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Solution manual for Fundamentals of Investing
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Test Bank for Fundamentals of Investing, 12th Edition,
Scott B. Smart, Lawrence J. Gitman Michael D. Joehnk
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Solution manual for Fundamentals of Investing
Smart Gitman Joehnk 12th edition
Full download version: https://testbankbell.com/product/solution-manual-for-
fundamentals-of-investing-smart-gitman-joehnk-12th-edition/
Chapter 1
The Investment Environment
Outline
Learning Goals
I. Investments and the Investment Process
A. Attributes of Investments
1. Securities or Property
2. Direct or Indirect
3. Debt, Equity, or Derivative Securities
4. Low- or High-Risk Investments
5. Short- or Long-Term Investments
6. Domestic or Foreign
B. The Structure of the Investment Process
1. Suppliers and Demanders of Funds
a. Government
b. Business
c. Individuals
2. Types of Investors
Concepts in Review
II. Types of Investments
A. Short-TermInvestments
B. Common Stock
C. Fixed-Income Securities
1. Bonds
2. Convertible Securities
3. Preferred Stock
D. Mutual Funds
E. Exchange-Traded Funds
F. Hedge Funds
2 Smart/Gitman/Joehnk • Fundamentals of Investing, Twelfth Edition
G. Derivative Securities
1. Options
2. Futures
H. Other Popular Investments
Concepts in Review
III. Making Investment Plans
A. Steps in Investing
1. Step 1: Meet Investment Prerequisites
2. Step 2: Establish Investment Goals
3. Step 3: Adopt an Investment Plan
4. Step 4: Evaluate Investments
5. Step 5: Select Suitable Investments
6. Step 6: Construct a Diversified Portfolio
7. Step 7: Manage the Portfolio
B. Considering Personal Taxes
1. Basic Sources of Taxation
2. Types of Income
a. Ordinary Income
b. Capital Gains and Losses
3. Investmentsand Taxes
4. Tax-Advantaged Retirement Savings Plans
C. Investing over the Life Cycle
D. Investments and the Business Cycle
Concepts in Review
IV. Meeting Liquidity Needs with Short-Term Investments
A. Role of Short-Term Investments
1. Interest on Short-Term Investments
2. Risk Characteristics
3. Advantages and Disadvantages of Short-Term Investments
B. Common Short-Term Investments
C. Investment Suitability
Concepts in Review
Chapter 1 The Investment Environment 3
V. Careers in Finance
A. Commercial Banking
B. Corporate Finance
C. Financial Planning
D. Insurance
E. Investment Banking
F. InvestmentManagement
Concepts in Review
Summary Key
Terms Discussion
Questions Problems
Case Problems
1.1 Investments or Golf?
1.2 PreparingCarolyn Bowen’s Investment Plan
Excel with Spreadsheets
Key Concepts
1. The meaning of the term investment and the implications it has for individual investors
2. Review the factors used to differentiate between different types of investments
3. The importance of and basic steps involved in the investment process
4. Popular types of investment vehicles, including short-term vehicles, common stock, mutual funds
and exchange-traded funds, fixed-income securities such as bonds, preferred stock, and convertibles
5. Derivative securities such as options and futures
6. Other popular investments such as real estate, tangibles, and tax-advantaged investments
7. Investment goals including income, major expenditures, retirement, and sheltering income from
taxes; the latter includes analysis of tax-advantaged retirement vehicles
8. Building a diversified portfolio consistent with investment goals
9. Sources of taxation, types of taxable income, and the effect of taxes on the investor
10. Developing an investment program that considers differing economic environments
and the life cycle
11. The use of short-term securities in meeting liquidity needs
4 Smart/Gitman/Joehnk • Fundamentals of Investing, Twelfth Edition
12. The merits and suitability of various popular short-term investments, including deposit accounts and
money market securities
Overview
This chapter provides an overview of the scope and content of the text.
1. The term investment is defined, and the alternative investment opportunities available to investors are
classified by types.
2. The structure of the investment process is examined. This section explains how the marketplace
brings together suppliers and demanders of investment funds.
3. The key participants in the investment process—government, business, and individuals—are
described, as are institutional and individual investors.
4. Returns are defined as rewards for investing. Returns to an investor take two forms—current income
and increased value of the investment over time. In this section, the instructor need only define
return, since there will be another opportunity to develop the concept of return in Chapter 4; also,
providinginformation about recent investment returns always engages students’ attention.
5. Next, the following investment vehicles available to individual investors are discussed: short-term
vehicles, common stock, fixed-income securities, mutual funds, exchange-traded funds, hedge funds,
real estate, tangibles, tax-advantaged investments, and options and futures. The text describes their
risk-return characteristics in a general way. The instructor may want to expand on the advantages and
disadvantages of investing in each, although they will be treated in greater detail in subsequent
chapters. It is vital for any investor to establish investment goals that are consistent with his or her
overall financial objectives.
6. Once the investment goals have been well specified, the investor can adopt an investment plan
consistent with these goals, select suitable investments, and build a diversified portfolio and
manage it.
7. Personal taxes are discussed in terms of types of income and tax rates. The investment process is
affected by current tax laws. Examples of tax shelters, especially tax-advantaged retirement vehicles,
and tax planning are provided.
8. Once investment goals are established, it is important to understand how the investment process is
affected by different economic environments. The chapter talks about types of investments such as
stocks, bonds, and tangibles as they are affected by business cycles, interest rates, and inflation.
9. Liquidity is defined, and short-term securities that can be used to meet liquidity requirements are
described. The discussion includes a look at short-term interest rates and the risk characteristics of
various short-term securities.
10. The next section covers the various types of short-term vehicles available to today’s investor. The text
provides enough detail about everything from passbook accounts to money market funds to
commercial paper that students should get a good grasp of the differences between the vehicles.
Information on current rates brings realism into the classroom and enhances student perception of the
lecturer as a knowledgeable instructor.
Exploring the Variety of Random
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without this, success is very problematical, and vexation and disgust
the sure reward of its neglect.
The process may for convenience be divided into the following
stages:—
1.—Cleaning the plate.
2.—Coating it with Collodion.
3.—Rendering the plate sensitive.
4.—Applying the Preservative solution.
5.—Exposure in the camera.
6.—Development of the picture.
7.—Fixing the developed image.
8.—Varnishing the finished negative.
CLEANING THE PLATE.
Fig. 1.
