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130. If of the price received for an article is loss, what is the loss per cent.?

131. Simplify

(18 of 131) + 91 — 21

3

81 - (318) + 21

132. At what per cent. below par must 41% stock be quoted to yield the same per cent. on the investment as a 7% stock at a premium of 30%, brokerage in each case %?

133. What principal at 63% interest will gain $42.80 from May 4, 1895, to Jan. 6, 1896 ?

134. F has a debt of $5000, which he wishes to meet by the sale of stock at 1103; how many shares must he sell, and what surplus will he have, brokerage %?

135. What sum must be invested in U. S. 5's at 1121, brokerage 1%, to secure an annual income of $1200 ?

+ .825) ÷ 8.75, and

.45 .001

136. Simplify (2.806 + 23 X

express the result as a decimal.

137. Find the sum of the infinite series + + +, etc. 138. What must be the face of a note due 45 days hence which, when discounted at 4%, will yield $600?

139. Extract the fourth root of 8 to four places of decimals. 140. Extract the sixth root of 10 to four places of decimals. 141. The dial-face of a clock contains 21.65 sq. in.; what is the length of the minute-hand, if it reaches within of an inch of the bounding circle of the dial?

142. If 48 men dig a trench 192 feet long, 20 feet wide, and 12 feet deep in 144 days of 10 hours each, how many days of 11 hours each will it take 40 men to dig a trench 80 feet long, 16 feet wide, and 12 feet deep?

143. If a pipe whose diameter is 21 in. can empty a tank in 6 hr. 30 min., how long will it take a pipe whose diameter is 5 in. to empty it?

SECTION XIV.

SUPPLEMENT.

BUSINESS FORMS.

275. Receipt on Account.

THE following form of receipt is used when money is paid on an unsettled account:

Lancaster, May 8, 1895, Received of E. Oram Lyte one hundred dollars on account.

$100.

Henry F. Bitner.

276. Receipt in Full.

When an account is paid in full the following form should be used:

25

Philadelphia, July 3, 1895. Received of John L. Shroy three hundred and ten dollars, in full of all accounts to date.

$310-256

James H. Long.

277. Bank Check.

A Check is a written order addressed to a bank by a person having money deposited, requesting the payment of a certain sum to a specified person or his order.

20

305

No. 1885.

FORM OF A BANK CHECK.

25 100.

Harrisburg, May 10, 1895.

Farmers' National Bank.

Pay to

Benry Good,
One Hundred

$100.

Dollars.

James Brown.

278. Promissory Note.

A Promissory Note is a written promise to pay a specified person a specified sum at a specified time.

The following form is that of an individual note, payable after date :

or Order,

FORM OF A PROMISSORY NOTE.

$400

Pittsburg, Aug. 8, 1895.

Three months after date, I promise to pay to the order of — John Noble. Four Hundred

25 100 Dollars,

without defalcation, value received.

William Smith.

EXCHANGE.

279. Exchange is the method of making payments in distant places by means of Drafts or Bills of Exchange.

280. A Draft is a written order for the payment of money.

person

The Drawer is the who signs it.
The Drawee is the person requested to pay.
The Payee is the person to whom it is payable.
The Face is the sum named in the draft.

281. There are two kinds of exchange, Domestic and Foreign. Exchange between places in the same country is called Domestic Exchange; exchange between places in different countries is called Foreign Exchange.

In domestic exchange a bill is usually called a Draft; in foreign exchange a bill is called a Bill of Exchange.

$50000

100.

282. A Sight Draft is one payable on presentation.

In some States, however, three days of grace are allowed. Bankers' drafts omit the words "at sight,” and are payable on demand, without grace. FORM OF A SIGHT DRAFT.

Philadelphia, Sept. 10, 1895.

Pay to the order of

00 100

William P. Dixon
Give Hundred.

Dollars,

value received, and charge to the account of

To Ps. C. Ely & Co., \
Chicago, Ill. Geo. Reed & Co.

Suppose William P. Dixon of Philadelphia owes James King of Chicago $500. He procures from the banking-house of Geo. Reed & Co. the above draft, on the back of which he writes "Pay to the order of James King," and signs his name. He then forwards the draft to James King, who presents it to R. C. Ely & Co., bankers, for payment.

283. A Time Draft is one payable at a specified time after sight or after the date of the draft.

FORM OF A TIME DRAFT.

00

$1000

100.

Thirty Days
Henry Bunn

order of

Que Thousand".

Dollars,

value received, and charge to the account of

To James H. Cook,
Denver, Col.

J. R. Lee.

New York, Sept. 12, 1895.

after date, pay to the

00 100

284. Acceptance of a time draft is agreeing to pay it when due. This is done by the drawee writing "Accepted" across the face, with the date and his name.

285. Exchange is said to be at a Premium or Above Par when a draft sells for more than its face value.

Exchange is said to be at a Discount or Below Par when a draft sells for less than its face value.

The rate of exchange between two places depends upon the relative conditions of trade at those places. If the trade between Boston and New Orleans is equal, the exchange is at par. If Boston owes New Orleans, the demand in Boston for drafts on New Orleans is greater than the supply, and they are therefore sold at a premium; but if New Orleans owes Boston, the supply of drafts on New Orleans in Boston is greater than the demand, and drafts on New Orleans, therefore, are sold at a discount.

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