9 A broker received from a customer, Oct. 26, a remittance of $1000 as a margin, and purchased for him 100 shares of the National salt company at 65; the broker sold the stock Nov. 2 at 70, charging 1% brokerage each way and 6% interest. was his customer's net profit? What 10 A speculator borrowed money Sep. 24, 1901 at 6% with which he bought 9216 pounds of hops @ 12 a pound; Dec. 6 he sold the hops @ 20¢ a pound and paid his debt. What was his gain? II A $1000 bond bearing interest at 31% and payable at the end of 40 years is bought for $1103.60; what is the average annual income? 12 A New York merchant received from Germany an invoice of toys valued at 8436 marks, duty 50% ad valorem; from France 300 meters of silk invoiced at 4 francs a meter, duty 60%; from England 840 yards of woolen goods invoiced at 6s 6d a yard, duty 35%. Find, in United States money, the whole amount of duty paid by the merchant. 13 The capital of a certain corporation is $650,000, the estimated value of plant is $225,000 and the net earnings for a certain fiscal year are $67,500. From these earnings 10% of the value of plant is added to depreciation fund and $2000 to undivided profits; the remainder is to be divided among the shareholders. How much will the owner of 115 shares of stock receive? 14 A stock of goods was insured Jan. 1 for one year for $5820 at 75 a 100 and the premium paid in full, but the policy was canceled July at the request of the insured, the short rate for 6 months being 484; had the policy been arbitrarily canceled by the company, how much more of the premium would have been refunded? 15 A coasting vessel valued at $24,000 had on board a cargo worth $20,000, on which the freight was $2400. During a storm goods to the amount of $5000 were thrown overboard to escape wreck; the vessel then put to port and underwent repairs to the extent of $900; the expenses of detention were $266 and the adjuster's charges $100.40. Make up a general average statement, showing adjustment of loss. College Department 8TH BUSINESS EXAMINATION BUSINESS ARITHMETIC Tuesday, June 17, 1902-1.15 to 4.15 p. m., only Answer 10 questions but no more. Answers in excess of the number required will not be considered. Give all operations (except mental ones) necessary to find results. Reduce each result to its simplest form and mark it Ans. Compute interest at the rate of 6% for a year of 365 days, unless otherwise specified in the questions. Division of groups is not allowed. Each complete answer will receive 10 credits. Papers entitled to 75 or more credits will be accepted. I A grocer wishes to mix 7 pounds of Java coffee @ 30¢ a pound with other kinds @ 154, 18¢ and 24¢ a pound. Find the least number of pounds (no fractions) of each required to make a mixture worth 224 a pound. 2 The owner of a corner lot 60 X 100 feet wishes to lay a brick sidewalk 5 feet 4 inches wide on the two exposed sides. What will be the cost of the brick at $9.50 a 1000, if the face of one brick is 8X4 inches? 3 A dealer buys 1364 gross (long) tons of coal @ $2.98 a ton f. o. b. The freight is 74 a 100 lb and the cost of screening and hauling is $409. 20. At what price a net (short) ton must this coal be sold to gain 20% on the dealer's entire expenditure? 4 An importer buys 46 liters of wine @ 1.80 francs a liter and 27 liters @ 2.25 francs a liter, and mixes them. If he sells the mixture for 2. 30 francs a liter how much will he gain on the transaction? 5 The prices on a certain quantity of standard hardware as quoted by J. H. Harper amount to $546.84, 20% and 5% off, and as quoted by H. A. Warner & Co. to $575.30, 25% and 10% off. Which is the better offer and by how much? 6 A dealer sent a margin of $1500 to his broker, Apr. 16, 1902 and ordered him to buy 100 shares of American sugar stock. He filled the order @ 1314 and sold the stock, May 1 @ 126, charging 1% brokerage each way and 6% interest. How much money should be returned to the dealer? 7 Make out the bill (L. A. Dover bought of Joist & Stringer) for the posts and lumber required to build a tight fence 60 feet long and 7 feet high, using boards 11" thick @ $16.50 PM, scantling 2" X 4′′ @ $14:50 PM and cedar posts @ 25¢ each, to be set 6 feet apart. Use your judgment as to length and width of boards and the number of pieces of scantling. 8 A commission merchant in Atlanta sells for a Rochester miller a consignment of 1450 bbl. flour @ $3.90, proceeds to be remitted by New York draft. If his commission is 2 and other expenses amount to $47.68, for what amount must the draft be drawn when exchange is at 1% premium? 9 Find by the United States rule, the present value of an interest bearing demand note for $1825 dated Jan. 1, 1901, on which the following payments have been indorsed: May 21, 1901, $500; Nov. 28, 1901, $25; Mar. 17, 1902, $275. 