The glass plate is first to be thoroughly washed with an
abundance of water, and dried on clean cloths; it is then to be
placed in the plate holder (Fig. 1), and have poured over its upper
side a small quantity of old Collodion. Now take a tuft of cotton wool
and rub the Collodion all over the plate, giving the hand a circular
motion at the time: keep rubbing until the Collodion is very nearly
dry, then turn the plate in the holder and repeat the same treatment
with the opposite side; then lean the plate thus treated against a
wall, while another, or any number are put through this stage. When
a sufficient number have been so far cleaned, the plate holder is to
be carefully wiped, and the first plate—the edges of which have also
been carefully wiped with a clean cloth—is to be replaced, and
treated with a smart rubbing with a wash leather, the operator at
intervals gently breathing on the plate. Both sides of the plate being
cleaned in this way, it may be removed, after again wiping the edges
carefully, to the plate box, to await the subsequent steps of the
process. Plates cleaned in this manner should look perfectly
transparent, and free from any marks of the cloth or leather, and
when breathed upon should condense the moisture of the breath in
one uniform degree over the whole surface. If patches of uneven
condensation appear, a repetition of the process must be had
recourse to.
The plate being clean, we proceed to the next step,
COATING THE PLATE.
Lay a piece of clean blotting paper on the table, larger than the
plate we are about to use; place the clean plate on this, and then
bring the pneumatic plate holder to bear on the centre of the glass,
making sure that it has laid hold firmly. We then raise the plate with
the left hand, and bring the surface upwards which was previously
on the blotting paper; it will no doubt be found that small particles
of dust have attached themselves to the plate, these must be
removed by a broad and soft camel's hair brush, kept for this
purpose only.
Fig. 2.
The Collodion is then to be poured on, as shown in the diagram
(Fig. 2), and the superfluous quantity returned to the bottle from
one of the corners of the plate. It does not matter which of the
corners is used for this purpose, that which is most convenient to
the operator assuming the preference. If the Collodion should have a
tendency to set in ridges across the plate, a rocking motion, while
the delivery corner is in the mouth of the bottle, may be given to it,
still keeping the plate in a vertical plane. This will restore the film to
perfect evenness and freedom from irregularity of any sort. The
plate should be held in the vertical position for a few moments
before being placed on the dipper to undergo the next operation of
RENDERING THE PLATE SENSITIVE.
Fig. 3.
The plate being placed, coated side outwards, on the dipper, is to
be plunged without hesitation into the nitrate of silver bath (Fig. 3).
This must be done without stopping, otherwise a line across the
plate will indicate, on development, the position of the plate in the
bath at the time this stoppage took place; so that if we were to
immerse the plate by a series of jerks, we should have as a result,
so many bands of unequal development in the finished picture;
showing the importance of plunging the plate into the bath without
any stoppage during its descent.
Fig. 4.
When the plate has rested for half a minute in the bath, it may
be withdrawn, and quickly re-immersed. This washing must be
continued at intervals, until the greasy appearance goes off,
generally for the space of two minutes, when the plate is to be taken
out of the bath and placed with its lower edge on a pad of blotting
paper, in a position as shown in the cut (Fig. 4.) A fragment of
blotting paper is then to be used to absorb the moisture from the
back of the plate, and a pneumatic plate holder—which should only
be used for this purpose—is applied to it to form a support while
APPLYING THE PRESERVATIVE SOLUTION.
Fig. 5.
Taking the plate in the left hand by means of the pneumatic
holder, incline it as shown in the diagram (Fig. 5); then having
poured into a perfectly clean measure rather more of the
preservative solution than is necessary to cover the plate twice,[B]
pour half of it along the upper edge (A B) in such a manner, that a
wave of the solution may flow uniformly from one end of the plate to
the other; allow this to flow off into the waste pan or sink, and then
bring the plate to the horizontal position, and pour on the remainder
of the preservative solution, eight times at least, allowing it to flow
back into the measure from each corner in succession, in order that
the whole plate may be brought uniformly under its influence. The
plate is to be again placed on a piece of clean blotting paper (as
shown at Fig. 4), and its back once more wiped with a fragment of
blotting or papier Joseph, in order to remove any of the preservative
solution that may have run from the surface to the underside in the
previous operation. The plate thus preserved is to be reared on a
piece of blotting paper with its face against the wall until dry, and is
then to be stowed away in a plate box, perfectly light-tight to await
the
[B] A plate, 9 inches by 7, takes about 1 ounce of solution.
EXPOSURE IN THE CAMERA.
Collodion plates preserved as above directed, will keep perfectly
good and sensitive for 12 months at least; and from the appearance
of the developed image on a plate that has been kept that time, I
see at present no reason why, if preserved from the damp, they
would not keep indefinitely. In my experiments, I have never found
the least difference in sensitiveness, whether the plate be used
within a few hours of the time of its preparation, or has been kept
for months; until, however, we have had more experience in the
matter, it would be safer not to rely on plates more than 12 months
old.
The time of exposure in the camera, of course varies in this
process, under the same circumstances as it does with the wet
Collodion; but I have found as a general rule, that it is better to give
the plate a full exposure than to fall into the opposite extreme: that
is to say, it is preferable to expose the plate sufficient time for the
deepest shadows to make an impression than to close the dark slide
at an earlier period, the mode of development allowing considerable
latitude in this particular. With a 3-inch single lens, 16-inch focus,
with a ½-inch stop, the usual time for a bright landscape will be
about 5 minutes; this of course is merely an approximation to the
time of exposure, the exact time can only be arrived at by
experience. I do not think I can do better than follow the plan
adopted in my "Practical Photography," of giving instances of under
and over exposure, as a means of educating the tyro in the
appearances that result from these conditions of the plate.
If the exposure has been of too short duration, the image will
come out under the developing solution with difficulty; and after a
continued immersion in it will only present the high lights, the deep
shadows not being represented, or, if so, in so faint a manner as to
be useless in the picture.
An over exposed plate, when treated with the developing
solution, will almost immediately give indications of the picture; and
in a few minutes, the whole of the picture, deep shadows and all,
will come put in unnatural force; on looking through the picture thus
produced, we shall observe a great flatness in it, there is a want of
contrast between the various parts, and although by continuing the
development we might obtain a tolerably intense negative, the
resulting picture would be flat, meagre, and unsatisfactory: on the
contrary, a plate that has been exposed for the correct time, will
comport itself very differently under development from the
foregoing.
The sky and high lights will first appear, then the half tones, and
lastly, the parts of the picture that were in deep shadow will show
themselves; this effect should take place in about five minutes from
the time of immersion in the developing bath: a picture that comes
out sooner than this, is, as a general rule, over exposed; and one
that is much after the five minutes before it makes its appearance,
may be considered as under exposed.
We trust that the above instances may be of service in indicating
the average time required for an exposure of the plate, but we must
ask the reader not to take the figures given as actual values, but
merely as very close approximations to the truth. We will imagine
the plate to have been properly exposed, and proceed to
THE DEVELOPMENT OF THE PICTURE.
