sent to a commission merchant in New York $450 of which he is to lay out what he can in butter, after reserving his commission of 2% on the purchase; what is the purchase? Ans. $441.176+.

2. What part of a remittance of $328.25 will remain to be invested after 1% of the investment has been deducted?

Ans. $325.

3. How many barrels of flour at $5 each can a factor pur chase with a remittance of $2575, after deducting his commission Ans. 500 bbl. of 3% ?

4. How many shares of stock at $100 each can a broker purchase with a remittance of $520, allowing himself a brokerage of 4%?

5. A real estate broker receives $2593.75; what number of acres of land at $1.25 per acre can he purchase with the balance, after allowing himself 33% brokerage on the purchase?

6. Having remitted to my agent in New Orleans $891.75, to be expended for sugars, after reserving his commission of 21%, I received from him 29000 pounds of sugar; what was the cost per pound?

7. I have authorized a broker to employ $292.32 in the purchase of a certain stock for me, allowing him 14% commission; what number of shares originally worth $100 can he purchase, if they are now 72% below par?

8* Wm. H. Ladd sells for Chas. Smith 2500 pounds of butter at 14 cts., and 100 pelts at $1.50; from the proceeds he deducts his commission of 3% and $4 for cartage, &c., and with the bal ance purchases for Smith, after deducting his commission of 11% on the purchase, a lot of sheeting at 10 cts. per yard; how many yards can he purchase?

For Dictation Exercises, see Key.