BRYANT & STRATTON'S COUNTING HOUSE B GONT OA MINING AE E B I N CONTAINING A COMPLETE EXPOSITION OF THE SCIENCE OF ACCOUNTS, IN ITS APPLICATION TO THE VARIOUS DEPARTMENTS OF BUSINESS; INCLUDING~ COMPlLETE SEWTS OF BOOIKS IN WHOLESALE AND RETAIL MERCHANDISING, FARMING, SETTLEMENT OF ESTATES FOIRWARDING, CvOMM~ISSION, BANKING, EXCHANGE, STOCK BROKERAGE, ETC. WITH FULL EXPLANATIONS AND APPROPRIATE REMARKS ON THE CUSTOMS OF TRADE; AN] EXAMPLES OF THE MOST IMPORTANT BUSINESS FORMS IN USE. BY H: B. BRYANT, AND H. D. STRATTON, FOUNDERS AND PROPRIETORS OF THE "IINTERNATIONAL CHAIN OF COMNERCIAL COLLEGES," LOCATED IN NEW TYORK, BROOKLYN PIHILADELPI IA, PROVIDENCE, PORTLAND, ALBANY, TROY, BUFFALO, TORONTO, CLEVELAND, DETROIT, CHlICAGO, AND ST. LOUIS. AND S. S. PACKARD, RESIDENT PRINCIPAL OF THE NEW YORK CITY COMMERCIAL COLLEGE. NEW YORK: IVISON, PHINNEY, BLAKEMAN & COMPANY, No. 48 & 50 WALKER STREET. CHICAGO: S. C. GRIGGS & CO., 39 & 41 LAKE ST. 1864. Entered, according to Act of Congress, in the year 1863. BY BRYANT, STRATTON & PACKARD, In the Clerk's Office of the District Court of the United States, for the Southern District of New York. CONT ENTS. PAGE. F P CF PREFACE.....................................,,,, 5 Balance Sheets Explained..................... 101 SHORT ADDRESS............................ 7 Forms of Balance Shieets............... 102 Auxiliaries to Set IV. explained............... 104 Commission Sales Book...................... 106 INTRODUCTION, Accounts Sales............................ 110 Outward Invoice Book...................... 113 Description of Principal Books.............. B 1n Auxiliaries....... 11 Forms of Principal Books..................... 12 Notes, Drafts, &c..................118..... 118 Mercantile Terms............................ 13 Lettelr Book..........................119 General Principles........................... 16 Exercises for the Learner (Fourth Series).......124 Questions for Review........................ 17 General Plan of the Work.................... 18 SET V.-Jebbing and Importing. SET I. —Single Proprietor, Remarks................................... 128 Routine................................... 130 Instructions............................ 20132 ~Day Book.... ~........... 22~ Foreign Invoice Book.................... 135 Day Book..................................... 22 Journal..................... 23 Sales Book..137 Le..ge.25 Cash Book............................... 112 Lo~edge.....,......,..,,,.-....~~~.......... 25 Bill Book................................. 144 General Statement........................... 27 I o o..14 Questions f'or ReviewBo......................... 32 Journal................................. 146 Questions oir Review.. Invetor...........145.... 2 Closing the Ledger............................ 33 Ore fCoig. Balance Sheet.. 148 Lerdger oClosedi............................. 34 Questions for Review....................... 149 Lrd(er e'Closedg.............................. 35 General Remarks.................... 37 Questions for Review................... 41 Caning Single to Duble Entry. Index to Ledger B...................42.... 42 ERemarks...... s........ 152 Cash Book......................... 154 SET' II. —Continuation of Set t Dy ook.1l E, dLedger.1.......................... 58 Day Book................ Process of chaning....................... 160 C~ashBook;............................. 15 4 ~~~~~~Cotne Journalo.................................. 162 edertemets......................... 16-15 L~~~~~~~~~~~~ ~rcd esso hnig.........;.............. ~ ~~.~ 160 Journal...................46 Statements.................1641 Ledger.x.......48 Exercises fbr the Learner (Fifth Seris)..... 165 General Statement..................... 50 Exercises for the Learner (Second 5cries)....... 52 Auxiliary Books............................. Farm Ac..counts. Questions for Review........................ 56 Remarks................................... 170 Cash Memorandum.......................... 171 SET'8 IlI, —Continuatio n of Set II,; SET I-Continuation of Set History of Transactions................. 172 Explanation of Six-Column Journal........... 175 Day Book................................ 58 Journal, Practical Form...................... 176 Journal.................................... 62 Trial Balance and Inventory................. 181 Trial Balance and Inventory.................. 67 Statement.................................. 182 Statement.................................. 68 Practical Hints for Farmers.................. 182 Closing H. B. Bryant's Business..6.......... 69 Questions for Review........................ 184 Commission Business Exemplified.............. 70 Exercises for the Learner (Third Series)......... 74 Questions for Review........................ 76 Agencies-Administrator's Books. Agencies.................................. 186 SET IV,-~Partnership Business, Administrator's Books....................... 187 Day Book............................ 188 Remarks................................... 78 Journal................................ 191 Journal Day Book........................... 80 Ledger.................................. 196 Ledger................................... 91 Cash Statement...... -....... i.... 199 Trial Balance and Inventory................ 99 Exercises for the Learner..................... 200 3 CONTENTS. PAGE. Commission. Domestic Tickler................. 318 PAGE. Foreign Tickl er......................... 322 Explanations........... 202 Passed Collections........ 326 Narrative of Transactions.............. 204 Individual Liabilities........... 328 Memoranda for the Student...207 Cash Book..................... 329 Journal................. dC210 Stock Ledger............................ 329 JournaliBo............................ 210 SalReeiving Book.............. 211 Transfer Book............................. 329 Sales Book......................... 220 Offering Book............ 330 Sales Book..~214 ~Offering Book..................... 330 Cash Book............................. 220 Statement Book........ 330 Ledger.. 224 ertificate of Stock............. 331 Accunts Sales.............................. 229 Certificate of Deposit................331 Certified Check........................... 331 Bank Draf........... 332 Forwarding. Negotiable Note............................ 332 Accepted Draft.......................... 332 Explanations............................... 232 Collateral Note...................... 333 Delivery to Vessels.......................... 234 Notice to Drawer or Endorser................. 333 Warehouse Delivery..... 235 Notice of Protest.................. 334 Delivery to Railroads.................... 236 Narrative........................ 237 Receiving Book........................... 238 Brokerage and Exchange. Cash Book............. 240 Ledger................................... 242 Currency.................................. 336 Stocks............................... 3 7 Stock Brokerage............................ 338 Ban king.l Niarrative.................... 341 Blotter.................................... 343 The Sphere of Banks................... 246 Cash Book...................... 344 Organization........... 249 General Ledger................... 346 Operation............................... 249 Stock Ledger.......... 348 The Daily Routine.......................... 251 United States Five-Twenty Coupon Bond....... 350 Principal Books..................... 252 Uniited States Registered Bond............... 351 Auxiliary Books.......................... 253 Rail Road Shares........................... 351 Directions for Writing up.......... 255 Rail Road Bond............................ 352 Narrative —January....................... 258 Foreion Exchange.......................... 353 February....................... 259 Mearch....................... 260 April..................... 261 Commercial Calculations. May............................ 263 June.......................... 265 Addition............................. 356 July.............. 268 Interest.................................... 356 August.......................... 270 Discount........................... 358 September..... 271 Equation of Payments............... 358 October.........2................ 273 Averaging Accounts Current....... 359 November....................... 274 Account Current and Interest................. 362 December.. 275 Partnership Settlements... 364 Explanatory Notes................. 27 Debit Journal......................... 283 Credit Journal.............................. 289 Miscellaneous. General Ledger.............................. 295 Trial Balance............ 302 Ilints as to Dividends........................ 370 Deposit Ledger............................ 303 Vocabulary of Mlercantile Terms............... 371 Discount Register........................... 310 Abbreviations and Characters.................. 374 Collection Register.......................... 314 Time Table.................................. 375 4 PR EF ACE. IN 1859, the authors of the present treatise perfected arrangements for the publication of a series of works on Bookkeeping which should comprise three books, and constitute a progressive treatment of the subject; commencing with the most simple formulas and illustrations, adapted to the comprehension of beginners, and proceeding, in the natural order of development, to the more complex and intricate questions which arise in the exigencies of business, requiring in their adjustment, maturity of thought, and a thorough knowledge of the principles governing business record. in pursuance of this plan they issued in the summer of 1860, the intermediate book of the series, known as the " High School" edition, which embraced, with other matter, the first 185 pages of the present treatise; and in the year following, the primary, or "Common School" edition, comprising 192 pages 12mo, and adapted to class and private instruction, for the lower grades of schools and beginners. At the same time, the final book of the series, the " Counting House" edition, was announced as forthcoming "in a few months." Two years have elapsed since this announcement, the greater portion of which time has been faithfully spent in carrying out the original purpose which culminates in the work before the reader. This unexpected delay has been the source of much regret and annoyance to us, as well as of solicitude to our fiiends,-if we are permitted to judge from the frequent inquiries which have encountered us on every hand-but it has been unavoidable; and here we rest our defense. It is one thing to evolve a general theory of debits and credits, which, having a mathematical basis, and clearly defined limits, may, with carefully selected, and ingeniously arranged material, be fashioned into symmetrical proportions, which will both please the eve, and captivate the understanding, and quite another to take up the actual occurrences of a multifarious and extensive business, and, without discarding any details which may seem to destroy the symmetry of a preconceived theory, so fashion the whole as not only to dispose of each item composing the daily routine in such a manner as to make apparent its ultimate bearing upon the grano result, but to keep these recurring facts so well in hand, as that each shall be made to work out its own separate mission, without encroachment or self-stultification. The first two books of this series were intended mainly to teach the theory of Accounts; and while great care was taken that the transactions should be such as usually occur in the departments of business represented, they were selected more with a view to establish the student in the grand fundamental principles of the science, than to exhibit the peculiar forms of entry variously employed in business. That this was the proper course we are fully confident, not only from our own expelience in this special department of instruction, but from the oftrepeated assurances of competent teachers and educationists in all parts of the country. In the "Common School" edition we aimed to give the plainest instruction, accompanied by the most simple illustrations, avoiding as far as possible any fine-spun theories, or elaborate discussions upon points not likely to be understood and appreciated by the class of minds to which the work was addressed. In the higher edition we deemed it our privilege to enter upon the general discussion with more freedom of expression, and less regard to the undefined prejudices against metaphysical reasoning which marks the indolent, no less than the timid mind. The general theories there assumed, and more or less elaborately enforced, were, in some essential particulars, original and novel, and were put forth with a good degree of timidity, not on account of any fears as to their truthfulness or consistency, but as to the prudence of venturing upon the untried sea of authorship against a tide of opposing precedents, which although they may have been disturbed by collision with the innovations of recent authors were surely not destroyed. But if the natural distrustfulness with which these general propositions were made public was then admissable, the thorough test which a three years' use of the book in the hands of teachers, who are in the habit of thinking for themselves, has afforded, would render any farther hesitancy or special pleading, not only uncalled for but puerile. This satisfactory ordeal has afforded us no occasion for changing any of our positions, or even of qualifying the deductions which seemed naturally to grow out of them. And so we have embodied them in the present treatise as affording the best possible preparation for a clear understanding of the more practical features presented in the last half of the work, and which constitute its chief characteristics. PREFACE. These sets have been carefully prepared with a view, not only to illustrate the features of the various depart. ments of business, but to afford the most extensive application of the science of Accounts. In preparing this portion of the work, we have drawn without stint upon the experience of business men; having to this end visited many of the first establishments of the country, and had access to all such books;and documents as could in any manner aid us in presenting the true aspects of business. And we take this occasion to return our sincere thanks to those gentlemen —whom we would be proud to name-who have so generously afforded us these invaluable facilities; and whose kind suggestions have served as a perpetual inspiration in the prosecution of our labor. Our aim has been to make the book, in the truest sense, practical; and while we esteem, at their full value, the necessary abstractions which enter into the discussion of general principles, and which have not been spared in the theoretical part, experience has taught us that with the majority of learners the shortest and most effectual method of inculcating theory is to make a proper application of its principles to practical results. Especially is this true of Bookkeeping, a science so thoroughly susceptible of illustration; and the beauties of which are in.no way so clearly shown as in the practical forms of business through which its theories are enforced. In selecting from the numerous callings of business life those best adapted to our purpose, we have endeavored to secure as great a variety of record as possible, while we have had direct reference to the probable fuiture wants of the student. Without desiring to make the book cumbersome, or to place it beyond the reach of the many on account of price, we have nevertheless endeavored to treat each separate subject with fullness and fidelity; choosing rather to -limit variety than to accept the alternative of superficiality. This purpose, we feel assured, will be appreciated by that large and worthy class of young men who are willing to undergo the necessary ordeal of study to prepare themselves for first-class positions; and we are free to say that an earnest desire to meet the wants of such has had much to do in giving direction to our efforts. In preparing the practical sets we have been actuated by two leading impulses, viz., to exhibit the most approved forms of business record, as they exist in actual practice, and to combine the best features in each department, with such improvements as our own experience and observation dictate. We have endeavored to present the transactions in their natural order, that the student's practice may, as far as possible, assimilate to the actual business routine, and enable him to appreciate the practical bearing of each entry. If some of the sets seem to be tedious in their length and repetition, the advantage afforded by such discipline will more than outbalance the labor; which can be, at best, but a slight indication of the more responsible duties of the Counting Room. It is true that no book hitherto published on this subject has required of the student such an extent of mental labor; and we feel assured that this fact, instead of interdicting its favorable reception with an intelligent public will rather add to its claims. The great foe to true progress in all ages has been mental slothfulness; and so prone are we all to this condition-so willing to let others do our thinking-that we are constantly in need of some impelling force which shall develop the dormant faculties, and enable us to realize the true ides, of EDUCATION. We have little faith in the " learning-made-easy'' method of treating a science so eminently worthy of the best mental efforts, and requiring in its application such thorough comprehension as well as such nice distinctions. To understand it at all, the student must think for himnself; and in order that he may not forget this part of his duty, we have endeavored to prescribe at proper intervals his appropriate mental tasks. If he will follow them out carefully and faithfully to the end, producing through the regularly prescribed processes the specified results, he will never have occasion to regret the time and labor thus spent, and can make no mistake in reckoning his knowledge of Bookkeeping as among the most valuable of his acquisitions. BRYANT, STRATTON, & PACKARD. NEW YORK, July 1, 1863. 6 A SHORT ADDRESS, RESPECTFULLY DEDICATED TO THE YOUNG MEN OF THE COUNTRY. EVERY human life has its purpose, as every thing in nature its uses; and, however much the desire may grow to evade the responsibilities which rest on each individual soul, or to absorb them in the general application to the race, or to whatever extent we may throw ourselves upon the soothing thought"There is a Divinity that shapes our ends, Rough-hew them how we will;"still ever within the heart there lives a consciousness that, in the duties of life, every one must answer for himself, and not another. This very consciousness is the key-note of existence, lending to life its charms, and to society its surest safeguard. We desire to accept it as the basis of a few suggestions, which we think not out of place in this connection. Let us come, then, directly to the point: What is your purpose in life, and how do you hope to accomplish it? Do you desire riches? You have but to stretch forth your hand and take them. Honor? It is yours for the asking. Fame? Many less noble and talented have won it, and so may you. Friends? They will come of their own accord, if you get but the others. There is, indeed, a wonderful potency in the human will, and an efficiency in human hands scarce dreamed of by the brightest visionary. But let us separately consider these desires, and the avenues which lead to their consummation. 1. RICHES. It is folly to contend against this desire, even on moral grounds; as he who would be able to make the clearest case, would still fail in convincing himnself that a "reasonable" share of this world's goods would necessarily disqualify him for the highest state of human enjoyment. Even the Prophet, speaking through inspiration, as positively denounces poverty as its opposite; and the world has yet to see a philosopher, of whatever school, who would not make himself an exception to any rule which would constitute the getting of riches a moral wrong. The possession of wealth is, in itself, neither good nor bad. It is only the use of money which circumscribes its moral tendencies. Even the Bible-that highest text-book of morality-does not denounce riches per se. It is not money, but the love of it which is called " the root of all evil." To desire riches, then, is no evil. On the other hand, we consider it to be not only legitimate, morally speaking, but highly commendable. The possession of wealth not only adds to one's importance in the community, but places within his power almost limitless opportunities to do good. There is not an enterprise, having for its object the bettering of human condition, that does not depend, in the greatest measure, for its usefulness, upon money. Through its potency, states are inhabited, churches erected, knowledge diffused, the avenues of commerce kept open, industry rewarded, genius fostered, and the refining influences of civilization strengthened and perpetuated. The acquisition of wealth, then, for the good it may do, is a worthy purpose of life. How shall it be accomplished? If one may judge by the flaming advertisements which disgrace the columns of our daily papers, there is no method which ingenuity can devise, or rascality concoct, that is not resorted to for this end; and the world will probably never be so good or so wise, this side of the millennium, that such will not be the case. To become suddenly rich, is the passion of the age; and if one out of every ten thousand, who run the gauntlet of this mad ambition, succeeds, the nine thousand nine hundred and ninety-nine disastrous failures are lost sight of in the dazzling effulgence of that one success. Like policy-dealers, who A SHORT ADDRESS. rflind the eyes of willing victims to the almost inevitable result of their folly, by dwelling alone upon the mag. nificence of coveted but inaccessible prizes, so the deluded and deluding followers of mammon cheat their own better judgment in the wild pursuit of impossible fortunes, expecting, despite experience to the contrary, by some grand coup d'etat to surprise the strongholds of wealth, and take her captive. It is not thus that sensible people seek to grow rich, nor thus that we would prescribe the means. Our suggestions on this head, though possessing not the freshness of novelty, nor the charm of mystery, shall be to the point. The three prerequisites to this enviable and attainable condition are: honesty, industry, and frugality; three homely virtues, whose names are as " familiar in our mouths as-household words," and which are as necessary to our personal comfort and self-respect as is the condition they would bring about. We are, in truth, the architects of our own fortune; and this is the sweetest consideration of all. That which has become ours by patient, honest, unremitting endeavor, will be appreciated, and we shall the better know how to dispose of it. Again, true riches cannot be wholly measured by any known financial standard. Wealth is a purely comparative condition, and its extent has less to do with the number and significance of the figures composing its total than the relation which those figures bear to the real necessities of life. He who has enough for his own immediate wants-who owes no man any thing, and is not fostering in his own heart a brood of extravagant desires, is "comfortably rich." He who has more than this, is, to that extent, wealthy. To such a position, it is not only the privilege but the duty of every young man to aspire; for not only will the coveted prize repay all his exertions, but every well-meant endeavor will bring its own immediate reward in developing the internal resources, in raising the standard of self-respect, in enlarging the capacities of enjoyment, and in begetting the self-consciousness of having performed one's part and lot in the world. 2. HoNoR. To be esteemed of men, is also a commendable desire; and, next to riches, is it the ruling passion of life. It is, in fact, to this end that most men desire riches. That position in life, however, which is the mere contingency of wealth, will not repay the effort necessary to acquire it. To be truly esteemed of men, is to be the possessor of qualities which money cannot buy. To be worthy of that esteem, is the highest social position attainable in this life. How shall it be reached? Everybody has heard that "honesty is the best policy;" and the truth of the maxim is substantiated in every phase of human history: but if no higher moral ground than this were possible, we should despair of ever witnessing a correct standard of honor. Honesty which springs from motives of policy, deserves not the name. It is akin to that bastard friendship begotten of selfishness, and is not entitled to a place on the list of virtues. To be truly honorable, all actions must spring from pure motives, and pure motives can rest only on correct principles. So we come down to the position that correct principles alone can produce that "noblest work of God "-an honest man. But how is one to judge of correct principles? We might answer as most moral instructors would: Go to the Bible. The answer would not be amiss; and yet, there is planted within every human breast a little monitor, the pure instincts of which are as unerring as truth itself. An appeal to conscience will invariably settle the little pel plexing questions which sometimes become so inwrought in the very constitution of moral actions as to threaten the utter destruction of all safeguards. It is through neglect of this appeal that so many hundreds of names are yearly added to that dishonored catalogue of "ruined young men." The first step in a wrong direction is always the most difficult. One such step, unrepented of, is a sure precursor to a course of infamy. No young man, at the beginning of his career, coolly premeditates a life of dishonor; but, having once launched upon the tide, he is like the impotent boatman who permits his craft to drift into the rapids of Niagara. Occasionally one such, in his swift descent toward the awful chasm, may strike upon a friendly rock, as did poor Avery; but, as in his case, the relief will be but temporary, and the wild hopes of rescue will only add pangs to the certainty of destruction. Honesty is the best policy; and better than that, it is as the right hand of God, a " present help in every time of need." S; FAMnE. This is an empty bubble, at best, though men have willingly yielded tp their lives to secure the heritage for their children. It has been truly said that " some men are born great, others achieve greatness, while others have it thrust upon them." As, in this country, the first of these conditions is impossible, and the last inaccessible by any human effort, there remains but the process of achievement for those who desire to be famous. It will be apparent to the most careless observer, that the very existence of fame is dependent upon its opposite, as the existence of a mountain would be impossible without its contiguous plain or valley. As the height of a mountain is estimated by the distance of its summit from "the level of the sea," so is the extent of a man's fame measured by his relative distance above the level of society. He who would couirt 8 A SHORT ADDRESS. Fame, then, must not be content to do as well as others. Negative virtues count as nought in such a contest and no one who has not the positive qualities of energy and perseverance can hope for success in this endeavor. 4. FRIEazDs. Sentimentalists talk of friendship as self-created connoisseurs in art point out the beauties of an Italian landscape, or a boarding-school miss would apostrophize to " a love of a bonnet." So widely prevalent is the disgust which these sickly views of the noblest of human sentiments have produced, that we are fast becoming infidels on this point; and no opinion is more common or more freely expressed than that " friendship is but a name." We are not willing to accept this conclusion, for many reasons. First, history proves its fallacy; and next, to yield this point, would be to strike from the world every living virtue; for if pure, unselfish friendship does not exist, then truth has no abiding-place, and love, the sum of all the virtues, would be without foundation. It is the privilege of every young man to contribute to a healthier sentiment in this regard, first by deserving friends, and next by enjoying them. By friends we mean not those summer birds who twitter about the opening petals of our joy, and sing in the branches of our prosperity, while the warm sun gives life, and the soft breezes stir the tender foliage. Flatterers are not friends, how musical soever may be the sweet cadences of their adulation. Those, and those only, are our friends in the mirror of whose hearts the angles of incidence and reflection are rendered equal from a surface unruffled by pride or any selfish quality-who can tell us of our faults as they would point out a malady which threatened to undermine our health-not for the gratification it may give them, or the mortification us, but that efficient means may be taken for its eradication. As a father affords the strongest proof of love for his child by inflicting pain that good may follow, so the surest test of friendship is a fealty to our good which will not shrink from any duty towards us, however unpleasant, or liable to be misconstrued. Again, society is not so depraved as we are apt to think, and men will learn to put a true estimate on character, entirely independent of extraneous considerations. Beauty and symmetry have charms, even to those who are themselves most uncomely; and if one desires the acquisition of such friends as will not desert when most their friendship is needed, the surest method of obtaining them is not to seek by flattery and fawning, or at the expense of one particle of self-respect, but to deserve by a life and character which must force them into the ranks. One friend thus secured is worth a thousand flatterers who live in the sunshine and die in the storm. We have thus briefly reviewed some of the important desires which actuate young men in adopting rules of conduct which are to regulate their lives. Let us, a little more explicitly, consider the points which bear upon THE CHOICE OF VOCATION. Very few young men before fairly starting in life have any decided predeliction for a special calling. It is true that the organ of hope, which so preponderates in the earlier stages of life, draws extravagant pictures of what we shall be " when we are men;" but even this ambition changes with the shifting panorama which produced it; and we run in imagination, through the entire category of professions and positions, impelled alone by the distant halo, which in our youthful wonder, surrounds the objects of our envious regaird. It is, perhaps, as well that this is so; for no decision abstractly made, and without experience to give it force, would bind our riper judgment, if not in accordance with it. Besides, it is absolutely impossible thus to dispose of our future selves. For instance, it is one of the peculiar and fascinating doctrines of our republic, that the highest positions of honor and emolument are open to its children. It is common when referring to the humblest scion of the humblest stock-" the unwashed democracy" —to remark, " Here may be a future president," or, " Disguised in that torn and faded apparel is an embryo governor;" and history is not wanting in examples to prove that, in this country at least, the end of human success can never be estimated from its beginning. The accident of birth has no weight in deciding destiny. Suppose, then, reasoning from this basis, every ambitious young man should say: " There is nothing in my birth, position, or constitution which can stand in the way of my elevation to the presidential chair; it is worthy of my best efforts, and I will not rest until that purpose is accomplished." The very supposition proclaims its own folly. It is true that all aspirations of this kind may be legitimate; but, considering how few presidents are chosen in each generation, the chances for such preferment are even less than that of obtaining the chief prize in a lottery scheme by the purchase of a single ticket. A great man-one who was himself nearer to the realization of this fond dream than any other who failed-has left on record a sentiment which does him more honor than would the office he coveted. It is appropriate here: " I would rather be right than president." If this be the ruling ambition in life, the accident of place —for it is, at best, but an accident —will be valued only as it can be made best to subserve the higher purposes of existence. "I was once called upon," said a popular divine, "by a conscientious member of my church who confided to me the secret wish of his heart to become a preacher of the Goss 9 A SHORT kADDRESS. pel. He was a banker, able, consistent, and prosperous, and he desired my advice as to the propriety of forsaking his chosen vocation, that he might the more effectually win souls to Christ.'Preach the Gospel, I said to him,' by all means! Preach it daily and hourly; but do not forsake your business. Your counter is your best pulpit, and the sermons which speak through the common transactions of life have efficacy such as seldom follows the exhortations of those who make a profession of Theology, and are paid to preach the Gospel."' There is common sense as well as sound theology in such advice; and so we would say to every ambitious young man: Be not so careful concerning the particular line of your duties, as you are to make your position the means of scattering blessings around you. Again, young men are apt to be impatient of preferment, and to place a higher estimate on the intrinsic value of their services than the state of the market will warrant. " I have one objection," said a shrewd business man to us, "to employing graduates of Commercial Colleges. They are apt to think when their preliminary studies are finished, that they know all that is worth learning, and to value their services accordingly." This remark does not apply alone to the graduates of colleges, however truthful it may be in this application. It indicates a constitutional weakness which, like the measles and whooping-cough is quite sure to visit us all at some stage of life. If the disease can be forced outward, or, as physicians say, " driven to the surface," it may be of short duration and leave the system in better condition than before the attack; but if it " strikes in," much skill and courage is required to take the patient safely through. Of one thing aspirants for position and preferment may rest assured, that the business world will put an estimate on every man entirely independent of his own self-valuation, and in strict accordance with his merits. The universal law of "supply and demand" is as inexorable in prescribing social position as in regulating the markets; and the surest way to attain to a certain desirable point is to cultivate those qualities which are essential to its duties. That detestable cowardice which whines at the' fickleness of fortune," and lays such serious charges at the door of an "unappreciating public," should be purged from every heart. Whoever would win for himself a place must expect to contest the ground, inch by inch, using each obstacle overcome as a stepping-stone to his own advancement. Above all, let us earnestly beseech you, do not wait for something in the future which, to your unpractised eye, promises greater reward than that which is at present attainable. If, by a well-directed effort, you can secure the starting-point which you most desire, as congenial to your tastes, and, in your judgment possessing the germ of success, strike out boldly and fearlessly. Should you fail in this, do not despair, but turn your attention to the next most desirable object. There is nothing so hopeful of future success as present employ-?ment. Never be idle. There is always something for willing hands to do; and no class of persons have less favor with right-thinking men than those who are " out of employment." Do not set your heart upon city life. It is a mistaken idea which seems to have taken possession of certain young men reared in the country, that the surest road to wealth and distinction leads through tlhe metropolis. It is true that the majority of those who are eminent for wealth or talent in the large cities are country born; but they compose a meagre share of that almost ceaseless tide of influx which is daily swelling the ranks of the restless horde of adventurers clamorous for something to do-any thing to obtain a foothold in the city. It is true that young men are wanted in every avenue of city life, and that without them the very channels of commerce would become stagnant; but there is already an over supply of those "to the manner born," while beyond the limits of city life there are fields of adventure, and enterprises of industry, actually suffering for strong hands and stout hearts. Besides, there are no qualifications which would secure eminence in city life, that may not be madce equally productive, if not more so, in less populous districts. In all large commercial centers, every department of industry is filled with competitors, a few only of whom can, in the nature of the case, stand at the head of their business. In the country, competition is less severe, and appreciation assumes a more genial type. In large cities, the eternal strife necessary not only to obtain position and wealth, but to retain them, tends to selfishness and moroseness, shuts out the nobler heartqualities, fossilizes the affections, and makes men recreant to their own better natures. We do not say that this is so, necessarily; but the commonest observation will substantiate its essential truth. In conclusion, we would say to the young men, and particularly to such as are about entering upon busy life: Be in earnest. Whatever is worthy of your attention at all, is entitled to your best energies of thought and action. Do not despise the day of small things. If you would be sure of success in any department of life, earn it. Do not place a false estimate upon yourself, but accept the estimate of others as the safest standard upon which to act. Never despair of obtaining what you desire, and have a right to possess. Seek to rise upon your own merits, rather than through the favor of friends. Do not defer action, in hopes of some better starting-point in the future. In whatever you do, act from principle, appealing to your own conscience, and the revealed Word for decision in every doubtful case. If, by adhering to all these requirements you should at length fail of riches, honor. fame and friends you may still have the consciousness of a life well spent, and an eternal reward. 1 ) INTRODUCTION. BOOK-KEEPING is the faithful and systematic record of business transactions.' All business transactions consist in an exchange of values; and hence, 3 Book-keeping is the science by which these exchanges are recorded and their results shown. 4There are two methods of Book-keeping in generalsuse, distinguished as Single and Double Entry. Both of these methods may be made to show the same general results, but 5the latter is conceded to be greatly superior, both from its better facilities for developing results, and its more excellent tests for determining the correctness of the work.'The characteristic feature of Double Entry may be inferred from its distinctive title. 7 Each transaction must be entered to two or more Ledger accounts, as two or more persons or things are affected thereby.'The three main books used in Double Entry are the Day Book, Journal and Ledger.'The Day Book and Journal are sometimes combined in one. ~'The number and character of the auxiliary books depend somewhat on the nature and extent of the business, but more on the amount and kind of information desired. Of these we shall speak more fully hereafter. "THE DAY BooK Is the book of original entry, and contains a consecutive history of the transactions in the date and order of their occurrence. "2It should be plain, concise, and unequivocal in its statements; neither confusing the mind by redundancy of language, nor leaving room for improper inferences from lack of sufficient explanation. " As the records in this book are supposed to be made when the transactions and all the circumstances connected therewith are fresh in the mind, it is the only book allowed in court, in cases of litigation. 14 Its importance, from this fact, and also bn account of its being the basis of all the results shown by the other books, cannot be overrated.* * There is, perhaps, no one thing leading more directly to unpleasant and mischievous results than the lack of clearness in the original record of transactions. So palpable is this fact to the minds of many experienced business men, that they insist upon putting in black and white every thing which may affect the interests of any party, however remote; writing out all contracts in full, and even preserving the figares upon which all agreements are based. We cannot too strongly commend this practice, either in connection with the Day Book, or in a book kept for the purpose. Much of the difficulty growing out of misunderstandings would be readily avoided by reference to all the circumstances affecting agreements; and particularly if these circumstances are written down at the time of such agreements.. 11 INTROD UCTION. 5 THE JOURNAL Is distinct from the Day Book, insomuch as its special use is to decide upon the proper debits and credits involved in each transaction, preparatory to their entry upon the Ledger. 16 It is sometimes combined with the Day Book, and sometimes omitted entirely, 17 its labor being performed mentally. Its essential character and convenience, however, are not to be questioned, 18 and the improvements which have been instituted in its form have rendered it not only important as an interpreter, but valuable for labor-saving purposes.'9 THE LEDGER Is the merchant's encyclopedia. All other books of the series are subservient and tributary to this. 20 Here are shown the results of all the transactions, arranged under distinct and appropriate heads, called accounts. 21 Each account has two sides, a Dr. and a Cr., each governed by well-defined conditions, and showing certain important facts bearing upon the general result. FORM OF THE PRINCIPAL BOOKS. We give below the usual forms of the three principal books, showing their characteristic records of the same transaction: I. —Day Book. NEW YORK, JANUARY 1, 1859. I Bought of James Monroe, on account, 500 Bbls. Flour @ $10 5000 / Sold Andrew Jackson, for cash, 100 Bbls. Flour @ $10.50.....1050.~ Statement of transaction. 2.-Journal. NEW YORK, JANUARY 1, 1859. Dr. Cr. 1 Merchandise Dr........ 5000. 2 To James Monroe......5000 2 Cash Dr........... 1050 1 To Merchandise................. 1050 $ Ledger Titles. q 12 INTRODUCTION. 3. —Ledger. Datte Dr. MERCHANDISE. Cr. I:$59 1859 Jan. 1 To James Monroe 1 5000 Jarn. 2 By Cash 1 1050 0 0 g Opposite Ledger Title g q Opposite Ledger Title q JAMES MONROE. 2 1859 Jan. 1 By Mdse. 1 5000 CASH. 3 1859 Jan. 2 To Mdse. 1 1050 MERCANTILE TERMS. LEDGER ACCOUNTS. "'Every person, species of property or cause, which enters into the transaction, producing a debit or credit, is designated by a name, which appears upon the Ledger, and is known as an Account. Each account has two sides, one of which (23the left-hand side) is called Debtor, and the other, (24the right-hand side,) Creditor. DEBITS AND CREDITS. S2These terms are contradistinctive, and are used to denote the relation in which persons, property and causes stand to the business. "6In every transaction the sum of these must be equal. Various authors and teachers have spent much effort, and exhausted both time and ingenuity to bring these terms to the test of some general and "infallible" rule; while others have gone so far in the opposite direction as to insist that the items of which they are composed "would form a list of incongruous facts, having no object in common." Their true significance and use can be ascertained in no way so well as by noting particularly their application to the various objects and causes which enter into each transaction. 27Each Ledger account, by the use of these terms, is made to show an important result of itself. 13 INTROD UCTION. RESOURCES AND LIABILITIES. 28Any kind of value belonging to the concern is a Resource, and "9any debt owing by the concern is a Liability. ao CASH Is the title to designate money. 31The Cash account in the Ledger. is debited with all receipts of cash, and "a credited with all disbursements. 33The difference between the two sides must, at any time, exhibit a resource of the exact amount of cash on hand. 84It will be evident that the credit side of Cash account cannot exceed the debit, as more cash cannot be paid out than has been received. BILLS RECEIVABLE. 85By this title is meant all written obligations of whatever form,* in our possession, for which a certain specified amount is to be received. 36The Bills Receivable account is debited with notes received, and 37credited with those disposed of, or in any manner canceled. 88The excess, if any, must be on the debit side, and will indicate that portion of our resources consisting in notes. BILLS PAYABLE. s9 By this term is meant the written obligations of the concern, for which a specified amount is to be paid. Under this head are placed, on the credit side, 40 our notes and acceptances issued, and on the debit side, 4'such of them as have been redeemed. 42The difference, if there be any, must exhibit our outstanding notes, or our liability on unredeemed paper. MERCHANDISE. 43This term may be more or less general in its application, according as it embraces a larger or smaller variety of property. It usually implies all property purchased or owned by. the concern for purposes of traffic, and remaining in store. It generally embraces all such * There are, in common use, two forms of written obligations known as "negotiable paper." One is called a note, and the other a dra.ft, or acceptance. They are precisely.similar in their legal effect and value, differing only in form, from the different circumstances of their origin. A Note originates with the payer, and is a voluntary promise to pay, thus:NOTE. $1000. 18 COOPER INSTITUTE, NEW YORK, July 1, 1859. Sixty days after date I promise to pay S. S. Packard, or order, one thousand dollars, for value received. H. B. BRYANT. A Draft originates with the person on whose account the payment is to be made, being in the form of a request, thus:DRAFT. $1000. NEW YORK, July 1, 1859. Sixty Days after date pay to H. D. Stratton, or order, one thousand dollars, value received, and charge to the account of IS. S. PACKARD. To H. B. BRYANT, 18 COOPER INSTITUTE, N7ew york. To make the latter equivalent to the former, it is necessary that the person on whom it is drawn, or of whom the request is'made, should respond, which he does by writing across the face "Accepted," and signing his name. This is now as virtually a "promise to pay" as the other, and there is no commercial difference between the two. 14 'INTRODUCTION. property, 44unless the merchant, being curious to know his gains or losses on a particular kind, opens a separate account with that particular kind, under its own special title. 45 This account, or any of its correlative titles, is debited with the cost of the property represented, and 46 credited with its returns. As this kind of property has no standard or stipulated value, like cash and notes, but is usually bought at one price and sold at another, it will be evident that the difference between its sides cannot represent an exact resource; but, rather, 47the debit showing its cost, and the credit its proceeds, the difference must be a gain or a loss. 449 This is the case, provided we reckon with the proceeds from sales the real value of that which remains unsold. REAL ESTATE. "~This relates to such property as houses and lands, and 5lthe account is similar in its objects and teachings to that of Merchandise. BANK STOCK, RAILROAD STOCK, ETC.* " Accounts of this kind are not dissimilar to Merchandise and Real Estate, inasmuch as stocks of all kinds are bought and sold at their market value, rather than the value written on their face. SHIPMENT OR ADVENTURE. "5 When property is sent away to be sold by an agent for us we should distinguish it from our merchandise in store by giving it a significant name, such as " Shipment to Buffalo," or "'Shipment to A," our agent, or "Adventure" to the place sent. All such accounts are debited with their entire cost, and credited with their proceeds, the difference being a gain or loss. Should we desire to show the result of our business, before receiving advice from our agent, it is proper to reckon this property as a resource at its cost. 54 This is but another name for Merchandise, and is used to distinguish between property in store and out of store. PERSONAL ACCOUNTS. "5 Accounts representing personal indebtedness, and designated by the proper names of such persons as sustain relations of debtor and creditor to the concern, are capable of showing either resources or liabilities. "6 They are debited with such sums as, from time to time, the persons may become indebted to the concern, or the concern has paid them, and 57 credited with what they have paid the concern, or the concern may have become indebted to them. 58An excess of debits in a personal account will thus show a resource, and 5 an excess of credits, a liability. STOCK. Beginners are apt to misapprehend the term "Stock," supposing it to relate to some kind of property, or rather to property in general. Such is its common signification, but 60 when used as a Ledger title, it means simply the proprietor of the business, or the stock-holder. 61 There woula be no valid objection to using the proprietor's name instead; " but as no real * For a full description of Stocks, please refer to page 185. 1a INTRODUCTION. good would result from the change, authors, teachers and practical accountants have been content to accept the term which custom has suggested. This account is usually the first opened in the Ledger, and is important to show 63 the net investment. It is generally credited with the whole investment, and debited with such liabilities as the concern assumes to pay for the proprietor. The difference is the net investment, or what the concern owes the proprietor. 64It is not customary to use this account during the business, except for the purpose of recording subsequent investments; but it will appear evident to any studious mind that 65it would be philosophically correct to credit the account with any increase of resources, either from actual investment, or from the gains of the business, just as often as such increase occurs; as also to debit it with amounts drawn out by the proprietor for his private purposes. 66Such a course, however, would be attended with many difficulties, and we would, by no means, recommend its adoption; particularly as the same result is achieved with much less labor by the usual method. From the foregoing remarks we gather the following GENERAL PRINCIPLES. The person or persons investing in the business should be credited, under some title, for all such investments, and also for his or their share of the gains. On the other hand, he or they should be debited for all liabilities assumed by the concern for him or them, for all sums withdrawn by him or them from the business, and for such losses as he or they are entitled to share. II. Cash account should be debited for all cash receipts, and credited for all disbursements. III. Merchandise, and all species of property bought upon speculation, should be debited, under some appropriate head, with the cost of the property represented, and credited with its proceeds. IV. Bills Receivable account should be debited with other people's notes, acceptances and other written obligations when they become ours, and credited when they are paid, or otherwise disposed of. v. Bills Payable account should be credited with our notes, acceptances, or written promises to pay when they are issued, and debited when they are paid or redeemed. VI. Personal accounts, such as the names of persons, banks, or other institutions competent to sue or be sued, should be debited under their proper titles when they become indebted to us, or we get out of their debt, and credited when we become indebted to them, or they get out of our debt. 16 i NTRODU CTION. VII. All expenses, of whatever namne, should be debited with the outlay, and all causes, of whatever k.lind, producing us vantte, should be credited, under some name, for the amount thus produced. The foregoing principles are;ill embraced in the followiig simple DEBIT WHAT COTS THIE CONCIIERN VALUE, AND CiREDIT WHAT PRODUCES THE CONCERN VALUE. QUEST IOS i -OR REV IEi. Appropriate answers to all the iillowing questions may be found in the foregoing remarks. The student should be able to give them without hesitation before proceeding to the main portion of the work. The teacher will, of course, exercise his own judgment as to the thoroughness of this review, and not confine himself necessarily to these questions. 