It is not necessary that the picture should be developed
immediately after exposure in the camera; any time that is
convenient to the operator may intervene between the processes,
provided the aggregate time before and after exposure does not
exceed the limits of keeping power of the plate.
The development of the picture may be conducted in two ways,
either by immersing the plate in baths or dishes, or by placing it on
the levelling stand and treating it with the solutions, in their proper
order, as detailed below. Each plan possesses certain advantages,
but it is of little consequence which one is followed. Perhaps there is
less danger of the film washing off if the plate be treated on the
levelling stand, and on the other side with large plates it is more
difficult to cover them evenly with the developing solution than it is
simply to immerse them in a pan of solution. We say to the reader,
try both ways, and make your own selection.
The plate upon being removed from the camera is placed face
upwards in a porcelain or glass dish of a convenient size (not too
large), and sufficient distilled water is to be poured over it to cover
the surface thoroughly—this is for the purpose of softening the
preservative solution, and must be allowed to remain on the plate
for five minutes; the plate is then to be lifted in and out of the water
by means of the silver hook. This done, remove the plate to a
perfectly clean dish, and pour carefully over it the developing
solution, composed of
Saturated Solution of Gallic Acid (p. 10)8ounces.
Solution of Nitrate of Silver (p. 10) 2drams.
THOROUGHLY MIXED.
In a few minutes the picture will begin to make its appearance,
and will gradually unfold its details under the influence of the
developer, until the whole of them are apparent; on raising the plate,
however, when this stage of development is reached, and viewing it
by transmitted light, the picture will appear weak and poor; we must
now remove the plate from the bath, and add 2 drams more of the
nitrate silver solution, and having thoroughly mixed it with the gallic
acid already in the dish, we return the partially developed plate,
which in the course of a few minutes will have acquired a great
amount of intensity,—the exact degree can be regulated by the time
of immersion: when the picture appears sufficiently intense, it is to
be removed from the developing dish, and a gentle stream of water
is poured over it, in order to remove any adhering developing
solution, and stop all further reducing action on it.
During the whole time of the development, the gallic acid should
remain quite clear; it will become slightly discoloured before the end
of the development, but it ought not at any time to become muddy,
or it will deposit a sort of sandy sediment on the surface of the
plate, which cannot be removed by subsequent washing.
The usual time occupied in the development of a successful
picture is from 20 to 30 minutes, it might be developed much
quicker by using pyrogallic acid, but at present I give the preference
to the developer I have described, as I believe it to be more certain,
and more under the control of the operator than the pyrogallic acid;
and further, as it is not necessary to watch the development all the
time it is going on, there can be very little saving of time in the more
rapid method of bringing out the latent picture.
The picture being washed free from the adhering developing
solution, is to be placed on the levelling stand, and subjected to the
seventh part of the process—
FIXING THE DEVELOPED IMAGE.
This is accomplished by pouring over the surface of the plate
sufficient solution of hyposulphite of soda (p. 15) to thoroughly
cover it, this will dissolve out the unaltered iodide of silver, and give
us a clear and bright picture, in which the deep shadows should be
as transparent as the glass itself, and the high lights as dense as a
piece of metal, the intermediate tones assuming their proper
positions according to the intensity of the light that was concerned in
their formation.
When the whole of the yellow iodide of silver is removed, the
fixing solution may be thrown off, and the plate must be treated with
an abundance of water; too much cannot well be given at this stage,
as the hyposulphite adheres with great tenacity to the plate, even
after a good washing. The back of the plate must be washed as well
as the front, for I have found that a neglect of this precaution has
ruined many a fine negative; the hyposulphite remaining at the back
finding its way by capillary attraction to the surface, and once there,
its destructive qualities are sure, sooner or later, to render
themselves evident.
The picture being thoroughly washed, and either dried
spontaneously or by the fire, has only to be covered with a film of
varnish. And now comes the last operation, of
VARNISHING THE FINISHED NEGATIVE.
Benzoin varnish is the best coating that can be given to a
Collodion negative. It resists the action of pieces of grit; it does not
crack; and, above all, it does not, like amber varnish, split off the
picture on the slightest friction.
The application of this varnish is a very simple matter. The
negative is to be again placed on a pneumatic plate holder, and the
varnish is to be poured on to the surface in precisely the same
manner as the Collodion was at the commencement of the process,
the superfluous quantity being returned to the bottle: in a few
moments the varnish will be quite dry and hard, and the plate may
be handled with perfect safety.
I may mention, as a precaution, in varnishing the plate, that it is
better to perform that operation in a still atmosphere; as the solvent
of the gum being chloroform and very volatile, if it were conducted
in a current of air, there might be some difficulty in obtaining an
even coating to the picture.
In concluding this description of a process, which is at once
simple and certain, I would ask the patient attention of those who
may do me the honor of repeating my experiments. I have
endeavoured to render the details of the process as intelligible as
possible, and if I have succeeded in advancing the art of
Photography only one step by so doing, I consider that it is an ample
return for hours and days spent in anxious thought and laborious
experiment.
FINIS.
SPECIAL LIST OF REQUISITES
FOR THE
DRY COLLODION PROCESS,
SUPPLIED BY
Messrs, BLAND & LONG,
Opticians, & Photographic Instrument Makers
TO THE QUEEN,
153, FLEET STREET, LONDON.
BLAND & LONG'S
IODIZED DRY COLLODION.
This preparation will keep for an indefinite period, and can be
exported to any climate, without risk of deterioration.
Half-pints, 10s.; Pints, 18s.
BLAND & LONG'S
PRESERVATIVE SOLUTION,>
READY FOR USE.—1s. per pint.
BLAND & LONG'S
BENZOIN VARNISH,
FOR PROTECTING THE FINISHED NEGATIVE.
1s. per oz.
This varnish does not require the plate to be warmed; but dries
instantly, leaving a perfectly hard transparent coating on the picture.
NITRATE OF SILVER BATH,
FOR BLAND & LONG'S DRY COLLODION,
Ready for immediate use.—7s. 6d. per pint.
PURE CHEMICALS.
s.d.
Fused Nitrate of Silver, absolutely pure 4 6per oz.
Glacial Acetic Acid 1 0 "
Pure Gelatine 0 6 "
Pure Citric Acid 0 6 "
Gallic Acid, pure 1 6 "
Iodide of Cadmium 3 0 "
Hyposulphite of Soda 1 0per lb.
Pure Sulphuric Æther 0 6per oz.
Absolute Alcohol 0 6 "
FOR THE PRICES OF APPARATUS
SEE
BLAND & LONG'S
Illustrated Catalogue of Photographic Apparatus
Sent free by post, on application.
SENSITIVE
DRY COLLODION PLATES,
READY FOR EXPOSURE IN THE CAMERA.
(LONG'S PROCESS.)
