partments, and by some are carried in other trust companies or banks. As shown in the figure, the total of disbursements for the day is credited to Bank in the General Accounts column; and the receipts are debited to Bank either at the close of the day or at convenient times during the day as deposits of the funds are made. Among other general accounts would be the interest account for interest received on the Bank account, Bonds and Stock account, if the total of these items be carried in a separate account, etc. The company from whom the writer got this form carries all coupon accounts in a separate ledger, and therefore enters items for coupon accounts in the General Accounts column in the journal. The second entry in Figure 8—that of the credit to “Auburn and Birmingham Traction Pool"-illustrates a use of the two columns. The bonds having been purchased at 80, are carried at that figure in the general Bonds account. The sale here recorded having been at 86, the profit of $240 is journalized in the Deposits column, while the amount at which the four bonds are carried-$3,200--is entered in the General Accounts column.

The next-to-the-last entry in Figure 8 illustrates a time and labor saving plan that is much used. A dividend of $48,955 is paid, the amount being divided between perhaps one or two hundred persons. Only the total is entered in the journal; while the items, taken from the stubs of the department's check-book, are entered in detail in the ledger. In case of a large number of credit items to the same account on the same day, a similar plan is followed, the details being posted directly to the ledger from the credit tickets. This plan subtracts nothing from the completeness of the record, while it saves about half the labor otherwise necessary.

It will be noted that although this book is practically a cash book, is is not, like the form shown in Figure 7, arranged in cash-book style. This matter is largely a question of personal taste, but the usage is in favor of using the journal rather than the cash-book style, the credits appearing on the right and the debits on the left, as in Figure 8.

The ledger for this department is preferably a loose-leaf book. There is so much variety in the nature of the accounts that must be kept that it is a decided convenience to have special rulings for the different kinds of accounts; and this cannot be done easily unless loose leaves, to be inserted as needed, are used. The leaves must be large enough to accommodate accounts requiring much space. A convenient size is about fifteen and one-quarter inches deep and eleven inches wide for the rulings, with such added width as is needed for the style of binder used. Figures 9, 10, 11, 12 and 16 show several ledger forms that have been found useful.

Figure 9 shows a form adapted to accounts in which funds are collected in installments or on "calls," or in which payments are to be made in several dividends, or in which either receipts or disbursements are to be classified. The figure illustrates the use of the form for an account involving the collection of funds on several calls. From this record it is

easy to ascertain at any moment the totals paid in on each call, the persons who have made payments on each, and the balance of the account. In a similar manner, where the form is used to record the payment of funds in several dividends, it easily shows any information regarding the account that is apt to be wanted. For ordinary dividend accounts, however, the use of Form 10 is better, inasmuch as the whole dividend is usually paid on the same day, and the complete account may therefore be at once placed on a page by itself. Where funds are to be disbursed, and a separate account is wanted of items paid on account of principal, interest, commission, expense, etc., this form is well adapted to the needs. Because of the various uses to which the form may be put, the several columns have no printed headings; but it is customary to have rubber stamps for the headings most used.

Figure 10 shows a ledger form adapted to accounts where not much room for description of items is needed. The record is kept in a very compact shape. The figure illustrates its use for dividend accounts. If the number of items be large, the account is continued on the right half of the page, shown blank in the figure, and on the other side of the leaf, which is ruled in the same way. If the number of items be small, two dividends may be recorded on each page. This is a convenient form to use for coupon accounts, unless a special form like that shown in Figure 12 is used. The small columns headed by check-marks V in this form are for use in case the work is to be checked over in a hunt for an error

or for any other purpose. The use of the column for such check-marks leaves the page in neater shape than do check-marks placed indiscriminately, besides being a clearer guide.

In Figure 11 is shown a ledger page which is convenient where the items are to be described at length. The descriptions of debit and of credit items may be separated by the device explained in connection with Figure 14.

FIG. 11.-LEDGER SHEET WITH WIDE DESCRIPTION COLUMN.

In Figure 12 is shown a form which combines a ledger page for coupon accounts and a record of coupons paid. The combining of the two is a great time saver, and the arrangement for noting the bond numbers of coupons paid is very convenient. In the first debit to the account -that for the payment of coupons presented by John Doe-record of the bond numbers 137, 138 and 139 is made in the description column in the ledger part of the page, and check-marks (V) are made in the proper spaces in the form for bond numbers of coupons paid. In the fourth debit, the First National Bank of Chicago has presented twenty-five

FIG. 12.-COMBINED COUPON LEDGER AND RECORD SHEET.

coupons cut from bonds whose numbers are not consecutive. To list all these numbers separately would require considerable time, and then the record would not be as clear as that obtained by the device here used. The letter "a" is used to designate the coupons covered by this entry. This letter is then placed in each of the little squares showing the bond numbers of such coupons-i. e., 44, 45, 123, 124, 125, 126, 232, 412, 413, 414, etc. The next party presenting a bunch of coupons whose bond numbers are not consecutive is given the letter "b," the next "c," and so on. As is evident from a study of the figure, this device shows easily and

quickly what coupons have been paid, and who has presented any particular coupon. In case the ledger space on the page is exhausted before the form for bond numbers of coupons paid is filled, the use of the latter is continued, only the ledger space of the next page being used. It is more apt to happen, however, that several pages will have to be used for the bond numbers of coupons paid before the ledger space of one page is filled. If more than 999 bonds are outstanding from which coupons are to be presented, of course two or more pages will have to be used for recording the bond numbers of the paid coupons.

The use of these various ledger forms suggests again the very great convenience of the loose-leaf system. Under this system, whenever an account calls for the use of any one of these forms or of any other form which may be suggested by the needs of the case, such form may easily be inserted in the ledger and the records be kept in the clearest and most convenient manner. The system is adaptable to any need that may arise. This is not true of the bound book; for while a number of different forms may be bound under the same cover, it is impossible to foresee just how many pages of each kind of form will be needed; and it is impossible to group them in the most convenient manner for a series of accounts. Moreover, at any time a new kind of account may be received which, for the greatest clearness and convenience, will require a kind of record different from any in the book. In such a case, if the loose-leaf system is used, all that is necessary is to have the printer prepare the new form, and insert it in the binder. Furthermore, under the loose-leaf system there need be carried in the ledger only such pages as are needed, while in a bound book there are certain to be many unused pages, and the number of such unused pages is sure to be increased as the number of different forms is increased. When all of the pages of a certain form are used, the book must be filed away with many pages of the other forms unused. This takes space in the vault and adds to the expense.

JOURNALS AND LEDGERS FOR THE ESTATES DEPARTMENT.

In the Estates Department, especially if the amount of business is large, it is convenient, if not essential, to have record forms prepared especially for the kind of work handled. There is much variety in the forms used by different companies; and it is of course true that a company doing only a small business in this line will find convenient the use of forms somewhat different from those required by larger companies. The chief points of excellence to be desired in a system for keeping accounts of this character are: simplicity and clearness; adaptability to both large and small accounts; adaptability to accounts requiring many sub-accounts and to those requiring but few sub-accounts; convenient arrangement for rendering statements to courts or to others directly from the books, without the necessity of the stenographer being furnished with a separate copy of the account.