Time collections should be entered also in a tickler, under their due dates. The tickler may be a card form, such as has already been described (see Figures 24, 25 and 26), or it may be a bound book. Figure 206 shows a common style of collection tickler in book form. It differs little from the discount tickler shown in Figure 195, and the same book may well be used for recording maturities of both discounts and collections.

Having been entered in the register and the tickler, time collections, if local, are placed in the files awaiting presentation for payment at maturity; and if out-of-town, are sent to correspondents for collection if the due date is near, or if the due date is distant are placed in the files until near maturity. Demand collections are collected or sent for collection at once.

Number

Greenwood, Wis. Nov. 31= 190

We enclose for collection and credit, items as stated below:

ITEMS MARKED X NO PROTEST. DO NOT PROTEST ANY ITEM under Ten DOLLARS.

DRAWER

4844 AM Mansi

FIG. 207. REMITTANCE Letter.

LETTERS OF REMITTANCE, ETC.

Trust companies in towns where there is no clearing-house of course collect their local items by messenger. Their out-of-town items, both cash items and collections, are usually collected through their correspondents in clearing-house cities, but in some cases are sent direct to banks located in towns where the items are payable. The letter forms used for listing the items are generally in bound book form, the alternate leaves being perforated so as to be easily torn out. A sheet of carbon paper is inserted under the perforated leaf, so that when it is torn out to be sent with the items listed thereon, the next sheet contains a copy of the letter. These copies remain bound in the book, and furnish a permanent record of remittances, thus serving in place of the old-time

remittance register. This plan is an improvement over the old one of having all such letters copied in the letter-press. Figure 207 shows a form of such a letter. If it is used for cash items, the letter starts with the words, "We enclose for collection and credit," as in the figure; if for collections, the word "returns" is substituted for the word "credit" in this sentence. In all other respects the same form serves for the two purposes. Figure 208 shows another form of remittance letter that is being used extensively by the smaller companies. The sheet is perforated along the line shown at the right of the figure, and on the reverse side of the portion of the sheet to the right of the perforation, is printed a duplicate of the matter shown under the heading "Valley Park Trust Company." In listing the items the end of the sheet is folded over along the perforation, so that by the use of carbon paper two copies are obtained of the matter listed under the last two headings, “On” and "Amount." The end of the sheet is then torn off, and serves as the remittance letter. By this plan a complete description of each item is made

for the records, while only the essential part of the matter listed appears on the letter sent to the correspondent. This form may be used either permanently bound or in loose leaves.

Figure 209 shows a form used for reporting on and remitting for collections. Unpaid items are listed at the bottom, as shown in the figure. To each item returned unpaid is attached a slip like that shown in Figure 210, giving the reason for non-payment.

When an item sent for collection is not heard from within a reasonable time, an inquiry is mailed to the bank to which such item was sent. The form-called a "tracer"-used for this purpose is usually printed on a postal card. It is shown in Figure 211.

OFFICIAL CHECKS.

Checks issued by a bank against itself are known as "cashier's checks." Similar checks issued by a trust company are called "official checks" or "treasurer's checks," and, sometimes, "cashier's checks." Fig

ure 212 shows a form of such a check. Sometimes the check is signed only by an officer, and sometimes it is signed by an officer and countersigned by a teller. Record of the issue of official checks may be kept either on the stubs of the check book or on an official check register. The latter is of the same form as the draft register shown in Figure 214, ex

Dear Sir

Enclosed find draft as mentioned belousin

payment of the following collections:

Very Respectfully,

FIG. 209.-COLLECTION REPORT AND REMITTANCE LETTER.

OFFICIAL CHECK

cept that the columns for exchange are omitted. The ledger account of official checks is kept sometimes on the general and sometimes on the individual ledger. Unless an official check register is used, the ledger account should give the detail of each check issued. It is also well to enter the debits on this account opposite the original credits, as in the case of the certified check ledger account shown in figure 224.

RETURNED

UNPAID

Reason checked, if known.

FROM THE

Check Sent
Has Been Paid

Will Remit
Will Write
As Requested
Refused
Payment Stopped
Never Pays Drafts V
Not Correct
No Attention

Central Trust Co.

THE

Jacksonville, Fla.

For Signature

For Endorsement
Not Enough Funds

FIG. 210.-COLLECTION RETURN SLIP.

BLANK TRUST COMPANY

Buffalo, N. Y., Nov. 9, 1906.

PLEASE REPORT ON THE FOLLOWING COLLECTIONS:

DRAFTS ON BANKS AND TRUST COMPANIES.

Like banks, trust companies find it necessary to keep an account with some bank, banker or trust company in New York city. The larger companies usually have several such accounts in New York and also carry accounts in Chicago and other large cities. It is also customary to carry accounts with one or more local institutions.

Figure 213 shows a common form of draft against such an account. Record of the issue of such drafts is kept in a draft register, a form of which is shown in Figure 214. In large institutions a separate register is kept for each correspondent, or at least for each of the chief correspondents. The smaller institutions often use one register only, assign

Merchants Savings & Trust Company

Pittsburgh, PL: October 9, 1904 No.

For Janres W

Pay to the order of

Jen

$1000

DIPORTERS & TRADERS NAIL BANK

NEW YORK, N.Y.

ing the necessary number of pages for the drafts drawn on each correspondent. Ledger accounts are of course kept with each bank on which drafts are drawn.

When a customer wishes a draft on New York or other city he makes application to the draft teller, sometimes verbally; but many companies, especially in the larger cities, require that he present his application in writing. Figure 215 gives a form for such an application.

CERTIFICATES OF DEPOSIT.

Trust companies are often called upon to issue certificates of deposit, which in certain cases are more convenient for the customer or the company, or both, than either a savings or a checking account.