Messrs. Bland & Long are now prepared to supply these plates,
carefully secured in sealed cases, with full directions for exposure
and development, of all sizes and in any quantity, at the following
prices:—
Per Doz.
s. d.
4¼ × 3¼ 5 0
5 × 4 6 6
5½ × 3⅜ 6 0
6¼ × 3⅜ 8 6
6½ × 4¾ 8 6
6¾ × 3¼ 8 9
6 × 5 8 6
Per Doz.
£. s. d.
7 × 6 0 14 0
8½ × 6½ 0 1 0
9 × 7 1 1 0
10 × 8 1 6 0
11 × 9 1 13 6
12 × 10 2 0 0
15 × 12 4 0 0
LARGER OR OTHER SIZES TO ORDER.
The advantages of a certain and simple Dry Collodion Process are
so obvious to those who have practised Photography in the open air,
that we feel it is merely necessary to introduce the above list to their
notice with as few remarks as possible.
We would, however, mention a few particulars connected with
the process for the information of those who have not hitherto
practised the Dry Collodion process, as detailed by Mr. Long.
The plates as prepared for sale, are hermetically sealed in an
envelope perfectly impervious to air and moisture, they can
therefore be exported to any climate without risk of deterioration.
Plates prepared by Mr. Long's process will keep sensitive for
almost an indefinite period, and can be developed at any time
without regard to the date of exposure; this, it will be seen, is of
immense advantage to the tourist, as he can delay the development
of the whole of his plates until his return.
To those Photographers whose inclinations or want of leisure will
not admit of their carrying through the first preparation of the plate,
these Dry Sensitive Plates will be found invaluable, enabling their
whole energy to be directed to the more careful selection of subject.
The plates being dry, there is no danger of dust settling on their
surfaces; this point will be appreciated by every Photographer.
The development of the pictures can be conducted in any room
whence the light can be excluded—as the process is simple and
clean—three dishes being the only requisites in point of apparatus.
To Officers, Engineers, and Architects, these Dry Plates offer a
desideratum of no small value, as they are always ready for use,
occupy very little room in travelling, and can be used under
circumstances which would preclude the adoption of any process
that had to be carried out on the spot.
BLAND & LONG,
Photographic Instrument Makers to the Queen
153, FLEET STREET, LONDON.
THE
DRY COLLODION PROCESSES.
Messrs. BLAND & LONG have invented the following
simple means of
CHANGING THE DRY COLLODION PLATES
while working in the fields. The plan has been in use
for some time, and answers perfectly.
Price according to size.
Adapted to Stereoscopic Camera, 15s.
DESCRIPTION AND DIRECTIONS FOR USE.
No matter what process we employ to retain the sensitiveness of
our plates, it is most objectionable that the glasses should be made
to slide by their gravity from the plate-box to the slide; for if we
employ either honey, glycerine, or oxymel as preservative agents,
the chances are considerably in favor of an amount of dust settling
on the surface, the dust being in a great part formed by the attrition
of the roughened edges of the plate against the plate-box. Another
inconvenience attending the use of a box when the plate has to
slide, is the danger that exists under that arrangement of ripping the
film from the edges of the plate by the friction against the groove in
the box which holds it. These may appear very trivial matters, but
they are nevertheless great drawbacks to successful operations.
We may mention that the plan we are about to describe is
equally applicable to all Cameras of moderate size. We will, however,
take our description from the form of apparatus adapted to a double
lens Stereoscopic Camera.
The Camera (A) is furnished at its back with two wires (B). On
these wires slides the plate-box (C), which has previously been fitted
at its sides with two sockets (D). Just inside the back of the Camera
box is a spring (E), and on the top of the Camera is a button (F),
which secures the dark slide in its place.
We now slide the box of prepared plates (C) on to the wires (B),
the lid of the box opening from the Camera; we then stretch over
the whole affair, the black light proof covering (G); this completes
the arrangement, and now for the mode of operating.
The opaque covering is furnished at its side with two elastic
rings. Into these thrust the hands, so that the rings may firmly
encompass the wrist. Then open the plate-box, and throw the lid
quite back. Next unbutton the door of the dark slide, and raise it
until the spring (E) flies underneath it, and retains it in a horizontal
position. This we will presume to be done with the right hand; the
left hand being engaged as soon as the door is opened, in holding
the plate that is already in the back in its place. The right hand
being now at liberty, comes to the assistance of the left, and the
plate that has undergone exposure is safely transferred to the vacant
groove in the plate-box. This accomplished, the next plate is to be
placed in the back, and the same operations gone through in the
inverse order, the left holding the plate in its place, while the right
releases the door from the influence of the spring (E), and re-
buttons it, leaving the plate quite safe in the dark slide.
When we require to focus for a fresh picture, it is only necessary
to remove the dark covering from that part of the Camera where the
ground glass is placed. The picture can be seen without removing
the plate-box or the whole of the covering.
It is obvious that there is no limit to the number of glasses that
can be taken to the field of operations. In this way, several boxes
holding a dozen each, can be strapped together and placed on the
Camera, one by one, as occasion or opportunity may direct.
H. Silverlock, Printer, Doctors' Commons.
PRACTICAL PHOTOGRAPHY,
O N G L A S S A N D P A P E R ,
A Manual,
CONTAINING SIMPLE DIRECTIONS FOR THE PRODUCTION OF
PORTRAITS, VIEWS, &c. BY THE AGENCY OF LIGHT,
INCLUDING THE
Collodion, Albumen, Calotype, Waxed Paper, and Positive
Paper Processes.
By CHARLES A LONG.
Fourth Edition, price 1s.; per Post, 1s. 2d.
ILLUSTRATED PHOTOGRAPHIC CATALOGUE,
FREE BY POST.
SPECTACLES:
WHEN TO WEAR AND HOW TO USE THEM.
ADDRESSED TO
THOSE WHO VALUE THEIR SIGHT.
By CHARLES A. LONG,
THIRD EDITION. POST FREE, SIXPENCE.
ALSO,
A DESCRIPTIVE AND GENERAL CATALOGUE
OF
SCIENTIFIC & EDUCATIONAL INSTRUMENTS
AND
CHEMICAL PREPARATIONS,
Manufactured and Sold by BLAND & LONG,
OPTICIANS, PHILOSOPHICAL,
PHOTOGRAPHICAL, AND CHEMICAL
INSTRUMENT MAKERS,
AND OPERATIVE CHEMISTS.
Free by Post.
PUBLISHED BY BLAND & LONG, Opticians,
Philosophical and Photographical Instrument Makers to the Queen,
163, FLEET STREET.
Transcriber Note
Minor typos corrected. Images moved to prevent splitting
paragraphs.