1. What is book-keeping? 2. In what do business transactions consist? 3. What has book-keeping to do with the exchange of values? 4. How many methods of book-keeping are there, and how are they distinguished? 5. Which is the better method, and for what reason? 6. What is the characteristic feature of Double Entry? 7. Why must each transaction be entered twice on the Ledger? 8. What are the three main books in Double Entry? 9. Which two are sometimes combined in one? 10. Upon what do the number and character of auxiliary books depend? 11. Describe the Day Book. 12. What should be the character of Day Book expressions? 13. Why is the Day Book alone produced in court? 14. What other importance has it? 15. What is the special use of the Journal? 16. Is it ever omitted? 17. When such is the case, how is its labor performed? 18. Why is the Journal an important book? 19. What is the character of the Ledger? 20. What is shown in the Ledger? 21. How many sides has each account, and what are tlhey? 22. What is an account? 23. Which is the debit side of an account? 24. Which the credit? 25.!iow are the terms debit and credit used? 26. What is a sure condition of debits and credits? 27. What importance is attached to Ledger accounts by the use of debits and credits? 28. What is a Resource? 29. What is a Liability? 30. What is meant by the term Cash? 31. For what is Cash account debited? 32. For what credited? 33. What is shown by the difference between the sides? 34. Why cannot the credit side of Cash be the larger? 35. VWhat is meant by Bills Receivable? 36. For what is Bills Receivable account debited? 37. For what credited? 38. What does the difference show? 39. What is meant by Bills Payable? 40. For what is Bills Payable account credited? 41. For what debited? 42. What is shown by the difference? 43. What is usually implied by the term Merchandise? 44. What exceptions are there to this general application? 45. What is Merchandise account debited with? 46. With what credited? 47. What is shown by the difference? 48. Is this always the case? 49. When is it? 50. What is meant by Real Estate? 51. How is the account kept? 52. Wherein are accounts with Bank Stock, Railroad Stock, etc., similar to Merchandise? 53. What is meant by Shipment, or Adventure? 54. Wherein do such accounts differ from Merchandise? 55. What are shown by personal accounts? 56. With what are they debited? 57. With what credited? - 58. What does an excess of debits in a personal account show? 59. An excess of credits? 60. What is meant by the term Stockti 31. Would there be any valid objection to using the proprietor's name instead? 62. Why is not this done? 63. What does Stock account show? 64. Is it customary to use this account during business? 65. Would it be improper to do so? 66. Why is it not done? The student should either commit to memory the seven General Principles laid down, or satisfy the teacher that he fully understands them. It is impossible that he should be able to proceed without the knowledge which they convey. c 17 PLAN OF THE WORK. TnE design of this book, as its title-page imports, is to supply accountants, teachers, and advanced students with appropriate instruction in the principles and application of Book-keeping. The first four Sets-with their intermediate " Exercises for the Learner"-are devoted mainly to the theory of Accounts; and, although each Set is distinct in itself, the same business is continued throughout the whole, with such changes in proprietorship, and such varieties of success and adversity as are necessary to a thorough illustration of the exigencies of business. The practical series commences with Set V., which illustrates an Importing and Jobbing business, the transactions and most of the forms of which were obtained from one of the first establishments of the kind in the city of New York. The changing of Single to Double Entry which follows, comprises a most important feature, and is introduced in the body of the work, that its lessons may be the more thoroughly understood and appreciated. The Farmer's Set introduces a new form of Journal and Ledger, which may be used as well in connection with other departments of business. The Administrator's Set, aside from illustrating the business of an adminstrator or executor, affords a beautiful application of the different theories of recording the transactions of an agent; and will serve well as a brief review of the preceding instructions. The Commission and Forwarding Sets are among the most practical in the book, having been prepared mainly by an experienced Accountant, whose thorough acquaintance with all the phases of the business has enabled him to cover the exigencies in a manner at once conclusive and satisfactory. The Banking Set is, by far, the most elaborate in detail, and the most extended both in theory and application of all the departments shown. It has been prepared with great care, and meets the approval of the first bankers in the country, as affording the best exposition of Banking, as it is conducted inll our inland cities, which has ever been made public. It is scarcely possible that any person should write up the transactions of this Set understandingly, without obtaining a fair knowledge of the business. This Set is appropriately followed by a short series of transactions in Exchange and Stock Brokerage, illustrating the main characteristics of these departments of Finance. The short treatise. on Commercial Calculations, which close the work, contains some valuable practice for the student. 18 SET I. DAY-BOOK, JOURNAL, AND LEDGER: REPRESENTING THE BUSINESS OF A SINGLE PROPRIETOR, BUSINESS PROSPEROUS. I NSTRUCTION S. INSTRUCTIONS FOR SET I. IT should be the first care of every student to mark his own progress, not by the extent of his studies, but by the amount of useful information secured. Particularly should he be careful, in entering upon a new department of study, to thoroughly comprehend each progressive step in the unfolding of its principles, that in their application, he will be enabled to constantly keep in view the result of his labor. There is no science more liable to be gone over by the easy process of copying, than that of Book-keeping, as it is presented in the majority of text books. It is essentially a science of forms-or, more properly, its principles are best shown through forms, which, being submitted, offer serious temptations to the mere copyist. We have endeavored to avoid this evil as far as possible, and have, therefore, left for the student plenty of brain-work, which, if he honestly performs, must advance him in the science. The general instructions given in connection with this set will apply with equal. force to the succeeding work. They should, therefore, be properly heeded. To the majority of learners the following forms, and the order of entry to be observed, will be immediately apparent; but for the benefit of those who may not observe so readily, and to follow out the original plan, of -this work-to divest the study of Accounts of even the appearance of mystery-we give the following brief exposition. In writing up this first set, it will be well to employ loose paper. If it cannot be obtained readily properly ruled, let the student rule it for himself. This exercise will be found highly serviceable. First, copy the Day Book, observing well the form and expression. Do not copy the footings of the money column from the book, but perform the addition without assistance. First add the columns up2wards, and then prove the result by adding downwards. Careful accountants usually write the amount in pencil and carry forward. This is to avoid ink erasures, in case any of the additions should prove, on examination, to be incorrect. The best accountants are generally those who do the least scratching in their books. In journalizing the transactions, the careful student will always keep the Ledger in view,'as the process is simply deciding how the accounts shall stand on the Ledger. Let the decision be made, in every case, in accordance with the'principles laid down. In this set the transactions are the most simple that could be suggested, each requiring but one debit and one credit entry. Let the check-mark (V/) be made opposite the Day Book entry,'immediately upon its being journalized-never before. Transferring to the Ledger is called I" posting." If the transactions are properly journalized, the labor of posting is simply mechanical. It requires great care, however, and constant watchfulness, and nothing is more common with new beginners than errors in posting. 4As these errors must all be found and corrected before he can progress, the student will find discretion to be the better part of valor, and, after confusing his brains and sharpening his wits as a detective for a few days, will come to the conclusion that errors are much more easily avoided than detected. Commence with the first account indicated on the Journal, and write it as a heading in the Ledger.* See if the amount opposite be in the debit or credit Journal column, and enter it * It is customary and proper always to open as the first accounts in the Ledger, 56 Stock, or the Partners. Some houses, desiring to keep the particular interests of the partners, or the conditions of the copartnership from the public, or from the knowledge of any parties except themselves, keep a private Stock Ledger, to which even the book-keeper has no access. In such cases the books are kept as Stock books, with but one account to represent the capital. 20 IN STRUCTIONS,-SET I. on the corresponding side in the Ledger, using as an expression 6 the opposite journal entry. For example, suppose the journal entry to be " Cash Dr. To Merchandise." This expression implies, of course, that Cash is to be debited, and Merchandise credited. Under Cash account in the Ledger, on the debit side we say, "To Merchandise;" and carry the amount to the money column. Also, under Merchandise account on the credit side, we say, " By Cash," and carry the amount into the credit column.'It is not really necessary that any expression should be made in the Ledger, as the fact which we are after is expressed by the figures. However, Sthe expression properly made is suggestive of the transaction, and hence is rarely ever omitted by accountants. In posting from the Journal, be careful to enter in the column at the left of the account, and directly opposite,the page of the Ledger to which the amount is posted, gimmediately after the amount is entered in the Ledger, but never before. There is nothing in business that pays better than system; and it should be rigidly enforced at every step. No legislative body can be properly conducted without an " order of business," much less the intricate machinery of business itself. Let each student feel, therefore, that his success in life will depend, in a great measure, upon his habits of order, and let him be as careful in observing the minute essentials in these exercises, as though his reputation depended upon it. Learners are too apt to think that in these initiatory steps no importance should be attached to neatness and accuracy, as no real financial results depend upon them; and, thus reasoning, adopt slovenly habits, which may follow them through life. It is a pungent truth, that " Whatever is worth doing at all, is worth doing well," and nowhere will the sentiment better apply than in the work before us. It is scarcely to be expected that the beginner should be able to carry out his instructions so fully at the first as to avoid entirely the " errors and omissions" which even more experienced persons have to guard against with watchfulness and care; but if he makes each error a lesson which shall preclude its own repetition, his progress will be real as well as apparent, and the study of what he at first considered an abstract and difficult science will become as a pleasant pastime, and infinitely more profitable. It will be well in all these primary exercises, and until the student is so thoroughly drilled in the principles as to be beyond the recurrence of the little perplexing errors which so much annoy, to employ loose paper ruled for the purpose, and continue to write and re-write all the books, until the proper results are satisfactorily achieved. This kind of practice is what is needed to fasten theory, and fit one for the more arduous toil of actual business. Our earnest advice, then, is to attach importance to the most minute instructions bearing either upon principles or arrangement, and, under no circumstances, to progress more rapidly than the subject is fully understood. * This instruction will, of course, apply only to cases where the post-mark is used also as a check mark. It is customary with some accountants, in order to facilitate the labor of posting, to enter opposite the Journal entries, before posting, the page of the Ledger to which each entry is to be posted; and to indicate the fact of posting by an additional post-mark. In this case, of course, the check mark and not the Ledger page, is subject to the above restriction. 21 DAY BOOK, SET I. NEW YORK, JANUARY 1, 1859. H 1I. B. Bryant invests in business this day Cash amounting to..... 5000 V/ He also owes Peter Cooper on %, which is to be paid from the business. 500 3 i Bought of Wilson G. HIunt, for Cash, 400 yds. English Broadcloths....... $3.. $1200 200 yds. Domestic Cassimeres.... @ $1.. 200 1400 Sold Digby V. Bell, for Cash, 200 yds. Broadcloth....... $4.. 800 Sold H. D. Stratton, on 6ao 10 yds. Broadcloth........... $4..... 40 9_ _ ___c __.- 9 Bought of Francis & Loutrel, on our note at 90 days, 50 reams extra Foolscap.... @ $3.50.. $175 20 do Superfine Letter...... @ 3.00.. 60 235' 10 - Accepted Peter Cooper's draft on us at 10 days' sight, favor of W. H. Beebe 500 ----- A -1 - A - A2 =-a / Sold S. S. Packard, on his note at 60 days, 10 reams Foolscap... $4.00.. $40.00 5 do Letter.. @ 3.50.. 17.50 57j 50 v Bought, on our note at 40 days, 250 yds. Black French Cloths.. @ $4.. 00 V/ Paid Cash for Set of Books for use of store. 20 Sold R. C. Spencer, for Cash, I I 5 reams Foolscap..........| 181 75 Sold E. G. Folsom, on 11 ]/ 20 reams Foolscap....$4.00... $80 10 do Letter.......... @@ 3.50.. 35' 115 22 - - / Received Cash of H. D. Stratton, on %.......... 20 23 ----- - V Paid our acceptance, favor of W. H. Beebe, in Cash.'...f 500i 25 — 1/ Sold J. T. CalkinTfor Cash, 150 yds. Black French Cloths...... $4.50. 675 Bought of J. D. Comstock, on %' d 4 dozen Soft Hats.......@ $24.... 96, 31 - -- Paid Cash as follows: i V For Clerk Hire..... $60 For Rent of Store, one month......... 100 For Gas Bill................ 4 164 1122141 i 22 JOURNAL, —SET I. NEW YORK, JANUARY 1, 1859. Dr. Cr. ] CAsxIIr.................. 5000 1 To STOCK.................15000 "Stoclk"' is the title chosen to represent the person investing; in this case, H. B. Bryant. It is credited with the investment according to Prinlciple 1. Cash is here received by the concern, and is made Dr., according to Principle 2. 1 So r //........... 1 STOc Dr.................. 500 To PETER COOPER...... 1. 500 Stock is debited for the liability assumed by the concern, Prin. 1. Peter Cooper is credited, because the concern has assumed to pay him a certain amount, and is, therefore, indebted to him. Prin. 6. 3 lMERCHANDISE Dr.............. To CAsH................. 1400i I Merchandise cost $1,400, and is debited, PPrin. 3. Cash was paid for merchandise, and is credited, Prin. 2. i.............. 5 v. Ii _I CsCAS Dr.................. 800 To MERCHANDISE..... 800 Cash is debited for its receipts, Prin. 2. Merchandise is credited for its proceeds, Prin. 3. H. D. STRATTON Dr................ 40 ] To MERCHANDISE.............. 40 H. D. Stratton Dr., Prin. 6. Merchandise Cr., Prin. 3. 9 M IERCIIANDISE Dr............... 235 3 2 To BILLS PAYABLE............ 235 Merchandise Dr., Pr-in. 3. Bills Payable Cr., Prin. 5. 10 1 PETER COOPER Dr................ 500 2 To BILLS PAYABLE.............00 500 Peter Cooper is here made Dr. because we have canceled our indebtedness to him by promising to pay the amount to another person whom he has authorized to receive it, Prim. 6. Bills Payable is credited for our new liability thus assumed, Prin. 5. (For the form of the draft see note on page 15.) The only change wrought in our affairs by this transaction is the transfer of a liability from a personal account to a note. We must now meet this obligation at its maturity, or be disgraced by having our paper protested. I 12, BILLS RECEIVABLE Dr... 57 50 I To MERCHANDISE....... 57 50 Bills Receivable Dr., Prin. 4. Merchandise Cr., Prin. 3. 1 8532 50 8t532 50 23 2- JOURNAL, —SET I. NEW YORK, JANUARY 14, 1859. Dr. Cr. Amounts brought forward,.. 853 1 501 8532 50 I MERCHANDISE Dr....... 10001 i To BILLS PAYABLE... 1001 Merchandise Dr., Prin. 3. Bills Payable Cr., Prin. 5. 1 15 2 EXPENSES Dr................ 20 To CASH............0 Expenses Dr.,'Prin. 7. Cash Cr., Prin. 2. - _ _ - -- 16 1 CASH Dr................. 18 75 I To MERCHANDISE...... ~.... 18 75 Cash Dr., Prin. 2. Merchandise Cr., Prin. 3. 18 l 2 E. G. FOLSOM Dr............... 115 1 To MERCHANDISE........... 115 E. G. Folsom Dr., Prin. 6. Merchandise Cr., Prin. 3. 22 I CASH Dr................. 20 CASH Dr.....................~20 20 1 To H. D. STRATTON............. Cash Dr., Prin. 2. H. D. Stratton Cr., Prin. 6. 23 1 2 BILLS PAYABLE Dr...........500 1 To CASH. 500 Bills Payable Dr. Prin. 5. Cash Cr., P'rin. 2. 25 A (CSH Dr.... 675 1 TO MERCHANDISE.............. 675 Cash Dr., Prin. 2. Merchandise Cr., Prin. 3. 28 1 MERCHANDISE Dr.......... 96 2 To J. D. COMSTOCK............. 96 Merchandise Dr., Prin. 3. J. D. Comstock Cr., Prin. 6. 31 2 EXPENSE Dr. 164 1 To CASH........ 164 Expense Dr., Prin.'. Cash Cr., Prin. 2. 11141 25 111141 25 24 LEDGER, —SET I.. (Liabilities assumed fo the Proprietor (Ll. it eand A umonts drawn out. ] Stok (Capita invested by te Prorietor.) r. 1859 1859 i Jan. 1 To Peter Cooper 11 500 Jame 1 By Cash 1 5000 Drawn Ouw 500 {et Invwtneu $4500 Wr.t (Honey received.) Cash. (Noney disposed of.) Qt. 1859 1859 Jan. 1 To Stock 1- 1 5000 Jan. 3 By Mdse. 1 1400 " 5 Mdse. 1 800 " 15 Expense. 2 20 " 16 " 2 18 75 " 23 Bills Payable 2 500 " 22 H. D. Stratton 2 20 " 1 Expense 2 164 i 25 Mdse. 2 675 0s8 Rl~eclred 6513 75 Di-burscd 0084. C, on orand $a- 42' 75 Wir. (Our % against hn.) Peter Cooper. (His % against us.) (t. 1859 1859 8an 10 To Bills Payable 1 500 Jan. 1 By Stock 1 600 Caol celed Canceled ar. ORO Guso=. c _om.a g._ W. (What *8se. has cost.) MIV erohandise. (Proceds fro Sales.) Q. 1859 1859 Jan. 13 To Cash 1 1400 Jan. 5 By Cash 1 800 10 Bills Payable 1 235 " 6 H. D. Stratton 1 40 " 14 " ". 2 1000 " 12 Bills Rec'ble 1 57 5S " 28 J. D. Comstock 2 96 " 16 Cash 2 18 75 " 20 E. G. Folsom 2 115 dose 731 25 Cash 2 675 Procos* 17'06 25 CW B 1024 75 |170 25| tir. (Our % against him.) IH. D. Stratton.. (His % agagnst us.) r. 1859 1859 Jan. 6 To Mdse. 1 40 Jan. 22 By Cash 2 20 40 oa * This phrase may not seem, at first view, properly significant; but we apprehend that it is truthful, nevertheless. For, although it may not be true that the difference between the cost of merchandise and the proceeds of a certain portion sold exhibits the net cost of that which remains unsold, yet that difference does express what we lack, so far, in receiving as much as we have paid for merchandise; therefore, we say it has really cost us this difference. If this amount should express the cost over proceeds, with theproperty all disposed of, it would represent a loss; but as there is yet actual value in that which remains unsold, we can safely anticipate farther proceeds equal to that value. When this is shown, as it will be in the final exposition, the difference between the cost and the returns will be the gain or loss. D 25 14, LEDGER,-SET I. iWt. (Our Note8 Redeemed.) Bills F:ayable. (0 Notes Is8uedj t. 1859 1859 Jan. 123 To Cash 12 00 Jan. 9 IBy Mdse. 1 235 " 10 Peter Cooper 1 500 14 Mdse. 2 1000ooo |I | sa ted 17 3' Recdeemned 5('0 Our Nota outatanding 1'285 Wt. ( Others' Notes received.) Bills lR=eoeivable. (Others' Notes disposed of) ftr. 1859 Jan. 12 To Mdse. 1 7 50 NIote0 -1aiI.-.57 50 (Out.a,.) E'xp'ense. -r. 1859 Jan. 115 To Cash 2 20 " 81 " 2 164 Incidental lxpc s'| $184 tO. (Our % aaatinst him.). 3-. Folsom. (His % against u.) 1859 Jan. 20 To Mdse. 2 115 1r owes s $11516 Zr. (Oir again, am.) J. D. Comstock. (His % agaist) tr. 1859 Jan. 28 By Mdse. wl owe m im $9 2 26 TRIAL BALANCES. GENERAL STATEMENT. AFTER posting all our transactions to the Ledger, in accordance with the principles laid down, we are enabled to deduce therefrom the following result:Dr. Trial Balance. —ace of Ledger. Cr. 50 Assumed by the Concern, STOCK.... Invested as capital. 500q0 6514 7~ Received..... CASH.... Paid out..... 208 50Q Our % against him PETER COOPER. His % against ts. 500 273 6Cost... MERCHANDISE. Returns from sales. 1706 25 4( Our % against him H. ID. STRATTON. His % against us.. 20 50 I Our notes redeemed BILLS PAYABLE. Our notes issued. 173 5, s| Others' notes received. BILLS RECEIVABLE, Others' notes disposed of, 184 |iOutlay..... EXPENSE. 11 l He owes us.. E. G. FOLSOM,. J. D. COMSTOCK. We owe him... 141 2... l..... Equilibrium.. 11141 25 The above statement is called a "Trial Balance," for the reason most apparent; "it is a trial to ascertain if the debits and credits of the Ledger are equal, or balance. " It does not, as some suppose, prove the Ledger to be absolutely correct, as there are many circumstances under which the Ledger may balance, and yet be wrong. 12 This form of Trial Balance, however, is so nearly a test, that, under ordinary circumstances, it may be considered satisfactory. I By observing the footings you will see that they exactly agree with those of the Journal, which could rarely be the case if any of the Journal entries were omitted to be posted; 4and as the footings of the Journal columns also tally with that of the Day Book, we must be satisfied that all the original entries have found their way into the Ledger. "'This leaves but two chances of error in the accounts, viz.: from improper Journal entries, or from posting to the wrong accounts in the Ledger. 6 It will be seen that, in order to afford this additional test, we have found it necessary to carry into the Trial Balance the total footings of the Ledger. "'If we desired only to test the balance of our Ledger, this would not be necessary, as will be seen from the following example: 8 Trial Bal Balance.-Differences of Ledger Accounts. uDr. Cr. STOCK..... iet investment... 4500 CASH... Amount on hand.. 44291 75 MERCHANDISE... Net cost...... 1024 75 H. D. STRATTON He owes uts..201. O I BILLS PAYABLE.. Our outstanding notes. 1235 BILLS RECEIVABLE. Others' notes on hand. 57 5 50 EXPENSE... Incidental expenses... 184 1 E. G. FOLSOM He owes us. 115 I J. D. COMSTOCK We owe him.... 96 Equilibrium........ 58311 5831 27 ACCOUNT OF STOCK. Here we have a test of equal debits and credits quite as satisfactory as the other, and much more brief,'9 upon the principle of cancellation; that is, permitting a debit to offset a credit of the same amount, and vice versa. These forms have each its peculiar advantages, and 0 accountants have found it very convenient at times to combine them in one. This latter method is exemplified in another portion of the work. We will now turn our attention more particularly to the object and sphere of the Ledger. 21 The important consideration with the business man, is to keep his resources and liabilities constantly in view. 22He is thus enabled to estimate, not only theoretically, but practically, the degree of his prosperity. "aA Ledger properly kept will show, at any time, all resources having a real or fixed value, and all liabilities of whatever kind. There is a class of resources, however, that cannot be determined from the Ledger. 4 This embraces all property purchased on speculation or.subject to fluctuation in price. 25The real value of such property can be ascertained only by actual appraisal. 6 By reference to the Ledger, in Set I., it will be seen that the only property represented which is subject to fluctuation or speculation, is Merchandise. Had we sold our merchandise for the same price for which we purchased it, 27the difference between the sides would show the value cf that remaining unsold, reckoning it at the cost price; or had we credited Merchandise account with only the cost price of that which was sold, the difference would also show the value of that remaining unsold. But we have adopted the usual plan of crediting the Merchandise account with its proceeds from sales, and as it was previously debited with its cost, he difference will fail to represent the amount on hand in the exact amount of the discrepancy between the cost and the proceeds from sales: and as we have no means of knowing what this discrepancy is, 29 our only method of ascertaining the value of unsold merchandise, is to go to our shelves and estimate by actual inspection. 80This process is called "taking an inventory," or " taking an account of stock." This we now proceed to do, with the following result: INVENTORY. Merchandise remaining unsold, Jan. 31, 1859. 190 yards English Broadeloths..@ $3....570 200 do Domestic Cassimeres.. @ $1... 200 100 do Black French Cloths.....4... 400 4 dozen Soft fHats........... $24... 96 15 reams Extra Foolscap....... @ $3.50.. 52 50 5 do Letter Paper.. $3.. 15 We have now sufficient data to enable us to ascertain the exact condition of our affairs on the 31st of January, and to show us, beyond a reasonable doubt, how much has been gained or lost in the month's transactions. In the statements which follow, such forms have been adopted as would seem to place the facts aimed at in boldest relief, having little reference to symmetry of arrangement, which will be more fully appreciated when the truths inculcated are better comprehended. It is hoped that the instructions given in this treatise will enable each student to originate his own forms, as well as to detect the truth, in whatever garb it may be clothed. 28 STATEMENT OF RESOURCES AND LIABILITIES. Statement of Resources. 1. Taken, from the Ledger. 1 Amount received.... 6513 75 1 CASH *.. Amount paid out.... 2084 1 Balance on hand... 4429 75 Our account against him... 40 H. D. STRATTON His account against us.. 20 He owes us..... =20 BILLS RECEIVABLE Others' notes received, and on hand 57 50 E. G. FOLSOM. He owes us...... 115 2. Taken from Inventory. MERCHANDISE. Value of that unsold. Total Resources. i 5955 75 Statement of Liabilities. Taken from the Ledger. {{ i Our Notes issued,.... 1735 BILLS PAYABLE redeemed,.. 500 ( " outstanding,.. 1235 J. D. COMSTOCK We owe him. 96 (Amount invested for the proprietor, 5000 STOCK "4 " assumed for 66 500 Net investment..e..... 4500 Total Liabilities, (less unappropriated gain:).. a | 5831 From these statements it appears that the Total Resources of the 5955 75 concern are...................................... And the Total Liabilities (as shown)............................ 5831 Leaving an excess of................................. $124 75 It is plain that this excess of resources must have accumulated during the business, as at the commencement the resources and liabilities were shown to be equal, upon the principle that the concern owed " Stock" or the proprietor for his net investment. Upon the same principle Stock should be credited with the increase or gain, and, as we have before intimated, it would be proper to do so at any time when such increase or gain can be ascertained. Should we now credit Stock with this excess-$124.75 —it will equalize our resources and liabilities, and place the proprietor's account in the same relative position to the business which it occupied at the commencement, viz.: as showing the net investment. The fact most clearly demonstrated thus far, then, is that, whether apparent or not, the difference between the resources of a concern and its outside liabilities is what the concern is owing to the proprietor, or his real net investment, and should be equal to the excess of credits of Stock or Partners' accounts, when those accounts are made to show their adequate resuits. This will be more plainly seen in the following schedules: 29 STATEMENT OF RESOURICES AND LIABILITIES. At the Commenceme nt of 3Business. Resources. Liabilities. Cash Dvv... 5000!! Peter Cooper.. i.. 500 [:; 1+>'i Stock....... 450 1 500d! 500o __.__ _ _ On the 31st of January. Resources. iabilities. Cash...... 4421 71 J. D. Comstock..... 96 Bills receivable... 57 50i Bills Payable.. 1235 H. D. Stratton.... 20 1 Stock......i 4624 75 E. G. Folsom.. 1 15'i Merchandise... e. 1334 50: 5955i 751 595a f_5 It will now be evident that 31when the real condition of any concern can be ascertained, it must exhibit equal resources and liabilities; and that, if at any time during the business this fact is not apparent, it is only from some temporary cause or convenience. Let us see if this cause can be ascertained. By reference to the statement showing the resources and liabilities of the concern on the 31st of January, it will be seen that all the open Ledger accounts are there represented except Merchandise and Expense. It is true that the amount of merchandise on hand, as shown by the inventory, is reckoned among the resources, but this had nothing whatever to do with the Merchandise account in the Ledger. Why were these two accounts omitted? 82Evidently because they were not necessary in showing the resources and liabilities. What then do they show? "3The debit of Merchandise account shows the cost of merchandise, and the credit the proceeds from sales. If to these proceeds we add the anticipated proceeds of that remaining unsold, we shall have the total in value of what has been produced by merchandise. From this amount if we deduct its cost, we shall get the gain on merchandise; or, if the cost be more than the proceeds, the excess will be the loss. The credit side of merchandise account, or the proceeds from sales is $1706 25 The inventory of merchandise unsold, or the anticipated proceeds is. 1333 50 Making Total Proceeds............................... 3039 75 The debit side or cost of merchandise is.................1.........1 Which, deducted from the proceeds, shows a gain of.............. $308 75 It would now seem, at first view, that we must have made in business, $308.75, and such would be the case if we had incurred no further expenses than what appear on the debit side of our Merchandise account. Now, if we dissect the items which make up our Expense ac, count ($184), we shall find that, of that amount, $20 was paid for a set of books, in which 30 STATEMENT OF LOSSES AND GAINS. to record our business transactions, and the balance, $164, for store rent and clerk hire. 4 It is reasonable to suppose that all these expenses were incurred to facilitate the purchase and sale of merchandise, as that is the only property we have dealt in; and, such being the case, would it not have been proper to debit Merchandise account with these items, instead of Expense? Had this method been pursued, our gains on merchandise would appear to be $184 less than they now show. Our gains in business would thus be reduced to $124.75, which, it will be seen, exactly agrees with the excess of resources already shown. 85Inasmuch, therefore, as we choose to exhibit our contingent expenses under special titles, such as " Expense," we must not forget that the amounts thus taken from the legitimate accounts for which the cost was incurred, thereby forcing such account to show an excessive gain, must ultimately be used to cancel that excess. This fact will be more apparent by the following Statement of Losses and Gains. Returns from Sales..... 1706 25 Anticipatedreturns (mdse. unsold).. 133 50 MERCHANDISE Total Returns...... 3039 75 Cost........... 2731 Gain on Merchandise.08 75 Outlay. i 184 No Returns - IE~xPgENSlE 1 Loss on Expenses..... 184 2/ct Gaits From the foregoing schedules, it will be readily seen that 3Bthere are two classes of accounts,* 7 from one of which can be ascertained the resources and liabilities of the concern, and from the other, the unappropriated gains and losses. We learn, moreover, that whenever the resources and liabilities of a concern can all be shown they must be equal; and that, 38if at any time these are not apparent on the Ledger, it is from the use of certain temporary accounts for the purpose of containing the gains and losses of the business, until such time as it may be convenient or desirable to distribute them under their proper accounts. As we shall need frequently to refer to these two classes, and desire them in their application to be thoroughly understood, we will denominate them REAL and REPRESENTATIVE, with the simple definition that 39Real accounts are such as exhibit, from an excess of debits or credits, real resources or liabilities, and 40Representative such as represent the stockholder or stockholders, by exhibiting such gains or losses as are ultimately to be carried to his or their proper accounts. 41When it is further understood that all gains in business must appear, either in an increase of resources, or a decrease of liabilities; and that all losses must appear, either in a decrease of resources, or an increase of liabilities, it will be sufficiently plain that the two classes of accounts we have named, must always run exactly parallel. * Formerly, authors and teachers were accustomed to divide accounts into three classes, under various titles. So far as we know to the contrary, the credit of first reducing this number to two, and of giving substantial reasons for the division in clear and satisfactory analyses, belongs to THOMAS JONES, author of " Book-keeping and Accountantship," published in 1853. Mr. Jones distinguishes by the appellative terms " Primary" and " Secondary," classifying " Stock" or Partners' accounts with those which do not show resources or liabilities. 31 QUESTIONS FOR REVIEW. We will now make a practical application of these lessons, in restoring our Ledger to its proper condition. By referring to the Stock account, you will see that it has remained unchanged since the commencement of the business; while we know, from the foregoing statements, that the business itself has changed in a material sense. You may remember that 42Stock account was opened for the purpose of showing the net capital or investment. 43It answered this purpose thoroughly at the start, and would do so even now, if the capital or investment had remained the same. But such is not the case, and consequently, Stock account fails of its full mission in just the amount of the fluctuation of invested capital. We have already shown, by two processes, what this fluctuation is, and it is now 4with a view to restoring Stock account to its normal condition, that we " close up" the Ledger accounts, exhibiting the grand result by the balances of resources and liabilities. We wish this process distinctly noted, as the entire theory we have sought to advance is herein practically demonstrated. QUESTIONS FOR REVIEW. GENERAL INSTRUCTIONS. 1. Why should the student keep the Ledger in view when journalizing? 2. When should the check-mark (/) be made in the Day Book, and where? 3. What is transferring to the Ledger called? 4. Why is it necessary to observe care in posting? 5. What is the first account opened in the Ledger? 6. When an account is posted to the Ledger what expression should be made? 7. Is it necessary that any expression should be made? 8. Of what should the Ledger expression be suggestive? 9. When should the page of the Ledger to which an amount is posted be entered in the Journal, and where? GENERAL STATEMENT. 10. Why is a Trial Balance so called? 11. Does the Trial Balance prove the Ledger to be absolutely correct? 12. Is the test afforded by the Trial Balance usually satisfactory? 13. What test is afforded proving all the Journal entries to have been posted? 14. What to prove that all the original entries have been journalized? 15. When these precautions are used, how many chances are there for errors which may escape the Trial Balance test? 16. What must be the condition of the Trial Balance which affords these tests? 17. Would it be necessary to carry the total footings into the Trial Balance did we not desire this additional security? 18. Can a correct Trial Balance be had which will contain simply the balances of the Ledger accounts? 19. Upon what principle is this effected? 20. Are these two forms of Trial Balance ever combined in one? 21. What is the important consideration with the business man in connection with his accounts? 22. What does this enable him to do? 23. What will a Ledger properly kept show at any time? 24. What kind of resources cannot be shown from the Ledger? 25. How is the real value of such property ascertained? 26. Is there any property of this kind represented in Set I., and what is it? 27. What will the difference in the sides of Merchandise account show, if debited and credited with the same value? 28. When the Merchandise account is debited with the cost of merchandise, and credited with its proceeds, how much will the difference between the sides fail of showing the value of merchandise unsold? 29. When the account is so kept what is our only method of ascertaining the value of merchandise unsold? 30. What is the process called? 31. When the real condition of a concern is stated, what must it exhibit? 32. In the statement of resources and liabilities on page 29, why were not the Ledger accounts of Expense and Merchandise taken cognizance of? 33. What is shown by these accounts? 34. Is there any similarity in these accounts? 35. What must be borne in mind with reference to the nature of such special accounts as Expense? 36. How many classes of accounts are there? 37. What can be learned from each? 38. When the resources and liabilities of a concern do not show to be equal, what must be the reason? 39. What accounts are called Real? 40. What Representative? 41. How is it shown that these two classes of accounts rmn exactly parallel? 42. For what purpose is Stock account opened? 43. Why does not Stock account perpetually represent ithe net investment? 44. For what purpose is it necessary to close up certain of the Ledger accounts? 32 CLOSING THE LEDGER. CLOSING THE LEDGER. This phrase is much more technical than descriptive; and, although the process may be easily learned, experience has taught us that'the great difficulty in the matter with learners is to be able clearly to understand the object to be attained by'"Closing the Ledger." We will endeavor to explain.' To " close up" an account in the Ledger is to put an end to its current condition. This may be for a temporary purpose only, or it may be final.' In closing a Real account, if the sides be equal, it is necessary only to add up the two sides, and draw red lines underneath the amounts of each. The account thus becomes canceled, and, so far as our business is affected, is as though it had never been. 4 If the sides be not equal, and we desire to close the account, for the purpose of showing the result, we enter upon the smaller side, in red ink, an amount which will make it equal to the larger side. This will, of course, be the difference between the sides, or the excess of the larger, and must be shown as such, either in a continuation of the same account, or in another account of the same import. The balance thus shown will be either a resource or a liability. If the sides of a Representative account be equal, and the proceeds all shown, it is also closed by adding up the debit and credit columns, and drawing red lines underneath; 5 if unequal, the excess will be entered on the smaller side in red ink, and will represent a gain or a loss. The columns will then be added, as in the other case. So much for the process. Let us now ascertain for what purpose the Ledger accounts are closed at all, and each step will then suggest its own philosophy. We have already shown that 6just as soon as the invested capital begins to fluctuate or change in value, Stock account ceases to represent the real interest of the proprietor. 7 This is simply because the gains and losses are not carried to Stock account when they occuzr, but are allowedto remain in the Representative accounts. s8As often, therefore, as we wish to show what is the proprietor's interest in the business, or what the concern is owing him, we must take these gains and losses from his Representative accounts, and carry them to the Stock account. We do this by " closing up" the accounts, and transferring their balances. g The usual method is to open a general account, called " Profit and Loss," or " Loss and Gain," and first transfer to it all the gains and losses.'~This enables us to get the net gain or the net loss in one amount, which we carry to Stock; " if it be a net gain, it will go to the credit side of the account, increasing the investment; 2 if a loss, to the debit side, decreasing the investment. 3 This can all be accomplished without disturbing the Real accounts. 14 If, however, it is desired to show in a tabular form the resources and liabilities of the concern, we can easily do so by opening an account for this purpose called "Balance," and close the Real accounts into it.'5 Or if we wish to show an era in our business, we can close up these accounts, and bring the balances down, as shown in the Ledger which follows. "6 The object, then, of closing the Ledger accounts is to restore'the proprietor's account to the same relative position towards the business which it occupied at the commencement, viz., as showing the net investment, or net interest of the proprietor. 17 An entry in red ink on the Ledger, denotes that the amount thus written is to be transferred, either to some other account, or to another position under the same account. It also shows that the entry is first made in the Ledger, not having passed through the usual preliminary books of entry. 18 Red ink entries are always transferred to the opposite side from where they first appear, "9 for the reason that they indicate an excess of that side. E 33 ORDER OF CLOSING. ORDER OF CLOSING. In closing the Ledger accounts, for the purposes of a general exposition of affairs, the following order should be observed: 20 Open an account with "Loss and Gain," (if not already opened,) and another with "Balance;" 21 the former to exhibit the losses and gains, and 22the latter the resources and liabilities. 2. 23Ascertain from the inventory if any property remains unsold; and, if so, credit each account for which such property was originally debited with the value of that unsold, making the entry in red ink, " By Balance," and transferring the amount directly to the debit side of Balance account, making this entry in black ink, "To Merchandise," or " To Real Estate," or any other account from which the amount is transferred. 14The Ledger accounts will each show, now, one of the four following results, viz: a Resource, a Liability, a Gain, or a Loss. 3. 25 Omitting Stock account, (or Partners' accounts,) commence with the first account in the Ledger. First ascertain which of the above results it shows, and make the closing entry accordingly. If the difference represent a resource, or a liability, enter upon the smaller side, in red ink, "To," or " By )Balance," as the case may be, and transfer the amount in black ink to the opposite side of Balance account. If the difference represent a gain or loss, enter on the smaller side in red ink, "To" or " By Loss and Gain," and transfer the amount, in the same manner to Loss and Gain account. Close all the accounts (except Stock or Partners') and transfer the balances as directed. 26The Loss and Gain account will now show, on the debit side, all the losses, and on the credit side, all the gains, the difference being the net gain or net loss. 27 The Balance account will show on the debit side all the resources, and on the credit side all the liabilities, (excepting the result of Stock or Partners' accounts,) the difference being the real interest or present investment of the proprietor or proprietors. 4. 28Take a " Second Trial Balance," or a Trial Balance of the remaining open accounts: Stock or Partners', Loss and Gain, and Balance. 92If the balances have been properly transferred the debits and credits of these accounts, taken together, must be equal. 5. 80 Close the Loss and Gain account into Stock, or, if it be a partnership business, into the partners' accounts, dividing the gain or loss according to agreement. 31The Stock or Partners' accounts will now show the original investment, increased by the gain, or decreased by the loss; the difference being the present net investment. 3"As the Balance account shows the same thing, they must, of course, agree. 6. "3 Close Stock account (or Partners' accounts) into Balance account, which must equalize that account, it showing now, 34 on one side the total resources, and on the other the total liabilities, and presenting in the most condensed form, the exact present condition of the business. The student will please observe this order in making the closing entries which follow. It will be seen that this Ledger presents the same accounts as the preceding, and differs only in having disposed of the gains and losses. The balances of the Real accounts (except Stock) agree with the Trial Balance, showing balances on page 27, while the Representative accounts have ceased to exist, their results being exhibited in the Stock account. 34 LEDGER SET I. —CLOSED. r. oo k.Stoc -r. a18 I59 i!i 1859 Jan. 1 To Peter Cooper 1 500 Jan. 1 By Cash 1 5000 31 Baianco 2 j ":31 Loss and Gain 4 124 75 5124 75,? 5124 75 i~ ~~.._. i --- Feb 1 By Balance' V 5 rz. C ash. QC. 1859 " 1859 Jan. 1 ToStock 1 5000 iJan. 3 ByMdse 1 1400 15 MsMdse. 11/800 I" 15 Expense 2j 20 16 Mdse. I 2! 18 75 23 Bills Payable 2 500 22 H. D. Stratton 2 20 Expense i2 164 "25 Mdse. 2 675 E a s 3~ c o 9)34 6513 151!i 6513 75 Thq i5 1-ji,- i; ~-~ —- i ~ — IFeb. 1 To Balance 4429' Wr. EPeter Cooper. 1859 1 185 Jan. 10 To Bills Payable 1 189i 500 Ja BS1n Sc0 50 Jan.1 1 1ByStock 1' 500 Wr. ~t1V erohandise. t 1859 11859 Jan. 3 To Cash 1 1400 J an. 51 By Cash 1 800 110 Bills Payable 1 235 6" IIH.D. Stratton 2 40 14 " " 2 1000 12 Bills Receivable 2 57 50 " 28 J. D. Comstock 2s7 2 96 " 16 Cash 3 18'5 "' ];esI088 and Gain, o0o 75 " 20 E. G. Folsom 3 115 0 5 25 Cash 3 675 cc 31 B alanco 1i 3 a 6_0 3039 1'85 PI' 3039'75 ICJ I I= —I Feb. 1 To Balance 133350 I-I. ID.Stratton. 18_59 1859 Jan. 6 To Mdse. 1 40 Jan. 22 By Cash 2 20'1~~~ 1 Balanc Feb. l To Balance 20 iI - _ I aW. Bills FPayable. Q ~~~~~~~~~1859 111859. Jan. 23 To Cash 2 500 Jan. 9 By Mdse. 1 235 " 1 Ja~.~1EeS* 125 it ]" 10 Peter Cooper 1 I 500 {~a ~i i73 11ah~i 1 871 14! Mdse. 2 I1000 ____ ____ ______ i~Feb. 11 By Balance 1235 35 LEDGER, SET I.-CLOSED. ~r.:Bills Reoeivable..r Jan. 12 To Mdse. 57 50 j. 1 y Baclaznc. Wr. E-xpense. Qr. 184 S "_ 184 Wr. E. Go Folsom. QT. Jan. 20 To Mdse. 2 115 J. 81 y Balance! Feb. 1 To Balance 115 Wr. J. D. Comstock. Tr. I859 1859 I Jan. 1i To alaace 96 Jan. 28 By Mdse. 2 96 Feb. 1 By Balance 96 Wr. Loss and G~ain. tr. 7859 -U1859i Jan. 81 To Expense 184 U Jan. 31 By Mdse. 308 75 SEs,,-,!ios1 l........ I! Tox,ese. K By! ds eo! 8808 51 08.'7i ~r. B3alance. Qt. 1860 i I 11859 - Jan. 31 To Mdse. 1883 50 I Jan. 31 By Bills Payable 1235 1 Cash 4429 751 81 J. D. omstock 96 " 31 I. D. Stratton 20 " 81 Stock 4624 75 ". 1 Bills Receivable 57 50 81 E. G. Folsom 115 ____ -~ ~ ~5 15 i I- i9 I 55 GENERIAL REMARKS. GENERAL REMARKS. By referring to the Balance account in the preceding Ledger, we shall find "aa full statement of the resources and liabilities of our concern on the 31st of January. Should we desire to open a new set of books on the 1st of February, 3"we have all the necessary information for that purpose; or we can represent the state of our affairs in our present Ledger, 87 simply by bringing down the balances showing resources and liabilities under their separate accounts, instead of transferring them to Balance account. "This we have done. It will now be evident that 39there was no actual necessity of opening a Balance account; the only object in doing so was 40 to exhibit, under one title, the resources and liabilities. 41In practice, this account is rarely ever exhibited on the Ledger, but 42its contents are shown in a separate Balance Sheet, various forms of which we have given elsewhere in this work. It is often a matter of wonder to the new student in Accounts why the difference between the sides of Stock account, being transferred to Balance account, should equalize it. A moment's thought will dispel the mystery. 43 Before closing any of the accounts in the Ledger, we ascertain by the Trial Balance that our debits and credits are equal, and we take care, in every step, to keep them so; for whenever we debit any account, we credit some other account with the same amount, and vice versa. In " closing up" the Ledger, we call this process " transferring;" but it is exactly 4 equivalent to posting. Let us see if this is not so. "4The first entry of this kind was to credit Merchandise and debit Balance with the property unsold. So far as this affected our Merchandise account, it was equivalent to selling the merchandise, and receiving therefor an absolute resource, which we have called " Balance," but which is Merchandise, reckoned at its true value. We can now treat our Merchandise account as if the property were all disposed of. This we do, in fact, by representing the difference between the sides as a gain. We now debit Merchandise account with this gain, and credit Loss and Gain, preserving, as before, our fundamental rule of6 equal debits and credits." We pursue this policy with all the accounts, transferring always to the opposite side from that on which the closing entry is made, and thus maintaining a perpetual equilibrium. 46The balances which we transfer to Loss and Gain account might, with equal propriety, be carried directly to Stock account, but that 47it is desirable to exhibit, in one amount, the net gain or loss during the business. It will be borne in mind, that the balancing or closing of an account is simply 4"upon the principle of cancellation. The account is made to "balance" only "9by taking away the excess. But that excess appears "0 elsewhere, and on the same side of the Ledger. These balances of gains, losses, resources, and liabilities are thus transferred to the two accounts, "Loss and Gain" and "Balance," thus exhibiting in the former, all the gains and losses, and in the latter all the resources and liabilities. This leaves, except the Stock account, but these two accounts open, which, taken together, must have equal debits and credits, 5 as we have never failed in each step to produce this result. The Stock account, as it now stands, shows "5the capital at commencing, and the Balance account 5"the capital at closing. There must, of course, be a discrepancy between these two accounts, 4 exactly equal to the gain or loss in business. Now as the gains and losses are all shown in the Loss and Gain account, 55the difference between the sides being the net gain or loss, it follows that this difference must exactly equal the discrepancy between the capital at commencing, and the capital at closing; or, in other words, between the Stock and Balance accounts. If, then, we close the Loss and Gain account into Stock, we shall have exhibited in Stock account, 6first, the capital at commencing, and next, the gain or loss during business, which, together, must equal the 37 G(ENERAL REMARKS. capital at closing. 