US1691761A

US1691761A - Assionob to the habfeb

Info

Publication number: US1691761A
Authority: US
Publication date: 1928-11-13
Anticipated expiration: 1945-11-13

Description

Nov. 13, 1928.

T. B. HARPER DEVICE FOR COMPUTING INTERESTk Filed April 24, 1926 2 Sheets-Sheet l f s M f a

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T. B. HARPER DEVICE FOR COMPUTING INTEREST Nov. 13, 1928.

Filed April 24. 1926 2 Sheets-55,981,

Patented Nov. 13, 1928.

UNITED STATE-s PATENT OFFICE.

`l'.HEODORE B. HARPER, OF HARTFORD, CONNECTICUT, ASSIGNOR TO THE HARPER MANUFACTURING CO., INC., OF HARTFORD, CONNECTICUT, A CORPORATION OF CON- N ECTICUT.

DEVICE FOR COMPUTING vINTIEIRIIS'L.

Application led April 24, 1926. Serial No. 104,465.

The invention relates to new and useful improvements in a device for computing interest on bonds, notes and the like.

An object of the invention is to provide a device of the above character which is very simple in construction and which requires only one setting for a given day in the ear whereby the accrued interest on bonds rom the date of maturity to the date of computing interest may be quickly determined.

A further object of the invention is to provide a computing deviceof the above char`r acter which may be used over and over again.

These and other objects will in part be obvious and Will in partbe hereinafter more ff fully disclosed.

In the drawings which show by way of illustration one embodiment of the invention- Figure l is a frontview of a portion of a device embodying the improvements;

Fig. 2 is a longitudinal sectional view through the shiftable line indicating device associated with the cards containing the coma@ puted interest;

Fig. 3 is a, sectional view on the line 3 3 of Fig. l, and y l Fig. 4 is an enlarged face view of one'of the cards having the computed interest which is used in connection with my device.

- The invention is directedy broadly to a device for computing interest which is accomplished by the use of a series of cards termed day cardswand a shiftable line indicating device whereby the line containing the computed accrued interest on the card is found ena note or bond due at a predetermined time in a given month of the year. Each day card has a certain grouping of figures. The 40 figures are grouped vertically under the value to be computed, as for example, one thousand and multiples thereof. These figures y are computed interest based on certain factors, and they are arranged in groups horizontally corresponding to the rate of interest paid. The cards in the day series are numbered from one to thirty. The interests indicated on these cards are preferably accrued interests, and each line contains the computed interest for different periods of time. One line will give the computed interest on a value in the groupy in which it is arranged at the rate in the group in which it is arranged for the number of days in the thirty preceding the date of the day card. The next line will contain the computed interest on this fractional portion of the thirty days, plus one month, or an additional thirty days, while the next line includes the computed interest for this fractional portion of a month, plus two periods of thirty days, and so on, until siX lines are provided which represent/the computed interest for. five months, the fractional portion of the month in which the interest is computed. A card so constructed is particularly designed to be used in the computing of interest which is payable semi-annually. If it is desired to compute interest payable annually, then twelve lines would be provided on the day card. Associated'with this series i of thirty day cards, is a line indicating device which is set only once. for each month in which the interest is computed. This line indicating device contains characters which select the .line where the accrued interest will be found on bonds for any month in the year. By one setting of this indicating device, and the selecting of the card for the day in the month on which the accrued interest is to be determined, one can quickly determine the line on the card where the accrued interest is found, for a given rate and for a given value or multiple thereof, which bond is due any month in the year.

Referring more in detail to the drawings, my device includes a supporting bracket 1 which may be inclined for convenience in the using of my device. This bracket is supported in any desired way. Attached to this bracket are the day cards, two of which are indicated in part in Fig. l. The cards are indicated at 2 and 3. The bracket is provided with

curved wires

4, 4 of the character commonly used in connection with calendars or the like. The cards are provided with perforations as indicated at 5, 5, and the wires 4 are inserted through the perforations. As shown in Fig. l, there are two groups or stacks of

cards

2 and 3, and of course, there are two pairs of wires 4. Before proceeding further with the description of the device 'shown in Figures 1 to 3, I will describe more in detail the day cards, one of which is indi-y cated at 2 in Fig. 4. This day card selected for illustration is the tenth card in the group of thirty, and it is numbered 10. It 1s understood that the cards will be numbered consecutively from 1 to 30, and will be preferably stacked on the bracket one above another. The card may be readily turned over back of the bracket so as to expose the desired day card. 0n the tenth of the month, the tenth day card is selected for computing in terest. The figures 1 to 9 included in the horizontal lines at the top of the card and parallel therewith, represent amounts of one thousand, two thousand, three thousand, etc., that is, multiples of one thousand. These, of course, represent so many dollars. The figures in the vertical groups at the sides of the card are the rates per year, being eight per cent, seven percent, six percent, etc., on the particular card illustrated. The figures in the lines under each rate group indicate the computed interest on the amount at the head of the column of figures, and at the rate at the side of the group for periods of time covering nine days, that is, the days preceding the tenth of the thirty day period. This interest is expressed in line 1 of each group. In line 2 of each group is the interest for this fractional portion of the thirty days, that is, nine days, plus the additional interest of thirty days. In the next line, is the computed interest on a further additional thirty days, and so on, down to the sixth line.