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Solution manual for Fundamentals of Investing Smart Gitman Joehnk 12th edition

  • 1. Solution manual for Fundamentals of Investing Smart Gitman Joehnk 12th edition download pdf http://testbankbell.com/product/solution-manual-for-fundamentals-of- investing-smart-gitman-joehnk-12th-edition/ Visit testbankbell.com to explore and download the complete collection of test banks or solution manuals!
  • 2. We have selected some products that you may be interested in Click the link to download now or visit testbankbell.com for more options!. Test Bank for Fundamentals of Investing, 12th Edition, Scott B. Smart, Lawrence J. Gitman Michael D. Joehnk http://testbankbell.com/product/test-bank-for-fundamentals-of- investing-12th-edition-scott-b-smart-lawrence-j-gitman-michael-d- joehnk/ Fundamentals of Investing Smart 12th Edition Test Bank http://testbankbell.com/product/fundamentals-of-investing-smart-12th- edition-test-bank/ Solution Manual for Fundamentals of Investing 14th by Smart http://testbankbell.com/product/solution-manual-for-fundamentals-of- investing-14th-by-smart/ Test Bank for Labor Relations Striking a Balance, 4th Edition : Budd http://testbankbell.com/product/test-bank-for-labor-relations- striking-a-balance-4th-edition-budd/
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  • 5. Solution manual for Fundamentals of Investing Smart Gitman Joehnk 12th edition Full download version: https://testbankbell.com/product/solution-manual-for- fundamentals-of-investing-smart-gitman-joehnk-12th-edition/ Chapter 1 The Investment Environment Outline Learning Goals I. Investments and the Investment Process A. Attributes of Investments 1. Securities or Property 2. Direct or Indirect 3. Debt, Equity, or Derivative Securities 4. Low- or High-Risk Investments 5. Short- or Long-Term Investments 6. Domestic or Foreign B. The Structure of the Investment Process 1. Suppliers and Demanders of Funds a. Government b. Business c. Individuals 2. Types of Investors Concepts in Review II. Types of Investments A. Short-TermInvestments B. Common Stock C. Fixed-Income Securities 1. Bonds 2. Convertible Securities 3. Preferred Stock D. Mutual Funds E. Exchange-Traded Funds
  • 7. 2 Smart/Gitman/Joehnk • Fundamentals of Investing, Twelfth Edition G. Derivative Securities 1. Options 2. Futures H. Other Popular Investments Concepts in Review III. Making Investment Plans A. Steps in Investing 1. Step 1: Meet Investment Prerequisites 2. Step 2: Establish Investment Goals 3. Step 3: Adopt an Investment Plan 4. Step 4: Evaluate Investments 5. Step 5: Select Suitable Investments 6. Step 6: Construct a Diversified Portfolio 7. Step 7: Manage the Portfolio B. Considering Personal Taxes 1. Basic Sources of Taxation 2. Types of Income a. Ordinary Income b. Capital Gains and Losses 3. Investmentsand Taxes 4. Tax-Advantaged Retirement Savings Plans C. Investing over the Life Cycle D. Investments and the Business Cycle Concepts in Review IV. Meeting Liquidity Needs with Short-Term Investments A. Role of Short-Term Investments 1. Interest on Short-Term Investments 2. Risk Characteristics 3. Advantages and Disadvantages of Short-Term Investments B. Common Short-Term Investments C. Investment Suitability Concepts in Review
  • 8. Chapter 1 The Investment Environment 3 V. Careers in Finance A. Commercial Banking B. Corporate Finance C. Financial Planning D. Insurance E. Investment Banking F. InvestmentManagement Concepts in Review Summary Key Terms Discussion Questions Problems Case Problems 1.1 Investments or Golf? 1.2 PreparingCarolyn Bowen’s Investment Plan Excel with Spreadsheets Key Concepts 1. The meaning of the term investment and the implications it has for individual investors 2. Review the factors used to differentiate between different types of investments 3. The importance of and basic steps involved in the investment process 4. Popular types of investment vehicles, including short-term vehicles, common stock, mutual funds and exchange-traded funds, fixed-income securities such as bonds, preferred stock, and convertibles 5. Derivative securities such as options and futures 6. Other popular investments such as real estate, tangibles, and tax-advantaged investments 7. Investment goals including income, major expenditures, retirement, and sheltering income from taxes; the latter includes analysis of tax-advantaged retirement vehicles 8. Building a diversified portfolio consistent with investment goals 9. Sources of taxation, types of taxable income, and the effect of taxes on the investor 10. Developing an investment program that considers differing economic environments and the life cycle 11. The use of short-term securities in meeting liquidity needs
  • 9. 4 Smart/Gitman/Joehnk • Fundamentals of Investing, Twelfth Edition 12. The merits and suitability of various popular short-term investments, including deposit accounts and money market securities Overview This chapter provides an overview of the scope and content of the text. 1. The term investment is defined, and the alternative investment opportunities available to investors are classified by types. 2. The structure of the investment process is examined. This section explains how the marketplace brings together suppliers and demanders of investment funds. 3. The key participants in the investment process—government, business, and individuals—are described, as are institutional and individual investors. 4. Returns are defined as rewards for investing. Returns to an investor take two forms—current income and increased value of the investment over time. In this section, the instructor need only define return, since there will be another opportunity to develop the concept of return in Chapter 4; also, providinginformation about recent investment returns always engages students’ attention. 5. Next, the following investment vehicles available to individual investors are discussed: short-term vehicles, common stock, fixed-income securities, mutual funds, exchange-traded funds, hedge funds, real estate, tangibles, tax-advantaged investments, and options and futures. The text describes their risk-return characteristics in a general way. The instructor may want to expand on the advantages and disadvantages of investing in each, although they will be treated in greater detail in subsequent chapters. It is vital for any investor to establish investment goals that are consistent with his or her overall financial objectives. 6. Once the investment goals have been well specified, the investor can adopt an investment plan consistent with these goals, select suitable investments, and build a diversified portfolio and manage it. 7. Personal taxes are discussed in terms of types of income and tax rates. The investment process is affected by current tax laws. Examples of tax shelters, especially tax-advantaged retirement vehicles, and tax planning are provided. 8. Once investment goals are established, it is important to understand how the investment process is affected by different economic environments. The chapter talks about types of investments such as stocks, bonds, and tangibles as they are affected by business cycles, interest rates, and inflation. 9. Liquidity is defined, and short-term securities that can be used to meet liquidity requirements are described. The discussion includes a look at short-term interest rates and the risk characteristics of various short-term securities. 10. The next section covers the various types of short-term vehicles available to today’s investor. The text provides enough detail about everything from passbook accounts to money market funds to commercial paper that students should get a good grasp of the differences between the vehicles. Information on current rates brings realism into the classroom and enhances student perception of the lecturer as a knowledgeable instructor.
