Trust Companies Volume 16 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 Excerpt: ...and fruit orchards of southern California and the Pacific slope; the mills, factories ana workshops of New England;.. while in every section there are to be found the riches of the field, the forest and the mine. With all this natural wealth of resources there follows as a matter of course, that we have good transportation facilities by land and water. Added to this, we are an aggressively advertising nation. Consult the columns of the daily paper, the weekly or monthly magazine and you will find that the producer and the merchant are advertising their goods for sale wherever steam or electricity will carry them. To move this great machinery of commerce requites a vast amount of credit, and the bank check is the best adapted instrument of credit that has yet been devised for the purpose. About 95 per cent, of all business in this country is done on a check basis; the use of the bank check has been fostered and encouraged by those who have goods to sell to buyers who live at a distance. The matter of accounting expense has had a lot to do with the attitude taken by both city and country bankers on this question of check collection Probably 90 per cent, of clerk hire, stationery, postage and "overhead" charges, grows out of the use of checks. Bank checks, which circulate as cash and are received on deposit as such, may be classed in four different groups with respect to place of payment. They are (1) the checks payable by the bank where they are deposited, known a? "self checks," "own items" or simply by the name of the bank; (2) clearing house items which are those payable in the regular exchanges through the clearing house; (3) items on non-clearing banks which may be known by a variety of terms, such as "miscellaneous cit...