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ing of loans. The methods vary with the size of the company, the character of the business and the preferences of the officers. In some companies all the details, including the keeping of the records, are attended to by the loan clerk and his assistants; while in others much of the detail, as to records especially, is handed over to other workers. Often the loan clerk keeps no journal, all the loan items being detailed in the general journal from debit and credit slips which the loan clerk hands to the general bookkeeper. In some companies the loan clerk keeps a cash drawer and issues official checks, paying out the proceeds. of loans directly; while in others cash payments are made by the paying teller, and checks are issued by the draft teller or other employee. The records here described are such as are used in cases where all the details connected with loans are attended to in the loan department.

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The loan teller's proof, being arranged according to the same principle as that of the proofs already described,74 need not be reproduced here.

A number of styles of loan journal are in use, probably the most common style being one having several columns for the different classes of loans handled, and one or more columns for interest items. Figure 163 shows a form of such a journal. In this form the interest on the different classes of loans is shown separately. Other forms have only one column for interest. The columns headed "Accrued Interest" are for the entry of interest items accruing at the regular interest periods; it being the practice of some companies to charge the total interest aceruing at such periods to an account in the general ledger entitled "Accrued Interest," and to credit it at once to earnings. Payments of such

74 See Figures 124-127, 146.

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FIG. 164.-FACE OF CARD LEDGER FOR DEMAND LOANS.

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$2000. Chesapeake Okie Ry let heter 6% bonds 2173, 2124,0 107

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30 sh NY Chicago rst.

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2/40 1950

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Received from THE CITIZENS SAVINGS AND TRUST CO., all of the above described oollateral.

Date

FIG. 165.-BACK OF CARD LEDGER FOR DEMAND LOANS.

interest are then credited to accrued interest as received; and the balance against this account at any time shows the amount of past-due interest. This plan insures that interest shall be placed to the credit of earnings during the period in which it is earned, and it also serves as a safeguard against overlooking any past-due items of interest. The totals of the different columns in this journal are handed to the general bookkeeper on debit and credit slips at the close of each day's business.

Substitution of collateral.

Pittsburg, Pa

•July 7 2006

The undersigned acknowledges that he has this day received from The Blank Trust Company the following securities held as collateral to loans.

#4000° Ches and this 6% bonds, series. A. *5000* Chicago OE. Ill. /et gen 4% Bonda

And that he has deposited in lieu therof, subject to the same conditions as the collateral originally pledged,

"good. Chic Wil St. Paul g 5% bonds.

John Johnson

FIG. 166.-FORM FOR SUBSTITUTION OF COllateral.

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3000 Nos. 1346, 1347, 1348 +463 1529 80 436 40 406 6306 24+00

4250

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Cards are quite generally used for loan ledgers. Figure 164 shows the face, and Figure 165 the back, of such a card ledger for demand loans. As a study of the figures will show, the loan account and the interest record are kept on the face of the card, the back being devoted

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COLLATERAL SURRENDERED

THE UNDERSIGNED ACKNOWLEDGE'S RECEIPT ON THE DATES MENTIONED,

OF THE SECURITIES DESCRIBED BELOW.

|06| 274 Norfolk &W.Ry lat 5's. Chas. M. Ward

RECEIVED FROM THE CLEVELAND TRUST COMPANY, ALL SECURITIES AND OTHER PAPERS DUE IN CONNECTION WITH THE WITHIN DESCRIBED LOAN.

SIGN BELOW

CLEVELAND, C

FIG. 168.-BACK OF CARD LEDGER FOR TIME LOANS.

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