  • 10. Exploring the Variety of Random Documents with Different Content
  • 11. without this, success is very problematical, and vexation and disgust the sure reward of its neglect. The process may for convenience be divided into the following stages:— 1.—Cleaning the plate. 2.—Coating it with Collodion. 3.—Rendering the plate sensitive. 4.—Applying the Preservative solution. 5.—Exposure in the camera. 6.—Development of the picture. 7.—Fixing the developed image. 8.—Varnishing the finished negative. CLEANING THE PLATE. Fig. 1. The glass plate is first to be thoroughly washed with an abundance of water, and dried on clean cloths; it is then to be placed in the plate holder (Fig. 1), and have poured over its upper side a small quantity of old Collodion. Now take a tuft of cotton wool
  • 12. and rub the Collodion all over the plate, giving the hand a circular motion at the time: keep rubbing until the Collodion is very nearly dry, then turn the plate in the holder and repeat the same treatment with the opposite side; then lean the plate thus treated against a wall, while another, or any number are put through this stage. When a sufficient number have been so far cleaned, the plate holder is to be carefully wiped, and the first plate—the edges of which have also been carefully wiped with a clean cloth—is to be replaced, and treated with a smart rubbing with a wash leather, the operator at intervals gently breathing on the plate. Both sides of the plate being cleaned in this way, it may be removed, after again wiping the edges carefully, to the plate box, to await the subsequent steps of the process. Plates cleaned in this manner should look perfectly transparent, and free from any marks of the cloth or leather, and when breathed upon should condense the moisture of the breath in one uniform degree over the whole surface. If patches of uneven condensation appear, a repetition of the process must be had recourse to. The plate being clean, we proceed to the next step, COATING THE PLATE. Lay a piece of clean blotting paper on the table, larger than the plate we are about to use; place the clean plate on this, and then bring the pneumatic plate holder to bear on the centre of the glass, making sure that it has laid hold firmly. We then raise the plate with the left hand, and bring the surface upwards which was previously on the blotting paper; it will no doubt be found that small particles of dust have attached themselves to the plate, these must be removed by a broad and soft camel's hair brush, kept for this purpose only.
  • 13. Fig. 2. The Collodion is then to be poured on, as shown in the diagram (Fig. 2), and the superfluous quantity returned to the bottle from one of the corners of the plate. It does not matter which of the corners is used for this purpose, that which is most convenient to the operator assuming the preference. If the Collodion should have a tendency to set in ridges across the plate, a rocking motion, while the delivery corner is in the mouth of the bottle, may be given to it, still keeping the plate in a vertical plane. This will restore the film to perfect evenness and freedom from irregularity of any sort. The plate should be held in the vertical position for a few moments before being placed on the dipper to undergo the next operation of RENDERING THE PLATE SENSITIVE.
  • 14. Fig. 3. The plate being placed, coated side outwards, on the dipper, is to be plunged without hesitation into the nitrate of silver bath (Fig. 3). This must be done without stopping, otherwise a line across the plate will indicate, on development, the position of the plate in the bath at the time this stoppage took place; so that if we were to immerse the plate by a series of jerks, we should have as a result, so many bands of unequal development in the finished picture; showing the importance of plunging the plate into the bath without any stoppage during its descent. Fig. 4.
  • 15. When the plate has rested for half a minute in the bath, it may be withdrawn, and quickly re-immersed. This washing must be continued at intervals, until the greasy appearance goes off, generally for the space of two minutes, when the plate is to be taken out of the bath and placed with its lower edge on a pad of blotting paper, in a position as shown in the cut (Fig. 4.) A fragment of blotting paper is then to be used to absorb the moisture from the back of the plate, and a pneumatic plate holder—which should only be used for this purpose—is applied to it to form a support while APPLYING THE PRESERVATIVE SOLUTION. Fig. 5. Taking the plate in the left hand by means of the pneumatic holder, incline it as shown in the diagram (Fig. 5); then having poured into a perfectly clean measure rather more of the preservative solution than is necessary to cover the plate twice,[B] pour half of it along the upper edge (A B) in such a manner, that a wave of the solution may flow uniformly from one end of the plate to the other; allow this to flow off into the waste pan or sink, and then
  • 16. bring the plate to the horizontal position, and pour on the remainder of the preservative solution, eight times at least, allowing it to flow back into the measure from each corner in succession, in order that the whole plate may be brought uniformly under its influence. The plate is to be again placed on a piece of clean blotting paper (as shown at Fig. 4), and its back once more wiped with a fragment of blotting or papier Joseph, in order to remove any of the preservative solution that may have run from the surface to the underside in the previous operation. The plate thus preserved is to be reared on a piece of blotting paper with its face against the wall until dry, and is then to be stowed away in a plate box, perfectly light-tight to await the [B] A plate, 9 inches by 7, takes about 1 ounce of solution. EXPOSURE IN THE CAMERA. Collodion plates preserved as above directed, will keep perfectly good and sensitive for 12 months at least; and from the appearance of the developed image on a plate that has been kept that time, I see at present no reason why, if preserved from the damp, they would not keep indefinitely. In my experiments, I have never found the least difference in sensitiveness, whether the plate be used within a few hours of the time of its preparation, or has been kept for months; until, however, we have had more experience in the matter, it would be safer not to rely on plates more than 12 months old. The time of exposure in the camera, of course varies in this process, under the same circumstances as it does with the wet Collodion; but I have found as a general rule, that it is better to give the plate a full exposure than to fall into the opposite extreme: that is to say, it is preferable to expose the plate sufficient time for the deepest shadows to make an impression than to close the dark slide at an earlier period, the mode of development allowing considerable latitude in this particular. With a 3-inch single lens, 16-inch focus,
  • 17. with a ½-inch stop, the usual time for a bright landscape will be about 5 minutes; this of course is merely an approximation to the time of exposure, the exact time can only be arrived at by experience. I do not think I can do better than follow the plan adopted in my "Practical Photography," of giving instances of under and over exposure, as a means of educating the tyro in the appearances that result from these conditions of the plate. If the exposure has been of too short duration, the image will come out under the developing solution with difficulty; and after a continued immersion in it will only present the high lights, the deep shadows not being represented, or, if so, in so faint a manner as to be useless in the picture. An over exposed plate, when treated with the developing solution, will almost immediately give indications of the picture; and in a few minutes, the whole of the picture, deep shadows and all, will come put in unnatural force; on looking through the picture thus produced, we shall observe a great flatness in it, there is a want of contrast between the various parts, and although by continuing the development we might obtain a tolerably intense negative, the resulting picture would be flat, meagre, and unsatisfactory: on the contrary, a plate that has been exposed for the correct time, will comport itself very differently under development from the foregoing. The sky and high lights will first appear, then the half tones, and lastly, the parts of the picture that were in deep shadow will show themselves; this effect should take place in about five minutes from the time of immersion in the developing bath: a picture that comes out sooner than this, is, as a general rule, over exposed; and one that is much after the five minutes before it makes its appearance, may be considered as under exposed. We trust that the above instances may be of service in indicating the average time required for an exposure of the plate, but we must ask the reader not to take the figures given as actual values, but
  • 18. merely as very close approximations to the truth. We will imagine the plate to have been properly exposed, and proceed to THE DEVELOPMENT OF THE PICTURE. It is not necessary that the picture should be developed immediately after exposure in the camera; any time that is convenient to the operator may intervene between the processes, provided the aggregate time before and after exposure does not exceed the limits of keeping power of the plate. The development of the picture may be conducted in two ways, either by immersing the plate in baths or dishes, or by placing it on the levelling stand and treating it with the solutions, in their proper order, as detailed below. Each plan possesses certain advantages, but it is of little consequence which one is followed. Perhaps there is less danger of the film washing off if the plate be treated on the levelling stand, and on the other side with large plates it is more difficult to cover them evenly with the developing solution than it is simply to immerse them in a pan of solution. We say to the reader, try both ways, and make your own selection. The plate upon being removed from the camera is placed face upwards in a porcelain or glass dish of a convenient size (not too large), and sufficient distilled water is to be poured over it to cover the surface thoroughly—this is for the purpose of softening the preservative solution, and must be allowed to remain on the plate for five minutes; the plate is then to be lifted in and out of the water by means of the silver hook. This done, remove the plate to a perfectly clean dish, and pour carefully over it the developing solution, composed of Saturated Solution of Gallic Acid (p. 10)8ounces. Solution of Nitrate of Silver (p. 10) 2drams. THOROUGHLY MIXED.