7 The Balance account showing all the resources, and all the outside liabilities at closing, must represent the same amount; and hence, the balance of either transferred to the other, must equalize the sides. This is usually one of the most difficult points of comprehension in the student's path, but all such difficulties give way readily to a little momentum of reason and determination. It will be apparent that throughout the discussion thus far, we have drawn a marked distinction between the proprietor and the business. It is necessary that this distinction be clearly apprehended before we proceed farther; as, if there is any thing peculiar in this treatise, it will be found to emanate from this recognition.* The great fact to which we refer, is strikingly apparent in the first entry upon our books, which was to credit Stock with the investment. Now if we inquire who credits Stock, we shall be forced to the conclusion that there is a party represented here, entirely distinct from stock, or the proprietor; as it would be sheer nonsense to express the fact that a man owes himself. The person competent to construct a system of philosophy on such a basis, would be able to show how a man might lift himself by his own boot-straps, or get rich by taking money from one pocket and putting it in the other. The fact clearly stated is, that the books represent s8the concern, and not the proprietor, and the account opened with " Stock" is precisely "9 the same as that opened with any other person, except that the final settlement with Stock will not take place until the business ceases, or he withdraws from it. If Stock account, then, shows an excess of credits, 6"it is as much a liability as Peter Cooper's account, and must eventually be canceled by paymerit as well. To make this still more plain, let us see in what light Stock himself views it. Suppose the investment in this enterprise is only one among many which he has made. Suppose he has, also, a mill, wherein he has invested $10,000; and a tannery where he has invested $15,000. How will he keep an account with these three distinct concerns in his private books? According to the principles of accounts, he will charge the mill, the tannery, and the store, each with its cost, or the amount invested in it. He does this upon the principle of holding these concerns responsible for such investment, and upon the full expectation that they will eventually pay him what they thus owe. Our reasons for crediting Stock on the books of the store (which is the concern here represented) will now be sufficiently apparent, and the attentive student cannot fail to see that this credit is as much a liability of the concern as any credit on our books. If there be still any doubt as to the correctness of this position, let us dissipate it, at once, by analyzing the second entry in the preceding series of transactions. The first entry, according to our theory, gave us a resource in cash of $5000, and a liability to Stock of the same amount. The second entry, which we propose now to consider, created a new liability to Peter Cooper of $500, but, at the same time, reduced the former liability to Stock in the same amount; so that the relative position of our resources and liabilities was not changed. The reason for this entry was this: Stock was owing Peter Cooper $500, which he did not * All authors whom we have consulted-and "their name is legion"-agree that "Stock," as a Ledger title, represents the proprietor, or as some few elegantly express it, " the owner of the books,' while not one among them attempts to give a reason for crediting this account with the investment, except that it is used to represent the capital; and of all the rules given, both fallible and "infallible," for journalizing, no one attempts to apply such rules to the first, or opening entry. Now, it is impossible, grammatically, that the same set of books should, at the same time, represent two distinct and opposite interests. All the expressions used in the books purport to emanate from some person or persons having a common interest in the transactions, and all the entries, of whatever nature, must necessarily be the exponent of the same interests. A pronoun in the first person, either expressed or understood, cannot properly represent two separate and distinct parties in the same sentence, or the same discussion. So, if it be necessary, in crediting Stock for the original investment to assume a position distinct from Stock, the same necessity must exist, with equal force, through all the subsequent entries. The more this position is studied, the more apparent will be its truthfulness. 38 EXERCISES FOR THE LEARNER. care to pay from his private funds. He reasons thus: I have $5000 which I can invest in this business, but I also owe Peter Cooper $500, which is not yet due. Now I will invest this capital upon the condition that this liability be paid by the concernr when it matures. The concern accepts this proposition, and first credits Stock with his investment, and next debits him with the amount assumed for him. The liability to Peter Cooper is now transferred from Stock's private books to those of this concern, and the concern's liability to Stock is decreased to the extent of the new liability thus assumed. EXERCISES FOR THE LEARNER. FIRST SERIES. It is hoped that the preceding exercises in their fullness of explanation and illustration will enable the student to carry successfully through a series of transactions embracing the same general principles. The following memoranda will comprise a month's business, and the student is required to write up therefrom all the books represented in the preceding series. The form and arrangement of the books he will of course gather from the examples given; and he will find no point of difficulty which has not been fully discussed in connection with Set I. These exercises will require him to study well the form of expression in the Day Book, and the principles which govern the Journal, and will afford an excellent test of his proficiency in what he has passed over. The great objection to be urged against published text books in this science is, that too little is left for the mind of the student. There is a' wide difference between copying the forms in Accounts and originating them; and hence we have followed each exemplified set of books, with a series of transactions embracing the same principles-which the student is required to put in proper form in the various books-and giving the resUlt of the entries which he is required to produce. If we are not greatly mistaken, this will be found the most useful portion of the work, and should, under no circumstances, be omitted. tMemoranda. Jan. lst, Commenced business with a cash capital of $6000. 2d, Bo't of E. R. Felton, for cash, 100 bbls. Flour, @ $8. 3d, Sold W. E. Crocker on %, 20 bbls. Flour, @ $8.50. 4th, Bo't on our note, @ 30 days, of C. S. Sill, 20 pieces Calico, @ $3; 10 do. figured Silks, @ $9. 5th, Sold E. C. Packard, for cash, 30 bbls. Flour, @ $8.25. 6th, Paid cash for set of Books for use of store, $15. 7th, Bo't of E. P. Selmser, for cash, 200 bbls. Genesee Flour, @ $9; paid Drayage on same, in cash, $3. 10th, Sold Hiram A. Pryor on his note @ 30 days, 100 bbls. Genesee Flour, @ $9.50. 12th, Sold W. H. Clark, for cash, 10 pieces Calico, @ $3.75. 15th, Paid Cash for repairing store, $15. 16th, Bo't of J. D. Williams, on %, 50 pieces Merrimac Prints, @ $5. 17th, Sold R. C. Spencer, on %, 25 pieces Merrlmac Prints, @ $5.35. 20th, Sold R. W. Hoadley, for cash, 50 bbls. Genesee Flour, @ $9.50. 21st, Received Cash, in full, of W. E. Crocker's a. 22d, Paid J. D. Williams Cash on %o, $100. 25th, Paid Clerk hire in full to Feb. 1, $50. 27th, Sold E. B. Rockwell, on %, 50 bbls. Genesee Flour, @ $10. 29th, Received Cash on % of E. B. Rockwell, $250. 31st, Paid Store rent, in cash, $100. 39 EXERCISES FOR THE LEARNER. INVENTORY.*.Mdse. remaining unsold Jan. 31st. 50 bbls. Flour,.. @ $10... $500 10 pieces Calico,..... @ 3... 30 25 do Merrimac Prints,. @ 5... 125 10 do figured Silks,. @ 9... 90 $745 If these accounts are properly kept, the first Trial Balance and the Balance Account will each represent the following statement: First Trial Balance...... Stock....... 6000 7180.... Cash....... 2883 3003.... Merchandise. I 2513 75.... Bills Payable.. 150 180.... Expense. 950.... Bills Receivable.. - 100.... J. D. Williams.... 250 170.... W. E. Crocker.... 170 133 75.... R. C. Spencer. 500.... E. B. Rockwell.... 250 12216 75 12216 75 Balance Account. Resources. Liabilities. Cash....... 4297 Bills Payable.... 150 Merchandise...... 745 J. D. Williams.... 150 Bills Receivable. 950 Stock....... 6075 75 R. C. Spencer.... 133 75 E. B. Rockwell..... 250 6375 75 6375 75 * The student will please ascertain if this is correct. 40 QUESTIONS FOR REVIEW. QUESTIONS FOR REVIEW.CLOSING THE LEDGER. 1. What is the chief difficulty with learners in closing the Ledger? 2. What is the effect of " closing up" an account? 3. How is a Real account closed when the sides Are equal? 4. How, when unequal? 5. How is a Representative account closed when the sides are unequal? 6. At what stage of the business does Stock account cease to represent the proprietor's interest? 7. Why is this? 8 How can we at any time ascertain the proprietor's interest? 9. What is the usual method of carrying gains and losses to Stock account? 10. What is the advantage of opening a "Loss and Gain" account? 11. To which side of Stock account are gains carried, and how do they affect that account? 12. To which side are losses carried, and how do they affect the account? 13. Can the gains and losses be thus disposed of, without disturbing tile Real accounts? 14. What is the object of opening a "Balance" account? 15. How can we dispose of the amounts properly carried to Balance account, if we wish merely to show an era in our business? 16. What, then, is the prime object in closing the Ledger accounts? 17. What does an-entry in red ink on the Ledger denote? 18. How are red ink entries always transferred? 19. Why transferred to the opposite side? ORDER OF CLOSING. 20. What is the first step in closing the Ledger? 21. What results are shown by the " Loss and Gain" account? 22. What by the Balance account? 23. What is the second step? 24. When the inventories are all entered to the proper accounts, what will be shown by the Ledger? 25. What is the third step? 26. When the balances have been properly transferred, what will the "Loss and Gain" account show? 27. What the "Balance" account? 28. What is the fourth step? 29. Of what use is the "Second Trial Balance?" 30. What is the fifth step? 31. When the net gain or loss has been transferred to Stock or Partners' accounts, what will those accounts show? 32. Why must the balance of these accounts agree with the balance of Balance account? 33. What is the sixth step? 34. What will the Balance account show when complete? GENERAL REMARKS. 35 What is shown by the Balance account in Set I? 36. Have we sufficient data here to enable us to open a new set of books? 37. How can we represent the state of our affairs in the present Ledger? 38. Has this result been shown? 39. Was there really any necessity for opening a Balance account? 40. Why was it done? 41. Is this account often exhibited on the Ledger in actual business? 42. How are its contents otherwise shown? 43. Why does not the transferring of balances from one account to another disturb the equilibrium of the Ledger? 44. What is this transferring of balances equivalent to? 45. Will you explain this by analysis? 46. Where might the balances carried to the Loss and Gain account properly be transferred? 47. Whj is it not done? 48. Upon what principle are accounts "balanced?" 49. How is an account made to balance? 50. Where does this excess subsequently appear? 51. When all the balances except Stock are transferred to Loss and Gain and Balance accounts, why must these, with Stock account, contain equal debits and credits? 52. What is shown by the Stock account at this stage? 53. What by the Balance account? 54. What discrepancy is there in these two accounts? 55. Why will this discrepancy exactly tally with the difference between the sides of Loss and Gain account? 56. What will the Stock account show when this discrepancy is transferred from the Loss and Gain account? 57. Why will the Stock account now agree with Balance? 58. What particular interest is always represented by a set of books? 59. What relation does Stock account sustain towards the business? 60. If the credit side of Stock tacount exceeds the debit, how does it affect the business? F 41 INDEX TO LEDGER B,-SET II. INDEX TO LEDGER B,-SET II. THE purpose and importance of an Index to the Ledger will be immediately apparent. Where there is a large number of accounts much time is saved by having an alphabetical list to which to refer. The example given below will be sufficient to show the general purport of an index, but does not present the best form. The form in general use is so common and so very simple, that any attempt at explanation would be useless. We have not thought it necessary to give the index in connection with any other Set, as it would merely occupy space without affording information. We have chosen this page instead of the one next preceding the Ledger, because it best answers our purpose so to do. Index. A. N. B. O Bryant, H. B.......... Bills Receivable...... Bills Payable..... C. P. Cash.............. 1 Packard, S. S. 2 Comstock, J. D........... D. Dawson, Warren & Hyde.... 2 E~ R..Expense.2 Real Estate... 2 F. s. Folsom, E. G... 1 Stratton, H. D........... Gantz, Jno. W. T. H. U. Union Bank Stock........ 2 Union Bank.......... 1. J. Ivison & Phinney........ 2 K. W. L. X. Y. M. Z Merchandise.... Mortgage Payable.... 2 42 SET II. DAY-BOOK, JOURNAL, LEDGER, CASH-BOOK, BILL-BOOK. [Continuation of Set I] -BUSINESS PROSPEROUS. DAY-BOK, — SET Ii. NEW YORK,' FEBRUARY 1, 1859. The following Resources and Liabilities with which we commence business this day, are taken from the Balance Account of H. B. Bryant's Ledger A.* Resources. Cash in hand... 4429 75 Notes on hand........... 57 50 Merchandise per Inventory............ 1333 50 E. G. Folsom owes on %....... 115 00 H. D. Stratton owes on %.......... 20 00 5955 75 Liabilities. / Notes outstanding.... $1235 00 Balance due J. D. Comstock... 96 00 H. B. Bryant's net Capital.... 4624 75 - -$5955 751 /,i Sold S. S. Packard 2 Doz. Soft Hats. $36....... 72 Received in Payment, Cash.................... $20 it Balance on........ 52-$72 / Received Cash of H. D. Stratton, in full of %.. 20 3 - Bought of Ivison and Phinney, 150 Sets Spencerian Writing Books... 75c. $112 50 100 Copies Bryant & Stratton's Book-keeping @ $1 100 00 Paid them, Cash........... 50 00 11 212 50 Order on E. G. Folsom....... 50 00 Balance on %.......... 112 50-212 50 / Bought of Dawson, Warren & Hyde, on v/ 50 " Tip Top" Gold Pens, first quality... @ $1.25... 62 50 7 / Exchanged Notes with Digby V. Bell for our mutual accommodation, V each drawn at 30 days.. 500 Sold J. H. Goldsmith, for Cash, 50 Sets Spencerian Writing Books.. @ 85c.. 42 50 25 do Bryant and Stratton's Book-keeping. $1.12. 28 00 5 Reams Letter Paper....... @ $3.. 15 00 1 Doz. Gold Pens.... @ $1.50. 18 00 103 50 H -Set- I. 4 Set 4 44 DAY-BOOK,-SET II. NEW YORK, FEBRUARY 10, 1859. Amount brought Forward..... 6926 25 — ____. _ 10. Bought of Wm. B. Astor, Store and Fixtures, at.. 10000 / Paid him, Cash........... $1000 Bond and Mortgage for balance.. 9000-$10,000 12. Sold J. T. Calkins, on his note @ 20 days, "/ 50 yds. Broadcloth...... @ $4....200 14 Bought of S. S. Guthrie, Buffalo, on our acceptance at 60 days favor of / A. M. Clapp, 200 Bbls. Flour........... $8.. 1600 15 - _ iSold D. L. Wing, Albany, for Cash, 50 Bbls. Flour...... @ $8.25.. 412? 50 16 -..... —... / Paid Drayman's Charges in full to date......... 5 _ 1_ 18 H. B. Bryant has made the following additional investment of Re-' sources bequeathed him by a deceased uncle, 50 Shares Union Bank Stock valued at $105.$5250 00 1 Cash deposited in Union Bank........... 1000 00 6 6250!; —-~.. __ __.20........... / Sold for Cash to B. McGann, 20 Shares Union Bank Stock @ $108 2160 24 Sold John W. Gantz, / 100 yds. Black French Cloth....... $5.75.... 575 I/Received in Payment, Cash........... $200 Balance on %.. 375-$575 25 I Paid for repairing store, per order on E. G. Folsom...... 65 27 / Rec'd Cash for 5 per cent. dividend on 30 Shares Union Bank Stock 150i 28 Paid Clerk's Salary to date.............. $50 V Paid Store Rent to date. 100............ 150 45 JOURNAL, SET II. NEW YORK, FEBRUARY 1, 1859. Dr. Cr. lSundries Dr. To Sundries,* Cash.......... 4429 75 i Bills Receivable............... 57 50 Merchandise................. 1333 50 E. G. Folsom.............. 115 I H. D. Stratton....... i. 20 To Bills Payable.. 1235 "J. D. Comstock... 96 W1T "H. B. Bryant... 4624 75 L o ___'I 72 1 Sundries Dr. To Merchandise.... 72 Cash................... 20 f S.S. Packard.............. 52 1 Cash Dr. 20 I 1I 1- To i. D. Stratton... 20 20 Merchandise Dr. To Sundries...I 212 50 212 50 ii Merchandise Dr.. 62 50. lz~~~ i ~To Dawson, Warren & Hyde, i 62 50 Bills Receivable Dr............ 500 To Bills Payable.... 500 X Cash Dr.103 50 o Merchandise... i 03 6926 25 56926The term " Sundries" is difficult of explanation to a beginner; and many teachers and a few authors have thought to get rid of the difficulty by ignoring the term, upon the principle often quoted, that"Where ignorance is bliss,'tis folly to be wise;" but, like most attempts of this kind, it falls very far short of its object; for, however unnecessary the term may be in journal expressions, its convenience will secure its perpetual use by practical men, and the sooner it is comprehended by the learner the better. As used in this connection, it is, as will be readily seen, merely a caption for the Journal entry, indicating that the entry consists of sundry debits and sundry credits. These sundry debits and credits being afterwards specifically named, and their amounts extended, it is easy to infer that " Sundries" is not used as a Ledger account, but merely as an expression. Its convenience will be more readily apparent in posting to the Ledger, as it affords an expression to be entered under the Ledger title. There are, in reality, four kinds of journal entries, each requiring a different expression, viz.: 1. Those consisting of one debit and one credit; 2. Those consisting of one debit and several credits; 3. Those consisting of one credit and several debits; 4. Those consisting of several debits and several credits. Each of these is illustrated in this journal, and a little careful attention will make the student sufficiently acquainted with their characteristics. 46 JOURNAL,-SET II. NEW YORK, FEBRUARY 10, 1859. Dr Amount brought Forward...... 69261 25 69261 25 & Real Estate Dr. To Sundries.. 10000 To Cash...... 1000 Mortgage Payable* 9000 12 3 Bills Receivable Dr.. e 200 Dr.' To Merchandise.. 200 14 Merchandise Dr........ 1600 1I To Bills Payable.. 1600 15 Cash Dr... I | CaE k To Merchandise 12 50.412 50 16 2 Expense Dr..5.. To ash...... __ _- — ~- 18 — 1Sundries Dr. To H. B. Bryant.... 6250 2 Union Bank Stock....... 5250 Union Bank..1000 20I C Cash Dr.. 2160 2' To Union Bank Stock |. 2160 24 1 Sundries Dr. To Merchandise.. 57 I Cash............. 200.. 2 John W. Gantz. 200..A..,~........ __75 1 Expense Dr........... 65 26 To E. G. Folsom.... 65 27 1 Cash Dr. 150 ~t2 To Union Bank Stock.. _ ____ ____w 28 I~~~150 2 Expense Dr. 150 To Cash....... 150 2S49_3 7 28-49375 * The term "Mortgage Payable" is but another name for Bills Payable: the accounts may be kept separate or together. We have adopted the former method, for the purpose of illustrating the principle, and to express our preference. There is a distinction between a promissory note and a mortgage on real estate; and the majority of business men would prefer to have that distinction preserved in their accounts. 47 .LEDGER, —SET II. ~Ii-I. H. B53 ]ryant. r. 1859 1859 Feb. Fe~b. 1i By Sundries 1I 4624 75 i' " 18"' 3 6250 Wr. _Cash. Qtr. 1859 1859 Feb. 1 To Sundries I1 4429 75 _Feb. 3 By Mdse. 1 50 1 Mdse. 1 20 " 10 Real Estate 2 1000 1 H. D. Stratton 1 20 " 16! Expense 2 5 " 8 Mdse. 2 103 50 " 28 " 3 150 " 15 2 412 50: 20i Union Bank 2 2160 24, Mdse. 2 200 271 Union BankStock 3'; 1501 1r. t3ills lieoeivable. r. 1859 Fbib. I To Sundries 1 i 7 5'7 50 " 7 Bills Payable 2 i 001, 12 Mdse. 3 200 ~r.' M erohandise. (r. 1859 1859;, Feb. 1 To Sundries 1333 5 3~ 2~1 212 501 8 Cash 2 103 572 Dawson, W. & IIHyde 2 62 5 14 BilPayable l s1600! 15 Cash 3 412 50 Io, 5e I I 11 24 Sundries 4 1 57 I-L. D. Stratton. (f. 1859 18591 1eb. I To Sundries 1 20 i Feb. 2 By Cash. Ii 20 E1r. oE GK Folsom.1I59 1859 1- 1. I To Sundries 1i i i I e b. 3 By ldse. I 65 251 Expense 3 Wrnr. ____ 1ills Fayable. (r. II 1~~ 1859 ib. 1 BySundries 1 1235 7 Bills Receivable 2 500 - - I I~~~14 Mdse. a:! 3 1600:! t. t. -!O48_:............... 1.q59 ~ i~~~~~~~sC LEDGER,-SET II. Wv-. J. D. Comstook. _ 1 18591 I i I ~aFeb.! 1 By Sundries 96 __ _rS..S. PItaokarcd.f 1b. To Midse. I 52 _~f~ Ivison &: Fhinney Qr fd i 218591 _~I /i' iFeb 3 ByMdse. 112 60 Wrv. 2IDawson,'V~arren &z~ HI-yde- LTr. - I/ 18s59 Fe b. 5 ByMdseo. 62 50 W~-.~ ~bR~eal Estate. r. 1859 AU Ekb~~~~~~~~~~~~~~~~g. Feb. 10 To Sundries 2 10000 Wv. _M_____~Qn~~ortgage Payable. _ 1859J Feb. 10 By Real Estate 2 9000 ~_'z _. __ E~.~xp-ense. __ 1859 Feb 16 To Cash 8 5 25 E. G. Folsom 3 65 28 Cash 920 4 150 Wvr. _Tlnion _ank Stock. _ Qr. 18.59 1859 59b. 18. B. Bryant 3 5250 Feb. 20 By Cash 4 2160' 27 150 __ _r. Tnion Bank. __Qr. 1859 Feb. 18 To H. B. Bryant 2 1000 Dr, ___ John wV._Gantz. 1859 I Feb. 24 To Mdse, 4 375 49 GENERAL STATEMENT,-SET II. GENERAL STATEMENT. In the preceding Ledger (Set II.,) we have the current condition of H. B. Bryant's business on the 28th of February, as far as that condition can be shown by the Ledger, without closing the accounts. This part of the labor we leave for the student; but shall give, in this connection, a statement which will afford him efficient aid. It is essential that the principles of this statement, as also the peculiar form and method Of enforcing these principles, be clearly comprehended, as herein lies the key to much that at first seems mysterious and incomprehensible. It will be seen that this statement differs from the previous one (Set I.,) only in form and arrangement. Trial Balance. Differences. Face of Ledger. i Ledger Accounts. Face of Ledger. Differences. H. B. Bryant... 10874 75 i10874 75 6290 75 7495 75. Cash. 1205 757 750 757 50. Bills Receivable 1845 50 3208 50. Merchandise.. - 1363 20 i2' 205. It, D. Stratton.... 20 115. E.G. Folsom... 115 Bills Payable,. 3335 3335 J. D. Comstock... 96 96 252 S. S. Packard I Ivison & Phinney. 112 5 112 50 ]112 50 Il 5 Dawson, Warren & Hyde 50 2 505 10000 10000. Real Estate' Mortgage Payable. 9000 9000 i 220 220. Expense.. 2940 5250. Union Bank Stock' 2310 1000 1000 Union Bank i i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 375 375 John W. Gantz!........... 23480 751 28493 i75. Equilibrium.28493.75 -23480 75 -~~~~ ________ - -~-K- _____ ___ I inventory of Unsold Property. 140 yds. English Broadcloth - @ $3.00 }. 420 200 do Domestic Cassimere. @ 1.00. 200 2 dozen Soft Hats. @24.00.. 48 1 i 15 reams Foolscap Paper. @ 3.50. 52 i50 100 sets Spencerian Writing Books @ 75. 75 i 38 Gold Pens...... 1.25 47'50 1 150 Bbls. Flour.@ 8.50 1 275 2118 30 Shares Union Bank Stock @ 1.03-. 3100 Store and Fixtures valued at. 1718 5 172180 50 GENERAL STATEMENT,-SET II. Statement of Losses and Gains.-Representative Accounts. Losses. Gains MERCHANDISE, Proceeds from sales.... 1363 00 Value of that unsold (per fnvoice) 2118 00 Total proceeds.... 3481 00 Cost...... 83208 50r a Gain........ 272 50. 272 50 REAL ESTATE, Value of property unsold... 12000 00' Cost... 10000 00! Gain... 2000 001 200. I ---— 00 EXPENSE, Outlay......... 220; UNION BANK STOCK, Proceeds sales and dividend. 2310 00i TValue of unsold..... 3100 00l Total proceeds..... 5410 00! Cost.... 5250 00 1 Gain....... 160 001 160 2432 50 2432' 50 Statement of Resources and Liabilities.-Real Accounts and Inventories. 1st. From Inventories of Unsold Property. Resources. i Lablt MERCHANDISE................ 2118 UNION BANK STOC............. 3100 REAL ESTATE................ 12000 2d. From Ledger Accounts. i CASH, Amount Received..... 7495 75 " Disbursed.1205 00; Balance on hand.6290'75 62901 75 BILLS RECEIVABLE, Notes received, and oin hand.. 7571 50 BILLS PAYABLE, Notes issued and unredeemed... 3335 J. D. COMSTOCK, We owe him.....96 S. S. PACKARD, He owes us... i 52. i. IVISON & PHINNEY, We owe them.......... 112 50 DAWSON,WARREN & HYDE We owe them......62 50 UNION BANK, Deposits in our favor....... 10001 JOHN W. GANTZ, He owes us.. 3751 MORTGAGE PAYABLE, Mortgage issued and outstanding.... 90001 H. B. BRYANT, is net investment....10874 75! i gain...... 2212 501 His present interest... 1. 25 1 13087 1 25 1~87 =- =...i.... 256931 25 256931 25 Ii 5- 1 1-I _- i5 51 EXERCISES FOR THE LEARNER-2D SERIES. The theory enforced by the preceding " General Statement," is one that must perpetually govern the record of business transactions, and one that will afford ample basis for explanation to those not thoroughly familiar with the science of Double Entry. It is, simply, that all gains or losses in business are substanctiated by the actual increase or decrease of net resources. As simple as this proposition may appear, it will require not a little well-directed mental effort to comprehend it in all its special relations and applications. The student is now required to " Close up" the Ledger according to instructions in Set Io EXERCISES FOR THE LEARNER. SECOND SERIES. Feb. 1st, Commenced business with the Resources and Liabilities shown in Balance account, Ledger A.* Sold John D. Hinde on %, 50 bbls. Flour, @ $11. Bo't of John Gundry for cash, 200 sacks Coffee, 13,000 lbs. @ 9 c. 2d, Accepted J. D. Williams' Draft on us @ 10 days, in favor of E. C. Bradford, in full of his %. -3d, Bo't of D. C. Collins 500 bbls. Flour, @ $8; Paid him cash, $1500; order on R. C. Spencer, $133.75; our note for balance, due in four months. 4th, Paid cash for sundry expenses, 815. Sold to J. A. Harper for cash, 200 bbls. Flour, @ $8.25. 5th, Received cash of HIiram. A. Pryor, in full for his note of $950. Gth, Paid our note in favor of C. S. Sill, given him on the 4th ult., in cash, $150. 7th, Rec'd cash of E. B. Rockwell, in full of %. Paid Store rent in cash, $150. 8th, Sold Samuel Jones on his note, 300 bbls. Flour, @ $8.50. 10th, Sold J. HI. Bell on %, 10 pieces Calico, @ $3.75. 15th, Received from the executors of my deceased father's estate, in cash, $1200. 16th, Paid cash for acceptance favor of J. D. Williams, 2d inst. 20th, Sold Henry A. Wise, 10 pieces figured Silk, @ $10. Received in payment his draft @ 10 days on John Brown. 22d, Bo't of James Buchanan on %, 6 pipes of Wine, 720 gallons, @ $3.50. 25th, Sold our sight draft on J. D. Hinde, to balance his %, for which received cash. 28th, Discounted our note of 3d inst., favor of D. C. Collins, due in four months from date. Paid for face of note, less discount for 3 months @ 7 per cent., in cash, $2324.84. Trial Balance. Differences. Face of Ledger. Face of Ledger. [ 9ifer encs..... Stock..... 7275 75 7275 75 3437 16 8897... Cash..... 5459 84 3547 50 8435... Merchandise. 4887 50 2650 3600... Bills Receivable... 950 133 75. R. C. Spencer.. 133 75 250... E. B. Rockwell 250 2666 25 |.. Bills Payable. 2666 25 150... J. D. Williams 150 550... J. D. Hinde. 550 165 165... Expense...... 37 50 37 50... J. H. Bell J. Buchanan. 2520 1 2520 Discount.41 41 41 41 983 7 16 24884 50 24884 50 9837 16 -— H* This is, of course, the Ledger connected with the First Sr e, the result of which the student is supposed to have shown according to directions. 52 EXERCISES FOR THE LEARNER-2D SERIES. Inventory of Property Unsold. 25 pieces Ierrimac Prints... $5... 1 25 200 scks Coffee, 13000 lbs..09... l1170 6 pipes Wine, 720 gals....... 3.50... 2520 3815. I - Balance. Resources. Liabilities. Cash...... 3437 16 J. Buchanan.... 2520 Merchandise.. 3S15 HI. B. Bryant. 7419 66 Bills Receivable.. 2650 J. II. Bell.. 37 50 9939 66 99339 66 The student will see the importance of carrying these transactions through the necessary books to their final result, as shown in the above Balance account. Let him not omit to make out a General Statement, and close the Ledger in strict accordance with the instructions on these points. 53 AUXILIARY BOOKS, WVe give below two of the most common and essential auxiliary books in use, the Cash Book and the Bill Book. A moment's inspection will suggest the great advantage of these books, as showing special facts not easily gathered from any other source. The Cash Book, when kept, is closed every night, and the balance-which must agree with cash items on hand-brought down as a basis for the next day's business. This necessity of having the difference between the receipts and disbursements of cash, as shown by the two sides of the Cash Book, agree with the cash on hand, is the best possible safeguard against errors and omissions, and one which we shall more fully exemplify hereafter. Cash ]Book. CASH RECEIVED. Feb. 1 To Stock,.... Amount invested...... 4429 75 " " Mdse,. Sold S. S. Packard..... 20, "' 2 " H. D. Stratton,. Rec'd on %........ 20 " 8 " Mdse.,.. Sold J. H. Goldsmith..... 103 50!' 15 " ".... Sold D. L. Wing...... 412 50 " 20 " Union Bank Stock, Sold B. McGan...... 2160, " 24 " Mdse.,.. Sold J. W. Gantz...... 200 | | 27 " Union Bank Stock. Rec'd for Dividend..... 150 7495 75 i{ 7495 75 To Balance.. m old %........ 6290 75 Bill Book. 3Ao When Reo'd. Drawer or Endorser. Drawee or Maker. Inr Whose Favor. For What Rec'd. Where Palybe. 1 Feb. 1 I B. McGann. S. S. Packard. H. B. Bryant. I Investment. Our Office. 2 " 7 H. B. Bryant. I Digby V. Bell. @ do do Accommodat'n.l do do 8 " 12 H. B. Bryant. J. T. Calkins. i do do I Merchandise. do do -Bill 1Book. No. When Issued I Drawer or Endorseer. Drawee or idaker. In Whose Favor. For What Given. Where Payable. 1 Jan. 9 Francis & Loutrel H. B. Bryant. F. & Loutrel Merchandise. College Bank. 2 It 14 Smith & Co. do do Smith & Co. do do do 3,, 10 Peter Cooper. do do W. H. Beebe. To Balance T%. do do 4 Feb. 7 Digby V. Bell. do do Digby V. Bell. Accommodat'n. do do 5 " 14 S. S. Guthrie. do do A. M. Clapp. Merchandise. do do 54 SET II. The Bill Book should never be omitted in any business dealings with notes, either payable or -receivable; and especially is it important to keep a record of the amount and condition of notes payable. It will be seen that the entries made in these auxiliaries are taken fiom the transactions of Set II., and hence the cash on hand, notes on hand, and notes outstanding, as here shown, will be found to agree with the balance shown in the proper Ledger accounts. The forms submitted are those in general use, and are sufficiently suggestive. Cash:Book. CASII DISBURSED. Feb. 3 By Mdse.,... Bo't of Ivison & Phinney... 50 " 10 " Real Estate,.. Paid on Store and Fixtures... 1000 1 28 " Expense,... Paid Drayman in full.... 5 28" "... Paid Clerk's salary and Store rent. 150 1205! u...... tis,^ y z e e n n B........................... /-~'107.... i ~7495 75 Reoeivable. Date. When Due. When and how _._.._ ---—.' m'I. 57.50 eb. ji 7|Od's. 859 500 I 12 o30d's. 859! 200 F:ayable. When Due. *,-Aen and how Date. i W When Due. I! 1 ~hen clnd 7sw -I Time. n nt. r ieeme Year. t. r —---------—. ---- r- --- — Sep --- 1859 Jan. 19 | d's. 859 235 1859 iO d's. 1859 00 1859'Feb. 47 0 d's. 859 | - 100 1859 " L4 10d's.1859 18 0 d1 58600 )/ B. QUESTIONS FOR REVIEW. QUESTIONS FOR REVIEW,- SET II. IN the previous questions under this head, we have referred, by number, to the qwritten answers in the preceding remarks. We shall hereafter secure to the student the advantage of framing his own answers, aiming, however, to ask no questions upon whichl instructions have not been previously given. 1. W here are the Resources and Liabilities shown at the commencement of Set II. obtained? 2. Can Gains and Losses be shown at the commencement of business? 3. Why not? 4. What has become of the gain shown to have been realized in the month of January? 5. How does the interest of the proprietor at the commencement of Set II. vary from his interest at the commencement of Set I.? 6. What has effected this difference?'7. When is it proper to increase the credit side of Stock account? 8. When the debit side? 9. Is the term " Sundries" used as a Ledger account? 10. For what purpose is it used? 11. How will its convenience be most apparent? 12. I-ow many kinds of Journal entries are there, and what are they? 13. -What is meant by the term " Mortgage Payable?" 14. WVhat is the difference inb effect between a Mortgage Payable and a Bill Payable? 15. Is there any difference? 16. How may Ledger accounts are opened in Set II.? 17. How many of them are canceled? 18. Which of these Ledger accounts exhibit Resources? 19. Which Liabilities? 20. Which Gains? 21. WVhich Losses? 22. What is the distinction between the accounts of "Union Bank," and " Union Bank Stock?" 23. What will be the first step in ascertaining the gain or-loss in Merchandise account? 24. If the net cost of merchandise exceeds the value of merchandise unsold, will the account show a gaie or a loss? 25. Why do you carry the value of merchandise unsold to the credit of the Merchandise account? 26. Why make the entry in red ink? 27. Can you give a rule for the use of red ink entries in the Ledger? 28. In transferring a red ink entry to another account why do you always carry the amount to the opposite side of the new account? 29. TWhat Ledger account in Set II. corresponds with Stock account in Set I.? 30. Whllat does H. 13. Bryant's account represent, as it stands on the Ledger? 31. How much does it fail to show his interest in the-business on the 28th February? 32. Where will you get the amounts which will make up the difference? 33. Is it necessary that a " Loss and GaLn" account should be opened? 34. If not opened, to what account would it be proper to carry the losses and gains at the close of business? 35. What advantages are gained by opening a " Loss and Gain" account~f 36. Is it necessary to open a Balance account? 37. If a Balance account is not opened, how can the resources and liabilities be represented on the Ledger? 38. Is it customary in business to open a Balance account? 39. What is the theory of the "General Statement" as given in Set II.? 40. What are the amxfiliary books given in connection with this set'? 41. For what purpose is the Cash Book used? 42. How oft(n is the Cash Book closed? 43. With what must the difference in the sides oagree? 44. What is the- advantage of the daily test? 45. For what purpose is the Bill B ook used? 46. What is the particular convenience of the Bill Book?* 47. With what account in the Ledger will the uncanceled notes in the Bill Book Receivable agree? 43. In the Bill Book Payable? * The Bill Books in common use have the records of Bills Payable in one part, and Bills Receivable in the other, conversely arranged, so that each seems to be at the commencement of the book. It is usual to put the last day of grace in the "' When due" column, although some insist upon including the day upon which the note is written to fall due. When both dates are specified, it is done in the form of a fraction, similar to the example shown. SET III. DAY-BOOI, JOURNAL, CO-MMIISSION SALES BOOK, ACCOUNTS SALES. [Con6b~tinuation of Set JL.] BUSINESS ADVERSE. DAY-BOOK, -SET III. NlEW YORK, VMfARCH 1, 1859. The following Resources and Liabilities are from I.- B. Bryant's Ledger. B. The business to be continued under his name. i Resources. Merchandise as per Inventory......... 2118 00[; Union Bank Stock, real value.. 3100 00 Real Estate, estimated at........... 1200 00 Cash on hand...... 6 029 0'75 /I Bills Receivable. notes on hand.... 757 50i S S. Packard owes on %........ 52 0011 John W. Gantz do. 375 500 Union Bank, amount on deposit....... 1000 00l 256931 25'Liabililies." Bills Payable, outstanding notes... 333) 00 J. D. Comstock, balance due him.... 6 00 Ivison & Phinney " " them........ 112 50i Dawson,VWarren & Hyde, balance due themn.. 50 Mortgage Payable.............. 9000 001 - ~ 12606 - _____.. _________________ ~~__ 1 i Shipped per Peoples' Line, and consigned to Sheldon & Co., Albany, to be' sold on our % and risk, / 140 yds. English Broadcloth... @ $3 50.. 490 00! I 200 do Doimestic Cassinmere... @ 1 25.. 230 00-740 00 Paid drayage on same in cash...... 1 00 741 / Sold James Monroe, for cash, 2 doz. Soft Iats, @ $26 52.....:52' V _ _ _ _ _ _ _ _ _ _ _ _ ___ _ I, _ _ _ _ _ _ _ _ _c Received per N. Y. and E. R. R., from J. IR. Wheeler & Co., Buffalo, toi be sold on their % and risk, 500 bbls Flour, invoiced... $8 00 / 5000 bush. Wheat........ @ $1 25 Paid transportation charges, in cash............. 100 Sold S. R. Gray, Albany, 50 Sets Spencerian Writing Books....3. 44 00. 15 Reams Foolscap Paper..... 3 70 55 50 38 Gold Pens.@ $l 50 57 00 i Received in Payment Ivison & Phinney's DIraft on us for $112 50.. 1 156 50 Cash for balance........... 44 00-150 50 Received Cash for rent of offices in second story.... k/ h ___._;.... 3. 9848...75 * We have varied this statement from the former, for the purpose of illustrating the different methods of opening books. The Liabilities here enumerated are simn)ly those amounts owing outside the concen. The amount owing to the proprietor is, of course, the difference between the sum of those outside liabilities and the sum of all the resources, and, instead of being shown in one amnount, as in Set TI., will be indicated by the difference between the debit and credit of the Stock, or H. B. Bryant's account.,58 DAY-BOOK, —SET I I. 1 NE\W YORKi, MARCH 4, 1859. Amount brought Forward........ 39848 75 / Paid J. D. Comstock Cash, in full of........... 96 - -....... -...........................-........................ Sold Win. I-. Crocker, on his note @ sixty clays, 500 bbls. Flour, (J. R. W. & Co.'s Consignment) @ 9.... 4500 Received per Steamer New World, from M1. B. Scott, Cleveland, to be sold on his a% and risk,' I 800 bush. Corn, invoiced.@ 75...... 2000 do Oats, ". @ 60.... 500 do Wheat, ".. 3. Paid Frei,.ht and Insurance, in cash............. 175 I ___._ _ _ -- -- 6 --- —.- - _- -- - - / Sold J. C. Bryant, for cash, \/'5000 bush. Wheat, (J. ER. W. & Co.'s consignment) @ $1 50.. 7500!/ Closed J. r. Wheeler & Co.'s Consignment, and rendered them an Ac\/! count Sales of the same. Our charges for Storage and Advertising,......$ 25 00 Our Commission on Sales,........... 300 00 J. R. Wheeler & Co.'s net proceeds....... 1155 190 0;Shipped per Steamer Swiftsure, and Consigned to Cobb & Co., New IHaven,,/ | to be sold on our % and risk, 100 bbls. Flour from Store, valued at $9...... 900 00 800 bush. Corn, (AM. B. S.'s Consignmeot) @ S0c.. 40 00!Paid Cash for Insurance-premium and policy..... 8 70........ 1548,70 /'Paid Dawson, Warren & IIyde Cash to balance %.......:. 62.,50 /'Received Cash of S. S. Packald in full of %....... 52 i. —----- -------------- -- ------— _ 9 _. _ _ Sold Charles Claghorn, for Cash, 2000 bush. Oats, (AM. B. S.'s Consignment) 75c.... 1500 00 V 500 bush. Wheat, do do @ $1 50.. 750 00.2250 Closed M1. B. Scott's Consignment, and rendered him an Account Sales of / the same. Our charges for Storage and Advertising...... 40 00! Our Commission on sales. 72 25 M. B. Scott's net proceeds, remitted in cash.2602 75... 2715 170647 05 59 DAY BOOK, SET III. NEW YORK, MARCH 10, 1839. Amount brought forward....... 70647 95 10 / Received Cash of Jno. W. Gantz, in full of %.. 375, 11 Ho I. The steamer on which we shipped goods to Sheldon & Co., Albany, was sunk by collision, and our goods, which were rescued in a dalnaged condition, and upon which there was no insurance, were sold at auction' for cash........ 150 12 Received from C. S. Dole & Co., Chicago, to be sold on their % and risk,, 500 bbls. Extra Superfine Flour, 1000 do Superfine do 3000 bush. ]-Rye, Paid'Freight in Cash..... 300 13 Sold E. R. Felton, at thirty days, on %, 500 bbls Superfine Flour, (C. S. D. & Co.'s Consignment, @ $8 00 4000 I I1 / D. V. Bell has returned our note issued Feb. 7, and we have surrendered his of the same date and amount.500 15 / Paid Cash for Taxes on Real Estate....... 150 00 v Also for Clerks' Salary to date..... 125 00 5 _- a 1 (; 1 — _ _ |I II. B. Bryant has drawn Cash for private use 500 / Received Cash of S. S. Packard for his note now due....... 57 50 ___ _________-_____ _ - - 17 / Received Cash of J. T. Calkins in full for his note.. 200 / 1 - - _ _ _ _ _ _ _ Received advice from Cobb & Co., New IIaven, of the sale of 150 bbls. i / Flour and 800 bush. Corn, shipped them on the 7th inst., I Net proceeds remitted in Cash.......... 1200 78205 45 60 DAY B0OK -SET III. NEW YOtRKI, MInARCH 20, 1859. Amount brought forward......... 78205! 45 20 /S 8old John R1. Penn, for cash, 500 bbls Extra Superfine Flour, (C. S. D. & Co.'s Consignment) @ $9 4500; 22................................. ——...... - _.:...................... i Sold for Cash, to E. H-I. Bender, Albany, 30 Shares Union Bank Stock @ $100...... 3000 25 /i Paid our Note in Cash, favor of Smith & Co., due Feb. 26. 1000 00 v/. IInterest due on same to date..........83 1005 83 Paid Cash for our Note of the 14th ult., at five months, favor of A. M., Clapp, / Face of Note.......1600. Cash paid............. 1565 57 00 Discount off to July 18........... 34 43 1600Q 00 500 bbls. Superfine Flour, (C. S. D. & Co.'s Consignment) @ $8 50. 4250 / Accepted J. 1R. Wheeler & Co.'s Draft on us @ three days sight... 11575 Closed C. S. Dole & Co.'s Consignment, and rendered them an Account Sales-3000 bushels Rye remaining unsold, Our chlares for Stolrage and Advertising 50 00 Our Commriission on Sa-les.. 18 75 C. S. Dole & Co.'s net proceeds...... 12450 / Paid our Note favor of Francis & Loutrcl, in Cash... 235 _____mitoa.S. ole drCo. Gus to baluco 1C12081 25 R Remitted C. S. Dole & Co. Cash to balance %.12081 25 31 /Paid sundry Expenses this month, in Cash......... 75 128977 53 61 JOURNAL, SET III. NEWV YORK, MARCH 1, 1859. Dr. Cr.. Sundries Dr. To II. B. Bryant..... 25693 25 MIerchandise........ 21.18 Union Bank Stock........ 3100 Real Estate....... 1...00. Cash........ GO 7 i ills Receivable........... 77 50/ i S.S. Packard........ 52 Jno. W. Gantz............. 35 Union Bank........0i HI. B. Bryant Dr. To Sundries... 2 " Bills Payable. 3335 " J. D. Comstoclk.. 96 " Ivison & Phinney... 1121 50 i Dawson, Warren & Hyde 621 50 " Mortgage Payable.. 9000o Shipment to Albany Dr. To Sundries... 741' "Merchandise e i 740 " Cash... 1. " Shipment to Albany" is a new account, opened to represent a particular enterprise, and although it relates to merchandise, it is distinct from thle merchandise in store, and is given this new name to mark that distinction. It is as though we had sold our merchandise for $740, and( immediately, invested the same in this adventure. The account is debited with its cost, and merchandise and cash credited, as per formula on page 17. i Cash Dr.. e 52 To Ierchandise.. 52 l J. R. Wheeler & Co.'s Consignment..., To asl...... To Cash.. ~ ~ 100 The account here opened-J. R. Wheeler & Co.'s Consignment-is pre- 100 cisely the same, in effect, as would be an account with J. R.. heeler & i Co., although it really represents the property of that firm, which we receive, as commission merchants, to sell. Instead, therefore, of debitin the Consiognment account with the value of the property, we debit it only i with what it has cost us. _______ Sundries Dr. To lMerchandise.... 156 50 Ivison & Phinney......112 ICash..... 1.. 44Cs. Ivison & Phinney's draft on us is simply their order for the amount we owe them, and for which they stand credited on our books. If we accept; jor pay the draft, we must, of course, debit them, which will close their account. I Cash Dr. 500 To Real Estate.... 00. - 39848 75 39848 75 62 JOURNAL, SET III. NE'W YORK, MARCH 4, 1859. Dr. Cr. Amount brought Forward... 39S481 75 39848 75 J. D. Comstock Dr......... To Cash..... 9 Bills PReceivable Dr.. To J.. Wh'eeler & Co's Consignment.... 4500 _ _ __., _. _ _ _...............- __ _..... _..I — -- - -_ I _, M. B. Scott's Con- - signment 175 To Cash..... 175 6 Cash Dr. 7500 To J. R. Wheeler's CoII''' i1 7500 signment... 7500. J. R. Whelelor & Co.'s t Dr. To Sundries..... II 11001 Consignment To Storage and Advertising i "Commission... 3043 J. R.. Wheeler & Co. 1157 The entry above is made for the purpose of exhibiting on our books the net amount owing to J.. Whelleler & Co., as the result of our business i with t)hemi so ftir; and as their Consignment account was used to show ii I thle filets connected witll tle sale of their property, we can ascertain fiom l | this account howv much thllcy are entitled to, as net proceeds, which must bei thle ditlfference between the sldes of th!,tlt account, when its entire cost and i proceeds are l)rol)erly shown; in this case, $11575. The effect of this en- try will be to close the Consignment account, and carry its results to the account of J. it. Wheeler & Co. l-! ii Shipment to New IIaven Dr. To Sundries.. 1548 70 To Merchandise.... 900I 900! " M. B. Scott's Consignment 640 " Cash....' 4~~~~~~~~~~~~~8 70 Dawson, Warren I! tc~~Cn &-cysd~re Dr........ e *..~. 62 1; / To Cash 2 62 50 TCash Dro. g a A r.... 52 To S. S. Packard.. 52 __9 i Cash Dr......a..... 202750 (:ash l~r. i * O e o v e c v * * * 2250 i -! ~To M. B. Scott's Consignment 2250 I I__~ ~ __ __I _ // _~_~_~~~_~_ ___________i _ M. B. Scotts Consignment Dr. To Sundries.... 715 I! B To Storage and Advertising 4 40 l "Commission. 72!25'ffi' Cash.... 1 5'70647 195!;:70647 19.5!63~~~. 1 i... JOURNAL,-SET III. NEW YORK, MARCH 10, 1859. Dr. Cr. Amount brought Forward... 70647 95 70647 95 _._. _. ~ _. 1 0........... _.......... s' Cash Dr.. o.. -.. 375 1 C1 ts1 -....-..... _ 375 Cash Dr..... 150i To Shipment to Albany.. I1O Shipment to Albany is treated precisely as any property or representative i account; having been debited with its cost, we now credit it with its pro- ceeds. The difference will be, in this case, our loss. C. S. Dole & Co.'s) Dr Dr........... Consignment 300 To Cash... 300 13 E. R. Felton Dr.4000 To C. S. Do]e & Co.'s Con- t 4000 signment000 Bills Payable Dr..... 500. iTo Bills Receivable... 500 15 Sundries Dr. To Cash 7... I 275 Real Estate.. 1.50, Expense.............15 16 Private Account Dr..'.. 500. rTo Cash..... According to the principles already expressed, it would be proper to debit H. B. Bryant with this amount, as he has drawn it from the busi- ness for his own private use. "Private Account," then, is simply a sub- division of HI. B. Bryant's, or Stock Account, and should, eventually, be i closed into this account.* i Cash.Dr. 5... 57 50i To lBills Receivable; 57 50 Cash D r.......... To Bills Receivable i 200 i77005 i 45! 770051 45 * Some authors teach the propriety of opening a "Private Expense" account for transactions of this kind, closing it into Loss and Gain, the same as the general Expense account of the business. It requires no great tact to see the fallacy of this reasoning-if, indeed, it is properly so called-as, in such a case, the prosperity or adversitS of the business would depend, not on the real amount of gain or loss, but upon how much was drawn out for private use. There is no more justice in debitinlg Loss for sums drawn from a concern by the sole proprietor, than there would be for sums drawn by a partner. The authors who propagate this fallacy, usually give two rules for journalizing-both "infallible," —one for stock books, and another, aJd different one, for paltnershi/p books. 64 JOURNAL, -SET III. 4 NEW YORK, MARCH 18, 1859. Dr. Cr. Amount brought Forward.... 77005: 45i 770051 45 I --- ------- - 18 l _ l I Cash Dr.... 1200 To Shipment to New Haven 1200 12000 20 Cash Dr. 4500i lTo C. S. 1ole & Co.'s Con- i signment 4500 22 Cash Dr.. 3000 To Union Bank Stock.. 30000 25 X _ _ -; Sundries Dr. To Cash.... 83 1005 83 Bills Payable....i.......* Interest................. Interes~t.5 83 It should be borne in mind that notes, like cash, ought always to be { debited and credited with the value written upon them. If they are really worth more or less than this expressed value, that difference must be shown in some other account. In the case above, the face of the note is $1000; but the worth of the note, with the interest due upon it, is $1005.83; and this is.the amount we are obliged to pay, inm I order to cancel it. We therefore debit Bills Payable with the face of the note, and Interest with the amount we pay for Interest. Bills Payable Dr. To Sundries. 1600 To Cash.155 57 Interest...... 34 43 In this case, the note is really worth less than its expressed value, as i we are obliged to pay for it only $1565.57, which is $34.43 less than I its face. We here debit Bills Payable with the face of the note, according to principles laid down, and credit Cash for the amount of I.cash paid, and Interest for the difference, that being the amount pro-! duced by Interest, or by paying our note before it is due.* Cash......._..._ I I I... Consignment... I 4250 Am________ _ // -d- 4! i /! J. R. Wheeler & Co. Dr. 11575' To'Bills Payable... 155 104136 25 104136 28 The difficulty experienced by teachers in explaining the debit and credit of Interest arises most frequently from the fundamental error of definition. Webster defines Interest-" Premium [cash] paid for the use of money." This definition answers Webster's purpose admirably; but the accountant who accepts it for the purpose of applying any rule for journalizing, will most assuredly get befogged; for interest is not what is received or paid for the use of money, but the use of money itself. As well might one say that labor is what is received or paid for services rendered. To make this distinction plain, let the student bear in mind that whoever uses the money upon which interest is to be paid, pays for the use: in other words, pays for the interest. When defined in this way, he will have no difficulty in applying any rule or principle competent to distinguish debits and credits. I 65 JOURNkAL, —SET II. NEW YORK, MARCH 27, 1859. iBrought forwrd..... * * 104136 28, 104136 28 27 - C. S. Dole & Co.'s Dr. To Sundries... 12450 Consignment " Storage and Advertising. 50 " Commission 318 75 " C. S. D)ole & Co. 12081 25 30 Bills Payable Dr. To Cas235 To Cash 235 C. S Do le & Co. Dr..12081 25 | ~To Cash i120181 25 31 Expen.e Dr... To Cash.. 75 128977 53 12S977 53 We have thought proper to omit the Ledger in this Set, believing the student to be fully capable to post the accounts without assistance of this kind. We shall adhere to this plan hereafter, except in cases where some new principle or application may be otherwise more clearly shown. The result of this business will differ from that shown in the preceding Sets, exhibiting, instead of a net gain, a net loss. This fact will of course, be apparent in the Loss and Gain account-the debit side of that account being the larger —which will be closed "By/ Stock," and the result carried to the debit side of Stock (11. B. Bryant's) account. Before attempting to show the result of the business, by closing the Ledger or making a Statcment, the student must not forget to close " Private Account" into II. B. Bryant's (Stock) account, it having already been explained that Private Account was merely a subdivision of Stock account. This might have been done, and very properly, too, by a regular Journ(al entry, but the result is the same, and the method here suggested, besides being more simple and direct, is equally intelligible. In order, however, that the student may be made familiar with the various methods of closing Ledger accounts, we sh;ill-exemplify in the succeeding Set the manner of producing all the results through the Journal. This latter methlod is practised to considerable extent in business houses, and particularly in joint stock concerns. WVe have here a somewhat novel feature, indicated in the Inventory as " Interest Payable, due on Mortgage.", This represents the, interest which has accumulated and is unpaid on the mortgage held against us; and is as much a liability as the mortgage itself. In closing up the Interest account, this amount ($84) should be brought in on the debit side in red ink, "To Interest Payable," and carried to the Balance account as a liability. Were the business to be continued under the same proprietorship, this accumulating interest might be allowed to run on without mention until paid, when it would be charged to Interest %, thereby decreasing the gains; but as it is necessary to show the exact state of the business at this time, all the liabilities must be shown. The student will please make his Ledger conform to the following Trial Balance, and el se it in accordance with the Statement which follows. TRIAL BALANCE-INVENTORY, Trial Balance. Balances. i bal Footings. Ledger Accounts Total Footings. alanees. i i i i ~~~~~~~~~~~~~~~~~~~~~~~~~~i.......... i~~~~~~~~~~~~} o'i o~,.....12606. B. Bryant. 