The Practical Work of a Bank; A Treatise on Practical Banking Which Aims to Show the Fundamental Principles of Money the Practical Work of a Bank in Detail, and Particularly, Credit in Its Relation to Banking Operations (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. 1916 edition. Excerpt: ...selected owing to the scarcity of reserve cities in the South and on account of its importance as a collecting center and also to permit the use of clearing-house numbers for Nashville with a population of 110,000, the next largest city in the State and which is also an important collecting center. The forty-nine cities have been numbered, according to population as shown by the census of 1910, so that the largest cities have the small numbers. This plan reduces the labor of registering items in the transit department to a minimum as a large proportion of items are drawn on these cities. For example, a certain New York bank may be designated 1-8, a Chicago bank 2-1, a Philadelphia bank 3-39. Thus every bank in the United States is assigned a distinctive number, the prefix denoting the geographical location and the second or affix number denoting the name of the bank. These numbers, read directly from the face of the check or endorsement stamp, are substituted for names and addresses in making transit or other records. The extent to which the numbers may thus be used is a matter for each individual bank to determine for itself, in accordance with its accounting system. It is imperative, however, that all checks, drafts and endorsement stamps should show the numbers so that every bank that cares to do so can make TRANSIT LETTER MADE OS A BURROUGHS TRANSIT MACHINE Courteey Burrougba Adding Machine Co., Detroit, Mich. use of this tune and labor-saving system. It is obvious that every banker would wish to have his checks in such form that they may be conveniently handled by all other banks and it is expected that within a very short time every check in circulation will show the transit number of the paying bank. By the use of individual numbers for...