  • 19. In a few minutes the picture will begin to make its appearance, and will gradually unfold its details under the influence of the developer, until the whole of them are apparent; on raising the plate, however, when this stage of development is reached, and viewing it by transmitted light, the picture will appear weak and poor; we must now remove the plate from the bath, and add 2 drams more of the nitrate silver solution, and having thoroughly mixed it with the gallic acid already in the dish, we return the partially developed plate, which in the course of a few minutes will have acquired a great amount of intensity,—the exact degree can be regulated by the time of immersion: when the picture appears sufficiently intense, it is to be removed from the developing dish, and a gentle stream of water is poured over it, in order to remove any adhering developing solution, and stop all further reducing action on it. During the whole time of the development, the gallic acid should remain quite clear; it will become slightly discoloured before the end of the development, but it ought not at any time to become muddy, or it will deposit a sort of sandy sediment on the surface of the plate, which cannot be removed by subsequent washing. The usual time occupied in the development of a successful picture is from 20 to 30 minutes, it might be developed much quicker by using pyrogallic acid, but at present I give the preference to the developer I have described, as I believe it to be more certain, and more under the control of the operator than the pyrogallic acid; and further, as it is not necessary to watch the development all the time it is going on, there can be very little saving of time in the more rapid method of bringing out the latent picture. The picture being washed free from the adhering developing solution, is to be placed on the levelling stand, and subjected to the seventh part of the process— FIXING THE DEVELOPED IMAGE.
  • 20. This is accomplished by pouring over the surface of the plate sufficient solution of hyposulphite of soda (p. 15) to thoroughly cover it, this will dissolve out the unaltered iodide of silver, and give us a clear and bright picture, in which the deep shadows should be as transparent as the glass itself, and the high lights as dense as a piece of metal, the intermediate tones assuming their proper positions according to the intensity of the light that was concerned in their formation. When the whole of the yellow iodide of silver is removed, the fixing solution may be thrown off, and the plate must be treated with an abundance of water; too much cannot well be given at this stage, as the hyposulphite adheres with great tenacity to the plate, even after a good washing. The back of the plate must be washed as well as the front, for I have found that a neglect of this precaution has ruined many a fine negative; the hyposulphite remaining at the back finding its way by capillary attraction to the surface, and once there, its destructive qualities are sure, sooner or later, to render themselves evident. The picture being thoroughly washed, and either dried spontaneously or by the fire, has only to be covered with a film of varnish. And now comes the last operation, of VARNISHING THE FINISHED NEGATIVE. Benzoin varnish is the best coating that can be given to a Collodion negative. It resists the action of pieces of grit; it does not crack; and, above all, it does not, like amber varnish, split off the picture on the slightest friction. The application of this varnish is a very simple matter. The negative is to be again placed on a pneumatic plate holder, and the varnish is to be poured on to the surface in precisely the same manner as the Collodion was at the commencement of the process, the superfluous quantity being returned to the bottle: in a few
  • 21. moments the varnish will be quite dry and hard, and the plate may be handled with perfect safety. I may mention, as a precaution, in varnishing the plate, that it is better to perform that operation in a still atmosphere; as the solvent of the gum being chloroform and very volatile, if it were conducted in a current of air, there might be some difficulty in obtaining an even coating to the picture. In concluding this description of a process, which is at once simple and certain, I would ask the patient attention of those who may do me the honor of repeating my experiments. I have endeavoured to render the details of the process as intelligible as possible, and if I have succeeded in advancing the art of Photography only one step by so doing, I consider that it is an ample return for hours and days spent in anxious thought and laborious experiment. FINIS. SPECIAL LIST OF REQUISITES FOR THE DRY COLLODION PROCESS, SUPPLIED BY Messrs, BLAND & LONG,
  • 22. Opticians, & Photographic Instrument Makers TO THE QUEEN, 153, FLEET STREET, LONDON. BLAND & LONG'S IODIZED DRY COLLODION. This preparation will keep for an indefinite period, and can be exported to any climate, without risk of deterioration. Half-pints, 10s.; Pints, 18s. BLAND & LONG'S PRESERVATIVE SOLUTION,> READY FOR USE.—1s. per pint. BLAND & LONG'S BENZOIN VARNISH, FOR PROTECTING THE FINISHED NEGATIVE. 1s. per oz. This varnish does not require the plate to be warmed; but dries instantly, leaving a perfectly hard transparent coating on the picture. NITRATE OF SILVER BATH, FOR BLAND & LONG'S DRY COLLODION,
  • 23. Ready for immediate use.—7s. 6d. per pint. PURE CHEMICALS. s.d. Fused Nitrate of Silver, absolutely pure 4 6per oz. Glacial Acetic Acid 1 0 " Pure Gelatine 0 6 " Pure Citric Acid 0 6 " Gallic Acid, pure 1 6 " Iodide of Cadmium 3 0 " Hyposulphite of Soda 1 0per lb. Pure Sulphuric Æther 0 6per oz. Absolute Alcohol 0 6 " FOR THE PRICES OF APPARATUS SEE BLAND & LONG'S Illustrated Catalogue of Photographic Apparatus Sent free by post, on application. SENSITIVE DRY COLLODION PLATES, READY FOR EXPOSURE IN THE CAMERA. (LONG'S PROCESS.) Messrs. Bland & Long are now prepared to supply these plates, carefully secured in sealed cases, with full directions for exposure