25693 25 1I3087 25 269 50 21118 M I\erchandise 1848 50 100 3100 Bnion Bcank Stock.3000. 11650 l12150 I eal Estate..... 500 11837 65 i 1i337G J 30421 25 Cash...... 19083 60 45000 i 75257 50 iBills TIcceivable.. 757 50' 52 S. S. Palckard 52 385 i J. W,. Gantz.75 1000 1000 i Union Bank 0335 iBills Payable 14910 11575 06 I J.D. Comstock... 96 i; ~ e -or o o o o o oi 112 ~50 1 Ivison & Phinney 112 50 6250 L1awson, %nWarrcn & Iyde 62 50 Mortgage Payablc 9000 9000 s o 591' 741 Shiprent to Albany...... 150 12000 J. TI. Wheeler & Co.'s Consignment 12000 i. B. Scott's Consignment.... 2890 348 70 1548 i70 Shipment to New Haven.... 1200 12750 C. S. Dole & Co.'s Consignmenit.' 1275 i~~~~~~~~~~~~~~25 i i 4000 4000 E. I. ifelton....,i: Storage and cadvertisinng. 11' 115 i Commission 691 i 691 208'10 11575 J. Ti. Wheeler & Co. 115 6 691 200 i 200;iExpense.......... 5000 5000: EFPrivate, Account 12081 2 C. S. Dole & Co. o 081 25 i o'intce'........ i34496 8 128977 53' 34496 85 INVENTORY. p~ropeer+y Remaining Unsold, Iarch 31. 50 sets Spencerian Writing Books.......... I'~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Real Estate, valued at............ 12000 5~~~~~~~~~~~~~~~~~i1000 i!.iabilities not shown on Ld-u r.ig Iterest Payable. Due on Mortgage.. i 84i 67 STATEMENT, -SET III. Losses and Gains. _ _lll —— ~ D~n~y l l~ls~ —_ —-m-^ —-— P —... _ = _. =:...._......... ~ Losses. Gains IMERCHANDISE, Cost....... 2118 00 iI Proceeds from salS. 1848 50 Mdse. unsold (peir Inv.) 3'7 50 1886 00 Loss....... 232 00 232 UNION BANK STOCK, Cost.......... 3100 00 Proceeds..3. 000 00 Loss....... 100 00 100 REAL ESTATE, Proceedsfrom rent. 500 00 Value of unsold. 12000 00 12500 00 Cost....... 12150 00 Gain.......... 350 00 350 SHIPMENT TO ALBANY, Cost......... 741 00 l Proceeds........ 150 00 Loss........... 591 00 591 INTEREST, Cost....... 89 83 Proceeds....... 34 43 Loss..._..0. 55 4 4;0 STORAGE & ADVERTISING, Proceeds...... 115 COMMISSION,.......... 691 EXPENSE, Cost............. 200 SHIPMENT TO NEW HAVEN, Cost.......... 1548'O Proceeds........ 1200 00 I e ~~Loss e.......... 348...70 34 8 870 itd Lo s. * O * O b * O;' NetX~ ~oss~].i527 10 i1527 10 Resources and Liabilities. 1st. Property Unsold. —--- -: I MERCHANDISE, Per Inventory. 37 50 REAL ESTATE............... 112000 12d.'!Leder Accounts. Ii 2d. Ledger Accounts.i CASH, Amount on hand....... 33765 I BILLS RECEIVABLE,.... ~. 4500 UNION BANK, mount on Deposit........ 00 BILLS PAYABLE, Outstanding Notes...... 11575 IMORTGAGE PAYABLE,..... 9000 INTEREST PAYBLE,......' 84 E. R FELTON, Owes us on %......... 4000 H. B. BRYANT, Capital i]nvested (net).... 1308'7 25 Drawn out (Private %). 500 00 i Net loss. 3871 10 871 10 i Present interest in the concern..12216 15 112216 115 j32875 15.32875 15 68 II. 13. BRYANT'S BOOKS CLOSED. From the foregoing statement the student will be enabled to close up this Ledger with certainty, and to produce the results in his Balance account which are exhibited under the head of Resources and Liabilities there shown. The only difference between this and the preceding sets is, that the business has been a losing instead of a prosperous one, and that, consequently, the net resources of the concern are diminished. Mr. Bryant now proposes to change his business, and to take in a partner, Mr. T1. D. Stratton, who is to furnish an equal amount of capital. The new concern will commence with a cash capital and with no liabilities. A new set of books will be opened. This will leavo Mr. Bryant to close up his old business in his own books. The Memoranda below are for that purpose, and the student is required to write up the transactions given, and produce a Balance Sheet of the result before commencing the next set. In closing up the business of HI. B. Bryant, as per memoranda, it will not, of course, be necessary to open a new Ledger, nor even new accounts in the old Ledger; particularly, if there be sufficient space under the old accounts for the few necessary entries. The opening entries below, enumerating resources and liabilities are supposed to be taken from the last Balance account. The same purpose would be effected by bringing the balances down under their proper accounts, instead of transferring them to the Balance account. This method is shown at length in the succeeding set. gIfemoranda-H. B. Bryant's Books Continued. April 1. The following is a statement of the Resources and Liabilities of 11. B. Bryant's private books, as taken from the Balance account of his Ledger: REsoURcEs. —Mdse on hand, $37.50; Real Estate, $12000; Cash, $11337.65; Bills Receivable, $4500; Union Bank, $1000; E. R. Felton's indebtedness, $4000. LIABILITIES.-Bills Payable outstanding, $1 1575; Mortgage Payable, $9000; Interest due on same, $84; Bryant's net investment, $12216.15. 1. Invested in the concern of Bryant and Stratton, Cash, $1000,- 2. Received Cash of E. R. Felton, in full of %, $4000. 3. Sold Bryant & Stratton Store and Fixtures for $12500. Transferred Mortgage for $9000; Interest due on same, $84; received Cash for balance, $3416. 3. Paid our acceptance favor of J. R. Wheeler & Co., $11575. Gave in payment W. H. Crocker's Note, due May 7, $4500, less discount off 34 days, $29.75; Cash for balance, $7104.75.t 10. Sold James Atwater, Lockport, for Cash, 50 sets Spencerian Writing Books, @ 80 cents, $40. 15. Deposited in Union Bankk, Cash, $1688.90. 30. Drew from Union Bank, and invested in Bryant & Stratton's concern, $2688.90. * The account with Bryant & Stratton should be treated in I-I. B. Bryant's books the same as any personal uccount. MAr. Bryant has, in reality, lent this money to Bryant & Stratton. LIe, therefore, should debit them and credit cash. See corresponding entry on Bryant & Stratton's Books, Set IV. t The note which we hold against W. H. Crocker is really worth its face, less the interest for the time it has yet to run, and will be received only for its real value, $4470.25. In this transaction, therefore, we pay for our note, $11575, and for the discount on W. H. Crocker's note, 829.75. Our entry, then, is, —Debits: Bills Payable, $11575; Interest, $29.75-Credits: Bills Receivable, $4500; Cash, $7104.75. 69 COMMISSION BUSI1NESS. Trial Balance. Diferences. Footings. Fj ootings. Di 6e renees.. H. B. Bryant... 12216 15 12216 15 37 50. Merchandise... 40 2 50 12000.. Real Estate..... 1500 500 18793 65.. Cash. 18793.t 65 1 4500. Bills Receivable.. 4500 2688 90.. Union Bank. 2688 90 i 11575.. Bills Payable.. 11575 9000.. Mortgage Payable. 9000 i9 4000 E.. E.R. Felton.... 4000 12688 90 12688 90.. Bryant & Stratton.. 29 75 29 75. Interest.... i 12718 65 7 75313 70 75313 70 I 12718 l65 ____ ____ O |......_.....__._,___ - _ Balance Account. Resources. Liailities. Bryant & Stratton... 12688 90. B. Bryant... 12688 90 The above Balance account shows the final result of the three months' business of TH. B. Bryant, embraced in the foregoing three Sets, and most clearly demonstrates the fundamental principle for which we have contended. It will be apparent that this result could as well, and much more easily, have been shown without closing the Ledger at the end of each month; but the student, if he has faithfully followed his instructions, will not find it necessary to inquire why this was not done. We might have presented a greater variety of transactions had we chosen a different kind of business for each Set; but that would have deprived us of one of our chief objects-that of exhibiting the method of opening a new set of Books from the Balance account of an old Ledger, and the continuation of the same business from one set to another. Iaving, as we think, faithfully accomplished this part of our design, we shall seek new attractions and illustrations in other channels. COMMISSION BUSINESS. SALES BOOK AND ACCOUNTS SALES. On the three following pages we give a few brief examples of the special forms necessary in a Commission business. They are not submitted as models, but as forms most commonly in use. The Commission Sales Book on pages 72 and 73 contains all the particulars connected with the three consignments which comprise a large share of our business in Set llI., and the Accounts Sales on the opposite page are simply abstracts of those special sales, such as the coin mission merchant sends to his principal upon the "closing out" of a consignment. We have varied the form in these Accounts Sales, that the student may become familiar with the different methods of expressing the same result, in use amorng business men. 70 ACCOUNTS SALES,-SET III. Account Sales of 5000 blsh. Wheat, } on % and risk of J. R. Wheeler & Co. AMar. 5 Sold Wm. HI]. Crocker, on his Note @ sixty days, 500 bbls:Flour, @ $9.4500 00 6 Sold J. C. Bryant, for Cash, 5000 bush. Wheat, @ $1.50.7500 00 I 12000 -C7arges. - 2 Paid Freight, in Cash.. 100 00 6 Storage and Advertising.25 00 Commission, 2~ % on $12000..... 300 00 425 J. R. W. & Co.'s nlet proceeds......... 11575 Due by Equation, March 30. H. B. BRYANT, NEW YORpK, Marclh 6, 1859. per Packard. M. B. Scott-In Account Sales with H. B. Bryant. 1859 1859 Mar. 5 To Cash paidFreight and Ins... 175 ar. 7 By 800 bush. Corn, @ 80 c... 640 "Storage and Advertising... 40 Taken to our account.' Commission 21 %9 on $2890..i 72 25 1 9 By Cash, Sold C. Claghorn, " M. B. Scott's net proceeds.. 2602 75 2000 bush. Oats @ 75 c. $1500 oo Remitted herewith. 500 bush. Wheat @ $1 50 750 E. E. 250 2890 2890 NEw YORK, tark 9, 1859.. B B A pei' Packard. 500 bbls. Extra Superfine Flour, Sales of 1000 bbdo. Superfine dor, f ~or % of C. S. Dole & Co. By H. B. BRYANT..Barrels Bairrelds Ex. S up. Su(per. Flour. Flo ~ r. Har. 13 E. R. Feiton, @ thirty days..... 500 @ $8 00 j 4000 20 Cash....... 500 @ 900ol 4500 25 Cash............5 600 @ 8 50 4250.__ 500_ 1000 g 4 12750 Charges. 12 Paid Freight in Cash.. 0...0.. 27 Storage and Advertising.......50 50 Commission on Sales, 21 % on $12750......... 18 668 75 Net proceeds to Cr. as cash, aarch 29. 12081 22fi E. 0 OE. H. B. BRYANT,::= per Packard& 71 AUXILIARY BOOKS, Commission This Book is used for the convenience of the Commission Merchant, that he may be able to see, at a glance, the condition of each Consignment. / \ * / //.// / ~1859// j1 ~ eJ.:R. Wheeler && Co.'s iAar. 21 500 5000 Per N. Y. d& E. R. B.i To CASH, Paid Transpt'n Charges i100 6';B I STORAGE & ADVERTISING, ) 25 C COMMISSION, 2~ % on $12000. 800 425 J. R. WHEELER & CO., Net Proceeds.. 115 751.. ~00~ 5000 Due by Equation Mar. 30* 12000o.._. I.......... 1859. B. Scott's far. 5 8001 2000 5600 Per Steamer New World. I I To CASH, Paid Freight and Ins. 175 i 91 j 1 STORAGE & ADVERTISING, 40! COMMISSION, 2! O on.... 72 25.. 287 25 CASH, Net Proceeds remitted. 2602 1 75 8001 2000, 5001. 2890 /, / " /159'/~/,' ~/ C. 8S. Dole & Co.'s 1859/,, Mar. 121 500 1000l 30001 Per People's Line., To CASH, Paid Freight.. 300. STORAGE & ADVERTISING, 50 i COMMISSION, On$12750 @.1 318 1 668 C. S. DOLE & CO., Net Proceeds... 12081 25 Due by Eguation 2iMar. 29 500 1000 3000 I12750o The method of equating time is fully explained in that portion of the work devoted to "Commercial Calculations." SET III. Sales:Book. It will be seen that the entries on this Book correspond with those on the Day Book, and its use in this connection will, it is hoped, give the student a better understanding of the nature of Commission transactions.. / / Consignment. 1859 / _ ___ ______ far. 56! | By BILLS RECEIVABLE, Sold W: HL Crocker on his, NVote @ 60 days, 5 00 @ 9 00... 4500 1 a" 43, 1 By CASH, Sold J. C. Bryant, i o000o @ $1 50.... 7500 12000 500 5000 12000{ 1859 C,'. C....onsignment. ___. ___ _s __. __ _.. _ - _.. x, Mar. 7, By SHIP'T. TO N.H., Assumed and Ship'd Cobbh & Co. I 800o 1 1 @80 cts.. 640 9 9: 1 I By CASH, Sold C. Claghorn, 2000 75.cts..... 1500.... 6:5~~00 i ~@1 50....i' 750 2250 __ o_ __$_ __ _..... _ 7o___________ ii225'V1859 / Consignment. 1859 Mar. 13 By E. R. FELTON, Sold him @ 30 days, 500 @$8 oo0.. 4000 " 201 I i I CASH, Sold Jno. R. Penn, I5o00 @$9 00o... 4500 25 CASH, Sold J. H. Goldsmith, I I OOl I @~8 850.,./ *jl42O.l 12)7 500 1000 000 12750 [_._ 6 ____ __ {.7i —1I- - i EXERCISES FOR THE LEA RNER.-THIRD SETIES., EXERCISES FOR THE LEAIRNEPR. THIRD SERIES. Memoranda. March 1st, Commenced business with the Resources and Liabilities as shown in the Balance account of Ledger B.* 2d, Sold L. S. Bliss, for cash, 25 pieces Merrimac Prints, @ $5.75. 3d, Received from Joseph Cary, Albany, to be sold on his % and risk, 200 bbls. Flour, invoiced at $8; 10,000 lbs. canvassed Hams, invoiced at 11 c. Paid freight on same, in cash, $100. 4th, Shipped N. C. Winslow, Cleveland, to be sold on our %/ and risk, 200 sacks Coffee,13,0001bs. @ 9 c.; 6 pipes Wine, 720 gals., @ $3.50; paid cash for Insurance on same, $50. 5th, Sold bW. H. Hollister, on his note at 60 days, 200 bbls. Flour, (Cary's Consignment,) @ $9. Received cash in full of John Brown's acceptance, dated Feb. 20, at 10 days, $100.' 7th, Shipped per steamer Isaac Newton, and consigned to J. G. Deshler & Co., Buffalo, to be sold on our % and risk, 102 boxes Sugar, each 500 lbs. @ 5 c., which we purchased of Samuel Jones, giving in full payment therefor his note of Feb. 8, for $2550. 9th, Sold John J. Cape, at 10 days on %c, 10,000 lbs. canvassed Hams, (Cary's Consignment,) @ 11 c. 12th, Closed Cary's Consignment, and rendered him an Account Sales of the same. Our charges for storage and advertising, $25; commission 2- 0 on $2,900, $72.50. Joseph Cary's net proceeds, $2702.50. Due by equation April 23. 14th, Received of L. S. Paine, Tonawanda, to be sold on his % and risk, 2000 bush. Corn, invoiced at 80 c.; 1000 bush. Wheat, invoiced at 81.75; paid freight in cash, $150. 15th, Sold Stephen A. Douglas, for cash, 1,000 bush. Wheat, (Paine's Consignment,) @ $1.90; Sold Horace Greeley, for cash, 2,000 bush. Corn (Paine's Consignment,) ( 90 c. 16th, Closed Paine's Consignment, and rendered him Account Sales. Our charges for storage, etc., amount to $15. Our commission, @ 2~ % on $3700, $92.50. L. S. Paine's net proceeds remitted in cash. 20th, Received advice from N. C. Winslow, Cleveland, of the sales of Coffee and Wine shipped him on the 4th inst. Our net proceeds of the same amount to only $2500, which he has remitted us in cash. 21st, J. H. Bell pays us cash to balance %, $37.50) 22d, Paid James Buchanan's draft on us for $2520, in cash. 25th, Received advice from J. G. Dcshler, Buffalo, of the sales of the sugar sent him on the 7th inst., our net proceeds of which are $2700, and for which he has remitted us his note @ 10 days from March 17th. Re. ceived cash of John J. Cape, in full of his indebtedness. 26th, Closed our % with Joseph Cary, due by equation, April 23; amount due him $2702.50; discount off, in our favor, $14.70. Paid him W. HI. Hollister's note, due May 7th, for $1800, less discount for 42 days. Cash for balance, $902.50.t 30th, Paid clerk hire and rent in cash, $175. Received cash in full for J. G. Deshler's note of the 17th, due this day. * Second Series. t In cases of this kind, where a debit of interest may offset a credit of the same amount, it may be optional with the accountant whether or not he make any entry to the Interest account. If it be desirable to show the total amount received and paid for interest, it will be necessary to enter all the debits and credits of the account, whether they cancel or not. 74 EXERCISES FOR THE LEARNER. Trial Balance. BdalPces. 1 Total Footings. lirotalsFooti|. Bakances. Ii ~. eStock. e 7419 I 66 1 7419 66 138.. Merchandise. 3833 i75 1 8 1.5!I 71501i e s. Bills Receivable. 7150 i 6378 41 13718 41. Cash.. 7340 I 37 501i. J. H. Bell 50 2520, Jd. Buchanan.. 520 2900 i.. Cary's Consignmnent.. I 2900 1240 i 3740. Shipml-ent to Cleveland 2. 500 2550.. Shipment to Buffalo 2700 150 1100 o. John J. Cape. * 1100 l Storage and Advertising. 40 i 40 Commission.. 165 )i165 2702 50 I Joseph Cary.. 2702 50 I 37 00 L. LS. Paine's Consignment il 3700 14 70 nterest 14 70 175 f 1 5 l Expense....... ^^ f ok 0. -................. > c.I. i........... _ 9..... } M~wc........... i - r: _.:_=,__''.__.......... 7793 41l 44 3 4413 1 1 779 41.Resources. Liahilities. Cash.. 6378..1 i Stock 6.. 6378 141 TO THE STUDENT. It is presumed that you have, so far, followed out the design of the work in its practical and progressive development of the principles of Accounts, omitting nothing which has been prescribed, because you could not, for the moment, appreciate all its benefits. If you have pursued this policy, you cannot, at this stage, fail to see the advantages derived from these series of "Exercises for the Learner." Our object in instituting this feature was to shield you from the temptation of passing over the work without the trouble of thinking. We know the strength of such temptations, and we know, also, the utter fruitlessness of the issue, when they prevail. We have, so far, confined our record of transactions to the old Italian method of historical Day Book, with Journal separate. We did so on account of its greater simplicity, and because we did not wish to distract the mind from more important considerations which it was necessary to enforce. As you are now more thoroughly grounded in the great truths of the science, we shall henceforth give a little attention to the more practical forms in use, and to a greater scope and variety of entries than heretofore. We wish you particularly to note the peculiar form of the Journal Day Book introduced in the following Set, that you may be able to express, in this manner, any conceivable transaction, combining all the essential points of the separate Day Book and Journal. Very few business houses adopt the old method of first entering transactions in a historical Day Book, and journalizing therefrom. Where more severely practica_ forms-for the purposes of condensation-are not in use, the Journal Day Book meets with great favor, as being both plain and practical. 75 QUESTIONS FOR REVIEW. QUESTIONS FOR REVIEW,-SET III. 1. In what particular does the statement on opening the books in this set differ from previous statements 2. What liabilities can there be to a business except to outside parties? 3. How can you ascertain what the concern owes to the- proprietors or stockholders? 4. Is this amount always apparent? 5. Why not? 6. What does the account "Shipment to Albany" represent? 7. In what particular does it differ from Merchandise account? 8. What is represented by the account " J. R. Wheeler & Co.'s Consignment?" 9. Should his account be debited with the value of the property consigned to us? 10. How would such an entry affect us? 11. When the property represented in " Consignment" account is disposed of, why do you cancel the account? 12. How do you determine the net proceeds of a Consignment? 13. What is represented by " Storage and Advertising" account? 14. What by " Commission?" 15. What is the nature of a draft? 16. Why do you debit Ivison & Phinney with the face of their draft? 17. In what particular does H. B. Bryant's " Private account" differ from his Stock account? 18. How is " Private account" sometimes closed? 19. Why is it not proper to represent the balance of such an account as a gain or a loss? 20. Would the same rule apply to Partnership as to Stock books in this regard? 21. With what amounts ought notes and cash always to be debited and credited? 22. If they are really worth more or less than the face, how ought the difference to be shown? 23. What is the chief difficulty in explaining the debit and credit of interest? 24. Will Webster's definition of "Interest" suffice as a basis for journalizing? 25. What is a correct definition of " Interest" as the accountant should view it? 26. Is the business represented in Set III. a gaining or losing business? 27. How can you ascertain? 28. How will a loss in business effect the proprietors' account? 29. How should the account of Bryant & Stratton be treated in Mr. Bryant's private books? 30. How should the interest due on " Mortgage Payable" have been represented at the close of the March business? 31. How could it have been done? 32. Would this have increased or decreased the loss? GENERAL QUERIES. 33. In opening a Set of Books, what is the first consideration? 34. What will always be the difference between the resources of a concern and its outside liabilities? 35. Does Stock account in an individual business always represent the invested capital? 36. When does it not? 37. Will Stock account and the Representative accounts, taken together, always represent the invested capital? 38. Why are the Representative accounts so called? 39. Are they less seal than the accounts technically so called?* 40. If the increase and diminution of resources, commonly called gains and losses, should be carried immediately to Stock or Partners' Accounts, would there exist any necessity for Representative accounts? 41. What would the difference between the debit and credit sides of Merchandise account represent in that case? 42. How many methods are there of indicating the loss or gain in business? 43. What are they? 44. In what way can these two methods be made to prove each other? 45. In a final exhibit of resources and liabilities, what becomes of the Representative accounts? * To one who has looked carefully at the distinction between Real and Representative accounts, as shown in this treatise, it will be apparent that Represenrtative accounts are temporarily used for convenience' sake, containing the gains and losses which are finally to be carried to Stock or Partners' accounts, thereby increasing or decreasing the net investment; while Peal accounts are permanent, exhibiting perpetually, in the difference between their sides, exact resources or liabilities. While Representative accounts must always cease to exist by being absorbed into the accounts which they represent, whenever an exhibit of the cosndi tion of the business's necessary, Real accounts form the essential matter of all such exhibits. 76 SET IV* JOUIRNAL DAY BOOK, COA1MISSION SALES BOOK INVOICE BOOK, FORMS OF NOTES, DRAFTS, LETTERS, ETC. LEDGER CLOSED WITHOUT BALANCE ACCOUNT; ALSO, BY JOURNAL ENTRIES. PARTNERSHIP BUSINESS: PROSPEROUS. REMARKS OiN SET IV. REMARKS ON SET IV. In the transactions of this Set, we have introduced several new features, which will require more than a passing thought from the student. FIRST.-The form of original entry-combining the Day Book and Journal. This form is the most practical in use for general purposes, and is adopted, in essence, by accountants, in every department of business. Its chief advantages are in dispensing with a separate Journal, and in bringing the Day Book and Journal entries into such immediate connection as to leave no room to doubt their identity. The only objection that can be urged against it is the difficulty of making the entry intelligible, as well as symmetrical. As there can exist no transactions more difficult of expression than those given in this Set, we think this objection should have very little, if any, force. However, the student will often find his ingenuity taxed to the utmost in submitting transactions to this form. SECOND.-The different methods of considering Mdse. Co. transactions. It will, of course, be understood that by " Merchandise Companies" is meant the temporary copartnerships existing between the consignor and consignee, having reference to the sale of particular consignments of merchandise. The nature of this species of copartnership differs from that of a general copartnership only in its duration, and the maimner of conducting its sales. In Mdse. Co. business, one of the partners-the consignee-is the commission merchant, and, in that capacity, receives and disposes of the property as he would of a simple consignment; the only difference being that he is interested in the gains and losses. The two methods alluded to, and which are fully illustrated in the two months comprising this Set, differ only as regards the opening and closing entries. In the first method-exemplified by the three Mdse. Co. accounts, " A," " B," and " C," in the month of April-the principle recognized is, that the holder of the property is responsible for it. Thus, when we receive from Logan, Wilson & Co. an invoice to be sold on joint %, we debit "Mdse. Co. A" with the invoice and expenses, and credit the consignors with the cost of the invoice, thus making ourselves responsible for the property as though it were all our own. The consignor's entry, if recognizing the same principle, will be to debit us for the entire cost of the merchandise.? In the second method, shown by the three Mdse. Co. accounts, "D," " E," and "F," the principle recognized is that the owner of the property is responsible. Thus, when we receive from Wm. K. Sadler, merchandise to be sold on joint account, we debit "Mdse. Co. D" with our own share only, and credit the consignor. The consignor's entry, in this case, if made to correspond with ours, would be to debit us for our share, and " Shipment in Co. to New York," for his share. Where there are more than two parties interested, if the accounts are kept by the first method, the consignee should, as before, debit the Mdse. Co. account with its entire cost —invoice and expenses-and credit the consignor with their (the consignee's and consignor's) joint share, and any other party or parties with his or their share. The consignor would, in such a case, debit the consignee with their joint share, and each of the other parties with his or their share. The other parties would, if making an entry to correspond, debit the consignee and credit the consignor each for his own share. Where there are more than two parties interested, and the accounts are kept by the second method, the consignee should debit " Mdse. Co." account for his own share and all the charges, and credit the consignor for his (the consignee's share). The consignor, on the other hand, should debit each of the parties for their respective shares, and "Ship't in Co." for his own * The supposition, in all these cases, is that the consignor furnishes from his own resources the property shipped. 78 REMARKS ON SET IV. share. Each of the other parties should debit "Shipment in Co.," and credit the consignor each for his own share. The examples given, it is hoped, will fully illustrate these several points, and fasten the principles upon the mind of the learner. As will be seen in the results, the only difference in the two methods, is a simple matter of time. By the first method, the consignee is considered as responsible for the property when he receives it, and by the second, when he has disposed of it. The final result is the same in either case. We do not submit these separate methods because we deem our understanding of them so essential in the conduct of Mdse Co. accounts,-although it is essential in this regard,-but because the more the learner permits himself to dwell upon these principles, and the better he comprehends them in all their bearings, the more thorough and available will be his knowledge of the science. He will learn little by copying the Journal where the opening and closing entries are made ready to hand, and the calculations upon which they are based are performed by the author, but in applying the principles in writing up the 1" Exercises" which follow, he will have ample opportunity to test his proficiency. We need hardly say, that, so far as absolute right and responsibility are concerned, the second method is the correct and philosophical one-the principle recognized being that the owner of the property is responsible. The only advantage possessed by the first method is, that the "IMdso. Co." account shows its entire cost at the commencement. The student will, doubtless, find it difficult to classify Mdse. Co. accounts, as, in their current condition, they are neither Real nor Representative. It is for this reason, mainly, that it is deemed best to close them by a Journal entry, when the property they represent is disposed of. They might be made either Real or Representative. Thus, by debiting them with all the cost, and our share of the gain-(or, crediting with our share of the loss) the difference will represent what we owe to the parties interested, the account becoming thus Real. Or, by debiting them with all the cost and the gains of the other parties (or crediting with the loss of other parties), the difference will represent our gain or loss, and the account thus becomes Representative. The learner will gain much by looking at this matter in all its bearings. THIRD.-The different methods of closing the Ledger. In the month of April, the Ledger is closed without the use of a Balance account, by bringing down the resources and liabilities under their proper accounts. This is the business method; and if each month is supposed to represent a year; this would be a fair example of the manner of closing business books at the end of each year, forming a basis of resources and liabilities for the next year's accounts. The method of closing the Ledger by Journal entries, as exemplified in the month of May, is usual in a large proportion of business houses, though requiring more labor, and possessing no advantage over the method heretofore explained. The usual entry in bringing clown resources and liabilities is: "Old account, Dr. To New account," and the reverse. The "Balance" account is precisely the same as "New account." FOURTH. — A larer variety of auxiliary forms. We have purposely introduced a great variety of auxiliaries that the student may become familiar with forms. We shall hereafter indicate how a majority of these books might be used, in connection with the Journal, to contain the record of original entries. This practice is becoming very prevalent in the larger business houses, where it is essential for the purposes of dividing labor and avoiding unnecessary writing. For instance, one clerk may keep the Invoice Book, another the Sales Book, another the Cash Rook, etc., and each of these may be so kept as to post directly from them to the Ledger, instead of passing all the transactions through the Journal. Or, the Bookkeeper may himself prefer to keep these special books separate, and at the same time avoid unnecessary repetitions of the same entry. 79 JOURNAL DAY BOOK,-SET IV. NEW YORK, APRIL 1, 1859. 1H. B. Bryant and H. D. Stratton have this day entered into i copartnership, under the style and firm of " Bryant & Strat- toil," in the prosecution of a general Commission and Groce- I' ry Business; to invest in equal amounts, and participate alike in gains and losses. CASH Dr...... 10000 l i ITo. H. B. BRYANT.. I0000 For amount of his investment. EAST RIVER BANK Dr........ 10000 To HI. D. STRATTON. I ooo0 For amount of his investment. 3 __! STORE AND FIXT'URES Dr. To SUNDRIES.2500 Bo't of H. B. Bryant his store and fixtures. i To MORTGAGE PAYABLE Assumed mortgage on the property..9000 " INTEREST Due on mortgage to date.. 84 " CAsHt For balance......34 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _3416 3 IVERCHANDISE Dr.... 1. 3900 4 To HOPE & CO. 3900 Bo't on %, 5 casks Brandy, 300 gals. @ $2. $ 6001 200 bbls. Mess Pork, @ $9.. 1800 i 30,000 lbs. Bacon Sides, @ Sc.. 1500 EXPENSE, Dr...... 75 To CASH..75 Paid for set of Books. IMDSE. Co. A. Dr. To SUNDRIES..... 3900 Received from Logan, Wilson & Co., Pittsburgh, to be sold on our joint % and I risk, each ~, 800 kegs Nails, @ $3.... 2400 20,000 lbs. Lead, @ 7 c... 1400 To LOGAN, WILSO N & Co. Their invoice as above... 3800 " CASH, Paid freight..... _ _ _ 1 00 MDSE. Co. B. Dr. 4000 To NILES & KINNE, Received from N. & K., Buffalo, to be sold on our joint % and risk, each ~, 600 bbls. Flour, @ $8... 4000 _ 5 -— ________ I CASH Dr.......... 1400 To MDSE. CO. A., Sold Wm. H. Woodbury, 400 kegs Nails, @ $3 50.1400 45775 ___45775_ I II I-~~~~~~~~~~~~~~~~~~~~~i li-1 JOURNAL DAY BOOK, —SET IV. NEW YORK, APRIL 6, 1859. Amounts brought forward..... 45775 145775 6 __ - - - 6 i BILLS RECEIVABLE Dr......3300 4& ~ ~ ~ ~ rTO MDSE. CO. A. Sold Robert Haywood, on his note, @ thirty days, I 20,000 lbs. Lead, @ 9 c.. 1800 400 kegs Nails, @ $3 75.. 1500 I MDSE. CO. A. Dr. To SUNDRIES.. 800 Closed company sales with Logan, Wilson & Co., and rendered them an account of i the same. 5 To STORAGE & ADVER. 10 COMMISSION Our charges @ 21 % on $4700... 117 4' "LOGAN & WILSON Their netgain........ 336 25 "LOSS AND GAIN Our...i. 336 25, NILES & KINNE Dr. To SUNDRIES.2915. Shipped them to be sold on our joint %, each ~, 20 hhds. Sugar, 24,000 lbs. @ 5 c. 1200 100 bags Coffee, 14,000 lbs. @ 10 c. 1400 100 boxes Raisins, @ $3.... 300 Bo't of Acker, Merrall & Co., on our notW a-' ninety days, To BILLS PAYABLE For above note,.... 1 2900 " CASH Paid insurance on $3000... 15 _ _ _ I _ i I ( CHARLES STETSON Dr... 4500 i t^, *'k~~To MDSE. Co. B. Sold him @ thirty days, i 500 bbls. Flour, @ $9,.... 450 PIIIII ~ I~ ~ i4500 I MDSE. CO. B. Dr. To SUNDRIES.1 500 Closed sales in company with Niles & Kinne, of Buffalo, and rendered them an Account Sales. r To STORAGE & ADVER. Our charges.... 20 " COMMISSION 2~ % on $4500....... I i112 50 8 " NILES & KINNE Their j net gain... 183 5 " Loss AND GAIN Our" ".... 183 75 9 SUNDRIES Dr. To MERCHANDISE, Sold Austin Packard, I 30,000 lbs. Bacon, @ 6 c.. 1800 CASH Received...... 800 r BILuL RECEIVABLE His note @ thirty days, for balance * ~ 1000 59590 {59590 JOURNAL DAY BOOK SET IV. NEW YORK, APRIL 9, 1859. Amounts brought forward...... 59590 59590 9 4 LOGAN, WILSON & C.o. Dr. ~ ~ 4136 25 5 To BILLS PAYABLE.. 4136 25 Accepted their draft on us @ thirty days sight, favor Geo. K. Chase & Co. in full of their. % 6 MDSE. Co. C. Dr. To SUNDRIES... 8700 Received per Merchants' Line, from Pliny Moore, Troy, to be sold on joint % of himself, S. G. Payn, Albany, and ourselves,each i, as per contract, 1000 bbls. Flour, @ $8 50.. $8500 G To PLINY MOORE For his and our J above invoice.. 5666 07 6 S. G. PAYN C"'.. ~ ~ ~ 2833 33 2 CASH Paid Freight....200 12 6 STEAMER EMPIRE STOCK Dr. To SUNDRIES Bo't of Daniel Drew, ~ Steamer Empire, for 10000 2 To CASH Paid in hand......... 5000 5 " BILLS PAYABLE Gave our note @ ninety days, for.... 5000 13 6 SUNDRIES Dr. To MDSE. CO. C. Sold Warren P. Spencer, Buffalo, 1000 bbls Flour, @ $10..1.. 0000 51 BILLS RECEIVABLE His note @ forty days, for.. 7000 2 CASH For Balance... 3000 C MDSE CO. C. Dr. To SUNDRIES... 1300 Closed sales in company with Moore & Payn, and rendered them each an Account of the same. 5 To STORAGE & ADVER. Our charges..... 30 "COMMISSION 21 O on $10000........ 250 -6 PLINY MOORE His i net gain.......340 S. G. PAYN.. ~ ~ ~C340 6 " S. G. PAYS lo is "........ 3340 4 LOSS AND GAIN Our....... 340 _15 2 CASII Dr..... 900 3 To MERCHANDISE, Sold J. W. Lusk, Cleveland, 5 casks Brandy, 300 gals., @ $3.. 900...........,16 3 MERCHANDISE Dr. To SUNDRIES, Bo't of Acker, Merrall & Co. 30 hhds. Sugar, 30,000 lbs., @ 6 c.. 1800 2 To CASH Paid in hand........ 800 6 ACKER, MER. & Co. Balance on a.......... 1000 96426 25 96426 25 JOURNAL DAY BOOK,- SET IV. 4 NEW YORK, APRIL 18, 1859. Amounts brought forward... 96426 25 96426 25 18 2 SUNDRIES Dr. To CASH.... 200 3 EXPENSE Paid Clerk hire to 15th.... 50 7 H. D. STRATTON, Priv. Paid him on........ 150 20 5 SUNDRIES Dr. To BILLS RECEIVABLE. 1000 Austin Packard has discounted his note in our favor, due May 12th. 2 CASH Proceeds of note....... 995 73 3 INTEREST Discount off, 22 days......4 27 3 NILES & KINNE Dr....... 00 4 To Loss AND GAIN.. 300 Received an Account Sales of the Midse. sent them to be sold on joint account, on the -.th inst. Our + net gain as above. 22 SUNDRIES Dr. To SUNDRIES Shipped S. G. Payn, Albany, to be sold on joint % of S. G. Payn, Pliny Moore of Troy, and ourselves, each ~. S0 hhds. Sugar, 30,000 lbs. @ 61 c. $1950 Freight on same. 50 $2000 S. G. PAYN For his and our j above invoice.. 1333 34 PLINY MOORE For his.... 666 66 To MERCHANDISE s.......... 1950 2" CASH Paid Freight... 50 25 7 H. B. BRYAT, Private Dr.......... 200 2 TO EAST RIVER BANE. 200 Drew on private. % NILES.& KINNm Dr.. 968 75 To EAST RIVER BANK. 9687 Paid their draft on us favor of R. Courter. 28 CASH Dr.... 1500 TO STORE AND FIXTURES 1500 Received rent for upper apartments, to date. 102595 102595.. 1.. I8 83 JOURNAL DAY BOOK, —SET IV. NEW YORK, APRIL 28, 1859. Amounts brought forward.102595 102595 28 STEAMER EMPIRE Dr. 250 6j To STEAMER EMPIRE STOCK I| 25Q For our share of earnings of last trip, as per statement rendered this day. 29 x EXPENSE Dr..... 159 2j TO CASH.... * - *! 1 59 Sundry expenses to date, as per Expense Book. 30 4 Loss AND GAIN Dr......... 115 6 To S. G. PAYN...11 For our i net loss on shipment of Sugar for joint % of Payn, Moore and ourselves, of the 22d inst., as per Account Sales this day received. 2 CASH Dr.2688 90 1 To HI. B. BRYANT.2688 ~ 90 Amount invested this day. 105807 o 90s 105807 0 90 - -=-'._....._. NEW YORK, MAY I, 1859. 7 MDSE Co. D. Dr. To SUNDRIES.... 1460 Received from Wmin. K. Sadler, Philadelphia, to be sold on our joint % each j, 100 bbls. Cider Vinegar, @ $7 $ 700 O 50 do. Linseed Oil, @ $40. 2000 40 h'f kegs White Lead, @ $3 - 120 82820 7 To WM. K. SADLER. For our ~ above invoice 1410 2 " E~AST RIVER BANK Paid freight per check......0 2 EAST RIVER BANK Dr......... 8500 To CASH.. 8500 Deposited. 9960 996 JOURNAL DAY BOOK,-SET IV. NEW YORK, MIAY 2, 1859. Amounts brought forward i 9960 9960 2 SUNDRIES Dr. To SUNDRIES... Shipped R. W. Hpadley, Philadelphia, to be sold on joint %, each j, 200 bbls. Mess Pork, @ $9.. $1800 Drayage charges. 18 $1818 7 R. W. HOADLEY For his ~ above invoice. ~... 909 7 SHIPMENT IN CO. 1 l" our........ 0 3 TO MERCHANDISE As above......... 1800 2 "CASH Paid drayage.... 18 3 2 CASH Dr.. 750 7 To MDSE. Co. D...750 Sold J. R. Bigelow, 100 bbls. Cider Vinegar, @ $7 50. 7 INSURANCE, Dr...... 37 50 (2 To CASH -..... -37 50 Effected insurance for $5000 on any property that may be in our warehouse. S HANNA, BEASER & CO. Dr.......... 2370 7 To /MDSE. CO. D. Shipped them to Detroit, as per their order, 50 bbls. Linseed Oil, @ $45.. 2250 40 h'f kegs White Lead, @ $3.. 120 Payable @ sixty days. 2370 7 MDSE. Co. D. Dr. To SUNDRIES..... 1660 Closed sales in company with Wm. KI Sadler, and rendered him an Account Sales. 8 To CHARGES Storage, Advertising and Insurance.. 50 5 " COMMISSION 2 % on $3120........78 7 " WM. K. SADLER. For his J Invoice $1410, and net gain $61. 1471 I " Loss & GAIN, " our J net gain........ 61 EXPENSE Dr....... 150 2 To EAST RIVER BANK. 1R 50 Paid advertising bills of New York Herald per check. 6 S MDSE. Co. E. Dr. To SUNDRIES..... 2500 Received of F. A. Boyle & Co., New Orleans, to be sold on joint % of themselves, Campbell & Strong, and ourselves, each J. 100 hhds. Sugar @ $60... $6000 S To F. A. BOYLE & CO. For our J invoice........ 2000 2 " EAST RIVER BANK Paid freight per check...... 00 19245 50 19245 50 85 7I JOU'RNAL DAY BOOK, SET IV. NEW YOR:tE, MAY 6, 1859. Amounts brought forward...... 19245 50 19245 50 8MDSE. Co. F. Dr. To SUNDRIES.... 40001 Received from H. D. Van Syckel, St. Louis, to be sold on pur joint %, each:, 500 bbls. Pork, @ $9.. $4500 250 do Lard, 50,000 lbs., @ 5 c. 2500 $7000 To H. D. VAN SYCKEL Oure above invoice...... 3500 " EAST RIVER BANK Freight per check 500 8 SUNDRIES Dr. To MDSE. CO. E. Sold Wm. A. Holley, Fort Edwara, 100 lhhds. Sugar, @ $75.. 7500 BILLS RECEIVABLE Received -in payment, Erastus Corning s note, dated January 1, 1859, due one day after date.......... 5000 INTEREST Due to date on above note.123 47' CASH, For balance...... 237 53 MDSE. CO. E. Dr. To SUNDRIE.. 5000 Closed Mdse. Co. E., and rendered Account Sales of the same to F. A. Boyle and Campbell & Strong, New Orleans. To CHARGES Storage, Advertising, etc...... 0 5COMMISSION 21 % on $7500......... 187 50 F. A. BOYLE His net proceeds.... 2254 16 CAMPBELL & STRONG Their net proceeds........ 2254 17 Loss AND GAIN Our * net gain... 254 17 1/ 2 CASH Dr... 3300 5_ To BILLS RECEIVABLE. 3300 R. Haywood has paid his note, due this day. 10 EAST RIVER BANK Dr....... 4000 2 TO CASH....To C s 4000 Deposited. 12 2 SUNDRIES Dr. To EAST RIVER BANK.. I 4657 50 Paid on mortgage, favor of Wm. B. Astor. 1 MORTGAGE PAYABLE Amount applied on mortgage.4500 ] INTEREST In full to date.157..50 13 BILLS PAYABLE Dr..4136 125 To EAST RIVER BANE I 4136 25 Paid our acceptance, favor Logan, Wilson & Co., due this day. 651839 25 1839 25 86 JOURNAL DAY BOOK — SET IV. NEW YORIK, MAY 13, 1859. Amounts brought forward. 5139.25 51839.25 HorPE & Co. Dr. 3900 1 5'To BILLS PAYABLE... 3900 Accepted their draft on us payable @ ten days | sight. 14 2 CASH Dr. 4750 S- To MDSE Co. F. Sold E. A. Charlton, 500 bbls. Pork, @ $9.50... 4750 15 S HANNA, BEASER & CO. Dr.. 275 4 To Loss AND GAIN.... 275 Received advice from HI. B.13 & Co., Detroit, of an error in an Account Sales of last. year's business, in which we were credit. ed too little by the above amount. 1 8 SUNDRIES Dr. To HANNA, BEASER & CO.. 2645 Sold our draft on them @ thirty days sight. 2 CASH Net proceeds..... 2600 05, INTEREST Discount and Exchange off... 44 95 17 2 CASH Dr........2000 S To MFDs E. Co.F... F 2000 Sold Theron W. Woolson 250 bbls. Lard, 50,000 lbs.,@ 4 c. SUNDRIES Dr. To SUNDRIES, Closed "Mdse. Co. F.," and rendered H. D. Van Syckel, St. Louis, an Account Sales of the same. 8 MDSE. Co. F. To close%....... 2750 4 Loss AND GAIN. Our ~ net loss........ 484 37 8 To CHARGES Storage, Cooperage, etc.. 50 5 "COMMISSION 2 on sales......... 168 75 8 U". D.VAN SYCKEL His ~ invoice...... $3500 Less ~ net loss... 484 38 Leaves net proceeds... 015 62 8 II. D. VAN SYCKEL Dr..6515 62 2 | To CASIH.~. T...... 6515 62 Remitted him in full of %. CASH Dr... Dr. 7000 To BILLS RECEIVABLE 7000 Received payment in full for W.P. Spencer's note of the 13th April. 82159 24 82159 24 87 o JOURNAL DAY BOOK, —SET IV. NEW YORK, MAY 20, 1859. Amounts brought forward.. 82159 24 82159 24 23, _ _ _ _ _ _ _ _ _ 2 EAST RIVER B:x Dr.... 10000 I2 De- TOAS..... CASH. 100001 Deposited. _25- -— | I R. W. HOADLEY Dr.. 800. To SHIPMENT IN Co. 1. 800 Received an Account Sales of 200 bbls. Mess Pork, shipped him on the 2d inst. Our net proceeds as above. I 26___ _ 2 6 ---- - i 7 W. K. SADLER Dr.... 2881 5 - To BILLS PAYABLE.. 2881 Accepted his draft on us @ thirty days sight, i favor of B. McGann, for amount his due. I 27 BILLS PAYABLE Dr........ 3900 TO CASH..... 1/ 3900 Paid our acceptance favor of Hope & Co., due this day. 28 2 CASH Dr. 4500 D To CHARLES STETSON 4500 To Balance %. 30 I ACKER, MERRALL & CO. Dr.......... 1000 To CASH i I 1000 To Balance.. 31 H. B. BRYANT Dr. 200 To H. B. BRYANT, Private 200 For amount charged to H. B. B.'s private account, now carried to his Stock ace count.. 1 H. D. STRATTON' Dr.........50 a 150 6I To H. D. STRATTON, Private 150 For amount charged to Private accoint, now carried to Stock account. 1 INTEREST Dr.15 68 | To H. B. BRYANT 15 68 Allowed 7 % on his additional investment of April 30. 105605 192 11105605 92 JOURNAL DAY BOOK,-SET IV. 1o NEW YORK, MAY 31, 1859. CLOSING ENTRIES. 8 BALANCE Dr........ 15000 a1 To STORE AND FIXTURES. 15000 Valuation of property. I I STORE AND FIXTURES Dr.,....... 2500 4 To Loss AND GAIN 2500 For increase in value of property. I MORTGAGE PAYABLE Dr......... 4500 S TO BALANCE.. 4500 Amount due on mortgage. 8 BALANCE Dr.. 4575 09 2 To CASH.... i 4575 09 Amount on hand. 8 BALANCE Dr. e 21337 50 2 To EAST RilvER BBANEr 21337 50 Balance on deposit. 3 INTEREST Dr. 8 37 8 To BALANCE 1 Amount due from us to date on mortgage. 8 BALANCE'Dr.. o.. 146 82 3 To INTEREST.... 146 82 Amount due us to date on E. Corning's note. Loss AND GAIN Dr.......... 213 15 3To INTERESET....' ~ 213 15 Cost over proceeds of Interest.., Loss AND GAIN Dr....... 150 3r. To EXPENSE... 150 Balance of Expense account. 8 BALANCE Dr......... 5000 5 To BILLS RECEIVAILF. 5000 Note on hand, (E. Corning's). CoMMIssION Dr.... 434 25 l 4 To Loss AND GAIN.34 25 Gain on Commission.L 5 BILLS PAYABLE Dr..... 10781 8 To BALANCE 10781 Our outstanding notes. 61a56 18 6 —4656 18 I.. 11 - 89 11 JOURNAL DAY BOOK, —SET IV. NEW YORK, MAY 31, 1859. Amount brought forward.... i 466 1 64656 18 PLINY MOORE Dr.. 5340, 01 To BALANCE: 5340 01 Amount due him. G S. G. PAYN Dr. Di 19541 99 8 -- TO` BALANC.E... T Io 1954 99 Amount due him. 8 BALANC Dr.10000 C TO STEAMER EMPIRE STOCK 10000 Valuation of our interest in Steamer Empire. BALANCE Dr....50 74| T(o STEAMER:EMPIRE.. 250 Amount due us.8 BALANCE Dr... 1709 7 I To R.. HOADLEY. 1709 Balance due us. 4 Loss AND GAIN Dr........ 109 7 To SHIPMENT IN Co. 1. 109 Our loss on shipment. 4 Loss AND GAIN Dr..... 37 50 7 To INSURANCE..... 37 50 Cost of insurance. CHARGGES Dr. 150 4 -To LOSSAND GAIN.. 150 Gain on storage, advertising, etc. F. A. BOYLE & CO. Dr..... 4254 16 To BALANCE.. 4254 16 Amount due them. CAMPBELL & STRONG Dr.....54 17 To BALANCE... 2254 17 Amount due them.. I____________________________ // -/_- I I I - 4 Loss AND GAIN Dr. To SUNDRIES.. 2680 40 Net gain carried to Partners' %. 1 To 11. B. BRYANT His I net gain 1340 20 1 ". T). STRATTON.... 1340 20 I. B. BRYANT Dr.. 15785 14 For To BALANCE.... 15785 14 For amount his net capital 1 II. D. STRATTON Dr......... 13130 57 To BALANCE.... 131,0 57 For amount his net capitaL 122311 121 122311 12 90 LEDGER, —SET IV. ~Br. oI.:B. 1Bryant. (Er. 185.~91 i'1859 pr. 31 o Bdac 1 Ap 1 By Cash i 1 10000 I; i~i: o 5 2688 90 I ll'' 66 i " 30 Loss and Gain IL4 1940 36 1l| I]4629 26l1 1462926 t I _ -_ I I. I ----—.-,I — I -- - - I _. t. a! TIBpiMat i 1ay 1 By Balance L 1 14629 26 1fay 31 To H. B. a B. private 9 200 31 i Interest I 9 15 68 " 3 81 Balance }1 11 15785 14 j " 81 Loss and GOa i 11 1340 20 i 15985 14; 1598 14 Ii. D, Stratton. 185. 3 fi S[.,-cLi' 1 8t'~4...'1 b 10000I Ap.i;,,, C {LK Apr. 1 By East River Bank 1 110000i I i. " 8 i 30, Loss and Gain L4i 1940 87 11940 37 I 11940 37 I...... I. -- _ May 31 To H. D. S. private I 9 150 ay 1 By Balance LI 1u1940 37 Balance |11 i13130 7 " i31 oss and Gain 140 20 11 13130 31rj1 1 9 4 1 | / 13280 57 1; i i 13280 57 Apr. 3 To Sundries 1 12500 1 Apr. 1 28 By Cash 6 1500 30 Loss (IJ 4 150 0 L 4 I 5 0 0 1ar l ) _1 _1 1 14000 1 1 000 May 1 To Balance |L 12500 M |ay 31 By Balance 8 15000 4 31 Loss and Gain 11 2500 15000 15000 _ _..........; t 60~~I jl:_.l...... I..1.0. Wt.___ ]-ortgage:P-ayable. _ Q. May59 12 To East River Banka 7 45001 Apr. 28 By Store Fixture 1 9000 " 31 1 Balance 81 12500 9000 9000 i~~~~~~~~~~~~~~~~~~~~~~-..... ~r. Mortgae Payable LEDGER,-SET IV, ____________ Cash., a. 1859 18591 ~Apr. 1 To II. ]B. Bryant I 100001 1 Apr. 1 3 1 By Store and Fixtures 1 3416,w 1 Mdse. Co. A. i i 1400 " Expense I1'75 M~9 Mdse. 21 800 1i " 4 MIdse Co. A. Ij 1001 it Bdse. Co. C. ji 3 3000 " le&in 15 15i ldse. 3 i 9001 9 M/dse. Co. C. 8ii (,oo " Bills Receivable 4 i 995 13 12 Steamer Empire Stock 3 5000 28 Store and Fixtures 100 12 Steamer Em0ire Stoc 20 ils ecevale 4'~ " 16 Mydse. a 8001 0" RoE..B. Bryan=t'~ 5t 2688 90 18 Sundries 4 200 0 it B. Byn, i 22 4 5oj I ~ Ii29 Expense 5 159!?o,~,,,,,,,o,,~~ ~~~~ 51 15 rr.;, I n ~' 1j21284 63 21284 63 Maaay 1 To'EBalanae L 2i 11269 63 Mo 4y 1a i By East RiverBank 5 85'00 i 3 Mdse. Co. DI. 6'750 i 2 Sundries 6 18 8 Mdse. Co. E. 7 2376 53 3 Insurance 6 37 50 I 9 Bills Receivable 7l 3300: 10 East River Bank'7 4000 i 14 Mdse. Co. F. 8 4750 17 H. D. Van Syckel 8 6515 62 15 Hanna, Beaser & Co. 8 2600 0( 23 East River Bank 9 10000 " 17 Mdse. Co. F. 8 2000 " 27 Bills Payable 9 39001 17 Bills Receivable 8 30 Acker, Merrall & Co. 9 10001 2'7 Chas. Stetson 9 4500 "31 Balace 10 4575 09 11~~~~~~~~~~~~~~~~~~I ------ 13846 2 3854686 21 East RiAver I3 ank. 1859 1 oo 1859 Ar. 1 To H. D. Stratton 1 10000 Ap. 25 By H. B. Bryant 4 200';gr. Niles & Kinno 4i 96 8 i 1 i Ioooo, 110000 00 f~~~~~~~~~~~~~~~~~ la To Balance'1K a To Balsane L21 8831 25 I Mayj By Mdse, Co.D., 50i 10 jash h 8500 5 151 Expense 6 1501 "01 4000i i" Mdse. Co. E. 6 5001i 92 10000" 7 Mdse.Co.F. 7 5001 12 Sundries 7 465'7 50 13 Bills Payable'7i 4136 25 1 31 Balance 10' 21337 50....'...Ii I~ 25 1; I31331 25 92........, i Ii I __________ i! i i i r~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ LEDGER,- SET IV. Dr. Interest. Qr. 1859 I 1859( Apr. 20' To Bills Receivable 4 4 27 Apr. 3j By Store and Fixtures 84 8 1 Loss and Gai I L4l 79 7 8L4 1 i84 May 1. i. _ 1! y.a May 8 To Mdse. Co. E. E.123 a 31 By Balance 10 146 82 12 East River Bank 7 iS Loss and ain 213," 1 Hanna, B. & Co. 8 44 o 10 213 81 H. B. Bryant 9 15 68 l, 31 Balance 108| 18j 37i _85,9 971 I 59 97 tr~. Expense. tt. 1859 - 1859 - Apr. 3 To Cash 1 75 pr. 0 By Loss and Gain L4 284 18 " 4j 50 i 284 284 May 5 To ast River Bank 9 150 iMay 3! By Loss and Gain 150 _ _ _ - __.__ - "859,, 5 I 19 1859j Ir. N'Tiles &e Koinne. s. Apr. 6 To Sundries 21 2915 Apr. 4 By Mdse. Co. B. 2 I 4000 20 Loss and Gain 4! 300 " 8 " " 34 1583'5 |" 25 East River Bank | 4 {1 968 { 715 | - 4183 y5l_! 1_J 4183'75 ___r. M_:l erchandise. -t Apr. 3 To Sundries 1 3i 900 i Aipr. 9 i By Sundries 2 1800 I.. 8 11800 |" 15| Cash 8 900 3 0S~ Loss and Gaain n4lL 750 " 122 Sundries 4 1950 | " S30 Balac6 L8 1800 16450 ____ 6450 -~t - — i- _ _ — May 1 To Balance 1800 lMay 2 By Sundries 6 1800 93 LEDGER,-SET I V. Mir. TLoss and Gsain. (Tr. 1859 1859 I Apr. 30 To S. G. Payn 5 115 I IAp.. 6 By.Mdse. Co. A. 2 336 25 it.4 Expense L3 284 i! " 8?1 Mdse. Co. B. 2 183 75.. II_. B. RS1yant LI 1940 Os 13 Mdse. Co. C. 3 340 d,. D. Stratitoa L2 194'0 3'7 " 20 Niles & Kinne 4 300 30 Store and Fixtures L1 1500 Interest L3 79 72 Mdse. L3'750 Storage and Adver. L5 60 Commission L 5 480 Steamer Empire Stock L6 250 4279'73 4279 72 _~ _ =-: I ----— _ ~May 17 To Mdse. Co. F. 12 484 37 May 3 By Mdse. Co. D. 6 61 c 31 Interest 10 213 15 c " 8 Mdse. Co. E. 7 254 17 Expense 10 150 It 15 Hanna, Beaser & Co. 8 275 Shipment in Co, 1 11 109 Cs 81 Store and Fixtures 10 2500 Insurance 11 37 50.. Commission 10 434 25 de -j Sundries 11 2680 40 " " Charges i 150 8674 142 674 42 tr. IH-ope &- Co. r 1859 11859 iMay 13 To Bills Payable 8 8900 Apr. 3 By Mdse. 1 3900 _1859 1-1859 Apr. 4 Tg Sundries 2 3900 A'pr. 5 By Cash 1 1400 6 2 800' 6 Bills Receivable 2 3300 4700 4'700 _tr. L-ogan, WVilson & Co. _r. ~~~~185~~~~9 ~1859 Apr. 9 To Bills Payable 8 4136 25 Apr. 4 By Mdse. Co. A. 1 8800 6 " 2 336 25 4136 25 4136 25 94 LEDGER, —SET IV. SMr I4dse. Co. B. Er 185i9 185i9 - 1 Apr. 4 TO Miqs & Kinne 1 4000 1Ap. 8 By Chas. Stetson 2 4500 8 Sundries 2 t 00 1 4500 1 i 00... WvB%. 3ills I2eoeivable. Qr.,1859 i 1859'A ToMdse.Co. A.2, 300 Apr. 20 BySundries 4 1000 9 Mdse. 2 1000 o Balance L5 o0o 113 Mdse. Co. C. 3 1 7000 1.11300' — — i111300 lapy:1:;Balance L jIMay 9 By Cash 3300 May I 22 8 -1 7000 8 Mdse. Co. E. I'7 5000 2 31 B il 000 15300 1.. i.15300 uDr, ~- Storage and A.dvertising. Qr. 185r~ls~9'0 ~o L ss al~ Ga~z't a~lB - I r~I1j i1859.AiJr. 30 To Loss aid Gain 4 Co Apr. 6 By Mdse. Co. A. 2 10 s " 8 Mdse. Co. B. 2 20 13 Mdse. Co. C.60 -- 60 I 60 LO ad ai L4 480 Apr. 6 By Mdse. Co. A. 2 117 50 8 Mdse. Co. B. 2 112 50 14 Mdse. Co. C. 3 250 480 480 _I-'I= l -I — 11 - 1-_-iMay 81 Loss and Gain 434 25 IMay | 3 By Mdse. Co. D. 6 78 t 8 Mdse. Co. E. t7 187 50 1'7 | Mdse. Co. F. 8 168 75 II - 1-li -I-1l~l —I _ —-i-I/;' 434 25 434 25 Mr h1 3ills I ayable. Qr. dc 185 T'Tclto9 ti 2900j1 io. 30 |~To.B~alm 1 120C2 pr 6 By Niles & Rinne 2 29()00 1'- 30 Toalanc L5 112031 25 "I 9 y Logan, Wilson & Co. 8 4136 125 " 1 2 Steamer EmpIire Stk. 3 5000 - l ~~1 {-2036 25 112036 26 ]ag 1 3 To East River Bank 11 4136 25 May 1 By Balance LS 12036 25 " 27 Cash 14 3900 " 13 Hope & Co. 8 3900o 1 Balane 10781 " 26 W. K. Sadler 2881 18817 26 18817 25 6 LEDGER,-SET IV. WP1r. Charles Stetson. ~r pr 8 To Mdse. Co. B. 2t 4500 a18 28 By Cash 9| 4500 _ _r. M1dse. Co. C.. r. 1859 Apr. 10 To Sundries 3 I 8700 Apr. 13 By Sundries 8 10000 13 8 1300 100001, ____ __ 10000 Wr. _____:Pliny Moore. t.. r. _ 8 _,..... P.n.. 1859 1859 r.1859 22 To Sundries 4166 166 Apr. 10 By Mdse. Co. C. 3 5666 67 8 0 Balance L6j 5840 01| (" 14 it < 3 340 _ 6006 67 6006 67 |fk 31 To Balance _ 5340 0 y Ma ByBalance |L6 5340 01 ____ _ _ S. Gk. Iayn. c Apr. 22 To Sundries 4 1333 34f Apr. 10 By Mdse. Co. C. 3 2833 33 8 0 BalanceI L6 1954 9 9 114 3c I Si 3 40 I o 30 Loss and Gain 5 115 3 ___2881 3__ 3288 33 ayg l 1 To Balance 15 1954 99 Ma ByBalance e L6 354 99 ir. Steamer Empire Stock. - C. Avr. 12 To Sundries 3 10000 Ar. 281 By tamer Empire 6 2b l 380 Loss and Gain 4 250 o Bi- Lo ance L6 10000 - -} l__1 10250 K _ 10250 May 311 To Balance 10000 May| 11 By Balance 13 13 0000 EktJ. Acker, 1Vlerra11 & Co. r. ]r. BI. ID. StrattnR —P IVATE. gr. 1859 11859. S4,r. 18 To Cash 1 l0 i ay 312 By. D.S.,Stock 9 150 96 v LEDGER, —SET IV. M3r IH. B. B ryant- PRIVATE.. (r. Apr. 25 To East River Bank 4 | 200 IX ay 31 By H. B. B., Stock V 200 Mr. Steamer Empire. r, Apr. 28 ITo Steamer Empire Stk. 250 j jiMay 131 By Balnce 250 Vr.:dse. Co. ID. (..ay 1 To Sundries 1460 i 0May 3 By Cash 6 750 1660 4 Hanna, B. Co. 6 2370 3120 8120 W;Dr. rm. E. Sadler (Er. 1859 1859 ay 26ToBillsPayable.9 2881 May 1 By Mdse. Co. D. 4 WaDr.. Il To HoadleyR. W1 Tr. _r... _. 