The packages for the clearing house are called and listed by the settling clerk on his settling sheet, and there is also a ticket made out for each bank showing its clearing house number and the amount of checks with which it is charged. After each section and the settling clerk's sheet are proved with the total of the tickets, another ticket is made showing the total amount brought by the bank to the clearing house; this is signed by the settling clerk and goes to the manager of the clearing house and con stitutes the credit of the bank at the clearing house that morning.
Referring to the description given above (page 578) of the sections into which the cash letters are divided, it will be noted that, in addition to the regular letters from the trust companies, savings banks, and individuals, section 5 includes "remittances" and "doubles." The remittances are received in payment of cash items and collections sent by the bank to other banks and trust companies. The amounts remitted are listed on the machine; the exchange charges are then listed and added to the amount of checks received; and the total should prove with the gross amount which is credited to the collection account ledger. The doubles are the letters which contain credits for two or more banks. For these it is necessary to make out separate credit tickets. All credits to the note teller that arc handled by this section are described in detail on a sheet, in order that a complete record may be had for future reference.
The cash return items are checked with the name of the in dorser, and the date of the return letter placed opposite the amount of the incoming letter. The reasons for returning the individual items must be attached to, or marked on, the items themselves. Then, together with the collection return items, they are listed on the mail teller's return sheet and the total is proved with the city collection department, to which they are charged.
The Charging and Distribution of Items The rack proofs are assembled on the mail teller's sectional proof, the debit side of which (Figure Oa) shows the totals of each rack, the amounts received from the banks for which this bank clears, and assembly rack additions; the total of the second— the letter—column should prove with the total of the remain ing—the distribution—columns, from which the charges to the different departments are made. The credit side (Figure Oh) shows the distribution of the credits, those to the different depos itors in the ledgers and those to the different departments for whose credit checks are received and those for the Collection ledger account for remittances in payment of collections.
The items are charged as follows: 1. The total clearing house, to the paying teller.
2. The sights and trust companies, to the city collection department.
3. The countries, to the transit department.
4. The checks on the bank itself, to the check desk depart ment.
5. The cash (of the sundries), to the paying teller.
6. The cash return and Collection account returns, to the city collection department.
7. The Canadian and foreign currency, to the city collection department.
S. The exchange, to the check desk department.
9. The holdovers, consisting mostly of missorted checks, are handled in the afternoon mail.
The fourth teller's proof (Figure t7) for the clay assumes somewhat the following form: Handling the Afternoon Mail The mail received after the morning exchanges is spoken of as the "afternoon" mail. It is handled in somewhat the same manner as the morning mail, but certain of the more important differences may be noted.
The men from the other departments who assist the mail teller in the morning mail work return to their respective depart ments about ten o'clock and the work of the mail teller's depart ment for the rest of the day is done by the regular men alone.
The clearing house checks are sorted into sections and handled by the rack department, together with items received from the second, third, and fifth tellers. Sights and trust companies of large amount, say, of $i,000 or over, are sent at once to the city col lection department, by which they are immediately collected. All large countries, say, of $500 2.nd over, are separated from the other out-of-town items and turned over to the transit department to be handled the same day. The small countries are charged to the city collection department, where they are held overnight.
All items sent in for collection, unless they are for large amounts or request telegraphic advice, are held over until the morning. Likewise, all return items not for large amounts, and letters in payment of collections, are held over; of course, if the enclosure letters are received from parties for whom accounts are kept on the collection ledger, they are handled at once, as the money is due the respective accounts, and to hold them over means a loss of interest for one day. Checks on the bank itself received in payment of cross-credits (remittances received from one bank for the credit of another bank) are put through the same day; checks on other banks, however, are held over for the night force. In the event of an overdraft in the account for whose credit the letter is intended, the remittance is credited in the afternoon; if the maker of the check has an account with the bank, the check is not sent for certification; otherwise, it is despatched through the messengers department for that purpose.
It frequently happens that trains are delayed, resulting in an unusually large afternoon mail. This must be given prompt and careful attention; all stop-payment orders, 5 per cent fund trans fers, orders for the shipment of currency or coin, orders for the purchase of stock or bonds, requests for telegraphic advice, letters recalling notes, and all other letters of unusual importance, must be forwarded at once to the department to which they pertain. Only the important letters of the departmental afternoon mail are distributed in the afternoon; the others are held over till the following morning to be sorted by a special force of clerks who are familiar with the detail work of all the departments of the bank and therefore know the proper destination of each letter. The official mail may be distributed as received.
It is necessary to examine the letters carefully to see that all instructions given in them are strictly followed. One man should be held responsible for this work; he should see that all the mail received is addressed to the bank, and that it is credited to the proper accounts; he should telegraph the receipt of all credits when telegraphic advice is requested; he should be responsible for any collection letter which may be handled in error as cash; he should have all collection item letters properly initialed (these include the collection items deducted from cash letters, in which cases he should check the instructions on the letter with the ticket from which the item is credited).
It is customary to acknowledge all cash and collection letters; the only exceptions are those received in payment of collections, which are not advised unless the remitters specially request it. Acknowledgments are made by post-cards, and advices on advice slips.