  • 24. and development, of all sizes and in any quantity, at the following prices:— Per Doz. s. d. 4¼ × 3¼ 5 0 5 × 4 6 6 5½ × 3⅜ 6 0 6¼ × 3⅜ 8 6 6½ × 4¾ 8 6 6¾ × 3¼ 8 9 6 × 5 8 6 Per Doz. £. s. d. 7 × 6 0 14 0 8½ × 6½ 0 1 0 9 × 7 1 1 0 10 × 8 1 6 0 11 × 9 1 13 6 12 × 10 2 0 0 15 × 12 4 0 0 LARGER OR OTHER SIZES TO ORDER. The advantages of a certain and simple Dry Collodion Process are so obvious to those who have practised Photography in the open air, that we feel it is merely necessary to introduce the above list to their notice with as few remarks as possible. We would, however, mention a few particulars connected with the process for the information of those who have not hitherto practised the Dry Collodion process, as detailed by Mr. Long. The plates as prepared for sale, are hermetically sealed in an envelope perfectly impervious to air and moisture, they can therefore be exported to any climate without risk of deterioration. Plates prepared by Mr. Long's process will keep sensitive for almost an indefinite period, and can be developed at any time without regard to the date of exposure; this, it will be seen, is of immense advantage to the tourist, as he can delay the development of the whole of his plates until his return. To those Photographers whose inclinations or want of leisure will not admit of their carrying through the first preparation of the plate,
  • 25. these Dry Sensitive Plates will be found invaluable, enabling their whole energy to be directed to the more careful selection of subject. The plates being dry, there is no danger of dust settling on their surfaces; this point will be appreciated by every Photographer. The development of the pictures can be conducted in any room whence the light can be excluded—as the process is simple and clean—three dishes being the only requisites in point of apparatus. To Officers, Engineers, and Architects, these Dry Plates offer a desideratum of no small value, as they are always ready for use, occupy very little room in travelling, and can be used under circumstances which would preclude the adoption of any process that had to be carried out on the spot. BLAND & LONG, Photographic Instrument Makers to the Queen 153, FLEET STREET, LONDON. THE DRY COLLODION PROCESSES. Messrs. BLAND & LONG have invented the following simple means of CHANGING THE DRY COLLODION PLATES while working in the fields. The plan has been in use for some time, and answers perfectly.
  • 26. Price according to size. Adapted to Stereoscopic Camera, 15s. DESCRIPTION AND DIRECTIONS FOR USE. No matter what process we employ to retain the sensitiveness of our plates, it is most objectionable that the glasses should be made to slide by their gravity from the plate-box to the slide; for if we employ either honey, glycerine, or oxymel as preservative agents, the chances are considerably in favor of an amount of dust settling on the surface, the dust being in a great part formed by the attrition of the roughened edges of the plate against the plate-box. Another
  • 27. inconvenience attending the use of a box when the plate has to slide, is the danger that exists under that arrangement of ripping the film from the edges of the plate by the friction against the groove in the box which holds it. These may appear very trivial matters, but they are nevertheless great drawbacks to successful operations. We may mention that the plan we are about to describe is equally applicable to all Cameras of moderate size. We will, however, take our description from the form of apparatus adapted to a double lens Stereoscopic Camera. The Camera (A) is furnished at its back with two wires (B). On these wires slides the plate-box (C), which has previously been fitted at its sides with two sockets (D). Just inside the back of the Camera box is a spring (E), and on the top of the Camera is a button (F), which secures the dark slide in its place. We now slide the box of prepared plates (C) on to the wires (B), the lid of the box opening from the Camera; we then stretch over the whole affair, the black light proof covering (G); this completes the arrangement, and now for the mode of operating. The opaque covering is furnished at its side with two elastic rings. Into these thrust the hands, so that the rings may firmly encompass the wrist. Then open the plate-box, and throw the lid quite back. Next unbutton the door of the dark slide, and raise it until the spring (E) flies underneath it, and retains it in a horizontal position. This we will presume to be done with the right hand; the left hand being engaged as soon as the door is opened, in holding the plate that is already in the back in its place. The right hand being now at liberty, comes to the assistance of the left, and the plate that has undergone exposure is safely transferred to the vacant groove in the plate-box. This accomplished, the next plate is to be placed in the back, and the same operations gone through in the inverse order, the left holding the plate in its place, while the right releases the door from the influence of the spring (E), and re- buttons it, leaving the plate quite safe in the dark slide.
  • 28. When we require to focus for a fresh picture, it is only necessary to remove the dark covering from that part of the Camera where the ground glass is placed. The picture can be seen without removing the plate-box or the whole of the covering. It is obvious that there is no limit to the number of glasses that can be taken to the field of operations. In this way, several boxes holding a dozen each, can be strapped together and placed on the Camera, one by one, as occasion or opportunity may direct. H. Silverlock, Printer, Doctors' Commons. PRACTICAL PHOTOGRAPHY, O N G L A S S A N D P A P E R , A Manual, CONTAINING SIMPLE DIRECTIONS FOR THE PRODUCTION OF PORTRAITS, VIEWS, &c. BY THE AGENCY OF LIGHT, INCLUDING THE Collodion, Albumen, Calotype, Waxed Paper, and Positive Paper Processes. By CHARLES A LONG. Fourth Edition, price 1s.; per Post, 1s. 2d. ILLUSTRATED PHOTOGRAPHIC CATALOGUE, FREE BY POST.
  • 29. SPECTACLES: WHEN TO WEAR AND HOW TO USE THEM. ADDRESSED TO THOSE WHO VALUE THEIR SIGHT. By CHARLES A. LONG, THIRD EDITION. POST FREE, SIXPENCE. ALSO, A DESCRIPTIVE AND GENERAL CATALOGUE OF SCIENTIFIC & EDUCATIONAL INSTRUMENTS AND CHEMICAL PREPARATIONS, Manufactured and Sold by BLAND & LONG, OPTICIANS, PHILOSOPHICAL, PHOTOGRAPHICAL, AND CHEMICAL INSTRUMENT MAKERS, AND OPERATIVE CHEMISTS. Free by Post. PUBLISHED BY BLAND & LONG, Opticians, Philosophical and Photographical Instrument Makers to the Queen, 163, FLEET STREET. Transcriber Note
  • 30. Minor typos corrected. Images moved to prevent splitting paragraphs.
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