8599 1859 May 12 To Sundries 6 909 ay 1 ByBalance1 709 2 Shipment in Co. 1 9 I 800 I i ] 109 2Wnr. Shipment in Co. 1.r -C. May 2 To Sund ries 909 May 5 By R. W. Hoadley 800 t Loss and Gain 1 09 Dlr. Insurasnce. Qr. --— ^ —-— ~-~~~` — II 1 1859 _ --- _ til8i9 1-1 - t i -t1859 oITCash 6 87 0 Ma 3 B 8'! 5 a~r. 1lHanna, Beaser &_; Co.__ -or. - -— ~ Ma 4 To Mdse. Co. D). I 6| 2,370 -fl May 15 1 By Sundries i 2645 1 Loss and Gain 8 275 1 1 C~- -— ~.-p —-~ —--- -_ _ -— ~-PY _ ______' I 4 -. 97 8 - LEDGER, — SET IV. tWr. Charges. Qr. May1859 1 To Loss and Gain 1 150 ay 4 ByMdse.Co. D. I 0 I 86 I Mdse. Co. E.' I 0 i r8 Mdse. Co. F.!8 O 0. 150 -__ 150 ~r. 1Vdse. Co. E,. Qr. 1859 1 859 ay 6 To Sundries 6 2500 y By Sundries 7 7500' 8 2 5000'7500 I 7500 iWr. IF. Al. Boyle Co. Qr. 1859 859 Ifay 1 To Balance 1' 4254 i6 ay 6 By Mdse. Co. E. 6 22000 4254 6 4254 aWr.:vdsei Co. F. May 7 To Sundries 7 4000 ay 5 By Cash 8 4750 8 2'750 Ie 8 8 2000' _________=18 " " " 8 3015 2 6515 F - 6515 2 _1=I I |{6-G 2 nr.- Campbell &F. Strong. r. 1859 I I~~1859 May1 To Balance 16 2254 17 Miay 8 ByMdse.Co. E. i7 2245 117 -tr. de3 alanoe.. r. 1859 1859 ay 31 To Store and Fixtures 10 5000 1ay 31 By Mortgage Payable 10 4500 Cash 10 4575 09 Interest Payable 10 18'7 East River Bank 10 1337 50 Bills Payable 10 0'781 Interest Receivable 10 146 82 Pliny Moore 11 5340 01.,. Bills Receivable 10 5000 S. G. Payn 11 1954 99 Steamer Empire Stk. 11 10000 F. A. Boyle 11 4254 16 Steamer Empire 11 250 Campbell & Strong 11 2254 17 _" I~( R. W. Hoadley 11 1'09 H. B. Bryant 15785 14 Dr.-1 H. D. Stratton 13130 r7 98 _P - TRIAL BALANCE-INVENTORY. Trial Balance-April. Balances. Total Footings. Footin. tBalances. H.. H.B. Bryant (Stock). 12688 90 12688 90 - I i.. II. D. Stratton (Stock). 10000 10000 11000 12500.. Store and Fixtures... 1500.. Mortgage Payable... 9000 9000 11269 63 21284 63.. Cash.... 10015 8831 25I 10000.. East River Ballk. 1168 75l 44 j 27.. Interest....... 84 79 73 284, 284... Expense.... 4183 75.. Niles & Kinne. 4183 75 1 1050 5700...Merchandise.. 4650 115.. Lossand Gain.. 1160 j 1045 -lHope & Co.... 3900 3900 4700.. Mdse. Co. A.4700 4136 25.. Logan, Wilso &Co.. 4136 25 ii 4500.. Mdse. Co. B..... 1 4500 10300 11300. Bills Receivable... i 1000 I. Storage and Advertising ii o 60 Commission.... 480 480. Bills Payable..12036 25j 1 2036 25 4500 4500.. Charles Stetson.. 10000. lMdse. Co. C.. 10000 666 66. Pliny Moore.. 6006 67 5340 01 1333 34. S.G. Payn.. i 3288 1331 194 99 9750 10000. Steamer Empire Stc-k 250 Acker, Merrall & C. 1000 1000 150 150.. H. D. Stratton (Private) i 200 I1 200 1I. I.. B. Bryant (Private). 2250 250. Steamer Empire........ j.ii................. 57584 188 l105807 o10 i 105807 o 90' 57584 188 __________ _______~! - 1 — _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 _ _ INVENTORY. Property Unsold April S0. Store and Fixtures, valued at cost.. 12500 Mdse. on hand.1 1800 Steamer Empire Stock, at cost.......... 10000 99 TRIAL BALANCE-INVENTORY. Trial Balance —May. Bala4nce. Footi ngS* ll ooti, Balances. } 200 0 I. H. B. Bryant.. 146441 94 if 14444! 94 150'. D.. Stratton... 11940 371 11790 1 37 12500 12500. Store and Fixtures... I 4500.. Mortgage Payable. 9000 i 4500' 4575 09 38546 21.. Cash........ 33971 12 21337 50 31331 25 2. East River Bank... 9993 75 341 60 341 0.. Interest...... 150 | 150 Expense i 484 37.. Loss and Gain. 590 17 105i80 5000 15300.. Bills Receivable 10300 |i,.. Commission.... 43 4 25 8036 25.. Bills Payable. 18817 2 25 10781 Pliny Moore 5340 01 5340 01 250 250.. Steamer Empire.. 1709 09 709.. W. Hoadley. 109 909.. Shipment in Co. 1.. 800, 37 50 37 50.. Insurance. I. Charges.... 1 10 150.. F. A. Boyle... * 4254 16 4254 16. Campbell & Strong 2254117 2254i17 X;..S. G. Payn.....1 9514 99Ai 1954i99 56009 - 69 12444518 l124445 18 56009 69 Steamer Empire Stock 10000 Less interest due from us.18.37 128 45 The amounts in this column do not comprise, like those in the preceding balances, the footings of alt til! i INVENTORY. Resoure s Ledger Accounts Store and Fixt10ures, valued at 150 Steamer Empire Stock.......' 00 Interest due us on Notes.... 46.82 28 1 45 Less, interest due from us...... 18.37 * The amounts in this column do not comprise, like those in the preceding balances, the footings of att t ht Ledger accounts, but such only as do not balance or cancel. The footings of this column and its opposite will not, therefore, tally with the footings of the Journal, as has been the case with the Trial Balances heretofore. The method here adopted is the one most in use with accountants, but does not afford so sure a test of the correctness ox the Ledger. 100 B ALANCE SlHEETS BALANCE SHEETS. WE give on the following pages two of the most condensed and perfect forms of statement known, the first representing the, business of a single proprietor, as exhibited in Set I, and the second showing the result of the partnership business of Set IV. The symmetry of these Balance Sheets will commend them to the favor of all systematic accountants, while the fullness of their illustrations must satisfy all interested parties. This form of statement has been used, with more or less variation, for the last twenty years, but has never been adopted to any great extent by business houses; the chief objection being its inadequency to contain long lists of personal accounts. This objection can be overcome, in all cases where the general result alone is wanted, by using, instead of the persons' names, the general titles,"Accounts Receivable," and " Accounts Payable." In most kinds of business this will reduce the number of accounts within the limits of this form. A degree of ingenuity, and some patience, are necessary in preparing these Balance Sheets; but a little practice will overcome all such obstacles. The following brief explanation will enable the student to prepare this form. Get a sheet of paper of the proper size, and for a border rule double red lines around the margin.* First, rule the parallel head-lines, leaving proper space for the double captions, as in the example. Next, ascertain the number of Ledger accounts to be represented. This will, of course, embrace all the accounts in the Trial Balance that do not cancel. If the business is that of a single proprietor, usually called " Stock business," rule, in pencil, as many lines as will contain all the accounts, and ftive additional. If it be a partnership business, with two or more partners, rule three additional lines for each partner. Thus: for " Stock" business five lines more than all the accounts; for two partners, eight lines more than all the accounts; for three partners, eleven lines more, and so on. Next, lay off proper spaces for debit and credit money columns; first, for the footings of Ledger accounts, second, for Gains and Losses, third, for Stock-or if partners, for each partner-and fourth, for Resources and Liabilities; also, for a single money column for Inventories, and for the Ledger titles and their Ledger folios. The position of these columns you will see in the example given. These spaces can best be appropriated by using a pair of dividers, and giving each of the captions its just proportion. After denoting the proper space for each heading-which can best be done with pencilcommence to rule in red ink at the right hand, and bring all the lines of the first two captionsReal Accounts and Stock, or one of the partners-down to the lower pencil line. For the eother partner drop two lines. For Losses and Gains drop two lines for Stock business, and an additional line for each partner. Next, rule the foot-lines as shown, and the schedule will be ready to receive the accounts. The process of showing results is precisely similar in its order, and the results the same as in " closing the Ledger," and will need no explanation aside from the example given. As this form of statement, neatly done, will always challenge the admiration of a systematic business man, no student should permit himself to pass over it without fastening all its peculiarities indelibly upon his mind; and as no one qualification is more essential to the proper appearance of a Set of'Books or a Business Statement than clean ruling, the student can hardly choose a better exercise than that of preparing these Balance Sheets. * The border may be made either plain or ornamental, as best suits the taste of the accountant; but we would recommend in this, as well as all business statements, the utmost neatness, and the avoidance of that kind of affectstlon or display vulgarly known as " gingerbread work." 1C01 H. B. BRYANT'S BALANCE SHEET,-SET I.* - TaRIA BALANCE. RI EPRESENTATIVE. 1 S.OCK I. REAL. Dr. Cr. _Loss. Gain&. Dr. Cr. Regel-m -l Stock.500 5000............ 4500 Cash....6513 75 2084.. 1 5., 4429 7 Merchandise 2731. 1706 25 308 75 15 Bills Payable.. 500 0 1735 1.. I l 50 s k 1 6.4 6. 1...4....1...... 1. Exense.. 184 1 1S 30S8 75 2 308 75 1 1 e- atpi a 424 ol 4624 75 4624 75 4624 7 "' 5955 75 595 5 75 * The Trial Balance from which this Statement is made will be found on Page 27. - _ —----—: —-_ A BRYANT & STRATTON'S BALANCE SHEET,-SET IV. TRIAL BALANCE. ] REPRESENTATIVE. H. B. BRYANT. H. D. STRATTON. REAL. Inventory. Ta~ken N. K, ay 31, 1859. T. y 8Dr. Cr. L~osses. Gains. Dr. Cr. Dr. I Cr Resources. iabilitie.. _____________________________________ -- _______ ---- ____ i —- I I H. B.i BryRnt.1 2001. 14644 94 14 444 94 H. D. Stratton 1 150. 11940 37.. 11790i37 Store and Fixtures 1 12500 200 [5000 Afortgage Payable 1 400 900. 4. 00 Cash 2 ~38546 2'1 33971 45 5 09 East River Bank 2 31331 25 9993 752...34750 Interest.3 341 60. 15 1 1 21337 2 04 Expense 3 150 1 0 0 4 48437 590 17 105 80 Bills Receivable. 5 15300 10300 5000 Commission 4 45. 25 434 25 5000 ~-& Bills Payable 5 8036 25 1881fl25 10781 O Plinyboore. 6 05340 01. 01 CAD Stener Empire 7 i50 2 0 R. W.Hoadley 7 1709.. j 1709 Shipt. in Co. 1 909 800:1: 109 Insurance 7 3750. K37150 Ch rges.8 150. 150 F. AaBoyle' 8 425416... i. 425416 Campbell and Strong. 8. 2254 17 1... f. 4 1 I 2254 17 S. G. P yn 14899 1954 99 SteamernEmpire Stock.100 10.. 0 0 T124445 18 i 8124445 1 i4 r0000 1/. B. 7 I~ n Jn ~ iti' I1340 20 1 j I I i —- I ijl c e ~~~~~~~~~~~1340 2 0 go810 5 3190 05" n a. Briciu'.r ti~liri~t 6iri~il. -.~ 1 15785 14 II ~ ~ ~ ~ ~ ~ ~ ~ ~ ~.~(~ i4 i I~ ~ L: 1585 i 4 15785 __ __.6515 i~, ~S~r~z~inr lL~ Epi~' r i'LtCP'CZ~L, i:.. i13130 i 5) 13130 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~13130'57:;80O04 58000 ~~i I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~31~ - 80 AUXILIARIES. AUXILIARIES TO SET IV. WE give herewith a few of the auxiliary books and documents which would be proper in connection with the transactions of Set IV. We have already remarked that "the number and character of auxiliary books depend upon the nature and extent of the business, and the amount and kind of information desired;" we might have added, and upon the taste and ingenuity of the accountant. Perhaps there is no way in which a business man can more satisfactorily exhibit the lucidness of his own thoughts than by such methodical arrangement of the separate facts embraced in his transactions as are afforded in auxiliary forms. The only objection that can properly be urged against a multiplicity of auxiliary books is the additional labor required; and in large establishments even this objection is removed by the use of special books and forms containing characteristic portions of original entries; thus, all transactions involving the receipt or disbursement of cash are entered alone in the Cash Book, and posted from that book directly to the Ledger. In the same manner, all sales of merchandise are first entered and posted from the Sales Book, etc. This method we shall hereafter briefly illustrate. We have already given, in connection with the preceding Set, (III.), one form of a Commission Sales Book. It is the form commonly in use, and is happily suggestive of the nature of the business. In this connection we give a different form, discarding the special columns for quantities of merchandise. The business also differs, the sales in this case being on joint account of the commission merchant and the consignor, and the net proceeds, shown both in the Sales Book and the Account Sales are made to'correspond therewith. We also give a brief exposition of the books containing our Bank Account, and the usual method of showing, perpetually, the balance on deposit. These books are too simple to need much explanation.' The letters and notes are not submitted as absolute models in their way. It would, in fact, be as difficult to afford'a model of a business letter-one, we mean, which it would be proper for every one to copy-as it would for an artist to produce a cast of features that everybody would consider perfect. And that class of humane authors who aim to bless the world by doing all the thinking, as well as talking, for their generation, furnishing to hand " ready letter writers," apt "poetical quotations," and "rhyming dictionaries," should find little favor with persons competent to think for themselves. To be able to write a good business letter is no small accomplishment, nor can it be ac quired by studying models, although much aid may be secured in this way, pertaining to form, arrangement, and even style, if undertaken with no undue surrender of individuality; for a good business letter should be neither more nor less than the transcript of a man's thoughts, or what he would say were he to speak with care and deliberation. Now, as no two men ever think or talk exactly alike, so no two could be expected to write alike. Hundreds of men, doing business for years with each other, enjoy the most intimate and satisfactory acquaintance ship through their correspondence alone; having, it is possible, never met face to face, they, nevertheless, learn each other's peculiarities with as much certainty as if reared in the same family. All proper business letters, therefore, will differ in their general aspect, form, tone, and construction, as their authors differ in those characteristics which mark their individuality. While all this is emphatically true, there are certain qualifications in business letters which are equally essential to all, and with reference to which, general instructions may be given. We will enumerate a few of these points: First. A business letter, like all other documents in manuscript, should be, chirographically, well written. We have nio particular reference to any "System of Penmanship," meaning, 104 AUXILIARIES. rather, by a " well written" document, one which, in its general appearance, as well as upon closer inspection, will at once commend itself to the reader. Neatness and legibility are the chief requisites in a hand-writing. Second. The grammatical construction should be faultless; and, above all, no document should be disfigured with misspelled words. TIlird. The subject matter should be immediately apparent, stated without circumlocution, and in terms not to be misconstrued. One important characteristic in a business document is brevity; but brevity should never be secured at the cost of perspicuity. The briefest are sometimes the most unsatisfactory of communications, and an affectation of brevity is as reprehensible as an unnecessary display of words. The rule on this point should be, to speak plainly and directly upon the topics discussed, avoiding unnecessary repetitions, and leaving no part of the instruction or information to be guessed at or inferred. There are other points which we might enumerate, but they are all subordinate to the three above-named; besides, there is little fear that any one will be proficient in these, and deficient in the others. We cannot too strongly urge upon young men looking forward to a life of usefulness and honor, the importance of this department of their education, as there is no qualification which will more surely commend one to the favor of an employer than proficiency in Business Correspondence. It is scarcely possible, in a treatise of these dimensions, to give, in detail, all the documents and forms which would enter into actual transactions such as are here recorded. We have supplied this necessity in a measure in the latter part of the work, but have not attempted a complete list. The forms of Deeds, Bonds, Mortgages, etc., vary in the different states; the printed blanks of which can be procured at any ordinary book or stationery establishment. The forms of Notes, Drafts, Receipts, etc., will be found on page 118. It should not be taken for granted that any of the forms here introduced are the best that could be invented. They will certainly answer the purpose, and, in the absence of better, will do to adopt; but we would advise every intelligent accountant to learn to depend tpon, himself, and to ascertain and administer to his own wants. One of the most common objections urged against works on Book-keeping and Commercial Schools, is that the forms and illustrations thus inculcated are inefficient, from the fact that no two business houses use the same forms. If this argument proves any thing, it proves too much, as it would also render futile, knowledge acquired in the counting-room, as well as in the school-room, and the private studio. The fact is, different forms are but the different methods of expressing the same great truths, and are to be estimated according to the degree of explicitness with which they announce these truths. An accountant, possessed of the least originality or energy, will be better able to prescribe his own forms than any- person unacquainted with all the details of his particular business, however well versed in any other specialty of the science. o 105 COMMISSION MCdse. Co. A. 1859 i lAp? 31 To Logan, Wilson & Co. Received from L. W. & Co., Pittsburgh, to be sold i, on our joint % and risk each J 800 kegs Nails, @ $3..... $2400 l 20,000 lbs. Lead, @ 7 c.. 1400: 38 3S00 " Cash Paid freight....... oo " Storage and Adver. Our charges.. i 10 Commission 21 % on $1700...... 50 "Logan, Wilson & Co. Their net gain......... 3361 25, Loss and Gain Our..... 33625 _.1. __. ____ 4700 Account Sales rendered April 6. - E-_: rrrrrs crc};f,. L. W. & Co.'s net proceeds, $4136.25. Due May. 2iVfdse. Co. B. l_= - I —— __ I _. Apr 41 To Niles & Kinne Received from N. & K., Buffalo, to be sold on oui joint % and risk, each, i 500 bbls. Flour, @ $8...... 4000 8 "Storage and Adver. Our charges............ 20 t Commission 21 % on $4500...... 112 50 "Niles & Kinne Their J net gain..8...7.... 1S3 75 45001 Account Sales rendered April 8. - rf'rs't?'$s exrel)9eld, N. & K.'s net proceeds, $4183.75. Due May 6. _AIdse. Co. 0. 185 Apr 1, To Pliny Moore Received per Merchants' Line, from Pliny Moore, Troy, to be sold on joint % of himself, S. Gi Payn, Albany, and ourselves, each i, $ 1000 bbls. Flour, @ $8.50... $8500 P. Moore and our j invoice furnished by him. 566 67 "S. G. Payn His~ invoice as above......... 2833 33 IL " Cash Paid Freight..... 200 " Storage and Adver. Our charges-........... 30 " Commission 24 % on $1000.......... 250 "Pliny Moore His i net gain. 340' S. G. Payn His" c "a....... ". 340 " Loss and Gain Our"..... 340 1000.....=~ =~~ Account Sales rendered April 13. P. Moore's net proceeds.,.... $6006.671 S. G. Payn's"... 813 ErroIros rel {rea7t, Due May 14. 106 SALES BOOK. Sales. Apr. 5 By Cash Sold Wm. H. Woodbury, 400 kegs Nails @ $3.50.. 1400 6 " Bills Receivable Sold Robert Haywood, on his note @ thirty days, I 20,000 lbs. Lead, @ 9 c.$1800 400 kegs Nails, @ $3.75... 1500 j 300 II Sales..Apr. By Charles Stetson Sold him, @ thirty days, on, 500 bbls Flour, @ $9. 45001 i Sale s. 1859' 859r. 13 By Bills Receivable Sold Warren P. Spencer, 1000 bbls. Flour, @ $10.00. $10,000 Received his note, @ forty days, for.... 7000 "Cash Balance in cash....... 8 3000 K ___. _0:____00 107 3 aCOMMISSION I:vdse. Co. D. 18591 Ma. 1 To Wm. K. Sadler Received from W. K. S., Philadelphia, to be soldsi on our joint %, each i, 100 bbls. Cider Vinegar, @ $7,.. $700 50 do Linseed Oil, @ $40.. 2000i 40 h'f kegs White-Lead, @ $3.. 120 Our~invoice...... $-28 I 1410 " East River Bank Paid freight, per check........... 50 3 " Charges Storage, advertising and insurance.... 50 " Commission 21 % on $3120.............. 78 " Wm. KI. Sadler His ~ invoice, $1410, and net gain, $61... 1471 " Loss and Gain Our. net gain.......61 Account Sales rendered May 3d. i3 W. K. S.'s net proceeds, $1471. Ej. & O. E. Due by equation, June 20. l: dse. Co. E. a 6. _A _o _ __ 1859 May 6 To FA. A Boyle & Co. Received of F. A. B. & Co., New Orleans, to be, sold on joint % of themselves, Campbell &1 Strong, and ourselves, each i, 100 hhds. Sugar, @ $60.$6000 Our W above invoice.......... 2000 "East River Bank Paid freight per check.500 8 " Charges Storage, advertising, etc.,........ 50 " Commission 2 %A on $7500.... i 187 50 " F. A. Boyle His i invoice $2000, and net gain $254.16. 2254 16'Campbell & Strong Their ~ invoice $2000, and net gain $254.17. i 2254 17 " Loss and Gain Our J net gain.. i 254 17 7500 -j — d I-~ Account Sales rendered May 8. F. A. Boyle & Co.'s net proceeds, $2254.16. i Campbell & Strong's " " 2254.17. Due by equation, May 8. _ldse. Co. F. May 10 To H. D. Van Syckel Received from H. D. V. S., St. Louis, to be soldl on our joint %, each i, - 500 bbls. Pork, @ $9.. $4500' 250 do Lard, 50,000 lbs., @ 5 c.. 2500 Our ~ invoice......... 3500 " East River Bank f, r eight per check....... 500 14 " Charges Storage, cooperage, etc... 50 | " Commission 2 %A on$6750.....168 75 " H. D. Van Syckel His I invoice $3500, less his net loss $484.38 3015 62 7234 37 Account Sales rendered May 14. H. D. Van Syckel's net proceeds. $3015.62 Er. CO. 0. ~Y Due by equation, May 16. 1 SALES BOOK. Sales. 1859 May ~i 3 By Cash Sold J. R. Bigelow, 100 bbls. Cider Vinegar, @ $7.60 750 " s " Hanna, Beaser & Co. Shipped them to Detroit, per their order, 50 bbls. Linseed Oil, @ $45.... $2250 40 h'f kegs White Lead, @ $3. 120: 2 Payable at sixty days. 2370 I I _j_,_ _ii 3120 I _ ___,=... _L_: —. __.... -* Sales. 1859! fMayj S fBy Bills Receivable Sold Wm. A. Holley, Fort Edward, 100 hhds. Sugar, @ $75.... Received in payment a note against Erastus' i Corning for.. 5000. I" nterest Interest due on same to date... 2347 " Cash For balance... 237. 53 ___________________,~~~ ~7500 Sales. 1859 Miay 14' By Cash Sold E. A. Charlton, I 500 bbls. Pork, @ $9.50...... 4750 it 17 c" Cash Sold Theron W. Woolson, 250 bbls. Lard, 50,000 lbs., @ 4 c. 4 2000 "Loss and Ga Our net loss............. 484 37 7234 37 109 ACCOUNTS SALES, —SET IV. AOOO~l% Sale of {800 kegs Nails,an Account Sales of 20000 lbs. Lead, on joint % of Logan, Wilson & Co., and ourselves, each ~. 1859 A1pr. 5 Sold for Cash, 400 kegs Nails, @ $3.50........... 1400 6 Sold R. Haywood, on his note @ 30 days, 20,000 lbs. Lead, @ 9 cents....... $1800 400 kegs Nails, @ $3.75....... 1500 3300 4700 Charges. Paid Cash for Freight 100 6 Storage and Advertising....10 i Commission, 2~ % on $4700.......... 117.50 Our net gain on Sales........... 336.25 563 75 Logan, Wilson & Co.'s net proceeds........ 4136 25 Invoice, 800 kegs Nails, @ 3..... 2400 20,000 lbs. Lead, @ 7 cents... 1400 ~net gain....336.25 Net proceeds as above... $4136.25 Due by Equation, May 2. BRYANT & STRATTON, NEW YORK, April 6, 1859. per Packard. Account Sales of 500 Bbls. Flour on joint % of Niles & Kinne and ourselves, each ~. 1859 Apr. 8 Sold Charles Stetson @ 30 days, on, 500 bbls. Flour,'@ $9.......4500 Charges. — 8 Storage and Advertising $20 Commission, 2~ o on $4500......... 112.50 Our 1 net gain.......... 183.75 316 25 4183 75 Invoice, 500 bbls. Flour, @ $8. 4000 i ~net gain........ 183.75'Net proceeds as above.... $4183.75 i E. E,.' Due by Equation, May 6. i BRYANT & STRATTON, perPackard; NEW YORK, April 8, 1859.e iP 110 ACCOUNTS SALES,-SET IV. Sales of 1000 bbls. Flour, on joint % of Pliny Moore, Troy, S. G. Payn, Albany, and ourselves, each ~. Apr., 13 Sold Warren P. Spencer, 1000 bbls. Flour, @ $10. 10000 Cash, $3000-No'te @ forty days, $7000. Charges.. 10, Paid Freight, in cash........ $200 13; Storage and Advertising...... 30 Commission 2i %e on $10000........ 250 S. G. Payn's net proceeds.....3173.33 Our I net gain..... 340 3993 33 P. Moore's net proceeds*...... Invoice 1000 bbls. -Flour @ $8.50...8500 = Your and our - of above.... 5666.67!i ~ net gain....340 Net proceeds as above..... 60.67 Due by Equation, May 14.!! BRYANT & STRATTON, 1 NEw YORK, April 13, 1859. per Packard. Sales of 100 do Linseed Oil, on joint % of W. K. Sadler and ourselves, each I. 40 hWf kegs White Lead, Hiay i 3 Sold J. R. Bigelow, for cash, - 100 bbls. Cider Vinegar, @ $7.50.... 750 3 3 Assumed and shipped on our own %, @ sixty days, 50 bbls. Linseed Oil, @ $45........ 2250 40 h'f kegs White Lead, @ $3. 120 2370 Carges. _ 3120 " Freight per check......... 50 13 Storage, Advertising and Insurance..... 50 Commission 2' o on $3120...... 78 nOeur net gain....... 61. 239 W. K. Sadler's net proceeds... 2881 Invoice 100 bbls. Cider Vinegar, @ $7... 700:. 50 do Linseed Oil, @ 40.... 2000 40 h'f kegs White Lead, @ $3... 120 Net gain.......... 61 Net proceeds as above..... 1. "?: Due by Equation, June 20. i BRYANT & STRATTON, I NEW YORK, May 3, 1859. per Packard. i } * A duplicate of this statement is sent to S. G. Payn. 111 ACCOUNTS SALES, —SET I'V. Sales of 100 hhds. Sugar on joint % of P. A. Boyle & Co., N. O., Campbell & Strong, and ourselves, each ~. 1859.May S Sold Wm. A. Holley, Fort Edward, 100 hhds. Sugar, @ $75............. 7500 - Charges. 6 Paid Freight.s........$500 8 Storage, Advertising, etc.. 50 Commission 2~ % on $7500.......... 187.50 Campbell & Strong's net proceeds......... 2254.17 Our I net gain............... 254.17! 3245 4 F. A. Boyle & Co.'s net proceeds*...... 4254 16 Invoice, 100 hhds. Sugar, @ $60.. $6000 Your and our x invoice.4000 Your 1 net gain.......... 254.16 J - Net proceeds as above..$4254.16 I 10A E. F.. Due by Equation, liMay 8. NE,ay 8, 1859 BRYANT & STRATTON. NEW YORK, May 8, 1859. Sales of 2500 bdlo Lard, } on joint % of H. D. Van Syckel, St. Louis, and ourselves, each ~. 1859 May 14 Sold for cash, 500 bbls. Pork, @ $9.50....... 4750 " 17 Sold for cash, 250 bbls. Lard, 50,000 lbs., @ 4 c....... 2000'-6 750 Charges. _ ii 66 iPaid Freight.......... $500 17 1Storage and Cooperage... 50 Commission 2~ % on $6750....... 168.75 718.75 Less our 1 net loss.... 484.37 1 234 38 HI. D. Van Syckel's net proceeds..... - 6515 62 i i Invoice 500 bbls. Pork, @ $9. 4500 250 do Lard..... 2500 Less your I net loss..... 484.38 i Net proceeds as above.5.. TW.2F Due by Equation, May 16. BRYANT & STRATTON. NEW YORK, May 17, 1859. A duplicate of this statement is sent to Campbell & Strong. 112 INVOICE BOOK, —SET IV. OUTWARD INVOICE BOOK. Tins Book contains copies of invoices of merchandise shipped by us, whether on our own account or that of the consignee, or on joint % of both. These copies are usually taken with a copying press, and are, therefore, exact facsimiles of the invoices sent. The forms here given are those most commonly in use. Invoice of Merchandise Shipped by Bryant & Stratton, to be sold on joint % of Niles & Kinne, Buffalo, and themselves, each i j I 20 hhds. Sugar, 24000 lbs., @ 5 c......... $1200 100 bags Coffee, 14000 lbs.,( @ 10......... 1400 10 boxes Raisins, @ $3......... 400 2900._.... Charges.; Insurance ~ % on $3000............. - BRYANT & STRATTON, per Packard. NEw YORK, May 6, 1859. Invoice of lMdse. shipped S. G. Payn, Albany, by Bryant & Stratton, to be sold on joint % of S. G. Payn, Pliny Moore, and themselves, each i. 30 hhds. Sugar, 30,000 lbs., @ 6~ c...... 1950 Charges. Freight on same..... 50 BRYANT & STRAITTON, per Packard. NEW YORK, April 22, 1859. P S~~~~~~~~~~~~~~~~~~~~~I INVOICE BOOK,-SET IV. Invoice of Merchandise shipped R. W. Hoadley, Philadelphia, to be sold on joint %, each l. 200 bbls. Mess Pork, $9..... 1800 Charges. Paid Drayage...18 BRYANT & STRATTON, per Packard. NEW YORK, May 2, 1859. In voice of Merchandise shipped Hanna, Beaser & Co., as per their order 50 bbls. Linseed Oil, $4.......... 2250 40 h'f kegs White Lead, @ $3.. 120 2370 Payable @ sixty days. BRYANT & STRATTON, per Packard. NEw YORK, MaY 3, 1859. Invoice of Tea. KINSEY & HINDE, Cincinnati. Bousht of STErPHENN V. ALBRO & CO. Terms: 4 Months. 72 Chests Young Hyson Tea. 108 100 115 105 119 110 109 119 108 100 120 112 112 122 109 112 121 115 120 120 106 113 117 102 103 118 105 110 104 108 117 119 119 117 111 109 102 117 115 115 111 1-12 -- 115 104 117 119 108 114 112 1'02 109 106 115 118 108 1-12 109 120 112 120 107 120 108 104 100 119 105 100 112 100 109 107 118 135'3 1::2 1 13217 1346 8017 Tare, 20 % off 1603..._6414@30c. 1924 20.. ~ Charges. Drayage...........5 Insurance................ 10 15 Nw. YO.K, Jan. 13, 1860. [! -I= INVOICE BOOK, —SET IV. Straw Goods.* NEW YORK, February 13, 1860.:Messrs. JOHN CALDWELL & CO. Bought of T. J. G. CLARK. Terms: 8 Months. Note to your own order. No. 33 Cases assorted goods.. [;.'-' " _0 342 36 Fine English split Straw Bonnets....... $237 85 50 516 42 " " ".....2.00! 84 271 62 Embroidered Hair and Lace Bonnets.. 1.87. 116 25 403 16 Neapolitan Bonnets..... 1.75 28 233 16 Pamela "....... 2.00 32 453 42 15 End Braid"...... 0.87i 36 75 4203 42 1l " "......... 0.75 I 31 50 543 42 Tulip and Coburg Braid Bonnets.... 1.621 68 25 603 36 I-Iair " " "..... 2.25 81 321 42 " Rustic " "........ 2.25 94 50 214 62 Pedal Braid Bonnets...... 0.42k 1 26 3. ~218 50 Florence "........... 1.85 l 92 50 311 22 Fancy Lace Braid Bonnets.......... 3.12. 1 68 75 372 42 " " over Frame Braid Bonnets..... 1.8 I 78 75 412 3~ doz. Canton Braid Riding Hats....... 5.50 19 25 415 3Ts- " Pedal Braid Bloomers.6.50. 23 83 42'5 3 a " Ilair and Fine split Straw Riding Hats 18.75 60 94 549 5 " Open fIair Lace Riding Hats. 16.50 82 fi50 629 6 " Coburg and Hair. 19.62 117 72 456 5 " Fine split Straw R. II. (trimmed).. 24.50 1 122 50 3827 5 " Pamela and Tulip" "..... 30.00 150 454 6- " Coburg " ". 35.00 215 83 517 83, " Fine Pedal " " 15.00 4S 75 (;12 4," " Brown Lace " ".. 21.00 98 45'12 57. " Men's English Dunstable Hiats. 42.00 234 50 38-57 6 " Minxed Sennets......50 99 3672 -4 " Colored " " ".....18.00 84 2837 3T7 " White Leghorn " "..... 21.00 68 25 2856 4 " Assorted" " "....... 24.00 96 375f6 3TA " Canton R. Brim Hats.......... 10.50 i 38 50 4289 52 " Maracaibo Hats. 27.00 139 50 2432 3 " Carracao.... 21.00 63 3162 4A " Palm Leaf " 0.95 4 04 490 ] 21 This and the preceding In*oice are not connected with th_ transactibiS of this Set, but are sabmittd, i this connection, for the purpose of exhibiting a greater variety. 11. BANKING AUXILIARIES. All Banks of Deposit furnish their dealers with 1859 the necessary blanks for keeping a Bank Account. I Ila. vt I0000 These are, mainly, a Check-Book, a Pass-Book, and Deposit-Checks, all of which are here exhibited. 25- l l — ~-.. THE CHECK-BOOK, As will be seen, is a book of blank-checks, with a, 25 Eject' Q. 2 968 75 margin for memoranda, containing, in brief, the Bank 883 Account. The checks are filled and torn off, leaving I 3 50 the memoranda. By adding deposits and deducting checks, the balance in bank is always apparent. 8781 25 Many houses keep no other bank account than this,. I 6 od12 8500 in which case, the balance in bank is always included 1728I 25 in the Cash Account. 5,_ o. 4e, o ISO THE PASS-BOOK, Exhibited below, is a simple memorandum of depos- 1713 2 5 its, in which the receiving teller of the bank enters the.. 6 __c -_o_ _/_0. 5 50 _ date and amounts deposited, and as often as required I6631 25 the checks drawn are entered up, showing the balance in bank. This is our Receipt-Book with the bank. 6 The following example is intended to illustrate a i6131 25 folio, or two pages: I- to 4000 20131 25'. EasT RIVET BANKs. INr WITH BRYANT & SRATTON. Cr4657 O 1859 1859 1 To Cash....S 10000 p. 25 By Cash. Ck. 1 200473 7 yl ".yS 8500 "4s25 "..ck. 2 908 5473 75 " 10 ".. S 4000'ra 1, ".. Ck. 8 50 "' 3'd.'.et. 8 4136 25 " 23 "....S 10000 5 "..Ck. 4 150:6 "..Ck.5 500 7 "..Ck. 6 500 11337 50 " "ck.oCk. T 4657 500 I1 1A Baana6a.8. | l 3 | Ad icooo 82500 _1 182500 2137 50 Balance.21837 50.. DEPOSIT-CHECKS Accompany the deposits, and contain a memorandum of the kind of funds and the total of each deposit. The receiving teller compares these items, and if correct, enters the amount in the Pass-Book. Wqpositeb in EAST RIVER BANK, By -yOiPn 09S e9at(Om. New York,,//. 1, 1859. Bank Bills................................ 6000 Specie....................................... 25V, Checks........................0......... l950.......................................... 550 1 10000 116 CHECK-BOOK. Rank ___ Nlo. 1. No. 1. New'York, 1,c7'25, I859, f..:.? y 1 11EAST RIVER BANK, Pay to.... 23a, or Bearer, &-Of, 2 me c — %__._-~o Dollar s. ~,, " 25, zI859. 200 $2. 9 t. No. 2. No. 2..2Tew York, ci' 25, 1859. S?. c 205 50 ps. 9-8 Printed Jaconers, 2572 yds. @ 15c. $385.80 208 60 ps.'9-8 10 B.&W. " 15092 " lOc. 150.95 209 58 ps. " " 1455 " l0c. 145.50 210 56 ps. " 6' 1394 " 15c. 209.10 891 35 Note @ 8 months from July 1. L P. Ira Packard, Peru, nd. 71 25 doz. Ladies' White Cotton Hose, @ $1 $25.00 20 " " 1.25 25.00 29 " " 1.13 32.77 46 1 doz. Pearl Spun Silk Hose, 84 8.00 46 1 " 9 8.00 1 4 doz. Black " 9 $7.50 30.00 6 2 doz. Pearl " 20.00 40.00 100 8 doz. Ladies' Lisle Gauntlets, 4.50 36.00 101 6 ". " 4.75 23.75 15 5 " id 9.00 45.00 273 52 Note @ 6 months from July 1. Hiram Newell, Tonawanda, N. Y. IV 13 2 ps. 10-4 Sheeting, 924 yds. @ 70c. $64.93 14 2 " (" 921 " 75c. 69.56 16 2 ". 914 " 80c. 73.40 18 2 " " 92. " 85c.'8.41 20 1 " " 45D " 90c. 40.95 14 1 11-4 50" " 84c. 42.17 16 1 i" " 46i " 90c. 41.62 18 1 " " 441 " 95c. 42.04 20 1' " 45. " $1 45.50 16 1 12-4 " 46 " 95c. 43.70 18 1 " d 454. "$1 45.70 20 1 " " 454- "$1.15 52.32:22 1 " 451 " $1.25 57.19 0397 54 Note @ 6 months from July 5. 10 W. P. Pratt & Co., Cincinnati, 206 50 ps. Printed Jaconets, 2540. yds. ~ 14c. $355.67 207 50 l" " 25614 " 14c. 858.61 714 28 Received Cash. _ _ _ Amounts forward, 714 2 1862 41 B -r ~ 137 SALES BOOKI,-SET V. NEW YORK, JULY 10, 1860. Amounts forward, 714 28 1862 U1 B.L.&Co Baldwin, Laundon & Co., Elyria, 0. 4 Cases Bleached Shirting, O750 40 1732''51 40 1736.753 1745''754 40 17412 6955 yds. @ 12ic. 869 38 Note @ 8 months from July 10. 12 Charles Claghorn & Co., Homer, Ill. 10 ps. Black Doeskin,.l163 728 28* 870 29'754 28* 864 28* 860 28* 755 28s 759 29* 750 29* 822 281 833 29* 288- yds. @ $1.5 433 12 Received Cash. 15 E. Mussey & Co. Amherst, 0. 5 cases Bleached Shirting, 733 1240' 734 1239 735 12343 539 1208 540 1233 6155 yds. @ 15c. 923 25 Note @ 8 months. 20 Starr & Co., Elyria, 0. C. M 3892 52 Prints, 973 1858 E. A. 5788 52 " 965 1834 E.A.'6202 53 " 967 1895 5587 yds. @ 12c. $670.44 D. C. 4187 51 " 972 19242 E. N. 5630 49," 968 1954 E O. 5685 49 " 971 1929 5808 yds. @ 13c.'755.04 1425 48 Note @ 6 months. 22 Murray Shipley & Co., Cincinnati, 0 8 cases 33in Bleached Shirting, 169 12022 1212' 170 11971 1239 - 171 12233 1254 1172 ll1' 1234 9734~ yds. @ 15c. 1460 14 Note - 8 months. Amounts forward, 1147!0Q 640 66 - 138 SALES BOOK, —SET V. NEW YORK, JULY 25, 1860. Amounts forward, I 1147 40i 6540 6 Bidwell & Co., Adrian, Mich. 520 7 200 9-8 1400 Robes a Los (10 yds.) (@ $2.001 400 Received Cash. ___8_______ 28 Edwin C. Packard, Crystal Lake, Wis. 674 14 6 White Piques, 119' @ 75c. $89.44 1G 2 " 373 @ 80c. 30.20 17 4 ( 64' @ 80c. 51.40- 171 04 Note @ 8 months from date. | Sales on time, 6711 70 Sales for Cash, entered herein but posted from C. B. 1547 40 Petty sales, entered alone on C. B. 980 75 2528 15 Total sales for the month, 9239 85 August 1 0. C. & E. C. Wright, Lockport, N. Y. H. M. 1 bale Brown Sheeting, 5632 yds. @ 14c. $78.89 62 50 doz. Gent's Linen Hdkfs. @ $5. 250.00 R. X. 1 case Cotton Damask, 540 yds. @ 20c. 108.00 231 16 pcs. Blk Bombasin, 568 yds. @ $1.25 710.00 1432 89 1 case Silecia, 2200 yds. @ 13c. 286.00 Note @ 6 months. 3 _ _ _ _ C. R. Caulkins, Delaware, O. 9355 60 ps.Prints, 875 1782 9500 50 " 813 18313 36133 yds. @ 15c. $542.06 9095 58 " 825 19703 "12c. 236.49 778.55 5 % off, 38.92 739 63 Received Cash. David S. Hoadley, Berlin, O. 231 10 pcs. Black Bombasin, 350 yds. @ $1.10 $385.00 19 20 pcs. Duck,,'10 " 20c. 142.00 527 Note @ 8 months. J. L). Hinde & Co., Cincinnati. 1 bale Stark Brown Sheetings, 829 yds..@ 10c. $82.90 B. 1 bale 4-4 Shaker Flannel, 337' " 50c. 168.75 12 pes. Green Veil Barege, 200 " 35c.'0.00 1066 1 case Solid Check Ginghams, 2394 " 18c. 430.92 752 57 Note @ 8 months.__ -. Amounts forward, 139 63 2712 46 ____-__ ____ ____,_7 -`~~-~-~-~-~-~-~-~-~ —1-~[4'6 SALES BOOK, —SET. V. NEW YORK AUGUST 10, 1860. Amounts forward, 739 63 2712 46 Geo. A. Crocker, Rochester, 5 cases Columbian Prints, A. T. 596 958 2130' A. S. 587 t 959 19133 X. 351 1935 341 18863 A C. 411 1742 9608yds. @ 10Oc. $960.80 5 % off, __ 912 75 Received Cash. 15 Wm. HI. Woodbury, Chicago, Ill. 4 cases Harop Prints, - I. 481 246 13313 a. 491 1262 15813 M. 509 1108 1222 M. 97 1276 17152 5851 yds. @ 12c. $702.12 2 bales Brown Globe Drills, 1141 10323 1147 1029 2061'yds. @ 10c. 206.17 908 29 Note @ 8 months. 17 C. C. Jones, Peoria, Ill. L. ~ P. 1 case Paper Cambrics, 2000 yds. @ 10c. $200.00 8 21 pairs White Blankets, @ $3.63 76.23 197 17 pcs. Black Satinet, 469 yds. @ 75c. 51.75 19 17 pcs. Duck, 662 @ 20c. 132.40 A. B. 1 case Cottonades, 687' @ 27c. 185.56 945 94 Note @ 6 months. 20 Paul Roberts, Buffalo, N. Y. 9 cases Cotton Damask, 4860 yds. @ 20c. $972.00 5 i off, 48.60 923 40 Received Cash. 25 M. Tompkins & Co., Lasalle, Ill. 90 doz. Ladies' Lisle Gauntlets, @ $5 $450.00 1 5 " Kid Gloves, @ $7 35.00 485.00 5! off, 24.25 460 75 Received Cash. C. J. Dietrich, Bellefontaine, Ind. 1 case Linseys, 1266 yds. @ 20c. $253.20 1 case Corset Jeans, 1493 " 10c. 149.30 50 Note @ 8 months. - | Amounts forward, 3036 53 4969 19 140 SALES BOOK, —SET V. NEW YORK, AUGUST 25, 1860. Amounts forward, 036 53 4969 19 Baldwin & Co., Cleveland, 0. 239 8615 55 ps. Prints, 812 1845' 9426 52," 817 1803' 9737 t 54 8" l4 18702 5519yds. @ 13. 717 47 Note @ 8 months. 27 IJbsdel, Pierson & Co., St. Louis, U P.&Co & 29 60o ps. Mohair Mixtures, 2996 @ 15c. $449.40 30 60 "'" 2969 @ 14c. 415.66 31 60r S 66 2973 @ 14c. 416.22 32 601-.. 2965 e 14c. 415.10 i 33 60o 6 2966 14c. 415.24 i 34 60o 66, 29652( 14c. 415.17 35 601 ps. Fine M. Mixtures, 28772@ 27c. -76.9 3323 7 Note @ 8 months. 28 Raymond & Co., Cleveland, 674 18 4 ps. White Piques, 7S'@ $1.00 $75.25 19 1 " 15 ( $1.25 18.75 i 20 8 ps. Welts, 158 @.40c. 63.20, 54 I 60 ps. Lavelles, 3028'@.16o. 445 041 72 lNote @ 8 months. 30 Jonas -Stratton, Amherst, O. 0 62 f doz. Men's Novi Silk Shirts, @ $20 $10 120 1., 25 25 066 1. 80 30 S0, 68 1. 35 85 211 66 Printed Jaconets" 3 168 212 5t4 8.i50 457 Note @ 8 months. I Sales on time, 10089 09 10089i09 Sales for cash, entered here and posted from C. B. 3030 53 Petty sales entered alone on C. B., 77 3Q Total sales for the month. =... 14248 9 141 CASH BOOK, — TIis is the most convenient form for a Cash-Book to be kept in connection with a general merchandise business; the feature of special colaumns may be extended, if desirable. It will be seen that all cash entries, debit and credit, are taken to the Ledger, either through the Journal or directly, from this book, together with all accounts producing or costing cash. The amounts distinguished as "per petty Cash-Book," are entered here from a book contain-' tlr. _C Cash. Aidse. Sundrie. |Balances. 1860 --- July 1 Amount on hand... 6725 20 1: Mdse. Sales, per petty Cash-Book. 97 50 1 t/ J. H. Lewis Received on %.. 500 3 Mdse. Sales, per petty Cash-Book. 125 i 5 V/ Loan Return from J. E. Jenkins. 1000 6 V/ J. H-. Lewis Received in full of %... 1200 8 Mdse. Sales, per petty Cash-Book. 157 1Q AMdse. Sold W. P. Pratt, Cin'ti, (S. B.) 714 28 11 V/ W. Pennel In full of %...... 483 50 12 Mdse. Sold C. Claghorn, Illinois, (S..B.) 433 12 14 / Bills Rec'ble John Gundry's note due 1580 15 Mdse. Sales, per petty Cash-Book. 115 751 18 V Bills Rec'ble S. S. Pomroy's note discounted 1000 21 Mdse. Sales, per petty Cash-Book. 127 50 25 /Bills PRec'ble Starr & Co.'s note discounted I 1425 48 25 Mdse. Sold Bidwell & Co., Adrian(S.B.) 400 27 Mdse. Sales, per petty Cash-Book. 275 30 Mdse. Sales, per petty Cash-Book. 83 31:V R. Barker Rec'd in full of %... _ _ 1000 2528 15 8188 98 Mdse. Sales for Cash. 2528 15 Total Cash received during month-....v 10717 13 10717 13 017442133 Aiug. 1 Balance on hand.... 6 13 06 3 Mdse. Sold C. R. Caulkins, Del., (S. B.) 739 63 3 | Mdse. Sales, per petty Cash-Book. 89 27 -5 V Interest Discount on note favor G. A. C. 19 41 6 V Bills Rec'ble Disc. O. C.& E. C. Wright's note 1432 89 7 M AIdse. Sales, per petty Cash-Book. 150 10 U Mdse. Sold Geo. A. Crocker, per S. B. 912 75 12 M dse. Sales, per petty Cash-Book 218 50 17 Mdse. Sales, per petty Cash-Book. 375 ~C20 Mdse. Sold Paul Roberts, per S. B.. 23 40 23 Mdse. Sales, per petty Cash-Book. 175 25 i/ Bills Rec'ble Discounted C. C. Jones's note. 945 94 25 Mdse. Sold M. Tompkins, per S. B.. 460 75 31 | Mdse. Sales, per petty Cash-Book. 115 __|. 11 l 114159 301 2398 24 Mdse. Sales for Cash... 4159 30 I 6557 54 142 SET V. ing sales too insignificant to be entered on the regular Sales Book. The column headed Balances," will be found very convenient for the purposes for which it is used. The Checkmarks, in the column following dates, are made to indicate that the amounts opposite in the "Sundries" column have been journalized. Were these amounts posted directly to the Ledger, the Ledger-page would be written instead of the Check-marks. Cash. ct. ffdge. SundrieS. 1860 l July 1 Mdse. Paid duties, per Foreign I. B... 300 61 1 Mdse. Olmstead's Invoice, per Dom. I. B... 1303 76 3 V/ Expense Francis & Loutrel's Stationery Bill... 16 75 3 V/ Loan Lent J. E. Jenkins for one day..... 1000 5 \/rExpense Postage Stamps, $3; Drayage, $5.. 8 5 S.S. Packard Paid him on Private %....... 100 7 / Richard Beale Paid him in full of....... 185 10 Mdclse. Duties, as per Foreign I. B. 4... 44 21 10 Mdse. Clafifin, Mellen & Co.'s Inv., per Dom. I. B. 2312 52 12 V/ Expense Drayage and Porterage 55 15 Mldse. Duties, as per Foreign I. B.... 46 80 18 \V Interest Discount on Pomeroy's note... 16 92 20 V J. T. Calkins On Private......... 150 23 Bills Payable Note favor II. G. Smith due.4000 25 3MIdse. Duties, per Foreign I. B. 105 63. 25 Mdse. A. T. Stewart & Co.'s Invoice, per Dom. L B. 893 63 25 V Expense Clerk hire, $40; $25,......65 25. Interest Discount on Starr & Co.'s note... 50 44 29 /D. V. Bell On private.......... 175 5007 16 5822 11 Mdse. purchased for Cash...... 5007 16 Total Cash paid out during the month.. 10829 27 Balance on hared I... e 0 C)6 17442 33 Aug. 1 V Expense Paid Drayage, $10; Porterage, $7.50.. 17 50 2 / Loan Lent J. I,. Tobitt...... 500 5 V Bills Payable Discounted Note favor Geo. A. Crocker 1426 6 / Interest Discount on O. C. & E. C. W.'s note. 49 60 10 Mdse. Duties, as per Foreign I. B.... 1 276 38 12 / E.xpense Paid Drayage, on %....... 100 15 V J. C. Bryant Paid on private % 150 20 MIdse. Duties, as per Foreign I.B..... 45 27 20 | ]\LMdse. Bot. of Grinnell, M. & Co., per Dom. I. B. |1492 58 25 V Expense Porterage, $5; Postage, $3; Charity,. $5 13 25 V V Interest Discount on C. C. Jones' note. 32 19 31 V Expense Paid Drayage in full.... 50 75 1814 23 1 2339 04 Mdse. purchased for Cash.... 18142 Total Cash paid for the month... 4153 7 Balance on hland... 3. |I _I | |l ___{jl_~~riru~o~zna1113170...0 II-1 ll'_ ~~i 4 l BILL BOOK,-SET V. THE Bill Book can never, with advantage, be made a principal book, firom which to post; although some authors have attempted so to use it. Tile form presented below is the best for general purposes, although the arrangement in the former example is nlore coimlprchensive. h3ills lReceivable. 0When Drawer or Draee or iMaker Date. ime. We Wben and 1ho w Reoed. Endorsuer. D e Disposed of. 1860 1860 Its 1July 1 IH. W. Ellsworth John Gundry.. Jan. 11 6 mo. July 14 1580 )0 i Paid. 2 " 1 tnelAwo Nov.15 1000l 00 aid 2 1 Daniel Atwood. S S. Pomroy... lar. 12 8mo. 1ov.15 1000 00 S ict. 186;1 I Disc'td. 8 " 1 P. B. & Co, Gordon Bailey.. July 1 8 mo.,Mar. 4 891 35 4 " 1 H. B. Bryant. Ira Packard d" 1 6 mo. Jan. 4 273 52 5 " SPaul Roberts.,Hiram Newell.. " 5 6 mo. " 8 697 54 6 " 10 Ii. D. Stratton. Baldwin, L. &-Co. " 10 8 mo. M1ar.13 869 38 7 " 15 P. B. & Co.. E. Mussey & Co.. 15 8 mo. "I 18 923 25 8 "920 J. G. Reid. Starr& Co. " 20 6 mo. Jan. 23 1425 July Disc'td. IJ.O. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~ 1 Rieitd., 9 "22 ]J2no. D. Ilinde. Murray, S. & Co..'" 22 8mo. " 25 11460 14 10 " 28 Wim. P. Eaton. E.C. Packard.. " 28 8 o. Mar.31 171 04 11 Aug.:l James Atwater. 0O.C. & E. C. Wright laug. 1 6imo. Feb. 4 1432 89 Au Disc'td, I un 6Dise'td. I0 0 12 " 5 P. B. & Co...David S. Ioadley. " 5 8 mo. April 8 527 00 13 " 8 do.. J. D.,Hinde& Co. " 8 Bmo. " 11 752 57 14 " 15 J. 0. Eaton W. W.I. Woodbury. " 15 8 mo. " 18 903 29 15 " 17 P. B. & Co.. C. C. Jones... " 17 6 mo. Feb. 20 14 14 Aug. 25 Disc'td. 16 " 25 do...C. J. Dietrichb " 25 8 imo. Apr. 28 402 50 17 " 25 do. B.. Baldwin & Co... " 25 8 mo. "1 28 717 47 IS 27 do... Ubsdell, P. & Co.'A 27 8 mo. " 30 3303 71 19 "28 do... Raymond & Co.. " 28 mo; Mlay 1 641 72 20 30 -do. Jonas Stratton " 30 8 mo. " 3 457 00 - _illTs FPayable. - W. I en Drawer or T. Wen A n hen rnd Hiow Io. ssued. Draee or aer. Date im Due. Amou Redeeed.T,~ ec.,~ c~orsr I~. o, ~,~./"cl I S W- m rct~ ~' 1 Jan. 20 H. G. Smith & Co. P. B. & Co...Jan. 20 6 mo. July 23 4000 00 July 23 P'aid. 2 Mar. 1 A. S. Prentiss.. do.. Feb. 26 8 mo. Oct. 29 3500 00 3 Apr.12 Geo. A. Crocker. do...Apr. 12 6 mo. Oct. 15 1426 00 00 Au. 5 DlstcL, 4 July 5 C. F. Spalding. do...July 5 4 mo. Nov. 8 553 57 1861 S " 10 J. Walker *.. do.. " 10 8 mo. M1ar. 13 1006 64 6 " 20 E. Lambert & Co. do.. " 20 8mo. " 23 660 73 7 Aug. W. G. Hunt.. do... Aug.10 8mo. Apr.13 708 40 " Arnold&Co. do... 208 mo. 28 1926 14. 144 INVENTORY BOOK. INVENTORY BOOK. TuIs book is used to enumerate the different articles of unsold merchandise, at such times as may be deemed desirable. It is, in this instance, purely an auxiliary, the amount of merchandise on hand being included in the opening journal entry. Inventories are frequently copied into one of the Invoice Books; but a separate book is preferable. Ea dse. on hand, July 1, 1860, fa/cus Vs. Yis. ieds. Pre. Ammuint. <). 49 1 case Prints. 1905.10 190 50 60 pieces Doeskin I 1842 1.35 2486 70 H. M. 1 bale Brown Sheetings... 5632.11 61 98 192 1 case Black Tabby Velvet. 796.263 212 93 L. < B. 1 1 case Paper Cambrics...... 2000.06'1 125. 8 21 pairs White Blankets.... 3.43 72 03 B. 1 bale Denims......569.10' 59 74 41 pcs. Blk and Wht Tweeds... 13692.25- 342 37 1072 1050 2 106V 3 pcs. Blk Doeskin. - 90 e922 64 75 21 " Fancy Cassimeres.... 5761.60 345 75 197 17 " Blk Satinet... 469.522 246 22 Y. W. 1 case Printed Jaconets...... 2010.122 251 25 K) F. 1 " Woolen Shawls.. 60 4.89 293 40 231 26 pcs. Blk Bombasin... 900.87' 787 50 19 37" Duck. 1392.15 208 80 2 bales Blk Wadding doz. 80.22 17 60 1289 110 Robes.... 1.50 165 1A.~y-_1B.] i 1 case Cottonades..... 687'.22 154 63 R. & X. 10 cases Cotton Damask.... 5400.16 864 62 150 doz. Gent's Linen HIdkfs.. 4.50 675 M. 150 pcs. Diaper....90 135 50 - Blay Linens....... 1931.17 328 35 B. 1 case Delaines.... 1300.25 325 190 1 " Blk Alpacas...... 910.27 2 250 25 4 1 " Opera Flannel... 750.37' 281 25 3024 1 " D. Bege... 864.11 95 04 100 doz. Men's Gloves....... 2.50 250 140 " Ladies' Lisle Gauntlets.. 4.46 624 40 5 " " Kid Gloves.. 6.25 31 25 1 bale Stark Brown Sheetings. 829.08 70 46 130 1 " 4-4 Shaker Flannel... 3372.45 151 88 12 pcs. Green Veil Barege. 200.29 58 1066 1 case Solid Check Ginghams.. 2394.14 335 16 25 pcs. Coburgs.. 525.50 262 50 1 case Silecia....... 2200.091 203 50 4595 1 " Linseys.... 12662.17 221 64 I " Corset Jeans...1725'.06 103 51 o. E.. 1 bale Eagle Ticks.... 700.11e 0.5q_ 1T 45 JOURNAL,- SET V. NEW YORK, JUILY 1, 1860. Sundries To Sundries Resources and Liabilities of S. S. Packard, D. V. Bell, J. C. Bryant, and J. T. Calkins, partners in the firm of " Packard, Bell & Co.," doing a general Jobbing and Importing business in the City of New York; as taken from the Balance Sheet of their last Ledger: Cash Amount on hand, per Cash Book... 6725 20 Merchandise "." Inventory Book 11432 84 Bills Receivable Notes on hand, per Bill Book 2580 Store Rent Advance payment for rent...00 John Lewis Balance of %........ 1700 Robert Barker.......... 000 1000 William Pennel ".......... 483 50 To Bills Payable Notes outstanding, per Bill Book. 8926 " R P. Beale Balance of......185 " S. S. Packard Net Investment......... 4202 63 " D. V. Bell....... 4202 63 J. C. C. Bryant...4202 64 "J. T. Calkins...4202 64 31 Merchandise To Sundries....... 4381 10 To Bills Payable For the following Invoices per Dom. I. B.: From C. F. Spalding, July 5, $553.57 " J. Walker & Co. " 10, 1006.64 " E. Lambert & Co." 20, 660.73 2220 94 To S. B. Higgins Invoice of July 1, per For. I... 1252 55 "Johnson,Q.&Co. " 10,. 221 11 "A. & J. Bailey " 15, ".. 246 36 "S. T. Horton " 25, ". ~ 440 14 Bills Receivable To Merchandise~... ~ 6711 70 Sales for the month, per Sales Book: Gordon Bailey, July 1, $891.35 Ira Packard, " 1, 273.52 Hiram Newell, " 5, 697.54 Baldwin, L. & Co. " 10, 869.38 E. Mussey & Co. " 15, 923.25 Starr & Co. " 20, 1425.48 M. Shipley & Co. " 22, 1460.14 Edwin C. Packard " 28, 171.04 6711 70 Cash To Sundries....... 10717 13 Receipts per Cash Book: To'Mdse. Total Sales for Cash...... 2528 15 " John H. Lewis Rec'd on %, $500; $1200....1700 " Loan Return from J. E. Jenkins... 1000 " Wm. Pennel In full of %...... 4. 483 50 " Bills Rec'ble Rec'd on Notes, $1580; $1000; $1425.48 4005 48 " Robert Barker In full of %....... 1000 47731 47 47731 47 146 JOURNAL,-SET V. NEW YORK,, JULY 31, 1860. Sundries To Cash......... 10829 217 Disbursements per Cash Book: Mdse. Purchases, etc., for Cash. 5007 16t Expense As per Items, $16.75; $8; $55; $65. 144 75 Loan Lent J. E. Jenkins.... 1000 S. S. Packard Paid on private %..... 100 Richard Beale In full of %....... 185 Interest Per Items, $16.92; $50.44..... 67 36 i J. T. Calkins Paid on private %..... 150! Bills Payable ~ Redeemed note favor J. H. Smith i4000 D. V. Bell Paid on private %....... 175 i Aug. 31 Mdse. To Sundries...... 4277 801 To Bills Payable Invoices per Dom. I. B. From Wilson G. Hunt, Aug. 10, $708.40 " Arnold & C. " 20, 1926.14 i2634 54 I WYm. Thornton Invoice of Aug. 10, per F. I. B.... 1454 64 "J. Muir & Sons " " 20, ".. 188 62 Bills Rec'ble To Mdse.. 10089 09 Sales for the month, as per Sales Book: O. C. & E. C. Wright, Aug. 1, $1432.89 i David S. Hoadley, " 5, 527.00 J. D. Hinde & Co., " 8, 752.57 Wm. H. Woodbury, " 15, 908.29 1 C. C. Jones, 17, 945.94 C. J. Deitrich, " 30, 402.50 Baldwin & Co., " 25, 717.47 Ubsdell, Pierson & Co. " 27, 3303.71 Raymond & Co., " 28, 641.72 Jonas Stratton, " 30, 457.00 10089 09 _ _ _ _ _ _ _ _ I _ I/ Cash To Sundries..... 6557 54 Receipts, per Cash Book: To Mdse. Total Sales for Cash. 4159 30 "Interest Discount on note favor G. A. C... 19 i 41 " Bills Rec'ble Received on notes, $1432.89; $945.94. i 12378 83 Sundries To Cash.... 4153 27 Disbursements, per Cash Book: I Mdse. Purchases, etc., for Cash... 1814 23; Expense Per Items, $17.50; $100; $13; $50.75 181 25' Loan Lent J. H. Tobitt...... 500 Bills Payable Discounted note favor G. A. C... 1426 Interest Per Items, $49.60; $32.19..... 81 79'J. C. Bryant Paid on private %...... 150. 35906 97 35906 197 147 *q * om I ~c e 8:o ~.:.................K-::::- X o I. o P:::.~. ~1W. ^,_....,;.-......vrp~~c- C)' t Nt O1. G, c.., to t 1M t t @! %. l} -'' Si t..l ii i..,o _ _.................... 11. 6 1,11,, _.... __............... a-P,,,_. o..... _. Q,, Ch Cb~ C).':........ -!wc~~~~~~....:........................... iir t~C QUESTIONS FOR REVIEW. QUESTIONS FOR REVIEW,-SETS IV. AND V. REMARKS.-PAGE 78. 1. What are the peculiar characteristics of Set IV? 2. What advantage does the Day-Book in Journal form have over the Historical Day-Book? 3. What objection can be urged against it? 4. What is meant by "Merchandise Companies?" 5. In what particulars does this species of copartnership differ from general copartnerships? 6. Wherein do the two methods of keeping Mdse. Co. accounts, as shown in this set differ? I. What is tlie principle recognized in the first method? 8. What in the second method? 9. Give an illustration of each. 10. By the first method, when more than two parties are interested, what entry should the consignee make on receipt of the property to be sold on joint %? 11. What the consignor upon shipping the property? 12. What the other parties? 