In Fig. 1 of the drawings, there are shown two day cards numbered 10. The reason for this is that the card at the right bears the accrued interest at eight percent, seven percent, etc., While the card at the left bears the accured interest at the rates of seven and onhehalf percent, six and one-half percent, etc. It will be understood, of course, that these cards maybe made in different sizes, and that groups for stated values may be added, and that different rates of interest may be added, if desired. The device which I have shown in the drawings is particularly useful in determining the accrued interest on bonds which mature on the first day of the thirty day periods of the year, and atY rates of interest from three and one-half to eight percent, although I have only shown the figures for the rates of interest from six and one-half to eight percent. The values computed run from one thousand to nine thousand dollars.

Associated with these day cards is a character bearing device which indicates the particular line in which the computed interest will be found on a bond maturing on the first of any month in the six month period in which the bond runs. This device consists of a support 6 which is rigidly attached to the bracket 1 by screws 7. There are spacing lugs provided so that the support G is slightly offset from the bracket 1 (see Fig. 3). The Wires 4 are secured t0 the bracket 1 by suitable` clamping

nuts

9 and 10. Both ends of the wire are clamped to the bracket 1 by these nuts, and the wires encircle the support 6 so that the cards may be turned from the front side of the bracket to the rear side thereof. Mounted in this support is a slide 11. The slide 11 is provided with characters indicating the months in the year, and when figuring semiannual interest, these months may be grouped as follows January and July; June and December; May and Nw vember; April and October, March and September and February and August. These months are six months apart, or are semiannual periods for computingI interest.

'The front of the support is also provided with

openings

14, 15, 16, 17, 18 and 19. Gn the face of the support are printed characters representing the months grouped as above stated. The opening 14C is associated with the months of January and July; while the opening 15 is associated with the months of February and August, and so on as indicated in Fig. 1 of the drawings. The slide 11 is provided with characters. The characters I have selected are numbers from 1 to 6, and these numbers are used for indicating the lines in whichthe computed interest will be found. These numbers are so placed on the slide, that upon a shifting of the slide so as to expose a certain grouping of months at the opening 13. there will be a predetermined exposure of figures through the openings from 14 to 19, inclusive. As shown in Fig. 1 of the drawings, for the month of May or for the month of November, the characters in the openings 14C to 19, are 5, 4, 3, 2, 1, (i, respectively.

Let us assume that the device is to be used for figuring accrued interest on the tenth da y of May. Then the slide isset as indicated in Fig. 1, so as to bring to View the character indicating the month of May in the opening 123. The card numbered 10 is exposed to view. All the accrued interests on bonds payable semi-annually during May, and the five months preceding May, will be found on this day card at the rate given on the card and for the value indicated on the card. For example, let us suppose it is desired to determine the. accrued interest on a bond payable on the first day of January for one thousand dollars. The opening 14C is the opening associated with the month of January, and through this opening, the figure 5 is viewed. This means that the computed interest on the bond due on the first of January at eight percent for the amount of one thousand dollars will be found in the fifth line, and this indicates that the accrued interest is 9,428.66. If the bond is due in December, then the numeral G is the indicating character which determines the line on the day card where the computedinterest will be found, and this shows that the computed interest on this bond due December 1st. ou thc tenth day of May, at the rate of eight percent per year, and for an amount of one thousand dollars, is $35.33. It is thought that no further concrete examples are necessary, but it will be obvious that the accrued interest on a bond due at any month in a six month period and for amounts of one thousand and multiples thereof, can be readily determined from this day card. Each morning the day card for the day is selected; each month the slide is moved so as to position the slide for a particular month in which the interest is to be computed. No further settings of the slide are necessary for the period of thirty days, and no further shifting of the cards is necessary, except turning the cards so as to select the particular day on which the interest is computed. Therefore, after the proper card has been selected and the month set in which the interest is to be computed, all the computings for a single day can be read from a single card, or from the two cards, when two cards are used with different rates thereon.

It will be understood, of course, that if the bonds which are to be figured, mature on the fifteenth day of the month instead of the first day of the month, then a different card is selected, as the interests will be slightly different. The same principle of operation, however, is used. i

While I have shown a slide with characters thereon which may be positioned for determining the particular lines in a given month indicating the accrued interest on bonds maturing in certain stated months, it will be understood that other devices may be used for selecting the line in which to find the accrued interest.

In a companion case, Serial Number 104,464 filed by me of even date herewith, I have shown and described in detail a series of month cards for accomplishing the same result. Other ways may be devised for accomplishing the same result without de arting from the spirit of the invention as set orth in the appended claims.

Having thus described the invention, what I claim as new and desire to secure by Letters- Patent, is-

l. A device for computing interest comprising a series of day cards, each card representing a stated day in the month and having indicated thereon the interest on a unit amount and multiples thereof, at various given rates, for the period of days in the month preceding the stated date, and also for each added month from maturity, and means associated with any selected card for indicatl inga` line on the day card opposite a given rate containing the calculated interest on a unit amount or multiples thereof from the date of maturity.

2. A device for computing interest comprising a series of day cards each card representing a stated day in the month and having indicated thereon the interest on a unit amount and multiples thereof at various given rates for the period of da s in the month preceding the stated date an also for each added month from the date of maturity, and means associated with the day cards for computing on a given day of a given month the period of days preceding the given day of the given month from given dates of maturity and indicating on the day card opposite a given rate the calculated interest on a unit amount or multiples thereof for such period of time.

In testimony whereof, I aliix my signature.

THEODGRE B. HARPER.