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The determination of lines of credit is a difficult task, and if done on a large scale requires a special equipment. The larger banks maintain separate credit departments devoted to this work and furnished with ample equipment. The subject belongs to a treatise on commercial banking rather than the work of the trust company, and readers interested are referred to discussions of the credit department of banks in current banking periodicals and in published books on the subject.

INVESTMENT RECORDS.

To a larger extent than banks, trust companies usually invest a portion of their funds in bonds and standard stocks. Journal records of

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such investments are usually made in the general journal, although some companies use a special investment journal, the general arrangement of which is similar to the loan journal shown in Figure 163, separate columns being provided for Bonds, Stocks and Sundry Investments. The total amount of investments at any time is shown in the investment account or accounts in the general ledger. Sometimes all investments are carried in one account, and sometimes separate accounts are carried for bonds and stocks. The detail of investments should be shown, except in small companies where the number of investments is small, in an investment ledger, which may be either in book or card form. Figure 201 shows the face and Figure 202 the back of a card form for this purpose. The face is devoted to a description of the securities and the ledger account, while the income record appears upon the back. Book records are in use which follow much the same form, the upper part of the page containing the matter shown on the face of the card, and the lower part of the page providing for the income record. These records may be kept, according to local conditions, either by the general bookkeeper, the loan clerk or a junior officer.

CLEARING CHECKS.

Trust companies, not being members of the clearing-houses (except in a few instances, as in Chicago), clear their checks through local national or state banks which are members of the clearing-house, and which act as their agents for that purpose. There are a few instances in which trust companies, having no arrangements for the clearing of checks through the clearing-house, are compelled to collect such items in the old way, by their own messengers. This is the case with those trust companies in New York which have withdrawn from the clearing-house privileges, and with Philadelphia trust companies.

The clearing-house items are listed to the different local banks in the same way that members of the clearing-house list them on large sheets having columns for the listing of checks under the names of the banks on which they are drawn. Figure 203 shows such a sheet. These sheets are usually bound in book form, and each alternate sheet has perforations between the columns, so that the lists for the different banks may be torn out and delivered with the checks listed thereon. A piece of carbon paper is placed between the first and second sheets, so that one listing of the checks makes two copies. The first sheet remains bound in the book, and is a permanent record of the out-going "clearances." In the last column, headed "Sundry Items," are gathered the totals of all the other lists on the sheet; and this list of totals is sent to the clearing bank with the checks and the separate lists.

COLLECTIONS.

While trust companies do not ordinarily handle the volume of collection business that regular banks do, they find it necessary, if doing a commercial banking business, to take care of such collections as are brought to them by their depositors. For this purpose they do not, however, usually maintain specially equipped collection departments, but handle their out-of-town collections through the banks which act as their representatives in the local clearing-houses. Local collections are sometimes handled in the same way, but more usually are collected by the company's own messengers.

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As soon as an item for collection is received it is entered on the collection register, and given the number indicated by its entry on the register. There are two general forms of this book, one being designed for "foreign" or out-of-town collections, and the other for local collections. Figure 204 shows a form for the former, and Figure 205 for the latter. In cases where the number of collections is small, or where they are mostly foreign, the use of two forms is unnecessary, that shown in Figure 204 being readily adaptable to both kinds of collections. Sometimes, where the business is very large, a special form of register is used for sight drafts.

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