13. By the second method when three or more parties are interested, what- entry will the consignee make on receiving property to be sold on joint %? 14. What the consigqnor? 15. What the other parties? 16. Is there any difference in the final result by these separate methods? 17. When is the consignee considered responsible by the first method? 18. When, by the second? 19. Which method is absolutely correct? 20. What advantage has the other? 21. Are Mdse. Co. %'s to be classified as Real or Repiresentative? 22. How may they be made Real? 23. How lRepresentative. 24. What different method of closing the Ledger is shown in Set IV? 25. Is there any necessity for a Balance account? 26. How can its place be filled? 27. What is the usual entry in bringing down balances of resources and liabilities? 28. What is the advantage of using auxiliary books? 29. Can special books of entry be so used as to dispense with the Journal? BALANCE SHEETS, AND AUXILIARIES.-PAGES 101 AND 104. 30. Explain the method of ruling the Balance Sheet. 31. What advantages has this form over any other in use? 32. What objection may be urged against a multiplicity of auxiliary books? 33. How is this objection removed in large Establishments? 34. What are the essential points in a good business letter? 35. Can a sufficient knowledge of business correspondence be learnt from models? REMARKS ON SET V.-PAGE 128. 36. What species of business is represented by this set? 37. What is its peculiar feature? 38. Has this method any advantages over that of consecutive entries, hitherto exhibited in this work? 39. Wherein do such advantages consist? 40. What difficulty lies in the way of using the various books of original entries as principal books, from which to post or journalize? 41. What should the Cash-Book show? 42. How is it made to show all receipts and-disbursements? 43. What will the difference between the two sides of the Cash-Book represent? 44. When cash is debited on the Cash-Book, what is credited? 45. Is every entry made on either side of the Cash-Book really a clotble entry? 46. What would be a proper caption for the debit side of the Cash-Book? 47. What for'the credit side? 48. What credits are shown on the debit side of the Cash-Book? 49. What debits on the credit side? 50. Does the same principle hold with reference to the Sales Book and Invoice Books? 51. Will you now state the difficulty likely to occur in transactions required to be entered in two of these books? 52. If the peculiar rights of each book is respected, will it be proper to post cash from the Sales or Invoice Book, or merchandise from the Cash-Book? 53. What would be the effect of such posting? 54. How many methods are there of avoiding this difficulty? 55. What is the first? 56. What the second? 57. Which of these two methods is preferable? 58. Which is adopted in this Set? 59. What does the Inventory Book in this Set contain, and how is it used? 60. What does the Domestic Invoice Book contain? 61. What entries are passed to the Ledger from this book? 62. What does the Foreign Invoice Book contain? 63. The Sales Book? 64. With what will the total credit of Merchandise account for the month agree? 65. Will you explain the characteristics and use of the Cash-Book? 66. Are all the debits and credits appearing on the Cash-Book posted? 67. What amounts are entered in the "Sundries" column? 68. How are these amounts posted? 69. What does the check-mark, opposite these amounts denote?'70. What would be written instead of the check-marks were the amounts posted lirectly from the Cash-Book? 71. Can the Bill Book be used to advantage as a principal book? 149 SINGLE ENTRY CHANGED TO DOUBLE ENTRY, WITH AMPLE.ILLUSTRATIONS AND EXPLANATION S, *'tEMBREAING TWO DISTINCT SETS OF BOOKS BY SINGLE ENTRY, ONE REPRESENTING THE BUSINESS OF A RETAIL MERCHANT AND THE OTHER THAT OF A BUILDER, BOTH OF WHICH ARE CHANGED TO DOUBLE ENTRY, AND THE BUSINESS CONTINUED. [N THE LATTER SET A DISSOLUTION OF COOPARTNERSHIP TAKES PLACE, AND THE STUDENT IS REQUIRED TO WRITE UP ORIGINAL TRANSACTIONS To COMPLETE THE SET. CHANGING SINGLE, TO DOUBLE ENTRY. CHANGING SINGLE, TO DOUBLE ENTRY. WE have, so far, omitted any special instruction in Single Entry Book-keeping for the reasons, first, that we desired not to distract the mind from the more important considerations bearing upon the science of Accounts, and secondly, that we deemed it much more easy to explain the characteristic features of Single Entry, to one thoroughly familiar with the principles of Double Entry. We have distinguished Double Entry Book-keeping as the " science of Accounts," because its theory rests on scientific principles, and its work is susceptible of scientific analysis. Single Entry, although, by no means, devoid of excellences as a system, cannot properly be called a science. It is, however, the beginning of a science; bearing about the same relation to Double Entry that the three terms of a compound ratio do to the proportion fully expressed. We are not among the number who can see no merit in a system that does not square in all respects with our notions of symmetry and perfectness; and we are, therefore, quite ready to accord to Single Entry Book-keeping, all the merits it may possess. But the chief difficulty in the matter is to decide upon the fact and extent of Single Entry; and this difficulty becomes the more intense the more we seek its solution by any standard afforded in actual business. While all scientific accountants by Double Entry must agree as to the necessity of equal debits and credits-no matter through what forms expressed, Single Entry accountants differ min this regard, according to the amount of light they may have, or the condition of the precedents which they follow. Thus, while some would represent on the Ledger only accounts with individuals, others who have had the ingenuity to concoct, or the good sense to observe, find an advantage in dealing in the same manner with the other various kinds of resources and liabilities. This is, sometimes, carried so far by intelligent accountants that, although without any suspicion on their part, their books will be found to contain nearly all the requisites of Double Entry. It is from this fact that we findd it difficult adequately to define Single Entry. The term " Single Entry," as distinct from ". Double Entry," has reference more particularly to the fact, that for every separate Day Book entry but one posting is made to the Ledger; but to*what extent these single Day Book entries shall be carried, or how much real information contain, has never yet been decided by authors, teachers, or business men. It is usually understood, however, that the difference in the two systems consists mainly in the fact that while the Single Entry Ledger contains only accounts with persons, Double Entry deals also, and in like manner, with property and causes. We have shown in the previous lectures that Double Entry Book-keeping, or the "Science of Accounts," comprises a perfect and continual record of resources and liabilities; and we may now say, contradistinctively, that Single Entry comprises an imperfect record of resources and liabilities; or, rather, a record of only a portion of them. Whenever this deficiency is supplied the requisitions of Double Entry are met. Therefore, To CONVERT SINGLE, TO DOUBLE ENTRY BOOKS, open such additional accounts inz the Ledger as are necessary to exhibit the entire resources and liabilities of the concern. If accounts have been previously opened with the partners, or an account with Stock, as the case may be, representing investments and sums withdrawn, it will, of course, be necessary first to carry the gain or loss of the business to those accounts, as a perfect record of resources and liabilities cannot otherwise be made. The method of ascertaining such gain or loss w' be shown in the succeeding statement. 152 CHANGING SINGLE, TO DOUBLE ENTRY. It will thus be seen that Double Entry is but a continuation of Single Entry; traveling with it hand in hand, as far as it goes, but carrying out its principles to their full symmetry and perfection. Those who array formal objections against the practice of Double Entry, on account of its intricacy, its additional labor, or its departure in any sense, from the recognized principles of debits and credits as practised in Single Entry, evidently do not know of what they speak. In clianging a set of books from Single to Double Entry, it is not necessary to disturb ainy account already opened in the Ledger, nor to keep any such account differently thereafter. This fact will be clearly shown in the illustrations given. In the exercises which follow, we have, first, a set of Single Entry Books, comprising a Cash Book, Day Book, and Ledger. The Cash Book is for the same purpose, and kept somewhat upon the same principle as the Double Entry Cash Book, the only difference being in the form of recording entries. As we neither journalize nor post from the Single Entry Cash Book, it is not necessary to specify Ledger titles, as in Double Entry; the object of the Single Entry Cash Book being simply to complete the record of transactions omitted in the Day Book, and to keep the necessary check upon receipts and disbursements of cash. It is also customary, in connection with Single Entry -Books, to keep a Bill Book, for the purpose of recording Bills Receivable and Bills Payable. If, in addition to these, we should keep an Invoice Book and a Sales Book, either separate or together, for the purpose of recording purchases and sales of merchandise, we should embrace nearly all the requisites of Double Entry; the chief difference being that instead of showing the entire result upon the Ledger, we divide the honor among these various auxiliaries. In the illustrations given we have shown first, a Single Entry Ledger, containing only personal accounts, and next, the additional accounts necessary to constitute a Double Entry Ledger. In the student's manuscript these two parts will, of course, be united, forming together a Double Entry Ledger, fulfilling the requisites of equal debits and credits, and, consequently, equal resources and liabilities. The intervening statement preparatory to changing, should be closely examined, and thoroughly understood. The memoranda of transactions following, are intended, of course, to be regularly written up and posted to the Ledger as changed; and the general results exhibited according to the principles already laid down. To one who fully appreciates the advantages of Double Entry, no argument nor illustration will be necessary to enforce its entire superiority over any other system, notwithstanding the crude notions sometimes expressed by those whose very position should render ignorance on so vital a point, inexcusable; but it should, nevertheless, be the aim of every intelligent accountant to place himself beyond the pale of prejudice, and let hili not insist, because he esteems his own way best, that there can be no merit in any other. It is but natural that men who have, for a lifetime been familiar with a certain routine of transactions, expressed through a certain medium, should become unalterably attached to both, and. should look with jealousy upon any thing savoring of innovation. It is the duty of the accountant, who acts simply as such, to humor prejudices of this kind, rather than abuse them, and thus show his own superiority, by making even inadequate forms convey more substantial and extended information than their friends and advocates have claimed for them. The chief advantages-of Double, over Single Entry, consist, first, in the security afforded by the Trial Balance test, and next, in designating the particular channels through which gains and losses come. The fact of gains and losses, and the exact amount of either can lbe as well ascertained by Single Entry, provided we have the means of knowing that the work is correct. u 153 CASH BOOK, —SINGLE -ENTRY. 18s(0. RReceipts. Jan. 1 James M]ason's Investment..... 3000 1 Robert Walker's Investment.... 1000 3 John Simmons,-Coat, $20; Pants, $9.50; Vest, $7.... 36 50 3 Joseph Kinsey, on.............. 15 3 Miscellaneous Sales, per tickets............ 58 25 5 W. I-I. Beebe,-Overcoat, $35; Vest, $7.50; Cravat, $1.50.. 44 5 Miscellaneous Sales, per tickets............ 39 63 7 John Mason, Invoice ready-made Clothing...... 175 4368 38 9 Balance on hand... 4156 38 9 Robert Hall,-6 yards blue Broadcloth, @ $5....... 30 10 Wm. H. Joeckel, —Business Suit....... 23 12 Bill of Goods ordered by P. T. Barnum......... 350 13 1 doz. Hdkfs. $3; 3 doz. Cravats, $30; 2 doz. Collars, $5... 38 15 A. B. Butts,-Dress Suit........40 15 Miscellaneous Sales, this week, per tickets........ 450 5087 38 16 Balance on hand........... 5003 63 16 Bill of Goods to P. Evans, Cincinnati..... 375 17 3 doz. Cravats, $40; 5 doz. standing Collars, $13.50. 53 50 20 Assortment ready-made Clothing,-J. Allen, Pittsburg... 500 22| Miscellaneous Sales for the week, per tickets...... 378 95 6311 08 23Balanceonhand................. 6175 58 23 2 doz. Cravats, $30; 6 Vest patterns, $35...... 65 25 I pair Pants, $9; 1 dress Coat, $25; 1 Cravat, $1.50..... 35 50 25 Bill of ready-made Clothing-C. S. Sill, Troy....... II 175 27 6 doz. Hdkfs, $20; 8 doz. French Yoke Shirts, $170.... 190 27 Ira Packard,-Dress Suit........... 36 50 30 Miscellaneous Sales, this week, per tickets 322 1.) 6999 73 _ —~31 Balance on hand.........34 73 I 4 CASH BOOKSINGLE ENTRY. 1860. ID isbursements. Jan 3 Stationery, $10; Painting and Cleaning, $15....... 25 7 Seamstress's wages, $27; Clerk hire, $10.. 37 7 John Jones, on..,....... 150 alance o hand............... j//, I -//1 4368 38 13 Sundry expenses, per Expense Book...... ] 5 75 14 Seamstress's wages, $50; Clerk's hire, $18... 68 14..|alance on hand......... c:003 3 G // I' 5087 38 19 Sundry expenses, per Expense Book......... 12 50 20 Seamstress's wages, $75; Clerk hire, $18.....93 21 Office Desk and Chair..30 2, Balee on hand. 8 ~ ~ 6311 08 25 Sundry expenses, per Expense Book e. a... 15 30 Seamstress's wages and Clerk hire.......... 75 30 Cutter's wages for the month...... a.. 75 3f.Balane. orn hand.0............ _ _ 6999 73, ~_lTI T C __~~,,,~, ~ __-_ ___ ___D~165- CP; *~ _ ~~F SINGLE ENTRY DAY BOOK. PHILADELPHIA, JAN. 1, 1860. James Mason and Robert Walker unite in copartnership in a Gentlemen's Furnishing establishment. They invest equally, and share equally in gains and losses. James Mason, Cr. By Cash invested........ $3000 "Merchandise, per Inventory........ 4500 "Sundry Notes, per B. B........... 8250 James Mason, Dr. To Balance due John Jones..500 Robert Walker, Cr. By Cash invested.$1000 " Store and Fixtures.._._..7750 John Jones, Cr. By amount owing him by J. Mason.......... 500 2 William Patterson, Dr. To 1 Pair Doeskin Pants...........$ 9 o " 1 Blue Broadcloth Coat.......... 22 " 1 Figured Satin Vest........... 7 50 "12 Pocket Handkerchiefs, @ 50 c....44 50 3 - Joseph Kinsey, Dr. To 1 doz. Fancy Neckties.......... $12?/X2 1~ doz. Byron Collars, $3.4 50 " 6 Vest Patterns, assorted.. 35 " 8 yds. Farmer's Satin..6.. " 3 doz. Pairs Gent's Hose...L 66 50 Contra, Cr. By Cash on %................ 15 4 James M. Dooley, Dr. To 1 doz. Fine Shirts..... $24 " 3 " Lamb's Wool Undershirts, @ $15. 45 " 3 " Pairs Flannel Drawers, $15. _45. 114 Sumner Packard, Dr. To 3 yds. Fine French Broadcloth, @ $5. $15 C -'-' 12 " English Cassimere, @ $2......24_ 39 7 / John Jones, Dr. To Cash Paidon................ 15 -156 SINGLE ENTRY DAY BOOK. PHILADELPHIA, JAN. 9, 1860. /' Jabez Dunham, Dr. To Wedding Suit, per contract...... 59..''~ ~10 James M. Dooley, Cit By 10 Tons Coal for use of the store @ $5.... 50 12 Robert S. Hayward, Dr. To 1 Frock Overcoat........ $30 " 1 Dress Coat............ 25 " 1 Pair French Cassimere Pants. 1 - 65 14 Erastus Young, Dr. f/ To Maling Dress Coat.. $9 " " Vest. 3 Repairing Coat...._1 16 Robert S. I-Iayward, Cr. By his Note @ 30 days to Balance........ 65 17 David T. Fuller, Dr. To l Frock Coat............ $30 * 1 Vest...... 5 50 " 1 Overcoat for Master Frank....... 47 50.... 18 Charles Claghorn, Dr. To 6 Shirts, (French Yoke), @ $2.50....... $15 " 10 Pairs Socks, @ 25 cts......... 2 50 " Drawers and Undershirts, 2 each, $1. 25..... 5. 22 50 20 Henry Dwight, Dr. To Frock and Pants for Master Silas.......... 10 21 Schuyler Corbit, Dr. To 1 Dress Coat.......... $23 " 2 Neck Ties.. 3 " 6 Pocket Handkerchiefs..... 7. 50 25 I/ Wilson G. Hunt & Co. Cr. By Bill of Cloths, per Invoice.......... 575 30 Henry Shaft, Dr. To I Pair Pants................ 9 " 1 Dress Coat.............. 25 34 157 LEDGER,- SINGLE ENTRY. a~tr. cJames v ason. 1860 1860 Jan. 1 To Balance Due J. J. 1 500 Jan. 1 By Investment 1 8250 " net gain' 681 61 -iDr. l Robert VTalker.. 1860 Jan. 1 By Investment 1750 " net gain 681 62 7IWr. John Jones. (t 1860 1860 Jan. 7 To Cash 1 150 By Balance due him 500 1rW. WVFm. FPatterson. tr.. 1860 Jan 2 To Sundries 44 50.Dr. Joseph IKinsey. r. 1860 f1860 Jan. 8 To Sundries 1 66 50 Jan. 8 By Cash 1 15 Wr. -James Vt. Dooley. Qr. 1860 1860 Jan. 4 To Sundries 1 114 Jan. 10 By 10 Tons Coal 1 50 WOr. -Sumner FPackard..r. Wr Jabez Dunham. tr. 1860 Jan. To Weddin g Suit 1 59 158. LEDGER,- SINGLE ENTRY. tJr. lRobert S. H-ayward. Qrr. t860 1860o Jan. 12 To Sundres - 2 65 Jan. 16 By Note @ 80 days. 1 65 Wr. -- Erastus Young. (Cr. 1860 Jan. 14 To Making and Repairing 2 14 Wr. David T. Fuller. (r. 1860 Jan. 17 To Sundries. 47 50 Wr. Charles Claghorn. (r. 1860 Jan. 18 To Sundries 2 22 50 Wr. Henry Dwight. r. 186020 Jan. 20 To Frock and Pants. 2 10 ~r. BSohuyler Corbit. (r. [860, Jan. 21 To Sundries 2 27 50 Wr. Wilson GC. Hunt. (r. 1860 Jan. 25 By Mdse. 2 575 Wr. I-I enry Shaft. (r. 1860.Ja'. 80 To Sundries 2 34 PROCESS OF CHANGING. PROCESS OF CHANGING. The intelligent learner need not, at this stage, be told that the first requisition in opening a Set of Double Entry Books is a statement of resources and liabilities. This statement is also necessary in Single Entry as often as it is desirable to know the progress or condition of the business; either with a view to apportioning gains and losses, or for any other purpose whatever. In the preceding Ledger we have a systematic record of such of the resources and liabilities as consist of personal accounts,-the remainder must be ascertained from some other source. Inasmuch as the partners were credited, each for his net investment, we are enabled to know from their accounts what was the original capital. If there be now, either more or less net resources than this original investment, the result will show a gain or loss, as the case may be.. If a gain, the partners should, of course, be credited in their proportionate shares; and if a loss, they should be debited. This will, again, equalize the resources and liabilities, and give us sufficient data for a Double Entry Ledger. To this end we present the following Preparatory Statement. Statement of the Resources and Liabilities of James Mason and Robert Walker, who have this day changed their Books from Single to Double Entry. - esources. _ Personal Accounts Receivable (already posted) 413 50 Notes Receivable on hand per Bill Book..... 815 Cash, per Cash Book....... 6834 73 Merchandise, per Inventory........ 275 Store and Fixtures, per cost.. 6.750 17788 23 - -A —- Liabilities. Personal Accounts Payable (already posted). ~ 925 James Mason, Net Investment........ 7750 Robert Walker,...... 7750 1642 Total net gain in business...-.. 1363 23 James Mason's i..$681.61 Robert Walker's..... 681.62 From this schedule it will be evident that when the above resources and liabilities are duly entered upon the Ledger-the resources to the debit, and the liabilities to the credit of the accounts representing them-they will lack just the amount of net gain ($1363.23) of balancing. If this amount, then, be entered to the credit of the partners, where it properly belongs, and the additional accounts opened, we shall have the commencement of a Double Entry Ledger. We now complete this process, crediting the partners each for his i gain, and opening ae. counts in the extended Ledger with the additional resources: Bills Receivable, Cash, Merchan dise and Store, and Fixtures. These four new accounts constitute the " change," and will serve, vpry clearly, to show the exact difference in the two systems, so far as the Ledger is concerned. 1(60 LEDGER -DOUBLE ENTRY..Bills R:Zeoeivable. ~ a1860n. 31 Notes on band. 815 ~Iftr. Cash. Qtr. 1860 J.an. 21 On hand 6834 73 v. Merohandise.~ 1860 Jan. 31 On hand 2975 ~Ir. ~QStore and. Fixtures.( 1860 Jan2 31 Valuation. _ __ 6_750______ Ir is always proper before commencing the current record of business in Double Entry Books, to ascertain if the Ledger balances. With this view we submit the following Trial Balance. BALANCES. FACE OF LEDGER. Dr. Cr. Dr.___ ___ 8431 6.1 James /Mason...500 8931 61 8431 62 f Robert Walker 8431 62 350... Jomhn Jones.. 150 500 44 50. Wm. Patterson 44 50 51 50 Joseph Kinsey.... 50 15 64 James M. Dooley 11450 39 Sumner Packard 39 59 Jabez Dunham.. 59 14 Erastus Young. 14 47 50 David T. Fuller 47 50 22 50... Charles Claghorn 22 50 10 Henry Dwight 10 27 150 Schuyler Corbit 27 50 575 i... Wilson G. Hunt 575 34 Henry Shaft 34 815.. Bills Receivable,. 815 6834 73 Cash...... 6834 73 2975 Merchandise 2975 6750...Store and Fixtures. 6750 ___ 17788 23 17788 23 f 18503 23 i 18503 2...Tebosaenwtbecniud'nDulEnrfothfolwntrn o.. The books are now to be continued in Double Entry, from the following transactions. V ~161 HISTORICAL DAY BOOK, -DOUBLE ENTRY. PHILADELPHIA, FEBRUARY 1, 1860. Sold Robert Milburn for Cash, 1 doz. Suspenders.$ 4 50i 4 "Cravats...... $15 60 31 French Yoke Shirts (fine). @ $30... 105 10 " Standing Collars.... @ $1 80... 18 i 187 50 Received Cash for rent of upper story, one month... 50 Paid Robert Walker Cash on private %............ 100 Accepted John Jones's draft on us @ 30 days, favor A. B. Butts.... 350 - 5 - Bought of Dunham & Brokaw, on our note @ 60 days, Mdse, per Invoice...... 700 Sold Wmi. Patterson, on %, 3 doz. Vest Patterns. $50... $150 10 yds. Blue Broadcloth. $6... 60 20 yds. French Cassimere.. @ $4... 80 9._ _ __ - 8 __ _ __ _ Received of James M. Dooley, Cash in full of %.... 64 Paid the following expenses in Cash: Clerk hire................ $ 25 Seamstress's wages............. 115 140 10. Sold R. C. Davis & Co., Albany, on their Note @ 4 months, Mdse, per Invoice............. 500 12 Bought of James Dunham, for the private use of Robert Walker, 1 Firkin Butter, 100 lbs. @ 25 cts.. $25 1 Bbl. " Seek no Further" Apples........ 6 1 do Cider Vinegar..... 8 Paid him per order on Sumner Packard. 39 13 Received Cash of Joseph Kinsey, in full of % 51 50 15 Sold Edwin Forrest, on - 1 Suit Fine Broadcloth.............. 50 - - -17 — Paid Advertising Bill in Cash.............. 75 * Be careful not to open the same account twoie;, 162 HISTORICAL DAY BOOK, DOUBLE ENTRY. PHILADELPHIA, FEBRUARY 20, 1860. Paid. Cash for Insurance on store and contents, 3 % on $4000.* (Manhattan Insurance Co.).. ~............ 30 25 Received Cash of Jabez Dunham, in full of %.... 59 Paid Expenses of store to date, per Expense Book...... 150 26 Our store and contents were this day consumed by fire: Value of Store and Fixtures......... $5000f Mdse on hand.2800 IManhattan Insurance Co. owe us per policy....... 4000 *_ _ _ _ _ _ - - -- 2 8 Received Cash in full for R. S. Hayward's Note, due the 18th inst.. j 65 I i Received Cash of the following persons: Erastus Young, in full of.......... $14 David T. Fuller ".......... 47 50 Charles Claghorn "... 22 50 Henry Dwight......... 10 Schuyler Corbit ".... 27 50 Henry Shaft ".......... 34 - 155 50 Paid Cash to Wilson G. Hunt, in full of.......... 575 Received Cash of Manhattan -Insurance Co..4000 * As this insurance is to be applied proportibnately on the store and the merchandise it may contain, it will be more simple to charge it to Expense account, or to open a separate account with " Insurance." t It is purposed to include in this insurance both Store and Fixtures and Merchandise at their proportionate value. It is the student's business to ascertain how much of the $4000 should be credited to Store and Fixtures account, and how much to Merchandise. This cannot be difficult, as the basis of valuation is given. 163 TRIAL BALANCE-INVENTORY. Trial Balance, Feb. 28. James Mason.84311 61 8431 61 139 Robert Walker...... 8431 62 8292 62 10397 23 11467 23 Cash......... 1070 1211 60 3675 Mdse. 2463 40 4135 90 6750 Store and Fixtures.... 2614 10 Bills Payable....... 1050 1050 395 395 Expense......... 334 50 334 50 William Patterson...... 50 50 Edwin Forrest...... 1250 1315 Bills Receivable....... 65 17774 23 24125 73 2. 4125 73 17774 23 Inventory, Feb. 28. Store Lot, valued at................... $2000.00 LOSSES IN BUSINESS. On Merchandise................. 1211.60 " Store and Fixtures.. 2135.90 By Expense......................... 395.00 James Mason's ~ net loss.. $1871.25 3742.50 Robert Walker's ".. 1871.25 PRESENT CONDITION OF BUSINESS. _- Resources. Cash.............. $10397.23 Store Lot............... 2000.00' Bills Receivable...~......... 1250.00 William Patterson..................... 334.50 Edwin Forrest....................... 50.00 14031.73..__....Liabilities. - Bills Payable............... $1050.00 James Mason, Investment........... 8431.61 - " i net loss.............. 1871.25 " Present Interest........ 6560.36 Robert Walker, Investment 8431.62 "' Amount drawn........ 139.00 " i net loss......... 1871.25 2010.25 Present Interest..... 6421.37 14031.73 164 EXERCISES FOR THE LEARNER. EXERCISES FOR THE LEARNER. FIFTH SERIES. THE following memoranda of transactions will serve as material for a Set of Single Entry Books, which the student is requested to write up. Let him record the receipts and disbursements of cash in the Cash Book, adopting the form used in the previous Set; also, rule up a Bill Book, after the form on pages 54 and 55, in which enter the Bills, Receivable and Payable. Should he choose, in addition, to keep a Sales Book and an Invoice Book, in which to record receipts and sales of merchandise, it will much facilitate the labor of collecting resources preparatory to deciding upon the gain or loss in business. We have here an important change in the business, occurring at the end of the first month. One of the partners retires from the concern, his interest having been purchased by the remaining partner, who continues the business in the same books. This is a most important matter for the student to understand, both because of involving in itself principles having a general application to the science, and for the reason that such events in actual business are of the most frequent occurrence. The first thing to be considered in buying or selling the interest of a partner in business is to know the exact pecuniary amount of that interest, or how much of the net resources of the concern belong to him. His prospective interest, or the " good will" of the concern, is an after and separate consideration. The interest which any sole or partial proprietor has in a concern is equal to his net investment, plus his share of the gain, or zinuzs his share of the loss. Consequently, if he has already been credited with his net investment, it is only necessary to ascertain his share in the gain or loss, which, carried to the credit or debit side of his account, as the case may be, will make that account express his real interest in the business. This principle will, of course, need no enforcement here, as it has already been so frequently applied in its various bearings. The method of ascertaining gains and losses, where books are kept by Single Entry, is neither so direct nor satisfactory as the process by Double Entry, but it can be done, nevertheless, with certainty and exactness. That the student may learn the real difference in the two systems, he is requested to write up the following series, first in Single, and next in Double Entry form. This process will afford a more appreciable distinction between the two systems than could be otherwise obtained. Memoranda-Partnership Books. Buffalo, Nov. 1, 1859.-W. P. Spencer and E. R. Felton unite in copartnership for the purpose of conducting the business of Building. Each to receive interest on his average investment, and the gain or loss to be divided as follows: W. P. Spencer, (,-; E. R. Felton, 14 W. P. SPENCER INVESTS: Cash deposited in N. Y. and Erie Bank, $5000;* Bills Receivable as follows: Note of A. M. Clapp's, favor of J. C. Bryant, dated July 1, @ 6 mo's, with interest @ 7% from date, $500; Wm. T. Bush's accepted draft, drawn by H. Newell, Nov. 1, 1859, @ 90 d's, for $1500;t Personal accounts, viz.: Robert Vail, $175; Henry Gray, $280; J. Pinner, $300; Cash, $259.58. * If it is deemed proper to keep a Bank account in the Ledger, it will, of course, be subject to the same conditions as any personal account; for such it is. + In determining the exact investment, it is necessary to reckon these notes at their red value; hence, the 165 EXERCISES FOR THE LEARNER. E. R. FELTON INVESTS: Cash, $1500; Tools, Implements and Materials, $1000; Unfinished Contract with Smith and Sons —present value, $5000.* 2d. Received from Smith & Sons, cash on %, 1750; Deposited the same in N. Y. & E. Bagnk. 3d. Paid laborers cash as per Receipt Book, $375; Paid petty expenses, as per Ex pense Book, $10.75. 4th. Bo't horse and dray for use of business, for which gave check on N. Y. and E. Bank, $250; Contracted with A. H. Tracy to build for him on Delaware Street, a brick residence; amount of contract, $15,000. Received cash, in advance, as per agreement, $5000. Deposited the same in Bank.t 5th. Paid plumber's bill on Smith & Sons' house, per check, $375; Paid masons and laborers on Smith & Sons' house, per check, $150. 6th. Finished small job for J. C. Gansevoort, on South Division Street, for which he owes us $540.64. 7th. Received cash of J. C. Gansevoort on account, $300. 9th. Entered into, contract with Millard Fillmore, to build for him a cottage on Niagara Street, for $9000; Received cash on contract, $1000. 10th. Paid cash to C. Kohler for 100 M. pressed brick, @ $11 per M.; Bo't of Seth Pierce, Lockport, on %, 20 bbls. cement, @ $1.50. 12th. Paid Dean Richmond's draft on W. P. Spencer, per check, $500; Paid carpenter's bill on Smith & Sons' house, per check, $1500. 13th. Finished Smith & Sons' contract, and delivered them the keys of the house. Rendered bill for the same, as per contract, $7500, which was accepted.: 15th. Paid laborers and masons cash, as per Receipt Book, $475; Paid cash for sundry expenses, as per Expense Book, $25. 18th. Received of Smith & Sons, note @ 60 days, to balance %, $5750. 20th. Received cash for small jobs this week, $400. 21st. Received cash of J. Pinner on %, $150; also, of Henry Gray, in full of %, $280. 22d. Paid laborers, per Receipt Book, cash, $500; Paid sundry expenses in cash, as per Cash Book, $35. 25th. Paid E. R. Felton, cash, on %, $500. 25th. Finished job of repairing outhouse for Jacob Van Brunt, for which he owes us, as per bill of items, $175. 28th. Paid cash to laborers in full to date, $378.50. 30th. Paid office rent in cash, $50; Paid Book-keeper to date, per check, $125. former ($500) having already been on interest 4 months, is worth its face and the interest to date; while the latter ($1500), being drawn without interest, is worth its face, less the current rate of interest for 90 days-the date of its maturity. (We shall, in this case, assume the legal rate of interest allowed by the State to be the current rate, which is 7y%.) Therefore, in giving hir. Spencer credit for his investment, we will estimate the value of the first note at its face, $500, plus the interest on $500 for 4 mo's, @ 7%, $11.67, making in all $511.67; and the second, at its face, $1500, minus the interest on $1500 for 90 days, @ 7%, $26.25, making $1473.75. In the Single Entry Set it will be necessary only to credit Mr. Spencer with these real values, and enter the notes in the Bill Book. In Double Entry it will be proper also to open accounts with Interest Receivable and Interest Payable, representing the two amounts, which should be arranged under those titles. * It is customary, in business of this kind, to enter into written contract with the parties for whom work is to be performed, and either receive pay by regularly fixed instalments, or at the completion of the contract. In all such cases, it would be eminently proper to keep a book containing a transcript of such agreements, and a separate account with each job. This is often done, even where the books are kept by Single Entry. The estimated value of this "Unfinished Contract" is, of course, based upon the actual labor performed, and not paid for, and the approximate gain thus far realized. The anticipated gain in the farther completion of the work should, of right, be shared by the partners, the same as gains accruing from new contracts. t It would not, of course, be proper to charge Mr. Tracy, directly, with the amount of this contract, as the work is not yet completed. We should, however, credit him on account for the $5000 advanced. $ Smith & Sons now owe us $7500, less what they have paid on %, and with which they have already been credited. It is therefore proper to charge them this amount. 166 EXERCISES FOR THE LEARNER. Dissolution of Copartnership. The copartnership heretofore existing between W. P. Spencer and E. R. Felton is this day dissolved by mutual consent, Mr. Spencer retiring from the firm. The conditions of the dissolution are, that the retiring partner shall receive for his interest, (as shown by his account after being credited with his share of the gain,) one-half cash, and one-half note, payable in six months, with interest from date. The Resources and Liabilities of the Concern at this time are as follows: Resources. Liabilities. Cash on hand, per C. B... 440 33 Balance due on personal acBalance in Bank.-. 8850 counts.. 6030 Notes onl hand.. 7750 Interest for unexpired time on Interest due on same.. 14 58 Bush's acceptance. 17.50 Balance due on personal ac- Do. on Smith & Sons' counts... 40 64 note..... 53.67 Horse and Dray... 250 71 17* Tools and Implements.. 1000 W. P. Spencer, net inValuation of unfinished con- vestment.. 7500 tracts....... 3500 Int. on same. 44.92t I ii ---- I ~7544 92 E. R. Felton, net inv. $7000 Int. on same. 43.26 7043 26 i. Total net gain... 1856 20 W. P. Spencer r%. 1113.72 E. R. Felton -. 742.48 __ 2254555 2 I2545 55. From the above schedule we are enabled to arrive at the exact amount of Mlr. Spencer's present interest in the concern, which is the interest to be purchased. The partners should now be credited each with the interest on his average capital, and also his share of the gain. When this is done, their individual accounts will show their separate interests in the concern. - The —business will now be continued, in the same books, under the sole proprietorship of Mr. Felton. * It may not be strictly true that the concern owes this amount of interest; and yet, should we desire to get the two notes cashed, or to receive their net value in any other commodity, we should be obliged to abate thus much from their face. In other words, we have estimated the notes as resources at more than their present value, (for the purpose of expressing the value written upon them,) and we must now offset this excess of resources by a corresponding liability. The same effect could have been wrought by reckoning the notes at their real value. The present form would be essential in a statement drawn from a Double Entry Ledger, where notes, either receivable or payable, are always reckoned at their written value. t According to the partnership contract, each partner is to receive interest on his " average investment." As the method of ascertaining the average capital is more fully explained in its appropriate place, we shall only indicate, in this connection, that the most simple and direct method of obtaining this result is to reckon interest on all sums invested from the date of investment to the date of settlement, from which deduct the interest on all sums withdrawn from the date of withdrawal to that of settlement. The difference will be the interest on the average investment. 167 EXERCISES FOR THE LEARNER. Memoranda — Individual Books. December 1, 1859.-E. R. Felton has this day purchased the interest of his former partner, W. P. Spencer, in the concern of " Spencer and Felton," and proposes to continue the business in his own name. Paid for the same, check on N. Y. & E. Bank, $4329.32; Note @ 6 mo's, with interest from date, $4329.32. 2d. Received cash in full for principal and interest on A. M. Clapp's Note, due Jan. 1, 1860; Note, $500; Interest to date, $14.58. 3d. Paid cash for tinman's bill, for roof and leaders on Mr. Fillmore's cottage, $150; -Paid Charles Ely's bi]! in cash, for sills and lintels for A. H. Tracy's cellar, $50. 5th. Paid workmen to date in cash, $438.50. 6th. Completed job for S. G. Haven, as per bill of items, for which he owes $430. 7th. Paid cash for ton of hay, $20; and for 50 bushels oats, @ 75c., $37.50. 9th. Bo't of Jacob Van Brunt, on %, i0,000 feet pine lumber, @ 15c., $1500. 10th. Rec'd cash for job of mason-work, done for Peter Greiner, $125. 12th. Paid workmen to date, per check, $1475. 15th. Finished job of mason-work for Urial Driggs, Tonawanda, for which he owes $275. 20th. Completed contract with Millard Fillmore, and rendered him bill for the same, $9000. 22d. Paid laborers' wages, per check, to date, $1450. 23d. Passed our note, @ 60 d's, to Merritt Crandell, for bill of Lumber to date, $3000. 25th. Received cash of Urial Driggs, in full of %, $275. 26th. Received cash of J. C. Gansevoort, in full of %, $240.64. 27th. Paid workmen in full to date, per check, $563. 30th. Paid sundry expenses in cash, as per Expense Book, $175. Changing to Double Entry. Mr. Felton now proposes to change his books to Double Entry, preparatory to which he makes the following statement of the condition of his business:* Resources. Liabilities. Cash on hand, per C. B... 724 55 Due on personal accounts.. 7530 Balancejin Bank.. 1032 68 " notes.7329 32 Tools and Implements... 1000 E. R. Felton, net investment. 7785 74 Notes on hand..... 7250 " net gain... 1542 17 Due on personal accounts.. 9930 Horse and Dray.250 Value of unfinished contracts 0. 0 _A. 24187 23 24187 23 The student is requested to enter up these accounts in the Ledger, according to the examples given in the previous Set, and to continue the business in Double Entry form, for one month, originating his own transactions, and closing his Ledger at the end of the month, according to the principles of Double Entry. * It will be evident, from these frequent statements, that just as often as it is necessary, for any purpose, to know the exact condition of the business, the account or accounts representing the capital-usually called Stock Account, or Partners' Accounts-must be made to agree with the difference between the absolute resources of the concern and its outside liabilities. In Double Entry Books this is done by carrying to these accounts the result of the Representative accounts, which is the net gain or loss. As there are no such accounts in Single Entry, the same object is attained by taking the difference between the capital at commencing and at closing, which must, of course, be the net gain or loss. Any statement showing resources and liabilities will afford all the necessary material for Double Entry Books, or for any purposes of negotiation where partners' interests are-concerned. 168 'FARM A C C O UNTS:: WIOLIJDING PRACTICAL FORM OF JOURNAL, ANDV OTHER NEW FEATURES. FARM ACCOUNTS. FARM ACCOUNTS. IN the exercises which follow, we have sought to illustrate, briefly, the business of farming. It is, of course, impossible, in so short a space, to give the daily routine of what might be ex. pected to occur in connection with this business; but we have endeavored to make each record as much as possible the representative of a class, and thus, without unnecessary repetition, to indicate and enforce in this department of industry the principles which we have found applicable generally to business transactions. In certain essential particulars all departments of business assimilate; and any peculiarities which may exist will be found to depend, not upon a change of the principles, nor a difference in the application-of those principles, but in the forms and methods of expression growing out of the transactions themselves. The conditions common to all business enterprises may be briefly stated, as follows: 1. INvEsTMENT.-Capital, of some kind, is essential. It may consist in valuable resources, such as cash, notes, merchandise, real estate, live stock, personal indebtedness, etc.; or, in productive power, such as professional ability, talent, industry, a good name, etc.; or in both. 2. PRODUCTION.-The prime object of all business is gain; or, what is the substantial proof of gain, increase of resources. Something must produce this increase, whether it be financial capital, or enterprise, or both combined. In various kinds of business this producing power is properly represented under distinct titles, usually subdivisions of the general account. For instance, in common mercantile business, the entire gain or loss may be shown in a general "Merchandise" account, or through a variety of correlative accounts, such as, "Shipment," " Adventure," " Expense," "Loss and Gain,"* and the specific titles of the different kinds of merchandise, such as, "Corn," "Wheat," "Flour,"'Cloth," "Sugar," etc. In a banking business the most common titles given to producing agents are, " Interest," which shows gains and losses accruing from money loaned; and " Exchange," showing similar results in buying and selling uncurrent or premium funds. In a purely commission business, " Commission" account is used for this purpose, and in any professional business, "Profession,' " Service," or "Labor," would answer the same ends. In short, it requires no great effort of the imagination to supply these terms, in advance, for any department of business; and it is only necessary to know the routine of transactions to be able to prescribe, with great accuracy, both appropriate titles and forms. In the business before us we have no transactions which are not easily subjected to the general principles already advanced; and even the forms, although exceedingly practical, and containing the very essence of concentration, need only be examined to be readily and thoroughly understood. One essential point with the farmer is to be able to dispense with all unnecessary books; in other words, to do as little writing as possible. The " Practical" Journal given in this connection will, if adopted, secure to him this advantage in an essential degree. This form, usually called the "Six Column Journal," is one of the most practical and comprehensive in use, and is applicable toany kind of business. Its principal feature-that of affording special columns for the accounts- most used-may be carried to any extent desirable. The result is a vast saving of time in posting, and additional security as to the correctness of the work. The "Six-column Journal" is extensively used in retail dry goods establishments. The subdivision of the "Farm" account, as shown in this connection, is also a feature of some importance, and may be adopted or not, at pleasure. " See concluding remarks on page 80. 170 CASH MEMORANDUM BOOK. Cash.iemorandum Book. The advantages of a Cash Book in business cannot be overrated; and, to a thorough busi. ness man, any argument in favor of its use would be superfluous. It is the great conservator of Finance, and is alike essential to the merchant, the mechanic, the farmer, the professional man, and the man of leisure. It not only serves as a check on extravagant expenditures, but, from its frequent comparisons with actual results, guards, in an essential degree, against errors and omissions. To those who feel the force of these facts, but find it difficult to reduce the theory to practice through any of the rigid forms in use, we commend the following simple form as possessing all the necessary qualities of a Cash-Book, besides being so simple and practical that a child may comprehend it. A small pocket memorandum book, such as all stationers keep, is sufficient for this purpose, and the writing may be done either with pencil or ink. It should be carried constantly, that no excuse may exist for omitting the entry of receipts and disbursements of cash, which should always be entered at the time. The balancing may be done daily or weekly, as most convenient. In the form below we have exhibited the cash transactions for one month, which is sufficient to show the use of the form. Riverdale Farm, IMarchl 1, 1860. Re'el. Paid. Mar! 1 Amount on hand......120 1 Received for 10 lbs. Butter, $2; 10 doz. Eggs, $2... 4 5 Paid for Johnny's Boots, $3; Cap for Harry, 75c.... 3 75 6 Sold 10 bushels Wheat, @ $1.50.....15 6 Paid for set of Harrow Teeth, $3; Shoeing Horse, $1.50 4 50 7 Paid G. F. Wright & Co.'s Grocery Bill....... 17 50 10 Paid hired man for services to date, as per receipt ~ 154.00 10 10 Received for 15 bushels Potatoes, @ $1.. 5.75 15 Balance on hand. 1 18.25 12 Sold 2 year old Colt to L. S. Bliss, for...... 125 13 Paid premium for Insurance on Farm Buildings.. 12 50 15 Paid Mrs. M. for household expenses 5 16 Sold C. S. Clark & Co. 20 bushels Oats, @ 75c. T 258.25 15 17 Shoes for Netty, $1.25; Toys for Harry, 50c...25 1 75 Balance on hand.. 239.00 19 Paid for one year's subscription to Hampshire Gazette 1 50 19 " yearly contribution to Poor Fund, $25; Pew Rent, 1 quarter, $5......... 30 |20 " Dr. Jones for filling Teeth, $5; Bridgman & Childs, for Books, $1....... 6 23 Sold Hillman & Graves 10 Sheep, for.. 261.00 20 24 Received for Poultry sent to market...... 87.50 2.Balance on hzand.223.50 26 Deposited in Holyoke Bank..150 27 Received for Butter, $4; Cheese, $2.50; Apples, $3.75. 10 25 29 Paid for repairing Implements 233.75 3 25 31 " Charles Jones for painting House. 178.25 25 Balance on hand.55.50 i _326 25' 326 25 I T 1i= -i~- jX FARM ACCOUNTS, —HISTORY OF TRANSACTIONS. Riverdale Farm, Northampton, March 1, 1860. The following List embraces the real and personal property and debts of William Mitchell, farmer, who is sole proprietor of "Riverdale Farm," in the town of Northampton, Mass. ~__._._Resources. 75 acres cultivated land, @ $300; 10 do. woods pasture, @ $350; dwelling-house, outbuildings, and improvements, $2500; 2 carriage horses, $400; 2 work horses, $275; 1 colt, $100; 3 milch cows, $100; 1 yoke oxen, $125; 10 hogs, $75; 30 sheep, $50; 2 calves, $5; 50 chickens, $10; 6 turkeys, $5; 10 geese, $6; farming utensils, $250; 1 family carriage, $200; household furniture, $600; 200 bushels wheat, $350; 500 do. corn, $375; 125 do. oats, $110; 10 tons hay, $120; 50 bushels potatoes, $37.50; feed, $25; 50 shares Connecticut River R. R. Stock, $5000; cash in hand, $120; do. deposited in Holyoke Bank, $1200. _ Liabilities.. Mortgage on farm, due in five years, from January 1, 1859, with annual interest, @ 6%, $4000; interest unpaid to date, on same, $40; Due Samuel Hill on %, $75. Bo't of Lewis II. Bartlett, on %, 1 two-horse wagon, for $75; Sold for cash, 10 lbs. butter, $2; 10 doz. eggs, $2. 4 Bo't of Jonathan Dawes, 10 head of stock cattle for feeding and grazing, for $650; Paid him check on Holyoke Bank, $300; note @ 30 d's for balance. Paid cash for the following articles: Boots for Johnny, $3; Cap for Harry, 75c, Sold James Banks for cash, 10 bushels wheat, @ $1.50 per bushel; Paid cash for set of harrow teeth, $3; Shoeing horse, $1.50. 7 Paid cash for G. F. Wright's grocery bill, $17.50. 10 Paid hired man cash for services to date, as per receipt, $10; Sold for cash, 15 bushels potatoes, @ $1 per bushel. 12 _ Sold, L. S. Bliss, Hatfield, 2 year old colt, for $125 cash. 13 _ Paid cash for premium for insurance on farm buildings, $12.50. 15 _ Paid Mrs. Mitchell cash for household expenses, $5. _______________________ ____:...16 Sold C. S. Clark & Co., for cash, 20 bushels oats, @ 75c. per bushel. 17 Paid cash for shoes and toys for children, $1.75; Bo't of S. C. Parsons, on %, i ton Peru vian guano, for $30. 172 FARM ACCOUNTS,-HISTORY OF TRANSACTIONS. Riverdale Farm, Northampton, March 19, 1860. Paid one year's subscription to Hampshire Gazette, in cash, $1.50; Yearly contribution to poor fund, $25; Pew rent, 1 quarter, $5. _____~__ 20 _20____ Paid Dr. Jones cash for filling teeth, $5; Paid cash to Bridgman & Childs, for books, $1. _23 Sold Hillman & Graves, for cash, 10 sheep, @ $2 per head. _ 24 Received cash for poultry sent to market, $2. 26 __ 2 Deposited in Holyoke Bank, cash, $150. _______ _ 27 Received cash for butter, cheese, and eggs, $10.25. 29 Paid E. L. Kingsley, cash, for repairing farm implements, $3.25. _ _ _ _ _ _ ___ 8 __3 1 Paid Charles Jones, cash, for painting house, $25. April 1 Received cash for marketing, as follows: 25 lbs. butter, @ 25c.; 10 bush. potatoes, @ $1. Paid Theo. Rust, cash, for 1 ton plaster, $8. ~~_____ ____ ~25 paid cash for winter's school bill, books, &c., $17.50. 26 _ __. Bo't of James Hubbard, on 3, 32 bushels oats for seed, @ 60c. per bushel. 30 Paid hired hands in full to date, $40. May 1 Received cash for dividend on Conn. Riv. R. R. stock, 5% on $5000. Paid cash for 1 new plow, $10; For repairing old plow, $3. 25 Exchanged horses with E. T. Wood; Paid difference in cash, $25. ~_____________________ ~June 1 Paid hired hands to date, cash, $55. 15 Bo't for our own use, 1 rosewood piano, for $275; Paid for the same, check on IIolyoke Bank, $75; note @ 6 mo's for balance. __July _ ______ Paid hired hands to date, $60. 5 Sold, for cash, 3 bushels cherries, @ $4 per bushel; 6 do. currants, at $1. 173 FARM ACCOUTNTS,-HISTORY OF TRANSACTIONS. Riverdale Farm, Northampton, July 10, 1860. Paid cash for groceries, $4.75; dress pattern, $8; Stoddard & Lincoln's bill for dry goods, $17.50. 20 Finished cutting and harvesting hay, which has been estimated at 75 tons, worth, on an average, $10 per ton.* 25 Bo't of Henry Claghorn, for Cash, 2 Berkshire pigs, $15....___ _ 30 ____ __ Sold for cash, 3 hogs, $25; 4 lambs, $10; 2 calves, $4....._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3 1 Paid cash to hired hands, $37.50. Aug. 1 Received cash of Benjamin Claghorn, in full for the rental of 10-acre lot, as per contract, $200. 5 Received cash for pasturage, to date, $175. 10 Sold Graves Bro's, Florence, 10 tons hay, @ $11; received cash, $50; balance on %. _ 20 Finished threshing grain, and have put in bins, as the result, 250 bushels wheat, worth $1.50 per bushel; 300 do. oats, @ 75c.; 50 do. rye, @ 60c. 30 Paid hired hands cash, to date, $50. Sept. 5 Sold for cash, 30 bushels wheat, @ $1.63. 10 rFinished harvesting potatoes, the result of which is, that we have in cellar 75 bushels, worth 75c. per bushel. _15 Sold for cash, 20 bushels potatoes, @ 87~c. _ 30 Have gathered from orchard, 100 bushels apples, worth 50c. per bushel. Oct. 5 Sold for cash, the following produce: 200 bushels wheat, @ $1.50; 300 do. corn, @ 7ac. 40 do. potatoes, @ 1; 35 do. apples, @ 50c. 10 Paid hired hands to date, cash, $75. 15 Received cash for pasturing 15 head of -cattle, $75; 10 horses, $60. * Should we keep but one general producing account for the farm, this entry could not properly be made in the journal, as it would necessitate both a debit and a credit to that one account, inasmuch as there has been nothing disposed of, and. consequently, nothing actually produced. If, however, we desire to keep up the distinctions between the different subdivisions of the general account, as in the Ledger form given, the entry in this case will be: "Produce" Dr. to "Real Estate," as each of the subdivisions should show its cost and proceeds, the sarme as any general account. 174 FARM ACCOUNTS,-HISTORY OF TRANSACTIONS. Riverdale Farm, Northampton, Oct. 18, 1860. Paid Samuel Hill, jr., cash, in full of %, $75. 21 Paid cash in full for note, favor Jonathan Dawes, due April 6. Face of note, $350; Interest to date, $11.37. 25 Sold Thayer & Sergeant, 4 fat cattle, for $350, cash. 28 Sold Alvan N. Claghorn, on %, 5 tons hay, @ $10 per ton. 30 From inventory taken, we are prepared to estimate the amount consumed by family and live stock since March 1, which is as follows: FAMILY EXPENSES-Mtutton, $15; pork, $17; poultry, $18; eggs and milk, $10; flour, $40; potatoes, $10. LIVE STocK-Corn, $50; hay, $75; feed, $25; oats, $37; pasturage, $50. 