10 An invoice of cutlery bought in Sheffield amounted to £142 118 4d, the freight to New York was £7 5s 8d, the duty 30% on invoice value and the rate of exchange 4.87. The importer sells the entire lot at an advance of 16% on the total expenditure. How much should he receive in United States money? II A grain merchant in New York sells 24,750 bushels of wheat in Paris @ 13.60 francs a hectoliter; freight and other expenses are 2.50 francs a hectoliter. How many meters of silk @ 5 francs a meter can he buy in Paris with the proceeds? 12-13 A invests $10,000, B $8000 and C $2000 in a partnership business, gains and losses to be shared according to investment. At the end of the year the resources and liabilities of the firm are as follows: merchandise on hand $11,924, furniture and fixtures $1200, cash $3517.10, notes outstanding $3650, notes and acceptances due to firm $4826.75, sundry creditors $6312, sundry debtors $9507, interest accrued on notes receivable $79.83, interest accrued on firm's notes outstanding $135.46. Make out a statement showing loss and gain and present value of each partner's interest. [Show all your work.] 14 A certain railway company, whose capital stock consists of 225,000 shares (25,000 preferred) makes the following report at the end of its fiscal year: gross earnings $20,679,035; operating expenses and taxes $14,548,612; interest paid $1,575,000; added to sinking fund $250,000; dividend on preferred stock 81%. After the declared dividend on common stock is paid there is a surplus of $2,941,859; how much did the owner of 125 shares of common stock receive as his share of dividend? 15 By the provisions of a will $17,032 was bequeathed to three brothers, to be so divided that being invested at 5% simple interest, the three should receive equal amounts at the age of 21 years. What sum should the executor invest in each case, the ages being respectively 12, 15 and 16 years? College Department 6TH BUSINESS EXAMINATION COMMERCIAL LAW Wednesday, January 29, 1902-9.15 a. m. to 12.15 p. m., only Answer 10 questions but no more. Answers in excess of the number required will not be considered. Each complete answer will receive 10 credits. Papers entitled to 75 or more credits will be accepted. I What is meant by consideration as applied to contracts? To what extent is each of the following a sufficient consideration: "love and affection," mutual promises, payment of a smaller sum for a definite sum already due, moral obligation, a chattel of small value in payment of a considerable sum? 2 X, 19 years of age and in moderate circumstances, becomes indebted to A for board and lodging, to B for clothing beyond his needs, to C for expensive articles of jewelry; on coming of age X attempts to avoid payment. Can A, B and C recover, and if so, to what extent? 3 Explain as to negotiable paper a) the requisites as to form, b) the effect of a set-off between the original parties, c) the effect of a set-off between the maker and a bona fide purchaser. 4 A, without authority of B, a dealer in produce, purchased of third parties cheese and eggs for B, claiming to be the latter's agent; B afterward ratified the acts of A. Subse. quently A, still without express authority of B, made further purchases of produce in B's name and also agreed, still in B's name, to purchase a house for storing the produce bought. Is B liable for these subsequent acts of A? State the principle of law involved. 5 What is legal tender? How should a legal tender be made and what are its advantages to the debtor? 6 Mention five ways by which a partnership may be terminated. Describe the process of termination by mutual consent. 7 Draw up a contract properly executed by John Hopkins of Rochester and James Smith of Erie, Pa. who are to become, Sep. 2, 1901, equal partners in the tea business at Hopkins's old stand in Rochester. 8 Smith, without compensation for keeping his offer open, gives Robinson an option to purchase chattels within one week at a price stated; on the third day Smith informs Robinson Can Robinson, by accepting that the offer is withdrawn. within the week, still hold Smith bound? Explain the princi ple involved. 9 A makes an oral agreement with B to drain certain lands one year from the following March; at the time specified in the agreement A goes ahead with the work. B notifies A that he will not be bound. What remedy has A? pleted the work what remedy would he have? for your answer in each case. If A had com Give reasons 10 When, in a sale of chattels, is a warranty implied as to a) title, b) quality? II Jones & Co. of Chicago ship pork by rail to Weston at New York, one half the purchase price having been paid; while the goods are on the way it is learned that Weston is insolvent. What, if anything, can be done by shippers to avert loss? Would your answer be modified if the bill of lading had been transferred to a third party for value? Explain. 12 Give the general rules for the degree of care required of a bailee. 13 Explain definitely the operation of the statute of limitations in the state of New York. 14 Mention the requisites of a deed. What two forms of deeds are commonly used in this country, and in what respect do they differ? 15 Differentiate bailee and garnishee, warranty and guaranty, administrator and executor, deed and mortgage, lien and pledge. |