The American Cotton System Historically Treated Showing Operations of the Cotto
The American Cotton System Historically Treated Showing Operations of the Cotto
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What was the amount of the draft to cover payment of this cotton after deducting charges. Exchange being % of 1%. What was the gain in class, weight and quo- tation?* Ans. Amount s/d, $11, 554. 62 ; gain in class, $43. 24 ; gain in weight, $50. 60 ; gain in quotation, $135. 15.
Ex. 5. A dealer in Atlanta, Ga. , sold 500 B/C, valued at $25, 850 to Huggins & Co. , Norfolk, Va. , on whom he niade a draft 60 d/s at 6% interest and Vs% premium, they were to pay the exchange, and he accepted the draf...t.
The dealer found 2 days after the cotton was moving and he had cashed the draft at the local bank, that Huggins & Co. Had failed, and could not receive the shipment, he immediately diverted it to Wilson Cotton Co. , Savannah, Ga. , to whom he had to sell for r V less, and pay the exchange at the rate of i/4% premium on a sight draft. * What was his loss or gain by the failure of the Norfolk firm?
Ans. Gained $45. 23+.
NOTE. The news of the fact of the failure of Mug- gins & Co. , voided the draft on them, the value of which reflected on the bank cashing it for the dealer previously, but as the shipment was immediately sold to another, the dealer accepted the surrender of the original draft and issued a second one on Savannah, protecting both himself and the bank.
What to read after The American Cotton System Historically Treated Showing Operations of the Cotto?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Southworth Miller to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
What was the amount of the draft to cover payment of this cotton after deducting charges. Exchange being % of 1%. What was the gain in class, weight and quo- tation?* Ans. Amount s/d, $11, 554. 62 ; gain in class, $43. 24 ; gain in weight, $50. 60 ; gain in quotation, $135. 15.
Ex. 5. A dealer in Atlanta, Ga. , sold 500 B/C, valued at $25, 850 to Huggins & Co. , Norfolk, Va. , on whom he niade a draft 60 d/s at 6% interest and Vs% premium, they were to pay the exchange, and he accepted the draf...t.
The dealer found 2 days after the cotton was moving and he had cashed the draft at the local bank, that Huggins & Co. Had failed, and could not receive the shipment, he immediately diverted it to Wilson Cotton Co. , Savannah, Ga. , to whom he had to sell for r V less, and pay the exchange at the rate of i/4% premium on a sight draft. * What was his loss or gain by the failure of the Norfolk firm?
Ans. Gained $45. 23+.
NOTE. The news of the fact of the failure of Mug- gins & Co. , voided the draft on them, the value of which reflected on the bank cashing it for the dealer previously, but as the shipment was immediately sold to another, the dealer accepted the surrender of the original draft and issued a second one on Savannah, protecting both himself and the bank.
What to read after The American Cotton System Historically Treated Showing Operations of the Cotto?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Southworth Miller to read onlineMoreLess
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