31 _ Upon careful estimation, the apportionment of expense, as charged in the " Expense" %, ($329,*) should be as follows: To real estate, $164.50; live stock, $82.25; produce, $82.25. SIX-COLUMN JOURNAL.. THEE peculiar- characteristics of the practical Journal here introduced will be immediately understood and appreciated. Its advantages may be briefly stated, as follows: First-A vast saving of time and space in posting. Second-Embracing the principles of four books in one, viz.: Cash Book, Invoice Book, Sales Book and Journal.t Third —Showing monthly totals of the principal accounts in the Ledger that the same may be compared year after year. Fourth-Affording an opportunity to post personal accounts immediately, the debits and credits appearing separately in the "Sundries" column. Fift h-Giving additional security of the correctness of the Ledger, there existing no prob. ability of omitting debits and credits of the same amount. Want of space will prevent the giving of more than one month's transactions through this form. The student is requested to write up the remainder as given in the memoranda, putting the months of April, May, June and July together as one month, and August, September and October as one. The method of posting from this Journal is extremely simple. The separate items in the "Sundries" column are posted the same as from the common Journal, while theamounts of the "Cash" and " Farm" columns are posted at the close of each month. This idea of special columns is not original with any modern author, as variously claimed, but has been in use, to a greater or less extent, for a quarter of a century. The principle can be carried to any desirable extent; and in some jobbing-houses as many as eight special debit and credit columns are used. The form given in this connection is sufficient to indicate the principle * Paid for services and horseshoeing. t This is the case when the form is used in a general merchandise business: in which case the special columns, debit and credit, would be "Cash," and "Mdse." 175 FARM ACCOUNTS,-JOURNAL, —PRACTICAL FORM.. RIVERDALE FARM, MARCH 1, 1860. Cr. -.. _,::,Drs',..................... Cma, Farm. Cau/. Sundr/de, Caak. Farm SUNDRIES Dr. To Stock...... 8'O.R03 50 Amount invested as follows: 28500 REAL ESTATE'5 acres Cultivated Land, @ $300.. $22 500 10 acres Woods Pasture @ $350... 38 500 Dwelling-house, Out-buildings, and Improvements... 2 500 t1151 1 I LrvEa STOCK 5 Horses, viz.: 2 Carriage Horses, $400; 2 Work Horses, $275; 1 Colt, $100.- 175 3 Milch Cows, $100; 1 yoke Oxen, r., ii sl B gl I II B~ $125......... 22' o~~ sil ii 8~~~~ I gp B II I o10 Hogs, $75; 30 Sheep, $50; 2 Calves, $5.. ~130 50 Chickens, $10; 6 Turkeys, $5; 10 Geese, $6. 21 1050 8 / FIXTURES AND t Farming Utensils........ 250 IMPLEMENTS 1 Family Carriage........ 200 Household Furniture....... 600 1017 50 PRODUCE 200 bush. Wheat, $350; 500 do. Corn, $375.'725 125 do. Oats, $110; 10 tons Hay, $120.... 230 50 bush. Potatoes, $37.50; Feed, $25 62 50 5000 C. R. R. R. STOCK 50 Shares, $100 each..... 120 iCASH Amount on Hand 1200 HOLYOKE BANK On Deposit. 31718 _120 7 6200.Amounts forward.__ 50 _ j. 1150I} —t —-- i —--: ~''"'''.. -i!!-: 11718 o0 120 6200 Amounts forward.. 131718.. *:80.38 50 N~ 4115 1 STOCK Dr. To SUNDRIES... Liabilities as follows: I To MORTGAGE Amount of Mortgage, given January 1,, 1859, due i PAYABLE in fire years, with annual interest @ 6 4000 To INT. PAYABLE Interest on same to date........ 40i S. HILL,JR. Duehimon %......... 75 75 11FIXT'S AND IMP'S Dr. To LEWIS H. BARTLETT 75 Bought of him on % 1 Two-Horse Wagon. ______________________________________________________________ 1/ __________________________- z I 4 I I i N; Ii~~~~~~~~~~~I i i i! f 4CASH Dr. To LIVE STOCK... 4i 10 lbs. Butter, $2; 10 doz. Eggs, $2. it~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I!~~ ~~~ ii 4 -q 650 LIVE STOCK Dr. To SUNDRIES. 4~~~~~ i!i Bought of Jonathan Dawes 10 Head Stock Cattle. HOLYOKE B'K. Check in part payment....... ii 300 I1 BILLS PABLE Note @ 50 days......._.. __ 350 ii~i i i~~~. i8 /~~~~~~~ 3 75 FAMILY EXPENSES Dr. To CASH..... 3 75 Boots for Johnny, $3; Cap for Harry,'5 cts. i~~ ~~~~~ i i'. 6 _ __ ___ CASH Dr. To PRODUCE Sold James Banks 10 bushels Wheat @ $1.50. SUNDRIES Dr. To CASH 4. 50 1 ~ ~ ~ ~ ~ / __ _ __ _ __ I ii 1 50 EXPENSE Shoeing Horse.......i... 3 FixT's AND IMP'S Set of Harrow Teeth..... ~3244~6 150 ___________ _____20I —5 1 - ----- - 3 -2446 50-139 -10320 2-5-...Amounts forward ~....42878 50 i 85 -- i 1 -~ - l F _ _ _ --- - F j i i —-- ~~~-. —~~~~~~'' FARM ACCOUNTS,-JOURNAL — PRACTICAL FORM. Drs. RIVERDALE FARM, MARCH 6, 1860. Crs. j m M. ndr C ash. Sundries. Ca Far _ _ _ _ _ _ _ _ _ _ _ _ wI — 1 32446 50 189 1320 25... Amounts forward.. 42878 50 8 25 19 17 50 11 FAMILY EXPENSES Dr. To CAsI.. I I I 17 50 G. F. Wright's Grocery Bill. 10 10 EXPEiNSE Dr. To C(ASEI.. 10 EXPENSE l Paid hired man to date.. 1 15 CASH Dr. To PRODUCE..... 15 I!00 I lJ S!1 1 1!Sold 15 bushels Potatoes @ $1. 12 125 1 CASH Dr. To LIVE STOCK.. 125 Sold L. S. Bliss, Hatfield, 2 year old Colt. 13 12 5~ 11 1 1 1- 50 | REAL ESTATE Dr. To CAS... 12 50 1 Paid Insurance Premium on buildings.; 15 1 i FAMILY EXPENSES Dr. To CASH. I Paid Mrs.'Mitchell. -! _ | 15 1 CASH Dr. To PRODUCE.... 15 Sold C. S. Clark 20 bushels Oats ~ 75 cts. 2459 29 10352 Amounts forward....... 12878 5 174 I _ _ = —- - __~ ___.4 32459 294 103521 75.. Amounts forward.. 4288s 32 7 17 ~ ~ ~ ~ ~~~~7 Shoes and Toys for children. PRODUCE Dr ToS.C.PARON. I Bought of him on /j ton Peruvian Guano..31 50' FAMILY EXPENSES Dr. 19 CAT I150 1 year's subscription Hlampshire Gazette. $15 Contribution to Poor Fund. 25 1 quarter'asPew Rent.5. -20 6 FAMILY EXPENSES Dr. To CASH 6..u Dr. Jones, filling teeth.$5 I.. Bridgman dz Childs School-books.. 1 I ~~~~~~~~~23 — 20 CASH Dr. To LivE STOCK. 20 Sold Hillman &GraveslO0Sheep@~$2. I ~~~~~~~~~24 2 1CASH Dr. To LIVE ST OCK.....2 Received for Poultry sent to market. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ -2 6 150 HOLYOKE BANTK Depsir. TO CASH 150 27 — - - _ 1025~~~~~~~~~~~~~~~~~~~~~~ ~~~~CASH. Dr. To LivE STOCK..10 Received for Butter, Cheese, and Engs. 29 - - _ _ _ _ _ 3' 25~ FIXT'S AND IMPL'S, Dr. To CASH Ii 3251 Paid l. L. Kingsley for repairing. I - ~ ~~3 2 I0424208 __' 245 7 __26_2 324921 251 321.Amounts forward., 20 257~20 FARM ACCOUNTS,-JOURNAL,-PRACTICAL FORM. Drs. RIVERDALE FARM, MARCHl 31, 1860. Crs. Farm. Cask. i Sulndries. undri. Cask. arm /~, tIE t.I s.I I,a7 l l 32492; 25326251j 105425..5421|.......... Amounts forward. s. | 42908 50 245 75 2061 25 25 1 REAL ESTATE Dr. To CASH. 25 _____ ~ _l I__! 1I Paid Charles Jonesfor paintinghouse. 32517 251 326 25 10542 Total for the Month-. -_3261 25" Dr.C-~ U-~-YI~WL 1 TotA S forth.Cr./ h 42908 50 270 751 206 251;fXr I 1 31 72517 25! Dr...... FARM Cr 7' j,' l 43385 50' 1 orm Subdivision,-LFarm Account. 3 I Dr. 2853750 Dr.... REAL ESTA 1860. B. /REstace. Live Stock. hxc./ lmp.. Produce. LIE Tota. 1860. I. s L S Total. 28537j 251, 50!6 164 25 51 311 12 o 45125 2 823 ~l 311 50 ld 25 1127125!. 1 25- 4101 1 9! 25 15 1860. Esta. LSitk If j *- Ip 2 5r od 5 I Total. 18 P. Estate. Live Stock. Fx. 4.3 Produc3. | Total,,,,1,on F10 3251,,, 5 L3s 25 79~~ 50 180s l0 1131 21 Mo n7thl92(1 1 I - -- 1= 30321 251 J2414 50 1419 2 706 1 30321 25I 28C s lolJul, 2706 19 1 21368766 25 i,~soo~~~i65l', i 3 11 25 1 5410 109E 59D IE T _5 ToB "ne.2. 1 6 9 253 16 12 1 I_ 50 1 4 25 6 f i To. aance.i.11 285001 1798'I 1 I 2S1 9 3160f 25 21f I -0321 251 1 2 50, i I-4925 i —61 _(1 _ _ _ __60___ o TRIAL BALAN C E, —INYENT O R Y. Trial Balance. Ralanices. Face of Ledger. 33923 50.. Stock.. 4115 38038 50 4750.... C. R. Rn:. R. Stock... 5000 250 975.... Holyoke Bank... 1350 375 4000.... M1ortgage Payable. 4000 40... Interest Payable. 40 75... L.. Bartlett.. 75 200.... Bills Payable.. 359 550 223 25.... Family Expense... 223 25 30.... C. Parsons... I 30 1075 03....Cash... 2.. 2208 40 1133 37 50.... A. N. Ciaghorn... 50 3114305...Farm... 34749 70 3600 65 19 20.... J. A. Hubbard... 1920 60.. Graves Brothers. 60 11 1371.. Interest....... 11 37 38287 701 38287 701 48117 72 48117 72 Inventory. REAL ESTATE, 85 acres Land, valued at...... 26000 Dwelling-House and Improvements... 2500 28s500 i~~~~~~~~~~~~~~~~i LIVE STOCKC. 4 Horses, $700; 3 cows, $100.... 800 i 1 yoke Oxen, 125; 5 Hogs, 840.... 165 12 Sheep, $20; 16 Lambs, $18.. 38 2 Calves, 820; Poultry, $25..... 45 10 head Stock Cattle..... 750 1798 FIXTUrRES AND t Farming Utensils........ 250 [MPLEMENTS, 1 Family Carriage, $200; 1 two-horse Wagon, $75...... 275 Household Furniture....... 8001 1325 PRODUCE, 220 bush. Wheat.. @ $1.50.. ~ 330 162 " Corn... " 75... 121 50 355 " Oats... " 75... 266 25 50" Rye.. " 60... 30 25 Potatoes.." 80. 20 65" Apples. 50... 32 50! 67 tonsHay... " 11.00 7371 1537 25 13316~0 25 Conn. River R. R. Sto 3......... 5000 Interest due to date on Mortgage Payable, $2001 181 STATEMENT,-FARM ACCOUNTS. STATEMENT, —FARM ACCOUNTS. The following form of Statement has the quality of brevity and.plainness; and though less satisfactory in detail than previous forms, it will sufficiently indicate the condition of the business on the date of rendering the Trial Balance and Inventory. Losses. Gains..Resources. LabzLitis.. Conn. River R. R. Stock 250 5000. Holyoke Bank 975 ~ Bills Receivable 3.... 50. Mortgage Payable. 400 Interest Payable. 160 20. L. H. Bartlett. 75. Bills Payable 550 *. Family Expense 223 25. C. Parsons..... 3 Cash........ 1075 03 A. N. Claghorn.50 F. Farm.. 2017 20 33160 25 ~ J. A. Hubbard.. * 19 20 Graves, Brothers.... 60 e* Interest..... 11 37. Net Gain 1872 5 2267 20 2267 20' Stock, Investment.. $33,923 50 Net Gain... 1872 58 Present Interest. 35796 08 40670 281l 40070 28 PRACTICAL HINTS FOR FARMERS. 1.-MEASURING GRAIN. By the United States standard, 2150 cubic inches make a bushel. Now, as a cubic foot contains 1728 cubic inches, a bushel is to a cubic foot as 2150 to 1728; or, for practical purposes, as 4 to 5. Therefore, to convert cubic feet to bushels, it is necessary only to multiply by A. EXAMPLE.-HOW much grain will a bin hold which is 10 feet long, 4 feet wide, and 4 feet deep? Solution.-10 x 4 x 4=160 cubic feet. 160 x t=128, the number of bushels. To measure grain on the floor. Make the pile in form of a pyramid or cone, and multiply the area of the base t.y onethird the height. To find the area of the base, multiply the square of its diameter by the,decimal.7854. 182 PRACTICAL HINTS FOR FARMERS. EXAMPLE. —A conical pile of grain is 8 feet in diameter, and 4 feet high, how man) bushels does it contain? Solution.-The square of 8 is 64; and 64 x.7854 x =83.776, the number of cubic feet. Therefore, 83.776 x =-67.02 bushels. Answer. 2.-To ASCERTAIN THE QUANTITY OF LUMBER IN A LoG. Multiply the diameter in inches at the small end by one-half the number of inches, and this product by the length of the log in feet, which last product divide by 12. EXAMPLE. —How many feet of lumber can be made from a log which is 36 inches in diameter and 10 feet long? Solution.-36 x 18=648; 648 x 10=6480; 6480. 12=540. Answer. 3.-To ASCERTAIN THE CAPACITY OF A CISTERN OR WELL. Multiply the square of the diameter in inches by the decimal.7854, and this product by the depth in inches; divide this product by 231, and the quotient will be the contents -in gallons. EXAMPLE.-What is the capacity of a cistern which is 12 feet deep and 6 feet in diameter' Soliution.-The square of 72, the diameter in inches, is 5184; 5184 x.7854=4071.51; 4071.51 x 144=586297.44, the number of cubic inches in the cistern. There are 231 cubic inches in a gallon, therefore, 586297.44. 231=2538+, gallons. To reduce the number of gallons to barrels, divide by 311. 4.-To ASCERTAIN THE WEIGIIT OF CATTLE BY RMEASUREMIENT. Multiply the girth in feet, by the distance from the bone of the tail immediately over the hinder part of the buttock, to the fore part of the shoulder-blade; and this product by 31, when the animal measures more than 7 and less than, 9 feet in girth; by 23, when less than 7 and more than 5; by 16, when less than 5 and more than 3; and by 11, when less th-in 3. EzAMPLE.-What is the weight of an ox whose measurements are as follows; girth, 7 feet 5 inches; length, 5 feet 6 inches? Solution.- 5 x r7=404 —; 40- x 31=1264+. Answer. - A deduction of one pound in 20 must be made for half-fatted cattle, and also for cows that have had calves. It is understood, of course, that such standard will at best, give only the a2proximate weight. 5.-MEASURING LAND. To find the number of acres of land in a rectangular field, multiply the length by the breadth, and divide the product by 160, if the measurement is made in rods, or by 43560 if made in feet. EXAMPLE.-How many acres in a field which is 100 rods in length, by 75 rods in width' Solution.-100 x 75=7500; 7500 +160=467. Answer. To find the contents of a triangular piece of land, having a rectangular corner, multiply the two shorter sides together, and take one-half the product. 183 QUESTIONS FOR REVIEW. QUESTIONS FOR REVIEW. CHAIIGING SINGLE TO DOUBLE ENTRY,-PAGE 152. 1. Why should Double-Entry Book-keeping be distinguished as the "science" of Accounts? 2. May Single Entry be properly called a science? 3. Why not? 4. What relation does Single Entry sustain to Double Entry? 5. What is the chief difficulty in defining and treating Single Entry? 6. In what particulars do Single Entry Book-leepers differ among themselves? 7. What does the term Single Entry denote? 8. What is usually understood to be the difference between Single and Double Entry? 9. What is the rule for converting Single to Double Entry?.10. If an account has been kept with Stock, or accounts with the partners, what must be done with the gain or loss? 11. Do you consider Double Entry more intricate or laborious than Single Entry? 12. What, in your opinion are the principal advantages of Double over Single Entry? 13. In changing Single to Double Entry, is it necessary to disturb the accounts already shown on the Single Entry Ledger? 14. What are the usual books in Single Entry? 15. For what purpose, and how is the Single Entry Cash-Book used? 16. What is the difference between the Single Entry and the DoubleEntry Cash-Book? 17. Is it customary to journalize or post the Single Entry Cash-Book? 18. What other books than the Day Book, Cash-Book, and Ledger are used in Single Entry? 19. When all these auxiliaries are kept in Single Entry, how will it differ from Double Entry? 20. Can the gains and losses in business be ascertained by Single Entry? 21. How? FARM ACCOUNTS, —PAGE 170. 22. Upon what do the peculiarities of business chiefly depend? 23. What conditions are common to all business enterprises? 24. What do you understand by lnvestmlent? 25. Can anything properly be called an investment except tangible resources? 26. Can you explain how professional ability, talent, a good name, etc., may be considered capital? 27. What is the prime object of business enterprises? 28. What is. the substantial proof of gain? 29. How is the increase Qf resources effected? 30. How is the producing power in business variously represented? 31. What are the general producing accounts in a mercantile business? 32. In a banking business? 33. In a commission business? 34. In a professional business? 35. Is it difficult to supply the appropriate terms in any kind of enterprise? 36. What is the essential point in Farm Books? 37. Can you explain the " Six Column Journal," as used in this set? 38. What are the advantages of a Cash-Book in business? 39. What is the peculiarity of the Cash-Book used in this connection? 40. What are the five points of excellence claimed for the practical Journal used on this set? 41. How are the separate items posted from this Journal? 42. How the amounts of the " Farm" and " Cash" columns? 43. Can this form be used in any other kind of business than farming? 44. When used in mercantile business, what will be the titles to the special columns? 45. Can the number of special columns be increased? 46. What kind of business is peculiarly adapted to special columns? 47. How many debit and credit columns are sometimes used in jobbing hoqses? PRACTICAL HINTS FOR FARMERS,-PAGE 182. 48. What rule have you for measuring grain in a bin? 49. How many cubic inches in a bushel? 50. Can you measure grain upon the floor? 51. How? 52. Give the rule for ascertaining the quantity of lumber in a log? 53. What is the rule for ascertaining the capacity of a well or cistern? 54. How can you get the approximate weight of cattle by measurement? 55. What is the rule for measuring land? 184 t AG:EN 7CIE S.I - -'.,!',, BOOKS OF AN ADMINISTRATOR: HISTORICAL DAY-BOOK, JOURNAL, LEDGER. EXHIBITING TIIREE DISTINCT METIIODS OF KEEPING THE ACCOUNTS OF AN AGENT. AGENCIES. AGENCIES. AN AGENT, in common acceptation, Is "one who acts for another." A broader definition, and one whi. would better suit the accountant's purposes, would be "one who acts;" for, although, the idea of agent presupposes that of principal,-the one executing the will of the other-it is by no means impossible that both functions should coexist in the same person-in other words, that a man may be his own agent. This view o'f the case We have fully recognized, and sought to enforce in the preceding lessons, by constantly keeping in view the distinction between the proprietor and his business. The analogy between the records of the two classes of agenciesif they may be so called-will be apparent in the following sets, representing various departments of business, conducted by one person, in the name and for the interest of others. An agency, as recognized by law, is " the substitution of one for another in some matter of business." It is based upon a contract, either expressed or implied, by which one confides to the other the management of some business, to be transacted, either in his name, or on his account, and by which the other assumes to do the business, and to render an account of it. Agencies are divided into two general classes, S peciel and General. A Special Agency consists in a delegation of authority to do a single act. A General Agency is such delegation to do all acts and things, connected with a particular business or employment. Tllese classes are subdivided into Limited and Unlimited. A Limited Agent is one who is bound by specific instructions as to the manner of his acts; an Unlimited Agent is one who is parmitted to use his own discretion as to the means employed for the specific end. There are, also, different.kinds of agencies having reference specially to commerce; such as the Factor, who is an agent for the sale of property, and is therefore intrusted with the possession; and the Broker, who simply negotiates sales, having no custody of the property sold. The principles which regulate the relations of principal and agent, both as between cach other, and as Tegards thirl persons, are among the most important in Mercantilo Law. WJe have space only for a few general r; l3s: 1. The agent is bound to obey instructions; and when explicit, they preclude the exercise of discretion. But when the thing to be done is such that two or more different modes of' doing it will answer equally well, he may choose either one, provided no other has been particularly prescribed. 2. He is bound to use all ordinary diligence and care in theo execution cf his trust. In the absence of specific instructions, he must pursue the accustomed course of the particular business in which lie is employed. As he receives compensation for his services, l.o is bound to bring to his undertaking such a degree and amount of skill and knowledge as would, in ordinary cases, insure its successful accomplishment. 3. His liability for negligence or neglect of duty is not limited to the direct injury occasioned to the property of the principal. He is also liable to make good all injuries which his - wn act as agent has occasioned to the property of others, and which the principal has been called upon to pay; hence a verdict obtained against the principal for the act of his agent is the measure of damages in favor of the former against the latter. 4. He is not chargeable with a breach of instructions in any of the three following cases: 1. Where an unforeseen necessity arises not originally contemplated by the parties. 2.'Where the circumstances aro such that a strict compliance is impossible. 3. W hero a compliance would have been, in effect, the perpetration of a fraud upon others. 5. A factor, or other agent, in the possession of property, is responsible, to a certain extent, for its safety and preservation. He is bound, at least, to bestow the same amount of care and attention upon the goods of his principal, as he would, under similar circumstances, upon those cf his own; or as much as a man of average prudence would bestow in the keeping of his own. G6. He is bound to keep the property of his principal insured while in his possession under the following circumstances: 1. Where the principal has effects in his lands and directs their application to such insurance. 2. Where there are no effects in the hands of the agent, but the course of dealing between them is such that the one has been accustomed to send orders to insure, and the other to execute them. I-T is bound to continue to obey such orders, until he gives notice to discontinue that course of dealing. 3. Where bills of lading come to the agent with an order to insure, this being the implied condition of their acceptance. 4.'Where the general usage of trade requires him to insure. The regulations above quoted apply more particularly to commercial agents, more generally known as commission merchants or consignees. The business of such agents is fully exemplified in the " Commission " e.nd "Forwarding " sets, hereinafter presented. 186 ADMINISTRATOR'S BOOKS. ADMINISTRATOR'S BOOKS. Ax AD3MTNISTRATOR is a person legally appointed to settle tile affairs of an intestate-or a person dying without a wil. Itis duties, which are specifically prescribed in the statutes, pertain, first, to thle liquidation ofoutstanding debts, and the collection of amounts due the estate; and next, to the proper distribution of net assets among the heirs and legal representatives. So far as his accounts are concerned, they do not differ in principle from those of a commercial-agent or consignee; and the same general rules of accountability will apply equally to both. The nature of tle business is, however, essentially different; the one being, in its intent and scope, speculative, and the other having reference solely to liquidation. It is not impossible, however, that, in the vigilant and faithful discharge of his duties, aii administrator may increase the valuc of the property held in trust, and by that means realize a gain for tieo ultlnate owners; and, on the other hland, circumstances over which he has no control may tend to depreciate thi property, rcsult,ig in a loss. The accounts may be kept in such a manner as to show these fluctuations, or they m4:tj show only the general final results. It' tlle gains and losses are shown, the system will not differ in theory from that of a regular mercantile busilles,, lhaving a single proprietor; and il lthe set which follows, weo lave used this llil;t to enforce more clearly the relation sustained by the accountant to tlle business whose continued changes and fluctuations lie records. To this end we have sugogested three distinct methods of treating the subject, each founded upon a separate theory, yet all resulting alike. Let the student carefully observe the distinctions. Thle First Method is based upon the general tlheory pertaining to the business of a single proprietor; the resources and liabilities being exhibited on thle Ledger at the commencement, and all changes slhown in appropriate accounts. The account representing the undivided interest of the heirs —"Park's Estate"-is treated precisely as a Stock account, the gains and losses which have taccumulated and been represented under proper heads beinlg filually closed into this account; but without passing through a general Loss and Gain account, as is customary. The Second Method embodies the theory of equal resources and liabilities which has been so carefu'ly put forth in the previous lessons. The agent, whose records these are, stanas perpetually between the forces of this perfect equilibrium, having upon one hand the resources, and upon the other the liabilities, which, being always equal, are susceptible of canceling each other. This is the practical fact which the agent must have constantly in view-viz.: that whatever may be the result of' his administration, if hle acts within the line of his duty, he is responsible, or liable, to the, parties for whom lihe acts, in just the amount of the property or resources which lhe has in trust; so fliat, at whatever moment lihe may be called upon to account, the one will exactly offset the otlhr. In carrying out this theory to the letter, there should be no accumulation of gains or losses; as that would temporarily destroy thle equilibrium. Tlherefobre, as fast as gains or losses occur, they are immediately taken to the Estate account; thus increasing or diminishing the liability in this direction in the exact l;roportion of the increase or diminution of resources. Thills metllodl necessitates much care and precision, and an exact knowledge of the special gains or losses, as they occur. The same principle could'be carried out in a general business, if it were possible to know the exact margin of gain or loss attending each transaction. Tile Third Method recognizes no liability for any thing but cash; and consists, therefore, of only such records as grow out of cash transactions. The Estate account is credited for all cash received, and debited for a11 paid out; and as the result of the liquidation is to reduce every thing to a cash basis, the final result of this method is precisely the same as that of the other two. The business represented is very brief, and the value of the set consists mainly in the theories enforced. 187 ADMINlSTRATOR'S DAY BOOK. Albany, January 2 1860. i I have this day entered upon the duties of Administrator for the Estate of HI James Park, deceased. As prescribed in the Letters of Administrationa, i a I am to assllme possession of all the personal property of the Estate, I i including cash, notes, personal debts, farm implements, live stock, e! to pay off all just liabilities and necessary contingencies, and, after con verting the surplus resources into cash, and deducting my commissiol, to divide the remainder equally among five heirs. The following is a list of such resources and liabilities as are ascertainable I at this time: i'..'"-...''...... — Resources.''= i James Monroe owes on %........ i r 575 Orllando Warren do. do.. 400 Peter Deshong do. do... 1.0 Edward Gurney do. do........ 600 James Trunman do. do......... 75 83 robert Paton owes on note..... 00 E. C. Bradford do. do.......... 700 Charles Pettingill do. do.......... 800 L. S. Bliss, do. do........ 450. di 2450 Interest due on Paton's note........ $15 75 do. do. Bradfird's do.... o.. 27 50 do. do. Pettingill's do.......... 17 25' do. do. Bliss's do.......... 10 17 67 Farming Implements, as per schedule...... 575 1 Live Stock, as per valuation....... 000 Cash in hand......... 0....... 2.50 do. in F'armers' Bank.1500...... 96i 916 50.''';-~:== L"~ziabilities.-.-. t i W. D. Packard, on %..e.. e...... 400 E. M. 1Hale, do............... i 375 Charles Williams, do....... 250 Note flvor of S. WVillard........ 0 $360 do. do. P. HIorton........800..i i.. Interest due on note favor of S. Willard........ 5 75 io. do. do. P. Iorton.. M... 32 38 55 3 i Paid the following expenses in cash: Undertaker's Bill....... $ 75 Livery Bill-carriages for funeral.150 Probate Judge's:Fees.......CI. 235. 0 i ~~~~~~4 Collected the following amounts in cash:' James Monroe, in fiull of........ $575 Edward Gurney do....... 600 James Truman do................ 75 83 1 188 2 ADMINISTRATOR'S DAY BOOK. Albany, January 5, 1860. Sold at public auction the Farming Implements enumerated in schedule, for cash,.......... 6 - Paid h'ne following heirs, on a/c, in cash: Rober: Park.. 100 James Park, Jr..... 75 j Jennie Park... __- 225 The following amounts due the Estate were not enumerated in the original list:i Abiahamn Cuyler, on %......123 William Jones, do... 15 20 i Alex. Buttre, do......'2.-50213 20 Paid the following liabilities, incash-: W. D. Packard...... l $.400 E. M. Hale.............. 375 Charles Williams.......... -'2 — 1025 10 Sold Live Stock for cash... 3500 The following notes, with the interest thereon, were this day paid in cash: Robert PLton)'s...... $50 Charles Pettingill's.... v....00-..Q. $1300 t Interest on Paton's to date... $16 50 do. Pettingill's to date..... 181__ _13$34 — 134 95 - d- 12: 1 Paid Doct. Benson cash for medical attendance.... 65 13 Paid the following notes, with interest due thereon, in cash: Note favor S. WVillard.$360 do. P. IHorton......... $1160 Interest favor S. Willard's to date. 86 50 i do. P. IIorton's do.1200 90 14 Pater Deshong has compromised for the payment of the amount due us @75. Received cash..... $90 Lost the balance...-.-.-. ~ ~ ~..-... -... — a___ An__ Gi: _ 120 16 PReceived cash in full for the following notes and interest thereon: E. C. Bradford's. $700 i L. S. Bliss's..... 1150 Interest on Bradford's....... $29 25 do. Bliss's.......... LQ_ O 5 189. B...... 189 ADMINISTRATOR'S DAY BOOK. 8 Albany, January 17, 1860. Received Cash of Orlando Warren, in full of........ 400 Received Cash of the following persons ir full of %: Abraham Cuyler....... $123 William Jones... 5 20 19 Appropriated Cash for my services as Administrator.... 150 20 Deposited Cash in Farmers' Bank.. 5828 63............ 21! Having converted the resources of the Estate into cash, and discharged all its liabilities, I anl now able 4to declare a dividend in fa;vor of the heirs. By reference to their representative accoullt; " I'ark's Estate," I discover their undivided net prcceeds to be. i 7553 63'he dividend to the credit of each heir is as follows: Robert Park............. $1510 72 James Parlk, Jr... 1510 72 Jennie Park............... 1510 73I John Watson, guardian for the heirs of William P'arl deceased 1510 73 Elizabeth Dwitt...... 1510 73 I have already paid to heirs on %, as per record.... $ 225 Balance to my credit in Farmers' Bank. 7328 63 $7553 63 It is particularly desired that the relation which the account "Park's Estate" bears to Stocek accour.t in individual books, or to any account representing capital invested, will not be lost sight of. The inquisitive student will, in a moment, discover that inasmuch as the names or these separate heirs, as also their respective shares in the property administered upon, were known, it would have been proper to open a separate account with them, giving each credit for his or her share at the commencement, thus dispensaing with the general account, "Park's Estate." This process of reasoning will bring him safely to the right conclusion, viz.: that "I'ark's Estate" account merely represents the undivided interest of the separate heirs, until the preliminaries of converting the resources into cash are accomplished. The great convenience of the account is in saving the trouble and perplexity of dividing into fifths each seplarate receipt anld disburselnent-for all cash received and paid out, in transacting the business, is Io. each of the heirs equally. " i'ark's Estate," in this sense, is precisely similar to "Capital Stock" acoolint in a joint-stock association, representinlg the heirs precisely as " Capital Stock" account represents the undivided interests of all the elep)arate stockholders; and the distribution which we now propose to make, based upon the net lproceedls, (7553.63), is exactly e(luivalent to a final dividend to stockholders. An entry might have been made, paying off thle heirs, and thereby closing up the accounts, but it is not deemed necessary, since it can be easily seen that the amount inl bank (7328.63) is just sufficient to discharge these liabilities. This would probably be the condition of the Administrator's accounts at the time of rendering his statement to the Probate Judge. The student, should he so desire, may make the necessary entry for closing all the accounts, which would be simply to pay off each heir the balance shown to be due in his or her account, by giving each a check on the Farmers' Bank. 190 ADMINISTRATOR'S JOURNAL. A-lbany, January 2, 1860.. ii i FIRST METTIOD. tSundrie. Dr. To Park's Estate 1'' ij j~~ 9616 5b0 Jamnes Monmroe............... 575 i Orlando Warren........... 400 Peter I)Deshong............ 120 Edward Gurney............... 600 2 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ii James lruman................ 75 $83 Bills ReTe:vable............. 2450 Interest Rleceivable.............. 70 67 Farming Implements............. 575 Live Stock.. 3000.it.............. 000 i i Cash................ 250 Farmers' Bank............... 1500 SECOND METHOD. Sam asflrst.! i I "d'rrrTHIRD METHOD. ii Cash Dr. To Park's Estate.250 250 FIRST METHOD. Park's Estate Dr. To Sundries..... 355 W. D. Packard 400 E. M. Hale.375 ~ ~ ii ii; Charles Williams.. 250 i! 5!! i ~IBills Pavable.1160 Interest Payable.. i i 38 55 SECOND METHOD. i Same as first. i i THIRD!Y! ETIIO CD o.1 D P~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ iii FIRST METHOD.! i i! i Expense Dr. To Casn 235 235:I~~~~~~~~~~~~13 i 235~ SECOND METHOD. I Park's Estate Dr. To Cash! 235 i 35 TnIRD METHOD. I i!I Same as second. 4 Fit ST METHOD. Cash 1r. To Sundries... 1250 83 i Janes M',ionroe.. i Edward Gturney... I 600 James Truman... 75 83 SECO'ND IETEIITODo Same as first. TiTRD METHtOD. i i~~~~~~~~~~~~ Cash Dr. To Park's Estat...1 83 120 83 15061 91506171 191 ADMINISTRATOR'S JOURNAL. 2 Albany, January 5, 1860. FIRST METHOD. Cash Dr. To Farming Implements. 500 i 500 i. j i'SECOND >iNETHoTD. - E i Sundries Dr. To Farming Implements. 575 Cash.................. 500 Park's Estate..... 75........... THIuRD METI-IOD. i Cash Dr. To Park's Estate... 50 500 I., 6 t~fi [I FIRST METHOD. Sundries Dr. To Cash.. i 225 Robert Park....... 100 James Park.. Jennie Park......... 50 SECOND METHOD. i: Same as first. THIRD METHIOD.' Same as first. i 7 FIRST METHOD.! I Sundries Dr. To Park's Estate... I'! 213 20 Abram Cuyler........ 123 I William Jones.......... 15 I20 Alex. Buttre......... 75 SECOND METHOD. i i' Same asfirst. THIRD METHOD. NYo entry. FIRST MIETHOD. Sundries Dr. To Cash.. 1025 W. D. Plackard. 400 E. M. ittae.... 375 Charles Williamls...... 250 SECOND METHOD. Same as first. TIIRD METHOD. Park's Estate Dr. To Cash.. 11025 1025 719T~~~~~~~~~~~~ ADMINISTRATOR'S 0 JOURNAL..A-lbany, January 10, 1860. FIRST METHOD. lCash Dr. To Live Stock,.. 3500 i1 3500 SECOND METHOD. t Cash Dr. To Sundries. 3500 Live Stock.. 3., 000 Park's Estate.. i 500 THIRD METHOD. Cash Dr. To Park's Estate.3500 3500 i' l 1 S 1,, FIRST METHOD.. jCash Dr. To Sundries... 1334 5 Bills Receivable ~. 1300 Interest Receivable 34 5 SECOND METHOD. Cash Dr. To Sundries..i 1334 5 Bills Receivable.. 1300 Interest Receivable* 33 Park's Estate e 1 5 THIRD METHOD. ash Dr. To Park's Estate.. 4 12 i5 i1 FIRST METHOD. Expense Dr. To Cash. 65 65 i SECOND METHOD, Park's Estate Dr. To Cash.. 65 ii 65 65 THIRD METHOD. i { ame as second. FIRST METHOD. j i. Sundries Dr. To Cash ills Payable Dr. To Cash i....!e 1200 90 3ills Payable........ 1160,; nterest Payable...e e 40 9 0. SECOND METHO. undries Dr. To Cash. il200 90 ills Payable...... 1160 uterest Payablet... ark's Estate................ 703 j 7036 5 * This account was originally debited with the real value of Interest due on Notes, and is now credited with that value; the excess ($1.95) has accumulated since the notes came into our possession, and if not carried as a liability to the credit of the Estate,.would remain in the Interest Receivable Account, making it show a gain. t The remarks respecting Interest Receivable will apply with equal force to this entry. 13 193 ADMINISRATOR'S JOURNAL. 4 Albany, January 13, 1860. THIRD METHOD. Park's Estate Dr. To Cash.... 1200 90 1200 90 14 FIRST METHOD. Sundries Dr. To Peter Deshong... 120 Cash......... 90 Loss and Gain...... 30 SECOND METHOD. Sundries Dr. To Peter Deshong... 12 Cash.......... 90 Park's Estate......... 30 THIRD METHOD. Cash Dr. To Park's Estate.. 90 90 - 1 o? l -16 FIRST METHOD. Cash Dr. To Sundries.. 1190 55 Bills Receivable. 1 l0 Interest Receivable. 40 55 SECOND METHOD. Cash Dr. To Sundries 1190 55 Bills Receivable 1150 1 Interest Receivable 3i7 67 Park's Estate... 1 1 2 t88 THIRD METHOD. Cash Dr. To Park's Estate... 1190155 119055 17...... FIRST METHOD. 1 Cash Dr. To Orlando Warren.. 400 400 SECOND METHOD. 1 Same as first. THIRD METHOD. I Cash Dr. To Park's Estate.. 400 400.... 18 FIRST METHOD.. Cash Dr. To Sundries 213.20 Abram Cuyler... 123 WilliamJones... i. 15 20 Alex. Buttre 75'' it I 75-.. 1 o I!6115 55 6115 i55 194 ADMINISTRATOR'S JOURNAL. Albany, January 18, 1860. SECOND IMETITOD. 1 Same as first. TrnIRD METIHOD. Cash Dr. To Park's Estate... 213 20 213 20 19 i FIRST METHOD. i 150 150 Expense Dr. To Cash.... SECOND METHOD. 150 150 Park's Estate Dr. To Cash...... THIRD METHOD. i i Same as second. 20 FIRST METHOD.; Farmers' Bank Dr. To Cash... 828 63 5828 63 SECOND METHOD. Same as first. THIRD METHOD. Same as first. 21! FIRST METHOD. l I Park's Estate Dr. To Sundries.. j 7553 63 i Robert Park. 1510 72 James Park, Jr... 1510 72 Jennie Park 1510 173 John Watson. 10 73 Elizabeth Dewitt. 1 510 173 SECOND METHOD. Same as first. THIRD METHOD. I Same asfirst. _ _ i l13895! 46 13895 46 i....... ADMINISTRATOR'S LEDGER. First Mlethod. Dr. PARK'S ESTATE. Cr. Dr. INTEREST RECEIVABLE. Cr. an. 2 2223551 Jan. 2 I 9616 50 Jan,I 21 70 67io Jan. 11 34' 95 " 20 30 2137 202 816 4 5 20 450 o "72 213 20 1 583 5 1 20 21 35 20 500 CC 20'75.1 0 0 i21'75531 63 -10-341' 103 Dr. W. D. PACKARD. Cr. - j ii j i l I I -i -~ - ____ --- ---- ---- -- __ _ -- - Jan,. O9 400i Jan. 2 400 Dr. CASH. C'r. Jan. 2 2501 Jan. 3 235 Dr. E. M. HALE. Cr. 4 1250 83 " 6 225 it; 5 500 " 9 1025i c 0 3500 " 12 65 Jan. 9 3'75 Jan. 2' 37 "Ie 1 1334 95 "i 13 1200 90 14 90 " 19 150 "C 16 1190 55 {/ " 20 5828 63 17 400 Dr. CHARLES WILLIAMS. Cr. 18 213 20 87s29 E 8729 53 Jan. 9 25 Jan. 2 250 Dr. JAMES MONROE. Cr. Dr. FARMING IMPLEMENTS. Cr Jan. 2 JanJan. 2 575 i Jand 5 500.Ta. 2 67 Jan. 4 57 110 7 1 ] Dr. ORLANDO WAVRREN. Cr., i~~~~~~~~~~~~~~~~~~~~~1 I t ORLANDO A RREr. Dr. BILLS PA YABLE. Cr. Jan. 2 _4001 Jan. 17 400~ Jan. 13 1160 Jan. 2j 1160 Dr. PETER DESHONG. Cr. D P K _ ___ ___ ___ ___ ___ ___ ___ 1 Dr. ROBERT PAR K~. 6'r. J5 Jan. 2 120 an. 14 120. 100. Jan. 6 Ja1. 21 1_ 10 12 Dr. EDWARD GURNEY. Cr. Dr. JAMES PARK, JR. Cr. __ - —` I Jan. 2 600 Jan. 41 600 i Jan. 6'75 Jan. 211 1510'79 l~~~~~~~~rCID. LiESORLsn aR. gr. Dr. JAMES TRUMAN. C. LIVE STOC. C. Jan. 2 00 Jan. 10 3500,Jan. 21 7518311 an. Ja Jn 2 0 35000 I I 3500 Ill 3500 BILL PEcERI)vHA~G Cr. Dr. BILLS RECEIVABLE C. Dr. EXPENSE. Cr. 0 Jan, 11 1230 an. 120 450 Oran. 2 ~~60 0 Ja 460Jan.6150q Jan. 2 -' I ________r.___. Jan.~~~~1615 2 6 0 4q5 83 an 2450 83 2450 2450 195: —— 0i 1 - 196______________________________ _______________ _______-_____ 45o 2ADMINISTRATOR'S LEDGER. First Method- Continued. Dr. INTEREST PAYABLE. C'r. Dr. JENNIE PARK. Cr. jan. 9 Jan. 2 38155 Jw 1311 ~ 40 9 2o t: Ja2. 6 50 Jan. 21 1510 73 40 90H 40 90 I -Dr. ABRAM CUYLER. Cr. Dr. WILLIAM JONES. Cr. Jan. 7 123 Jan. 18 123 Jan. 7 15 20 Jan. 8 15 20.Dr. FARMERS' BANK. Cr. D)r. ALEX. BUTTRE. Cr. Jan. 21 1500 Jan'7'7520 20 5828 631 Dr. Loss AND GAIN. Cr. Jan. 14 30 jw,. z Dr. JOHN WATSON. C. Dr. ELIZABETH DEWITT. Cr. Jan. 21 1510 73 Jan. 21 1510 73 _ _ _ _.1 _ _ _ _ __ _ ii Second M1ethod. -Dr. PARK'S ESTATE. r. Dr. INTEREST RECEIVABLE. Cr. Tan.- 2122 -— 1- 1Jn 2 -- ---------,ran. 2 2223 55 Ja. 211 9616 150. 170 67 Jan. 11 33 "' " 1 6 }~~i 37 67 3 235 213 j20 61 16 "3'25 10 500 1 3. 70'6, 70 167 12 165 1 1 16 19 5 10 13 2 35' 16 2..88...0.. 14 30 "19 150 i Dr. W.D.PAcKARD. Cr. 21 1553 163 -'iii 110334:53' 10334 i53 1 Ja 400 I Jan. 2 400 Dr. CASH. Cr. -Dr. E.M3. HALE. Cr. Iil ~ i i Jan. 2 " 250 IJan 3 235! 4 11250'583 l1 6 225! I 5 o00 H 191110251 I Jan. 9 375 an. a 2. 3175 1' " 10 3500 "" 12 65 11 1334 95 13 1200 14 " 90 1 " 19 150 16- 1 11902, 17 400 " 2 Dr. CHARLES WILLIAMS. Cr. 18 " l 213 20 0 19 J. 9 I - 250 Jan. 2i 250 872953' 812953 I5 2)r JAE Moi aor:. i9I/ Dr. JIAMES MGONROE. Cr. r FARMING IMPLEMENTS. Cr. Jizan. t2 575 Jan. 4 575 52 5 Ja n. 575 _____ - Jan. 5! 197 3 ADMINISTRATOR'S LEDGER. Second Method- Continued. Dr. ORLANDO WARREN. Yr. Dr. BILLS PAYABLE. Cr..Tan. 2a1:; 00 I Jan. 1 4 Jan. 13l! 11601 Jan. 2 1160, i!_ _ I ", Dr. PETER DESHONG. Cr. D)r. ROBERT PARK. (r. Jan. 2 i 120j!~/, B i 1 Janr. I2 120 Jan. 4 14 120 I Jan. 6 100 Jan. 21 1510 72 Dr. EDWARD GURNEY.. Dr. JAMES PARK, JR. Cr. Jan. 2 600 i Jan. 4 600' Jan. I 6 75!I Jan, 21 1510 2, I! i'.Dr. JAMES TRuMAN. Cr. aDr. LIVE STOCK. Cr. Jan. 2f 75 1831: Jan. 4i 75 83 Jan. i 2: 3000 Jan. 10 300'~! ~ ~~ ~!~ i! i ii~~ ~~~~~~~ Ja. ~1 30 Dr. BILLS RECEIVABLE. Cr. Dr. JENNIM PAR. Cr. J ~ ann.! 2~ An. 2')2450''Jan. 1111 13001 1 i... _ }: ".... _/. 1 6 i 1 15 0 j j j n.i 6 0 11Jan. I 6 50 J Jan. 21 1510 731 2450.2450 i._....__ ~ ~ i i~~._._. ~. ~..._i........_.i- _i........_. I... Dr. INTEREST PAYABLE. Cr. Dr. WILLIAM JONES. &? Jan. 113 385 J. 2' 38 55 Jan I 1 15 20 Jan. 18 15 2 { ~~~~~~ J~~~~~~~~~an.'/ 1: 115 20; J~an. 18; 15 j 20, I --- - --' - - -- -—! ~ -' — ~..i I_......i.._.ii i ~ _i._ Dr. ABRAM( CUYLER. Cr. iDr. ALEX. BUTTRE. Cr. I Jan. 7 123 Jan.'18 123 Jan I 1f Jan. 18 75' Ii I _ Dr. FARMERS' BAxNK. Cr. I r. ELIZABETH DEWITT. (h. Ja, 100 i Jan. 121 1510 0I3 20 5828 63 i I J Dr. JOHN WATSON. Cr. An. 11.... 1:' I i Ja~! 1] 1510 78 i I i i —------------- ----- ----------- — * —---------— ~ ----— * —*- I'' II Ii ~ la1 a! i,,! i I 191o ~7319,q CASH STATEMENT, INVOLVING ALL THE ENTRIES IN THE "'THIRD METHOD.-" Jan. 2 Amount on hand........ 250 3 3 Paid Expenses, viz.: Undertaker's Bill......... 75 Livery Bill, Carriages for Funeral.. 150 Probate Judge's Fees.... 10 4 1 Rec'd on Personal Accounts, viz.: James Monroe.... o 575 Edward Gurney.... 600 James Truman,..... 75 83 5 Rec'd for Farming Implements,-Auction Sale..... 500 6 Paid Heirs on Account, viz: Robert Park...... 100 Jas. Park, Jr.. 75 Jennie Park..... 50 9 Paid on Personal Accounts, viz: W. D. Packard.... 400 E. M. Hale....... 375 Chas. Williams........ 250 10 Received for Live Stock.......... 3500 11 Received on Notes, viz.: Robert Paton... $500 00 Interest on same.,, 16 50 516 50 Chas. Pettingill.... $800 00 Interest on same. 18 45 818 45 12 Paid Dr. Benson, for Medical Attendance..... 65 13 Paid the following notes: S. Willard.... $360 00 Interest on same... 6 50 366 50 P. Horton...... $800 00 Interest....... 34 40 834 40 14 Rec'd of Peter Deshong, as per compromise..... 90 16 Received on Notes, viz.: E. C. Bradford... $700 00 Interest on same.. 29 25 729 25 L. S. Bliss..... $450 00 Interest on same.... 11 30 461 30 17 Rec'd of O. Warren, in full of account........ 400 18 Rec'd on Personal Accounts, viz: Abram Cuyler.123 iWm. Jones..... 15 20 Alex. Buttre...... 75 19 Appropriated for Services.......... 150 20 Deposited in Bank............... 5828 63 8729 53 8729.53 199 EXERCISES FOR THE LEARNER. EXERCISES FOR THE LEARNER. NoTE.-The following Narrative comprises a series of transactions in a regular Produce Business, designed to be written up in a manner similar to the previous set. In this case the proprietor is his own agent, and the business is conducted for his own benefit. He thus occupies a double relation to the business, viz.: as principal, and as agent. His interests as principal are represented by the Stock account; and his care as an agent should be, as in the previous case, to know that the resources and liabilities are perpetually equal. The transactions are so arranged that the special gains and losses are made apparent as they occur, so that the different methods suggested in the previous set may be carried out in this. The teacher can make use of these transactions to perfect the student in the different methods of exhibiting gains and losses, as well as in developing the Science of Accounts. Let the student be required first to write up the set in the ordinary manner, retaining the gains and losses in the proper representative accounts, until the close of the business; and then carry them through the general Loss and Gain account to Stock. Next, let him carry each separate loss or gain directly to the Loss and Gain account, when it occurs, and from thence in a net amount to Stock; and, finally, let him take each separate loss or gain directly to the Stock account. This will teach him, in the most unequivocal manner, the theory of gains and losses, and the convenience of permitting all fluctuations to remain in their proper accounts during the current condition of the business. NARRATIVE. July 1. Commenced business with $10,000 cash capital...... Bo't of II. R. Munger,. 10 ds., 500 Bbls. Genesee Flour, G $10...... Bo't of James E. Jenkins, for cash, 700 Bush. Oats, @ 60~....... Sold John J. Anderson, on his note c 10 ds., 300 Bbls. Flour, @ $1050...... Sold Frederick Wintle, for cash, 200 Bush. Oats, G 7V5. 2. Bo't of W. A. Miller, for cash, 300 Bbls. Toronto Mills Flour, a $10 25... Paid cash for Store Expenses, $75...... Sold Thos. C. Latto, on %, 100 Bbls. Genesee Flour, $11..... Bo't of Samuel Martin, for cash, 1000 Bush. Corn, G 65~. 3. Sold James E. Day, on %, 300 Bush. Oats, 78~...... Bo't of Edward C. Rice, for cash, 3000 Bush. Milwaukee Club Wheat, G 81...... Sold Henry C. Spencer, for cash, 500 Bush. Corn, a 73~. 4. Bo't of John McMullen, on %, 4000 Bush. Chicago Spring Wheat, 85~..... Sold G. Bailey, for cash, 1500 Bush. Milwaukee Club Wheat, @ $1 10...... Sold H. P. Perrin, for cash, 200 Bbls. Toronto Mills Flour, @ $11 50...... Received Cash of Thos. C. Latto, in full of %, $5. Paid H. R. Munger Cash on %, $2500...... Bo't of Samuel Lathrop, for Cash, 2000 Bush. Rye, @ 70~......Sold J. Gundry, for Cash, 1500 Bush. Milwaukee Club Wheat, & $120. 6. Sold Henry Eaton, for cash, 2000 Bush. Chicago Spring Wheat, @ 90~...... Sold James Conner, for cash, 200 Bush. Oats, G 75~. 7. Sold Philip Kearney, for cash, 100 Bbls. Genesee Flour, @ $10 75; 100 Bbls. Toronto Mills Flour, G $1I. 10. Paid J. McMullen, cash in full of %, $...... Sold J. Simpson, for cash, 2000 Bush. Chicago Spring Wheat, G 92~; 500 Bush. Corn, Q 75~. 12. Sold J. Hollister, for cash, 2000 Bushels Rye, 60~...... Received Cash in full for John J. Anderson's note of the 1st inst., $ —...... Received Cash of Jas. E. Day in full of %S, $ ——...... Paid H. R. Munger, Cash in full of %, $. Statement at Closing. Cash on hand.... 11269 Capital at commencing...... $10000 -yet Gain. 1269 11269 11269 11269 2n00 COMMISSION: XEBRAOINGX AS PRINCIPAL AND AUXILIARY BOOKS1 RECEIVING BOOK, SALES BOOK, CASH BOOK, JOURNAL AND LEDGER; TOGETHER WITH THE MOST PRACTICAL FORMS IN USE. REPRESENTING BUSINESS AS IT occURS IN FIRST CLASS COMMISSION HOUSES. COMMI SSION. COMMISSION. A COMAIISSION MERCHANT is an agent for the sale of property consigned to his care, and is expeeted to carefully consult the interests of his consignors. He should not be interested in the purchase or sale of articles similar to those consigned to him on commission. The consignor may limit the price at which his property shall be sold, or withhold it from market, or may leave everything to the judgment and discretion of' the Commission Merchant. If, however, explicit directions are given by the consignor as to the management of the property, the consignee must obey them to the letter. Sales on commission must be made for cash, untless the article is uch as is usually sold on time, or the consignor has authorized time to be given. A departure from these estrictions will render the consignee liable for any damage which may result. He may, in fact, require payment to be made before delivery of the property sold, and should do so where any doubt exists as to the business integrity of the purchaser. There are various methods of keeping the accounts of a Commission Merchant, so far as the consignments are concerned. Some keep no account with the different consignments, but enter all transactions relating thereto in the consignor's account; others keep a general consignment % for each consignor under the title of "Consignments," "Sales," or some other appropriate name; while others keep a separate account with each consignment, carrying the separate results as "net proceeds" to the account of the consignor. The latter method is the one here adopted. The books in common use with Commission IMerchants are those illustrated in this set. Their distinct uses, although apparent upon their face, may be briefly stated, as follows: THE RECEIVING BOOK[ contains the copies of Bills of Lading sent with the consignments, and embraces all the necessary facts as to the quantity and kind of merchandise, by whom and how sent, on whose account to be sold, etc. It also contains the amount of fieight due, and usually the receipts of the Transportation Agent for freights paid. This is a purely aaxiliary book, the essential facts which it contains being properly classified in other books, and from thence posted to the Ledger. THE SALES BOOKI is the book of principal record for the Commission Mherchant. It emlbraces tle particulars of each consignment, so arranged as to present at a glance the progress of the business, and of each part thereof. It is, in effect, a Ledger of tile consignment accounts; and althoulgh, as in this instance, a general Sales % may be kept in the Ledger proper, the Sales Book is indispensable to show the facts connected with each consignment. This book is sometimes journalized, but more frequently posted direct, as here slhown. The only difficulty the student is likely to encounter in posting direct from the Sales Book will be that of obtaining a Trial Balance readily. The Commission Sales Book, unlike the Sales Book in a general merchandise business, is a schedule of dilferent sales accounts in various stages of completion; so that, should we select any particular period for carrying the result to the Ledger, such as, for instance, the last of each month, it would be impossible to make the entry oomplete, fiom the fact that sonle of the accounts would represent the sales entirely closed out, while others would exhibit only partial results, leaving space for future entries which might not occur for months; while, if we should delaJy the posting of the amounts in the general column of the credit side of the Sales Book until the sales are closed, our Ledger would fiail to show the indebtedness of parties who have purchased on account. (It is, in fact, this necessity of keeping the personal accounts posted that leads to all the difficulty which besets us in the matter of a Trial Balance.) We cannot, therefore, as in the Sales Book connected with Set V., foot up the sales at the end of the month, carrying the amount to the credit of the Sales c, to balance the corresponding debit entries already posted, and we must either leave the sales unposted until the several consignments are closed, keeping the Ledger thus much out of balance, or collect the amount of sales up to the period at which the Trial Balance is wanted, and credit it to Sales %c. The only objection to the latter method is the carrying of an amount to the Ledger which does not appear in the book of original entry, thereby rendering it difficult to check the work in case the Ledger does not balance. The trouble from this source, however, should not discourage the accountant, but should only-make him the more vigilant in guarding against possible errors in collecting the items from the Sales Book.* It will be seen that we have avoided this difficulty by making in the Journal a memorandum entry at the end of each month, showing the total sales not posted from the Cash Book. This amount, though not extended into the regular money column, is posted to the credit of Sales account, and the difficulty in checking is avoided. 202 C OMMIS SI ON. The debit side of the Sales Book, and the Cash column of the credit side will lead to no difficulty of t.As sort, from the fact that the debit of each consignment is posted only when the consignment is closed out, and the entry complete. Sales % is then debited, and tile several items making tle total, credited; preserving, thereby, the necessary equilibrium. Tile entries in tile Cash column of the credit side arle also made in the Cash Book, ancd posted fiom thence at the end of each month, being balanced by an equal amount of cashl which is included in tlte caslh total. It is not deemed necessary to have a separate column for Cash on the debit side of the Sales Book, from the fact tllat tlere would generally be 1lut one item to enter in it fiom each consignment, viz., thle amoiunt paid for Transportation. A'e lave therefore made a neutralizing entry of tills amount, crediting Transportation friom the Sales Book, and debiting it firom the Cash Book, after the method indicated in the second para:lraIph on p. 129. THE CASH BOO00 differs in no essential particular from other Cash Books shown in this work. The special columns will be readily understood. THE JOURNAL contains only such records as may not properly be entered in the other books. It will explain itself. THE LEDGER differs from the Ledgers already shown, only in the form of entry, the explanations being more full and satisfactory. This feature is one which we would commend to the careful attention of the student. Thle NARRATIVTe OF TRANSACTIONS preceding the books of entry should be carefully studied, and all the entries made therefriom, instead of copying them firon the books themselves. We briefly indicate the order of entry. Tile first regrllar transaction of tile business is that of May 12th, relating to the 550 bbls. Flour received by the boat "Sam Miller." The first entry to be made is in the Receiving Book, stating the date of arrival, and copying from tloe Bill of L:ading the name of the vessel, railroad, or other mode of transportation, and all the essential facts as to the qualltity and kiind of property, by whllom forwarded, at what date, on whose account to be sold, the charges accrued, etc. Carefill attention should be given to the quantity and condition of the property, to see that it corresponds with tle Bill of Lcldihig, and if it varies in either particular, the facts should be noted immediately on tihe Receivinrg Book, tllat reference may be had to it in tile final settlement. Upon paying the freight, a receipt is tel;en (genlerally in the Receiving Book), and the amount entered to Transportation r%. The Sales Book is then opened, and under the name of the owner an entry is made, on the left hand or debit page, of the property received, specifying the same particulars as in the Receiving Book. Other charges, such as Storage, Insurance, Commission, etc., will be entered as they occur. Vlien the property is all disposed,f, thlese cllarges, of course, are to be deducted fiom the gross amount of the sale, and the "net proceeds" placed to the credit, or made sublject to tile order of the owner. Tlie crash paid for fireight ($93.50) must, of course, be entered in the Casil Book, and as " Transportation" 7% is credited in thle Sales Book, it will nov be debited in the Cash Book, the amount being carried to that special column, and included in the total at the end of the month. It will be readily seen tlhat the'entries thus made in the Transportation Account must cancel or neutralize each other. Tile use of sucl accounts becomes necessary whlere conflicting entries are made from different books. In tllis case, the account is something better than a mere necessity, as it shows the amount we have paid on Transportation. This set is designed to give the student a practical idea of the best method of keeping Commlission Books as practised in the first Commission HI-nules along the great central thorolghlfare, extending fioldm the Atlantic to time Mississippi. This and the F'orwardlicg oeb i micli follows are amade upj irom transactions, furnished by Mlr. H. B. TrlLE, off' Cleveland, to whom we are indebted for most of tihe arraniement, and the practical lit ts touching the customs in this department of trade. The first two months' transactions are entered up in detail in tlhe proper books. The last two are left for the student to enter, and are relied upon mainly for practical instruction. We are confident that no better forms are before the public, or in use among business men. 203 COMMI SSIO N. NARRATIVE OF TRANSACTIONS. May 1. Commenced a general Commission business, occupying the office and warehouse rented of H. Harvey, River Street, at $800 per annum. Appropriated $10,000 as capital, which is now paid in. (C. B.) - - - - Paid Cash for Office Furniture, $38. (Furniture %, C. B.) 3. Paid Cash for Stationery and Blank Books, $9.95. (Expense %, C. B.) Also for Iron Safe (Furniture %, $230, C. B.) 4. Paid Cash for sundry articles for office and warehouse use, $3.25. (Expense %, C. B.) 12. Received by Boat "S. Miller," from Monroe Mills Co., Akron, 0., 550 bbls. Flour, to be sold on their account. The brands are as follows: 440 bbls. "Monroe Mills Extra," 85 bbls. "Summit Mills," and 25 bbls. "A. Potter." Paid Canal Freight, 1I7~ per bbl. in Cash. (R. B.; S. B.; C. B.) - - - Procured Fire Insurance in the Commercial Mutual Ins. Co., Cleveland, to cover any property in store to the amount of $5,000, @Q11 V ct. prem. Paid Premium in Cash.* (C. B.) - -- Sold P. Anderson, from Monroe Mills Co.'s Consignment, 300 bbls. "Monroe Extra"' "our, @ $8 per bbl. - - - - Also sold A. M. Perry & Co. 40 bbls., same brand, Q 8.121, both payable on presentation of bill.f (S. B.) 13. Rec'd by Boat "Cuyahoga," from R. M. Ashley, Cuyahoga Falls, 100 bbls. Linseed Oil, for % of Henry Wetmore; paid Freight, 37~ $ per bbl. in Cash. (R. B.; S. B.; 0. B.) - - - - Sold, for Cash, 25 bbls. "A. Potter" Flour, Monroe Mills Co.'s Const., @ $5. (S. B.; C. B.) - - - Sold H. Steller, 85 bbls. " Summit Mills" Flour, Monroe Mills Co.'s Const., @ 7.50. (S. B.) 14. Sold, for Cash, 10 bbls. Linseed Oil, 403 gallons, ~ 95~ —Wetmore's Const. —(S. B.; C. B.) - - -.. - Sold Gaylord & Co. 30 bbls. Linseed Oil, 1200 gallons, l 92~ —same Coust.-(S. B.) - - - - Received of P. Anderson, Cash for Bill of Flour of 12th inst. (C. B.) 15. Sold, for Cash, 100 bbls. " Monroe Extra" Flour, Monroe Mills Co.'s Const., l $8. (S. B.; C. B.) - - - - Also 5 bbls. Linseed Oil-H. Wetmore's Const.-2011 gals. l 95'. (S. B; C. B.) 17. Received, per C. C. & C. R. R., from New London Station, for % J. H. Luther, Ashland, O., 100 bbls. "Ashland Mills" Flour; paid R. R. chgs. on same, $22.47; Drayage, $2.50. (R. B.; S. B.; C. B.) - - - - Rec'd Cash of A. M. Perry & Co. for amount of their bill of 12th inst. (C. B.) - - - - Also, of H. Steller, for amount of his bill of 13th inst. (C. B.) - - - - Sold A. M. Perry & Co. 100 bbls. "Ashland" Flour-J. H. Luther's Const.A $7.75. (S. B.) - - - - Closed Monroe Mills Co.'s Const., and rendered them S% sales of the same. Our charges (aside from Transportation, already entered) are as follows: Storage, $13.50; Insurance, $10.72; Commission, 21 % on total sales, $107.19; net proceeds credited to Monroe Mills Co. (S. B.) 1 18. Rec'd Cash of Gaylord & Co. for amount of their bill of 14th inst. (C. B.). - - Sold for Cash, 55 bbls. Linseed Oil-I. Wetmore's Const.-2200 gals. ( 90$ (S. B.; C. B.) 19. Paid Cash for IH.Wetmore's sight draft on me, favor A. Gray, $1400. (C. B.) - - - Procured a Cargo for Schr. Lavinia, as requested; Freight amounting to $850; my Commission on same, 5%, chgd. to Schr. Lavinia (J.). 21. Rec'd Cash of A. M. Perry & Co., for amt. of bill of 17th inst. (C. B3.) - - - - Paid Cash for Monroe Mills Co's. sight draft on me, favor H. B. Hurlbut, Cashr., $2000. (C. B.) 24. Closed H. Wetmore's Consignment, and rendered him an % Sales of the same: Our chgs. (aside from Transportation, already entered) are as follows: Storage, $8; Insurance, $9.14; Cooperage, $2.50; Commission, $91.46.-Net Proceeds to be credited to H. Wetmore. (S. B.) 25. Rec'd, per Boat "Cataract" from Haughey & Byers, Newark, 0., for % of Consignors, 1915 bush. Wheat. Paid Freight in Cash, 8~$ per bush. (R. B.; S. B.; C. B.) - - - - - Also per Boat " C. Delano," from same parties, and for their %, 2006 bush. Wheat, being 6 bush. over the Bill of Lading, for which we paid the It is customary for Commission Merchants to effect a general Insurance on all property that may be in their warehouse, making the amount large enough to cover all probable risks, and then charge consignors a sufficient percentage to cover their outlay. They thus become insurers to their consignors, and in turn transfer their risks to some reliable Insurance Company, not unfrequently realizing a small margin of gain in this way. t Nearly all Cash sales to regular customers are made in this way, the bills not being presented for two or three days after the purchase. In all such cases the purchaser should be charged immediately, the same as if the sale were on account. t It is proper that a Consignment account in the Sales Book be closed immediately upon disposing of the property. In this case, although the last sale was effected on the 16th, the account is not closed until the 17th, the date of payment of the two bills due for previous sales. The reason for this delay is obvious, as the consignee does not consider himself as owing the consignor until he holds in his hands the avails of the sales. When the account sales is received by the consignor, he can draw for the amount, it being in the hands of his agent, the consignee. 204 COMMISSION. Capt. the market price of $1.20 per bush.;* also paid Freight on the 2000 bush., as per Bill of Lading, @ 8~I (R. B.; S. B.; Q. B.) - - - Sold C. Hickox, 1915 bush. Wheat-HIaughey & Byers' Const. —@ $1.20. (S. B.) - -. Also, sold Harvey & Witt, 2006 bush. Wheat, same Const., @ $1.20. (S. B.) - - - Paid Cash for Cooperage, $2.50. (C. B.) 26. Paid Cash for H. Wetmore's sight draft for E. Comstock, Cashr., $2200. (C. B.) ---- Closed J. H. Luther's Consignment, and rendered him an % Sales: Our charges (aside from Transportation already entered) are as follows: Storage, $3; Insurance, $1.94; Commission, $19.37; Net Proceeds remitted in Cash.J (S. B.; C. B.) 27. Rec'd, per Steamer "Ocean," from C. A. Trowbridge, Detroit, for % of Thos. Paxton, 100 bbls. White Fish; paid Freight, ( 12$-~ per bbl. (R. B.; S. B.; C. B.) - - - - Rec'd. per Schr. Lavinia, from Ames & Merriam, Oswego, (May 19) 600 bbls. Water Lime, for % of H. M. Ames. Freight:, 18! per. bbl., credited Schr. Lavinia. (R. B.; S. B.; J.) 29. Rec'd, per Str. "Ocean," from C. A. Trowbridge, Detroit, for c of Thos. Paxton, 100 hf. bbls. Fish. Paid Freight, l 6jfl per hf. bbl. (R. B.; S. B.; 0. B.) - - - Accepted Thos. Paxton's draft, dated 24th inst., @ 1 month from date, for $1000.4 (J.) 30. Rec'd Cash of 0. Hickox for bill of Wheat of the 25th inst. (C. B.) - -- - Also of Harvey & Witt for bill of Wheat, same date. (C. B.) 31. Paid Inspection bill of T. Paxton's Fish, $57.50. (C. B.)-One hf. bbl. over on inspection.~ - - -- Paid Warehouseman's wages this month, $25. (C. B.) - - - Closed Hiaughey & Byers' Consignment, and rendered them an % Sales. Our charges (aside from Transportation already entered) are as follows: Commission, 1~ per bush., $39.21 —Net Proceeds to credit of Haughey & Byers. (S. B.) - - - - Closed Cash Book, and posted results to the Ledger: Total Transportation paid this month, $507.50; Total Expense for the month, $40.70.Balance Cash on hand, $16144.36. - - -Also transferred to Journal the Sales not entered from Cash Book, viz.: "Monroe Mills Co.," $3362.50; H. Wetmore, $1104; J. H. Luther, $775; Haughey & Byers, $4705.20: Total, 9946.70. 11 June 2. Sold Gordon, McMillan &-Co., @ 10 ds.,'from Paxton's Const., 51 bbls. White Fish, ( $8; 82 hf. bbls. do., @ $4.25. (S. B.) - - - - Sold Hubby, Hughes & Co., from Ames' Const., 300 bbls. Water Lime, @ $1.25. (S B.) - - - - Drew on HF. Wetmore for balance of %, $90.32.~ (C. B.) 5. Paid Cash for Monroe Mills Co's. Draft on me, favor T. P. Handy, Cashr., $2062.59. (C. B.) - - - - Rec'd. per C. & P. R. R., from Akron, 0., for % of J. B. Woods, 250 bbls. Flour, "Phenix Mills." Paid Freight, 14~ per bbl., $35; Drayage, $6.25. (R. B.; S. B.; C. B.) -- -- Sold Bradburn & Fisher, from Ames' Const., 300 bbls. Water Lime, Q $1.25 (S. B.) 6. Sold Gordon, McMillan & Co., from Paxton's Const., 49 bbls. Inspected Fish, Q $5, and 19 ht bbls. same, Q $2.75. (S. B.) --- Rec'd., per C. C. & C. R. R., for S of Baldwin & Payne, Franklin, Ind., 500 bbls. "Pearl Mills' Flour; paid Freight to Union, 36~ per bbl.; from Union to Cleveland, 40~ per bbl.; Total Freight, $380; Drayage, 210 per bbl., $12.50. (R. B.; S. B.; C. B.) * The master of a vessel, boat, or other public vehicle, is held responsible for the safe delivery of goods as entered on his Bill af Lading. If the quantity falls short, he must make good the deficiency, and, on the other hand, if it overruns, custom allows him to appropriate the excess. In this case we pay the captain the regular market price for 6 bush. over, and charge the same to the owners. t In ordinary cases, we should scarcely deem it necessary to open an account with a consignor, when we remit him his net proceeds in cash; but, as we must enter the cash in the Cash Book, and post it from thence to the Ledger, we are obliged to make of this a neutralizing entry, the same as we do of Transportation. We therefore credit the consignor for his net proceeds from the Sales Book, and debit him for the remittance from the Cash Book.:$ It is customary for consignors to draw against their consignments, making the draft payable far enough ahead to allow the consignee to realize on the property before the draft matures. There is no risk in accepting a draft when we have sufficient property belonging to the drawer. ~ In this case, the "over" is not discovered until the property is inspected, and is not therefore claimed by the transporter. We simply add it to the number already entered, and give the consignor the benefit. IN If the student will carefully examine his Sales Book, he will discover that these amounts, comprised in the total amount carried to the Ledger as " other sales" (than cash) for the month, he will see that a corresponding debit for each one in the shape of a personal account has been already posted; and, of course, if this credit to Sales were omitted, the Ledger would fail thus much of balancing. It may be optional with him to post the amount to the Ledger at this time, or to post the separate sales when they are closed out, always keeping in mind that, in the latter case, there will be a defici ncy in his Trial Balance of the amount of credit sales unposted. r Business houses do the most of their collecting through the Bank where their deposits are madle. As this is a sight draft.. and will be paid on presentation, we deposit it the same as cash. The Bank will of course send it on immediately for collection. WVe keep no Bank account in our Ledger, reckoning the amount on deposit as cash. 205 CO 31 M ISI ON. 8. Paid Cash for Haughey & Byers' sight draft, favor of H. B. Hurlbut, Cashr., $2116.07. -- - - Also, pe their order, remitted to R. Me'ad & Co., N.Y., $2198.95. Exchange on above, i prem., $ 10.99.* (C. B.) - - - Sold for Cash, from J. B. Wood's Const., 200 bbls. "Pllenix Mills" Flour, ( $8.20; and 50 bb1ls. do, 6.$S.25. (S. B.; C. B.)- - - - Rec'd, per C. C. & C. R. R.., from Baldwill & Payne, Fralnklin, Ind., 200 bbls. "P'earl Miills" Flour, and 50 do. " Fine" Flour. Paid Freight to Union, 36~ per bbl.; from Unioa to Cleveladcl 401 Iper bbl.I Total Freigllt, $190; Drayage, 2~~, $6.25. (R. B.; S. B.; C. B.) --- Rec'd, per C. & P. 1i. II., lIo?y of J,. l,. AWoods, Akron, 0., 50 sacks Wool, 7500 lbs. Paid Freight, ( 10T per 100 lbs., $7.50; Dri-A;le, 5a l;,ll.s. @ 25t, $1 25. (R. B.; S. B.; C. B.) - - - - Rec'd, from Boat "Tornado," for % of 11. Meek, CoshIctoii,.. 200 kegs Butter, 22,410 lbs. Paid Freight, ( 18~ per 100 lbs., $40.34. (R. B.; S. B.; C. B.) - - -. - Sold N. Scrider, from Baldwin & Payne's Const., 500 bbls. " Pearl Mills" Flour, (M $7.50. (S. B.) - - - Closed J. B. Wood's Const., of June 5, and rendered % Sales of same.-Our charges not previously entered are as follows: Stor.lgle, $7.50; Insurance, $2; Commission, 21% on $2052.50=-$51.31. Net Proceeds to credit of J. B. Woods. (S. B.) 9. Rec'd Cash of Hubby, Hughes & Co. for bill of Water Lime, of 2d inst. (C. B.) ---- Paid Cooperage, $3. (C. B.) 12. Rec'd Cash of Bradburn & Fisher for bill of Water Lime, of 5th inst. (C. B.) - - -- Rec'd Cash of Gordon, McMillan & Co. for bill of Fish, from Paxton's Const. of June 2, and June 6, due this day. (C. B.) - - - - Drew at sight on N. Sackrider, for $3235.50. (C. B.) - - - - Remitted Cash to J. A. Carlton, Cinci., for'% of J. B. Wroods, $1500. (C. B3.) ---- Closed Ames' Const., and rendered % Sales of same. Our charlges, not already entered, are as follows: Storage, 8~P per bbl., $48; Insurance, $1.50; Cooperage, $3; ComImission, 12!f per bbl. on 600 bbls., $75. Net Proceeds to credit of H. M. Ames. (S. B.) - -- - Remitted Ii. M. Anmes, for ]is net proceeds above, my sight draft on N. Sackrider, Ogdcnsburg, N. Y. (J.) - - - - Closed Bacldwinl &. Payne' Const., of June 6, and rendered % Sales of same. Our charges, not already entered, are, fbr our Commissions, @ 15l~ per bbl. on 500 bbls. Flour, $75. Net Proceeds to credit of Baldwin & Payne. (S. B.) - - - - Accepted H. Meek's draft of June 9th, Q 2 months from date, for $1500, payable at Commercial Bank. (J.) 15. Ree'd, per Boat'- S. Miller," from Monroe Mills Co., for %c of Shipper, 544 bbls. Flour, of the following brands: 400 bbls. "Mlonroe Extra," 125 bbls. "Summit Mills," and 19 bbls. " A Potter." Paid Freigllt, 16GP per bbl., $87.04. 10 bbls. Wet; Damage appraised and deducted, $10.. (R. B; S. B.; C. B.) 16. Remitted Baldwin & Payne, as per their request, Cash to balance %, $3282.50. (C. B.) - - - - Received per Boat:'Beacon," from N. T. Claypole, Nashiport, O., of June 12, for % of W. Lynn & Co., 120 pieces Bacon, 320-1 lbs. Paid Freight, 18~ per 100, $5.76. (R. B.; S. B.; C. B.) 18. Rec'd, per Schooner 1" Lavinia," from Ames & Merriam, Oswego, of June 11, for % of ii. BI. Ames, 500 bbls. Water-Lime; Freight, 18~ per bbl., credited Schr. " Lavinia." (R. B.; S. B.; J.) - - - - Also, per sallle vessel from HI. C. Wright, Osw ego, for % of Shipper, 250 bbls. Coarse Salt, and 1000 bbls. Fine Salt; Freighllt 15 per bbl., credited Scllr. "Lavinia." (R. B.; S. B.; J.) 19. Procured cargo for Schr. " Lavinia," freight amounting to $1425, for which we charge ler, as per agreement, 5%. (J.) - - - - Sold for Cash, from J. B. Woods' Const., 50 sacks Wool, 7250 lbs., @ 35~P. (S. B.; C. B.) - - - Closed J. B. Wrood's Const., and rendered %, Sales of same. Our Charges not already entered are: Storage, $7.50; Insurance, $6.34; Commission, 1~ per lb., 72.50. Net Proceeds to credit of' J. B. Woods. (S. B.) - - - - Sold, for Cash, from H-I. Meeks' const., 50 kegs Butter, 5100 lbs. 6 18~. (S. B.: C. B ) - - - - Received, per Sehr. " Marquette," from Hinckley & Handy, Chicago, for % of Shippers, 14,000 bush. Oats, stored in Erie Warehlouse. Paid Freioht, 54 per bushel. (tR. B.; S. B.; C. B.) - - - - Paid J. B. Woods, Cash to balance 7, $2892.85. (C. B.) - - - - Sold Gordon, MlcMillan & Co., from I-I. M. Ames' Const., 500 bbls. Water Lime, (D $1.20. (S. B.) - - - - Sold R. T. Lyon, on his note, ( 30 ds., from H. C. Wright's Const., 250 bbls. Coarse Salt, g $2, and 1000 bbls. Fine do., o $1.50. (S. B.) 20. Closed H. M. Ames Const. of June 19, and rendered 7 Sales of the same. Our Charges not already posted are: Commission, 12p$ per bbl., $62.50. Net Proceeds to credit of H. M. Ames. (S. B.) - - - - Remitted H. M. Ames sight draft on New York, for his net proceeds as above, less ~ % prem. - - - - Closed HI. C. Wrilght's Const., and rendered % Sales of the same. Our charges not already entered, are: Commission on 1250 bb!s. * Unless otherwise agreed, the net proceeds of sales on commission are payable in the currency of tlie place where the sales are effected. To send money to New York, which will be current there, we are obli ed to pay } per et. premium, and, as this is done at the request of the consignor, the premium is as much charglable to hin as the face of the draft. t As the carrier engages to deliver property ins "good condition," he is responsible for any damage xwhich may accrue through his neglect. The amount of damage, in this case, as agreed upon by the parties, is $10, which is deducted from the freight. The Commission Merchant owes it to his principal to guard against all losses which his vigilance may avert; and is, in fact, legally responsible for the result of oversight or negligence. 206 COMMISSION. Salt, ( 6~, $75. Net Proceeds credited H. C. Wright, to be paid upon collection of note for which property was sold, and which matures July 22.* 24. Procured Fire Insurance on 14,000 bush. Oats stored in Erie Warehouse, as requested by the con. signors, to the value of $400, in Cem. Mut. Ins. Co.; Policy No. 3210; paid prenlium on same, $10.50.t (J.; C. B.) 27. Paid Cash for our acceptance of T. Paxton's dft., dated May 24, due this day, $1,000. (C. B.) - - - Closed T. Paxton's Const. of May 27 and 29, and rendered % Sales of same. Our charges not already posted are: Inspection, $57.50; Storage, $13.05; Insurance, $2.50; Commission, 21 % on $1053.75. Net Proceeds to credit of Thos. Paxton. (S. B.) 29. Procured additional Fire Insurance for three months on property in warehouse to the value of $5000. Paid Premium, $25. (J.; C. B.) 30. Rec'd. of Gordclon, McMillan & Co., Cash to balance %. (C. B.) - - - - Paid Warehouseman's wages this month, $25; also, for extra labor, $6.50. (C. B.) --— Paid 1H. C. Wright, Cash to balance %, $1737.50, less $10.62 for interest on charges advanced.: - - - - Closed Cash Book and posted results. Cash on hand, $8611.71. Total Transportation paid this month, $1461.89; total Expense, $34.50. Also, entered in Journal, total sales credit not entered fiom Cash Book, as follows: Tleos. Paxton, $1053.75; H. M. Ames, $750; do., $600; Bald win & Payne, $3750; LI. C. Wriglht, $2000. Total, $8153.75. MEMORANDA OF TRANSACTIONS TO BE WRITTEN UP BY TIIE STUDENT. July 2. Rec'd, per Boat "Eagle," from R. MI. Ashley, Cuyahoga Falls, 100 Bbls. Whiskey, for % of W. Demingo & Co., which I refuse to sell. Paid Freight on same, $25, and placed it in store subject to owner's orders. -Sold P. Anderson, from Monroo Mills Co.'s Const., 400 Bbls. "Monroe Extra " Flour, 8 $,$.30; 19 Bbls. A. Potter Fine Flour, @ $5:-fiom Baldwin & Payne's Coast., 200 Bbls. Pearl Mills Flour, @ $S.00; 50 do. Pearl Mills Fine Flour, @ $4.90. 3. Sold for Cash, firom TT. Meek's Const., 100 Kegs Butter, 9120 lh., G 17~. - - - Rec'd, per Schooner "'Coua:l,' fioml RIandall & Gilbert, Oswego, 8000 Bags Dalilry Salt, ea. 20 lT).; 5000 do., ea. 14 jb. Paid Freight on sanw, 115 tons, G $2.00 per ton. 5. Sold A. M. Perry & Co., from AMonroe Mills Co.'s Coast., 125 Bbls. Summit Mills Flour, @ $7.50. - Bo't folr If.'Meek, per his order, and paid Cash, Invoice of Mdse. amounting to $815.50, for which I chlarge lhi Commission - - - - Rec'd, per C. C. & C. R. R., fiom Now Orleans, via Cincinnati, for % Reynolds, Eiy & Co., Challa. o, 100 Illhds. Sugar. Paid Freight on same, $825; Drayagre, $2. Sold for Casl, fiom Rl:ndall & Gilbert's Cop!st., 3000 Bags 20 11) Salt, CO 13~; 1000 do. 1411j Salt, G( 10P. - - - - Rc'd Cash of P. Anderson on % of Bill of Flour of 2d inst., $3415. 6. Sold fbr Caslh, fiom Rancdall & Gilbert's Const., 5000 Bags 20 1j Salt, (O 121; 4000 do. 14 Ib Salt,, O 10T. - Recc'd Cash of P. Anderson, for balance of' Bill of Flour of 2d inst., $1845. - - - - Closed Randall & Giilbert's Const., and rendered them % Sales of same. Our clharges not already entered, are Commnission on Sales ($1490), O 5f. Net proceeds to credit of Randall & Gilbert. Sold Randall & Gilbert, fiom T-inckley & IIandy's Const., 14,000 Bush. Oats, @ 401. - - - Rec'd Cash of:Randall l & Gilbert to balance %, $4414.50.. - - - Closed T-incl;ley & 1anrldy's Const., and rendered them % Sales. Our Chlarges, not alreacldy posted, are, Interest on Advance Freight, $700, for 17 ds., h 6 %, $1.98; Insurance, $10.50; Storage, Erie WIarehouse bill, $140; Commission, 11 per Bush., $140. Net proceeds credited Hinckley & Handy. * As this sale was made on tine, at the instance of the consignor, lie must wait for the net proceeds due him until the note mathres. t Th'e plan of keeping a " Memorandum" account in the Ledcger, after the manner of the onle shollw in this connection, is most admilrable, and its general adoption in business would go far towards remedying the countless evils whlich grow out of a treacherous memolrly. $ There are two ways of making this entry; one, to be made entirely from the Cash Book, crediting Cash for the whole amount ($T173.50), and debiting it for the interest ($10.62); and the other to be divided between the Cash Book and Journal, debiting the party, and crediting Cash from the Cash-Book with the net amount paid ($1726.85), and debiting the party, and crediting Interest from the Journal for the abatement ($10.62). We prefer, and have adopted the former. 207 COM MISSION. 10. Rec'd Cash of A. M. Perry & Co., for Bill of Flour of 5th inst., $937.50. Sold for Cash from W. Lynn & Co.'s Const., 120 Pcs. Bacon, 3190 l., Q 9~. - - - - Paid Cash for Hiinckley's sight draft on us for $4607.52. - - - - Paid Cash for Erie Warehouse Bill of Storage, $140. - - - Closed Monroe Mills Co.'s Consignment, and rendered % Sales of same. Our charges not already posted are, Storage, $16.32; Insurance, $10.88; Commission, $108.81. Net proceeds credited Monroe Mills Co., $4139.45. - - - - Closed Baldwin & Payne's Const., and rendered them %6 Sales. Our charges not already entered are, Interest on Advance Freight, 79~; Storage, $7.50; Insurance, $4.61; Commission, $37.50. Net Proceeds to Baldwin & Payne's credit, $1598.35. 12. Paid Monroe Mills Co. Cash to balance`%7, $4139.45. - - - Closed W. Lynn & Co.'s Const., and rened them % Sales of same. Our charges not already entered are, Commission, @ 5%. including Storage and Insurance, $14.35. Net proceeds to their credit, $266.99. - - - - Purchased of Bradburn & Fisher, for Baldwin & Payne, as per order of the 10th inst., Invoice of Groceries, amounting to $1260. Charged 2j % for my Commission. — — Sold W. Lynn & Co., from Reynolds, Ely & Co.'s Const., 2 Hhds. Selected Sugar, 2160 lb., l( 8~. 15. Sold Bradburn & Fisher (Q 4 mos.), from Reynolds, Ely & Co.'s Const., 50 Hhds. Sugar, 49,500 lb., Q 7'P....- - Rec'd from Schr. Marquette, 500 Bbls. Fine Salt, to sell for % of vessel and owners. Advanced Cash on same, $500. - - - - Sold.for Cash, from H. Meek's Const., 50 Kegs Butter, 5090 B., I( 17~i. 16. Rec'd from Bradburn & Fisher, to balance %, their note, dated June 15, i 4 mos., for $3465, payable at Merchants' Bank. - - - - Closed H. Meek's Const., and renderedc Sales of same. Our charges not already entered are, Commission (5 % including Storage and Insurance), $167.95. Net proceeds to H. Meek's credit. 19. Paid Bradburn & Fisher Cash for Bill of Groceries of 12th inst., 1260. - - - Received by Teams from Ethan Allen Twinsburg, on Te of Alling & Co.,.119 Boxes Cheese. Transportation Chgs. paid by Consignor. 22. Rec'd Cash for R. T. Lyon's note, due this day, $2000. 26. Sold Reynolds, Ely & Co., from Alling & Co.'s Const., 119 Boxes Cheese, 4284 lb., ) 9~; also, purchased for them bill of Cheese, amounting to $1982, for Cash; my commission for purchasing, 2~ %, $49.55. - - - - Closed Alling & Co.'s Const., and rendered them % Sales. Our charges are for Commission, l 5 %, $19.28. Not Proceeds to credit of Alling & Co. 29. Sold for Cash, from Schr. Marquette and Owner's Const., 250 Bbls. Fine Salt, Q $1.80. - - - - Paid Cash for Alling & Co.'s order fav. Gordon, McM. & Co. for net proceeds of Cheese, $366.28. - - - - Sold J. B. Woods, from Reynolds, Ely & Co.'s Const., 15 Hhds. Sugar, 12.825 l., Q 7~$; also, from Schr. Marquette and Owner's Const., 250 Bbls. Salt, G $1.80. - - - Sold Gordon, McM. & Co., from Reynolds, Ely & Co.'s Const., 33 Hhds. Sugar, 28,215 lb., ( 6. - - - - - Rec'd, per Schr. Lavinia, from Crawford & Co., Ogdensburg, for %X of Hammond & Co., Crown Point, 150 Gro. tons. Pig Iron. Lake Freight, $218.40; previous charges, $353. Credited to Schr. Lavinia. 30. Procured Freight for Schr. Lavinia, amounting to $1455. Charged her 5 % commission. 31. Paid Cash to Schooner Lavinia, to balance %, $770.40. Closed Schr. Marquette's Const., and rendered %S Sales of same. Our charges are, for Storage, $15; Commission, 7~ per Bbl., $35. Net Proceeds to credit, $850. - - - Paid Schr. Marquette, to balance %, Cash, $345. Interest on advance, $5*. - - - Paid Cash for Warehouseman's wages this month, $25; also, to H. Harvey, for rent of warehouse, 3 mos., $200. - - - Sent to Baldwin & Payne, Franklin, Ind., per express, Cash to balance %, $306.85. - --- Prepaid my acceptance of H. Meek's draft, due Aug. 12, $1500. - - - - Credited H. Meek, $10.70, for balance of interest due him on current %. - - - - Paid Cash for draft on New York, and premium, and remitted same to H. Daw & Son, Buffalo, per order and for % of H. Meek. Face of draft, $814.43; premium, $11.25. lMemorandum.-Have this day discontinued business. Disposed of my lease to Coleman & Co., to havo possession Aug. 1, and who take office furniture l 5 % less than cost. - -- - Closed Cash Book, and posted results to Ledger. Total Transportation paid this month, $1105; Total Expense, $225; Balance Cash on Hand, $7003.28. Also, transferred to Journal the Sales not entered in Cash Book, as follows: Monroe Mills Co., $4352.50; Baldwin & Payne, $1845; Hinckley & Handy, $5600; Reynolds, Ely & Co., $6504.16; Schooner Marquette, $450; Alling & Co., $385.56.' It is customary for Commission Merchants to advance on goods consigned to them: in other words, to lend the Consignor funds for which the goods are security. In all such cases, of course, it is proper to charge the Consignor with interest. 208 CO MMI S S I O N. August 1. Rec'd Cash of Gordon, MccMillan & Co., for balance of c%, $1901.51. - - - Rec'd Cash of J. B. Woods, for Bill of Sundries, 29th ult., $1411.87. - - - Charged Coleman & Co., for Office Furniture, $268, less 5 %, $254.60; for sundry articles Stationery, $2.80. - - - - Closed Reynolds, Ely & Co.'s Const., and rendered % Sales of the same. Our charges not already entered are, Interest on Freight advanced, $3.56; Storage, $37.50; Insurance, $10.84; Commission, $162.60. Net Prooeeds to their credit, $5439.68. 2. Paid Cash for W. Lynn & Co.'s sight draft, $94.19. 3. Rec'd Cash of T. Paxton, to balance %, $64.39. - - - - Sold Carpenter, Geary & Co., from Hammond & Co.'s Const., 150 Tons Pig Iron, ( $40, for which they are to pay charges already accrued in Cash, balance in six months. 4. Rec'd Cash for freight, $25, and storage, $10, on 100 Bbls. Whiskey, stored July 2, for W. Deming & Co., and now forwarded by their order to Buffalo. - R - - Rec'd Cash of Carpenter, Geary & Co., on % of Pig Metal purchased 3d inst., $758.90; also their note, dated Aug. 3, H 6 mos., to the order Hammond & Co., for $5241.10. - - - -Closed Hammond & Co.'s Const., and rendered them /c Sales of same. Our charges not already entered are, Storage, $75; Commission, $112.50. Net Proceeds to their credit, $5241.10. Remitted them in payment Carpenter, Geary & Co.'s note, as above. 7. Charged Coleman & Co. balance of Insurance Policy transferred, $50. 8. Rec'd Cash of Coleman & Co., to.balance %, $307.40. 9. At Reynolds, Ely & Co.'s request, I have assumed Bradburn & Fisher's note, @ 4 mos., for $3465, received July 15, for 50 Hhds. Sugar, and have rendered them an % current. Balance of interest to their debit, $55.50. 10. Purchased for Cash, and remitted to Reynolds, Ely & Co., sight draft on New York to balance c. Face of draft, $2952.31; Premium, $14.76. The following balances are carried to Loss and Gain %, viz.: Debits, Furniture, $13.40; Expense, $291.90; Credits, Insurance, $10.47; Commissions, $1855.30; Storage, $261.87; Interest, $66.75. Statement of ]Business at Closing. ----- Resources. —-- Cash on hand............. 8424 09 Bills Receivable, due Nov. 18............ 3465 11889 09 L- - iaLgbilities. Capital Stock at Commencement............... 10000 -Net Gain during Business.............1889 09 11889 ~09 NOTE.-The natural order for the books of this set would be: 1. RECEIVING BooK; 2. SALES Booai; 3. CAII Boo001; 4. JOURNAL; 5. LEDGER. An economical use of space has made it necessary to place the Journal first. However, as each book is distinct by itself, the Order of preference is a matter of little importance. 14 209 JOURNAL, -COMMISSION. Cleveland, lay 19, 1861. S R24 Sc. LAVINIA To COMMISSION... 42 50 7 For procuring Cargo of Freight, of $850 @ 5.. 50 28 4 TRANSPORTATION TO SCHR. LAVINIA.. 108 24 For Freight of 600 Bbls. Water Lime from Oswego, @ 18. 108 29 15 THOS. PAXTON TO BILLS PAYABLE... 1000, 13 For acceptance of dft. of May 24, favor R. Qanson, @ 1 month from date (payable at our office, June 27)..1000 The above dft. is made against 100 Bbls. and 100 i HfI Bbls. Fish, received on Consignment. Mem. —The following Sales on %, during the month, already debited to purchasers from Sales Book, are now posted to credit of Sales: From Monroe Mills Co...... B. Folio 1, $3362.50 " H. Wetmore." " 2, 1104 " J. H. Luther..... " " 3, 175 9 H" aughey & Byers.... " " 4, 4705.20 $9946.70 Ax -wle2June 12 i 31 H. M. AMES To N. SACKERIDER... 514 50 I 30 For my draft on Sackrider remitted to Ames for proceeds of Water Lime, as per % Sales......... 514 50 83 H. M3EEK TO BILLS PAYABLE. 1500 13 For acceptance of draft of June 9, @ 2 months from date,! payable @ Commercial Bk., Aug. 12..1500 ________ ~18 4 TRANSPORTATION TO SCHR. LAVINIA 277 50 For Frt. of 500 Bbls. Water Lime, @ 18i $90 24 " " " 1250 " " " " 187.50 1I 277' 50 19 24 SCHR. LAVINTA To COMMISSION....71 25'7 For procuring Freight, of $1425 @ 5%....... 71 25 35 Mem.-Procured Insurance on 14000 Bush. Oats stored in Erie Ware- l house, on a value of $4000, in Com. Mut. Ins. Co.-Policy No. 3210. 29 35 Mem. —Procured additional Insurance on property in Warehouse to the to the amount of $5000, for 3 mo., in Home Ins. Co. of N.Y. Policy No. 2641. 30 XMem. —The following are the Sales on % for the month: Thos. Paxton.....B. Folio 5, $1053.75 H. M. Ames..... " 6, 1350 Baldwin & Payne..." " 8, 3750 o I L C. Wright..... " " 11, 2000 $8153. 75 3513 75 3513 75 210 RECEIVING BOOK. Cleveland, Ohio, Mlay 1l, 1861. 1861 Canal Boat "S. Miller." MIay 12 From 1" Monroe Mills Co.," May 10. %c MONROE ILLS CO. 440 Bbls. Flour, "Monroe Mills Extra." 85 " " "Summit Mills." Care -I. B. TUTTLE, 25 " " "A. Potter.t n 550 Canal Frt. 17i ~ Bbl.. 93 50 i Cleveland, O. Rec'd Frt. May 12, 1o. 1. ELI SHERmA x. 13 Canal Boat "' Cuyahoga." From R. M. Ashley, Cuyah'a Falls, May? 11. -c HENRY WETMORE. 100 Bbls. Linseed Oil.. 35,0010 Frt. 37~ ~ Bbl....... 37 50 a:P Cwyahoga FaZls. Rec'd Frt. May 13, jol. 2. IsAyaO LxEWIS. 171 G. C. & C. Rlail Road. From New London. / of J. IH. LUTHiER. 100 Bbls. Flour, "Ashland Mills." R. R. charges.... 22 47 Ashland, 0. Drayago..... 92 S0 l s4 Clharges paid per Rlceipt. " 25 Canal Boat "Cataract."' I From Haughey & Byers, Newark, O.,May 19. c HAUGHEY & BYERS, 1915 Bush. Wheat. Freight 8~ Bush. 162 |78 1,. Newark, O. Rec'd Frt. May 26, Fol. 4. S. SWEE}ART, Capt. " i 261 | Canal Boat "C. Delano." 1 From Ilaughey & Byers, Newarlk, 0., May 17. % of Shippers. 2000 Bush. Wheat. I Canal Frt. 8~$ V Bush.. 170 6 Bush. over. $1i.20 7 1 4' I20 Rec'd in full, - Fol. 4W. WILSON, Master. " 1 27 Steamer "Ocean." F rom C. A. Trowbridge, Detroit, MHay 2 6 % THos. PAXTON, 100 Bbls. White Fish. 1 Detroit, A.. Lake Frt. 12jP'?Bbl. 12 M50,,. Detroit, Mich. Reo'd Frt. May 27, V. MCDONALD, Olk 211 2 RECEIVING BOOK. Cleveland, Ohio, MIay 27, 1861. 1861 ~1861. _ ~Schooner "Lavinia." May 2 7 ~~~Ma~y~ 270~ | From Ames & 3erriam, Oswego, May 19. HC. M. AMES, 600 Bbls. Water Lime. Owego, NFrt. 18 Bbl...... 108 Sales. Credited Schr. Lavinia, May 28. [ol. 6. " 29 Steamer "Ocean." From C. A. Trowbridge, Detroit, lray 28. T TFios. PAXTON, 100 HE. Bbls. White Fish. Lake Frt. 64' Bbl..6 25 Sales. Detroit, Mich. Rec'd Frt. May 29. Fl. 5. V. MCD)ONALD, Clk. June 5 C. & P. Rail Road. From Akron, Ohio. % J. B. WOODS, 250 Bbls. Flour, "Phoenix Mills." -~sn 0.Frt. 141' Bbl....... 5 Akron, 0. Drayago..... 6 25 41 2 l5s. Fol. 7. Charges paid per Receipt.. " 6 0. 0. & C. Rail Road. From Baldwin & Payne, Franklin, laId. | c BALDWIN & PAYNE, 500 Bbls. Flour, "Pearl Mills." Frt. to Union, 36~ V Bbl... 180 anklin, lnd. "from" 40... 200 Drayage, 2.$"f "... 1 o50 392 Sao ales. Fol. 8. Charges paid per Receipt. " 8 oMSame. | Fol.. of me. 200 Bbls. Flour, "Pearl Mills." Prom Akron, Ohio. % of J. B. Woo!Is, 50 Sacks Wool,..O.. 7U I R.R. Frt. I 10 10... 5 Akrno 0 | Drayage, 5 loads..... a..8 7, Paid per Receipt. oL 7. _ ~~~~~~~~~~~~~~........'212__ v W).tS~~~~~~~~ — RECEIVING BOOK. Cleveland, Ohio, June 9, 1861. 1861i Canal Boat "Tornado.-" Jun( 9 From R. W. Thompson, Boscoe, June 3. lH. MVEEK, 200 Kegs Butter.... 22,41014 Frt. 18 F 100..... 40 34.Ssale. uoslwcton, O. Fol. 9 o tn ec'd Freight, R, WELSH. "C 15 Canal Boat "S. Miller." From Afonroe Mills o., June 13. %c of Shippers. 400 Bbls. Flour, " Monroe Mills AExtra." 125 " " "Summit Mills." 19 " " "A. Potter." 544 Canal Frt. 16~ B... 87 0 10 Bblls. wet;-)amage appraised and dedacted.o. 1. O 04 Sa11. Rec'd in full, ELI SHERIMAN. ( 161 Canal Boat "Beacon." From A. F. Claypoole, Nashport, June2 12. % W. LrY c& Co., 120 Pieces Bacon.... 320-4m Frt. 18$ 100...... 76 Rec'd Freight, 1 %1.10 J. M. T.EN EYC 11 Schooner "Lavinia."" From Ames & AMerriam, Oswego, Juw I0. c of H1. M'. AM ES, 500 Bbls. Water Lime. Frt. 18s %P BbL...... a.. _ol. G.,,| | Same Vessel. From H. 7. Wright, Osowego, June 11. | of Shippers. 250 Bbls. Coarse Salt. 1000 " Fine " -T02 Lake Frt. 15~ P Bbl.. c. C |1871 5. Credited Schr. Lavinia, June 19. "L | 19| | Schooner "Marquette." From Hinckley &d Handy, Chicago, June 11. |; of Shippers. J]4,000 Bush. Oats. Lake Frt. 5~ t Bush.... 7001. Stored with 1. 3urnlham in Rec'd Freight, June 21, 1 1ol Eric BI ratehouse. E. DAY, Master. 213 SALES V1 onroe Vills Co.- (Akron, 0.) Bbl6. Bble. BbR. Monrooe -Slmmit A.Potr LF Eztra Mfille Fine. Flou, Flour. _Zour.. 1861 May 12 Boat S. Miller 440 85 25 Transp., 17VP Bbl. 4 93 0. 17 Storage, of 450 Bbls. 8 13 50.9.. Insurance, I% (6 101 72 ". It Commission, 2 % 7 107 119 2241 91." " Net Proceeds to Cr. May 17 22 4062 59 440 85 25 9 4287 50 June 15 Boat S. Miller 400 125 19 Transp., $87.04; deduct $10 77 04 Qi H-Ienry WVetmore. (Cuyahoga Falls, O.) Bble. Linsveed 1861 Oil. May 13 Boat Cuyahoga 100 Transp., 373P Bbl. 4 37 5 24 Storage 8 8 ". Insurance 0 9 146.. ". Expense (Cooperage) 3 2 50 "! "Commission, 2 % 7 91 46 148 60 Net Proceeds, averaging as 21 3509 68'_______ _ ~cash, May 18, 100 9 3658 28 3 J. 1, Luther.-( (Ashland,_ 0) Bb~ls. Mblls i T | AslZtd 1861 Flour. May 17 C. C. &. R. R |100 | Transp. 4 24 97 24 Storage, 3~ V BbL | 3.~~" " ~Insurance, 6 1 94 Commission, 2~%| 7 19 37 49 28 "' " l l | | Net Proceeds to Cr. May 24 23 1 725 72 10 9 77500 4 1-laughey & 3 Byers...' (Newark, 0.) 1861 1 - leat{l May 125 Boat Cataract 1915 Transp., 814 P Bush. 4 |62 78 126 " C. Delano 2000 Do. do. 4 170 926 | over Paid Capt. & chgd. Consgrs. " 3~ t | Commission, 1~: Bush. 7 39 21 371 99 ~6' Net Proceeds to Cr. May 31 2G 333 21 8921 I 47 I.511 i 4_ _ 20 BOOK. Ivonroe Ilills Co. 1 Monroe ummit jPot!On Account. Caas. Ybtal. Eotra l Fine F& r. Flr Four. 1_ 1861 May 12 P. Anderson 300 $8 2400 A. M. Perry & Co. 40 " 8 16 325 13 1. Steller 85 " 17 637 0 5 " " Cash 25 5 125 " 115 " 1oo00 1 I 800 _____ 440 85 25 = 3362 50 925 4287 150 _ _ _ _ ____~.. _.....1. _ _ _ _ _ _ 11 L I-Ienry V7etmore. inweed 1861 r Ol. May 14 Cash 10 403 Gals. 950 382 85 I" is Gaylord & Co. 30 1200 " 92 1 1104 " 115 Cash 1 201} " 95 191 43 " 18 " 5 2200 " 90 I 1980 100 _ __ 1104 2554 284 3658 28 J. IH. Luther. 3 m3ills, 1861 lEour. oo I _ _ H ii _ _ _ IHaughey &-; Byers. 4 861 May 25 C. Hickox 1915 $1 20 19 2298 Harvey & Witt 2006 20 2407 20 8_l 3921,- 05 120 {{ 1 __' 4705 20 215 SALES 5 TWhalhos-. Paxton. —((eDtroit, mich.) BSTs. t-f.Bts. L I Fi8. i. -It. 1861 Kay 27 Steamer Ocean 100 Transp., 123j I BbL 12 50 29 Do. 100 Do. 6 " " 6 25 ".3 (On Inspection) over 1 Inspection 57 50 June 27 Storage, 8 & 5V I 13 05 ", j (( 1 B I E r~~Insurance on $1000 2 50 1 "tr~~ " ~~~Commission, 2 % 7 26_ 34 14 lb~~~~~~l 0e 0 -L B J 4 1 Net Proceeds to Cr. Jun}e 12......935 (31 1861 May 27 Schr. Lavinia 600 Transp., 18~ If Bbl. 108 June 17" 12 Storagfe, 84 V Bbl. 48 "t It Insurance I15 Commission, 12~~ V Bbl. 75 235 50 Net Proceeds to Cr. June 12 514 50 600 750 f iJune 18 Schr. Lavinia 500 Transp., 18 V Bbl.go;J 90', i i i 41 ~ 1 I ~~ ~...L — _____. - 7 ~~J. B3. lVToods-(Alcron, 0.) " 20 ~ o ~I~qt~C- CommiS_~(Os siPon, 12ei~ Wl. Mbs. 1861 b2 50 June 5 C. & P.TR. IL 250 Transp. 41 25 1 ( 8 11Storage 7 150 i Insurance 2 Commission, 21 % 51 31- 102 06 " rb~~~~ " EJ~~~Net Proceeds to Cr. June 8 21950:.44. " "Same L 0 Transp. 8 75 I~~~~~~~~~~~~~ 0~jO 19 S7 50 Insurance, % 6!34 44 44 I Commission 72'50 95 09 ____ a Net Proceeds to Cr. June19 2442 41 250 50 9I59 - 1,6!.....~~~;; x........-.._.~.';.5................ ~~~~~.__._._,,,__s,._~._.__i_ ]._~...._.!...._......._._._..._. l,s~,_~y aB IT s~(~r l,_1 _ ~..._... ~..~.......,.._...........?;::;. {Wool, Julne C. ~ P. R. R.'5 Transp. 1' 4 2 " Storagve s "( ~Insurance i 1,3"1 C iommission, 2~k 1" c' 5 102 106 "r i ~~et Proceeds to Cr. June 8 1 1950 Y44 Same 6~~~~~0 Tra~nsp. 811 ",1 Storag o Insurance, ~ 61 4i "( Commission 9'1 ~ 95 09 260 liO I~~~~~~~~~~ 1~4590 216 BOOK. Whos. lmaxton.5 l,. if, I LP. On Account. j Cash. Total. Fis h. 24il. 1861~~~~~~~~~~~~~~~~~~~~~~~~~IE ii i2G'! i I~ Juo2 Gordon, Mic2. M Co. 61 WhiteF 5$ 08 00 408 82 4htF 25S 848 5 82 Tirout 00 2 o15 U 1~~ ~~ 191 " ~00~ 2,5 2 { 6225! i~~ ~ ilt 5ii I100~ i101 05375 1053 75.............!...........i................................ ~ i'!_,__~.~ _I. ~.~_.i... i..~li~ _. I...i ii:i i i I~~ ~ ~~~~~~~~~~~~~ I I, I I-i. 1. A mes. 0 Ms.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~'atoer 1861 L.. June 2 ~Hubby, Hughoes & Co. 300 $1 25 875 6 Bradburn & Fisher 300 1 25 375 600 750 750 i i: Juue 19 Gordon, Mcm. & Co. 600 F'm ves'l, @$1 20 i 600 i~~~~~~~~~~~~~~~~~~~~~~~'i ii i 600 600 600 J. 13. WV\?oods. 1861 1 1Th1*<~~~~~~~~~~ni Sacks 11 Iis! June 8 Cash 200 1 @$820 1640..1..........................i.........0"85.... 11.412602052 6 I Il:o.__i~___...i.____~, __.. i.,,.;......;.._i._.._._.i.-,i_;;.. i_. i./. _....!. 2606 50 o4590 4590 1 2-1 7 i i LI-_; I "" i --— /:1 1640:i I i~~~~~~~j ~ i.....!i i i I jagi0 ~ ~~I ii 11 B].7 SALES 8 Bald-win & Payne.- (Franklin, Irdi.) Bile. Iha __. Pear r.Fine _ aour. Flour. 1861 Jun 60. C.&C.R. R. Transp. 392 "I 12 Commission, 15 Bbl. 467 50 _" _ 8_____|- _ Net Proceeds to Cr. June 12i 2 3282 50 Ju. 8 Sat me 200 GO| | Transp. jJ 19j 2 109 E3nH. J/J eek. -( Cosocton, O.) ___ Juneq 19 Boat Tornado 20 Transp. 4 1o W_ Lynn. &ICQynn aO.- (Naslport, O.) Jun1 61 Boat Beacon 120 | | Transp. 11 H. C.. right. (oswego,;.) BU(s. M.). Coarse Fine 1861 Salt. Salt. Suna 18 Schr. Lavilia 250 1000 Transp., 15 Bbl.'1 187 50 20 Commission'1 51 262 bO Net Proceeds to Cr. June 20 341 1737 50 250 1000 As Cash, when note is due 9 2000 12 Hinckley & Handy.- (Chicago, IIl.) 1861 Oats. Jun 19) Schr. Marquette 14000 Transp. 70 218 BOOK. 8Ealdwin z F; Payne. 8 Peaorl J ]lde i On Aecont. Caas. i Total. Fl our..lo r. June 8 N. Sackrider 600 From Cars, $7 0 3750 3750 650O~_00 _ 3750 I! 3750 I ~IvMeek.. 9 ~1861 I'C1 1 01 I W. 1 Lorn.$2000 2O ____ 250 11000 2000 2000. I _ —'_s-'~rs _ = — _ —__ _-~- __d_-. — l'; — - I -........ j ora!ne II| I I __8inkcley &z I-andy. 1a {N.., 0''' -- - - -._,_, 1 ~BushA{,:219X CASH Cleveland, [May, 1861.- TReoeiptsLF. General. Sales. 1861 mIay 1 C|ash, Dr..... To Sundrzes. 4 Capital Stock.. Amt. Invested.... 10000 13 Sales...... Monroe Mills Co.'s Const... 125 14 ".....H. Wetmore's ". I 382 85 " P. Anderson... Bill of Flour, 12th inst. 14 2400 15 Sales........ onroe Mills CQ.'s Const.... 00 4 ".I. W Vetmoro's ".. 191 43 17 A. M. Perry & Co..Bill of Flour, 12th inst... 16 325 " -I. Steller... 13th... 17 637 50 18 Gaylord &Co... " Oil, 14th... 1 1104 " Sales..... nTctmore's Const.... 1980 21 A. M. Perry & Co.. Bill of Flour, 17th inst... 16 I 75 30 C. Ilickox...." Wheat, 25th"... 19 2298 " IHarvey&Witt... 26th".. 20 2407 |20; SALES.To. ~.. otalfor he ont.. 3479 28 1 3479 28 Tol Cash XReceived.. 11 23425 98 _ 23425 08 __ 220 BOOK. Cleveland, MAay, 1861. --— Disbursements. 13G1 LF. General. T ansp. Expenses Alay 1 Sundries, )r... To Cash.......! Furniture... Office Furniture, per Bill. 2i 38 3 Expense.... Stationery, etc....... 95 " Furniture... Iron Safe.... 230! 4 Expense... Sundry Items, per P. C. B.. 3 25 12 Transportation. IMonroe Mills Co.'s Const.. 93 50 Insurance... Prem. on $5000.5. 75 13 Transportation. I. Wetmore's Const.. 37 50 17 ".J.. Luther's " 24 97 11 19 II. WVetmore.. Paid st. dft. fav. A. Gray 1 1400 21 MIonroe Mills Co. " " " II. B. Hurlbut 2- 2000 i 25 Transportation. Haughey & Byers' Const.. 162 78 "4; ~ ~ "~~ ~. " " " ~.~ [ 170 i aulghey & Byers 6 Bush. over-Paid Capt. 7 20 1 Expense... Cooperageo.. 1.. 2 50 26 I Wetmore.. Paid st. ft. fa. E. Comstock 200 C i J. II. Luther.. Remitted to Balance %o725 72 271 Transportation.Paxton's Const... i 12 50 29... 6 25 31 Inspection.... 57 50 Ex Expense.. Warehouseman's Wages 25 EPENSE... Total for the Month. 3 401 70 40 70 " TRANSPORTATION. " *. 507 50 507 50 | Total Cash Paid... 11 7281 62 1614 36-1 Balance on hand.. 123425.98. 9 1 CASH Cleveland, June, 1861.:ZReceipts. LF. General. Sales. 1861 June 1 Cash Dr..... To Sundries...... 2 lI. Wetmore.. Dft. on him to Balance... ] 90 132 I 8 Sales.J. B. Woods' Const..... 1640 iC'......,. " 6. 1... o i. o 1 412 i50 9 Hubby, IHughes & Co. Bill of Water Lime, 2d inst... 375 12 Bradburn &- Fisher. " t inst.... 375 Gordoin, 5MIcM. &-? Co.. " Fish, due this day... 1053 75 N". Sackrider.. Dft. on him fav. T. P. Handy, Cash 3 3235 50 19 Sales...J. B. Woods' Const.,.. 2537 50 30 1.....1I. H. eeks' ".. i 918 " Gordon, McM. & Co.. To Balance %....... I 600 IDiscount on H. C. Wright's, $1737.50, 10% off at his request v 10 62 V SALES..Total for the Month..... I! I 5508 i00 Total Cash received.... 11248 19 Balance on hand from May... 16144 36 127392 i BOOK. Cleveland, June, 1861. IDisbursements. 18611' | LF. Genera Tansp. Ezpense June 1 SunzCdies Dr... To Cash.... 5 IMonroe Mills Co.. Pd. st. dft. for T. P. Handy. 22 2062 59 " Transportation. J. B. Woods' Const... 41 25 B6 j c. Baldwin & Payne's do... 3921 50 8 Haughey& Byers Pd. st. dft. for H. B. Hurlbut 2; 2116 07 Remitted R. Mead & Co... 2, i[ 21981 95 "4.Exchangeonabove ~. 2. ii] 10 99 ".Transportation. Baldwin & Payne's Const. 196 25 "c "r. J. B. Woods' ".' 875 9 H. Meeks' " 40 34 4" Expense... Cooperage...... 12 J. B. Woods.. Remitted J. A. Carlton. 1 1500 15 Transportation. Monroe Mills Co.'s Const.. 77 04 16 Baldwin & Payne Remitted per Express 1 3282 50 Transportation. W. Lynn & Co.'s Const.. 5 76 19 H. HEinkley & Handy's Const.. 700 c J. B. Woods..ToBalance%..... 2892 85 20 H. M. Ames.. Remitted dft. to N. Y. 31' 445 281 K" ~. Exchangeonsame. 31 2 22 24 Insurance.. On Hinkley & Handy's Oats C 1 I1 50 27 Bills Payable.. Accepted T. Paxton's Dft. 1 1000 29 Insurance... Additional on Prop. in Store 6 25 30 Expense... Warehouseman's Wages.. 25 it Cc... Extra Labor...... 6 50 "TI.C. Wri ght. Amount due July 22... 1 1737 50 " EXPENSE... TotalfortheMonth. 34 50 34 50 " TRANSPORTATION. ". 4 1461 89 1461 891 Total Cash Paid i.... 118780 84 Balance on hand, S1l1 71i 273926 55_ 223 LEDGER,- COMMISSION. 1 Capital Stock. _.!._...i........, _ -— _ - -- i May 1 By Cash invested c B. 1 1000)':PFurniture. 18G May 1 To Sundries 0.. 1 381,' 3 " Safeo 0. 1 230 _ _ - i —-- ----- -- --— r 8 ~Expense. 1861'1861 May 31 To Cash C.B. 1 40 70 1 May 24 ByH.Wetmore'sConst. s.B. 1 2 60 50 June 30 " ".B. 2 34 50 June 12 "H. M. Ames' " s.B. 6 3 _____ __ L_ _____ _ _____ _________ ____ _:L L_ ___ _ 4 rT~ransportation. 1861 I 1861 May 28 To Schr. Lavinia J. 1 108 May 1 7 By Monroe Mills Const. S. B. 1 93 50 31 i " Cssh... 1 507 50 5 124 " Luther's " s.B. 3 I| 24 197 June 18 " Schr. Lavinia j. 1 277 50 etmore's S. B. 2 37 50 " 30 Cash 30. Haug(hey&B.'s" S.B. 4 170 C 2 16 31 " Do. " s. 4 162 78 i s4E I June 8 " J. B. Woods' " s.B. 7 41'25 12 "H. M. Ames' " s.. 6 108 " Baldwin & P.'s " S. B. 8 892 50 19 " J. B. Woods'" S.B. 7 8 75,i.t " H.. A. Ames' " 8. 6 90 20 H. C. Wright's " s. 11 187 50 27 " T. Paxton's,12.o50;6.5, s. B. 5 18 75 Inspection. 1861 * 1861 May 31 To Cash C.B. 1 57 60 June 27 By Paxton's Const.. S. 2 57 50 - - — ___ - I -I-nsuran 8. 6 IInsurance. 1861 i 1861 iMay 12 To Cash 0.3 1 75 May 17 ByMonroe MillsConst. -.B. 1 10 72 June 24 0. i 2 10 50 " 24 1 Luther's s. s. 3 1 94 " 29 " " Ba.8. 2 | 25 " " " Wetmore's " s.n. 2 9 14 I June 8 " J. B. WVoods' ".. 7 1 2 110 o " 12 "H.M.Ames' ". B. 6 1 50 19 " J.B. Woods' " s.. 7 6 34 27 " Paxton's " 8 6. 5 2 50 224 LEDGER, COMMISSION. Commission. 7 1861 IMay 17 By Monroe Mills Const. s. B. 1 107 19 1 9 " Schr. Lavinia J. 1 42 60 " 24- " J. H. Luther's Const. s. B. 3 19 37 t " Wetmore's " S.. 2 | 91 46 " 30 " Haughey&B.'s " s.. 4 39 21 June 8 " J. B. Woods' " s.B. 7 I 51 31 " 12 " H. M. Ames' " SB. 6 75 H t " " Baldwin&P's. S.. 8 1 5 19 " Schr. Lavinia J. 1 i 71 25 |"j " "J. B. Woods' Const. S. B. 7 2 50 " 20 "II. M. Anmes' " SB. 6 62 50'. C. -Wright'g S. 1 75. 27 " Thos. Paxton's " S.:B. 5 26 34 808 63 -Storage. 8 1861 Ti May 17 By i Monroe Mills Const. s. B. 1 13 50 24 Luther's " S. B. 3 3 IJ' 11 - } 1! " I' I "Wetmore's " S.B. 2 8 IJune 8 " J. B. Woods' " S.B. 7 7 50 12 H. M. Ames'' S.B3. 6 48 19 " J. B. Woods' " S. 7 7 50 27 " Thos. Paxton's "'.B. 5 13 05 iX~~~~~~~ tI..... |! 0 g. il'.100 05 Sales. 9 1861 — 1861 —--— l — 171y Const Sn 1 4 50 May17 To Monroe Mills Const. s.:. I 4287 50 May 31 By Cash Sales c.n. 1 3479 28 24" J. H. Luther's 3 75 Other J.. 994G 70 " " H. Wetmore's " S.B. 2 3658 j28 June1 30 " Cash Sales.B. I 2 5508 "t 128 " Haughey& B.'s " S.B. 4 4705 20 i j Other " 1 8153 75 June 12 " E. M. Ames' " s. 6 750 i Yo " " Baldwin & P.'s " S.B. 8 3750! |0 0 | " 19 " J. B. Woods' " S.. 7 4590,I " 20 "H. M. Ames''" s. B. 6 600' "H.C. Wright's " s. B. 111 2000 -271 " Thos. Paxton's " sB. i 105153 I _____ siar 1L I t i Interest. 10. |June 30 By Cash C. B. 2 10|62 Cash. 11 1.8611 18-1 May 31'To Sundries this moo. c.. 1 23425 98 May 1 31'By Sundries this moo C. n. 1 7281 62 June 30 " " " "',B. 2 11248 19 j June 301 " " " " o n. 2 187801 84 L'B4 1 _ _ _ _ _ LEDGER, COMMISSION. 12 J. B3. "Woods. 1861 j I. i I! t ~ j111861 Juno 12 To Cash C.B. 2 1.500 June 8 By Net Proceeds S.B. 7 1950 44 19 1C. C..2 2892 85 1 " S. B. 7 2442 41 13 Bills EPayable. 1861 ]T Th. Txo' fi1801 Juno 27 2To Thos. Paxto''s fti;.. B. 2 1000 May 29 Tho. Paxton's Dft. i. 1 1000 L L~ ~ [IJL~~ Juno 112 " I. Meek's 1 15 00 14 I3Eills lReceivable. 1861 Juno 19 To R. T. Lyons note B.B. II 2000 [1 1] t _ 15 ]. Anderson. 1801 [ 1 1861T May 12f To 300 Bbls. Flour S. B. 1 2400 May 14 By Cash c.. 2400.16 A. P'erry &z; Co. M- 18-_ _1_- v - I MIay 112 To 40 Bbls. Flour s.. n. 1 325 May I By Cash C.. Ii 325 " 7 l 100 ".1. 3 21 C.. 11 75 17 IHenry Steller. Mbay 13 To 85 Bbls. Flour s.n. 5 17 By Cash c.. 63 b0 18 Graylord & Co.- Citty..1...... L _T I - f IIfMay 14 tTo30 bls. Lins. Oil s.B. 2 1104 1 | ya 18 {By Cash c.n. 1 1104 19 O. I-iokox. -it/. 8611j f86 lay l5 To1915 Bush. WVhoat s. a 2298 M ffay f29 By Cash 3 r 2298 226 LED GER, —C OMMIS SION. XIarvey'Witt. —t- i. 20 _I I By )lay 2G To 200G Bush. Wheat s.n. 4 2407 M 30 BY Cash C. 1 2407 20 Henry Wetmore. Ccyal2oga Falls, 0. 21 a1y 19 To paid Sour draf c. a3. 1 1400 May 24 B Net Proceed S. B 2 3509 68 26. Cash c. B. 1 2 Juno 2. on tou c. B. 2 90 33 _' _ _.1 _ 1.1 i.__._1.- -i Ixvonroe ills CO. 0.- Aron, O. 2a 18G01 1 116 May 21 To paid your Draft.. 1 2000 M ay 17 By Net Proceeds s.. 1 4062 59 June 6 Is 4 4 c1. 111 I. 62 59 I _ J. H. Luther. -sAslarnt, O. 23 Mlay 2G0To Cash c.. 13 725 72 May 24 By Net Proceeds 725.2 Sohr. Lavinia. 24 18G1 _ _ _ T -18-1 May 19 To Commissions 1 42 60 |May 28 By Transportatiou J. 1 108 June 19 1_ 71 25 June 18" J. 1 27760 113 7 l 1 1 Thos. Paxton. __ 25 Mlay 129 fTo Bills Payable 11 1000 1 1 27 By Net Proceeds Fsh, s..i { 935 61 IHaughey &M Byers..-N ewcar, O. 26 18G1 ||II f]G186 1 June 18 " paid your draft C. B. 2 2116 07 " " Cash, $2198.95; 10.99 C. 1212209 41 4.321 _______-_11 Hlubby, BHughes & Co.a —-C. 27 t880 1 1 -- II vT861 June 2 nTou300M ima 16 85 To 9 ByCash a B. 227 LEDGER,-COMMISSION. 28 13Bradburn. &; Fisher. city. 181_ To 300 Bbs. Lime. B. 6 3 June 12 By Cash C. B. 211 375 9 ordon, lvl&oNillan &- Co -..citI. 1861 1. 1861 June 2 To Bill of Fish s.B.. 5 756 50 June 12 By Cash o. B. 1 1053 175 99 61 "( *5 " " S.B. 297 25 f " " C. B. 2 600 _19 L Lime_ _ __ B _. ___6 600 I 1656 75 30 N. Saokrider. Oydensburg,; Y. ~~~~~~~~1861 _1861~: " June 8 To B00 Mbs. Flour S.B. 8 3750 i June! 12 ByDft.fav.ILM. Ames J. 1 5614 50 -<- ((L"ttandy _. B. 2 3235 50 l861j 8tio500Bls. ur0 00 31 - H. I AV. Ames..- Oswego, N. Y. _............. June 12 To Dft. on N. Sackrider j. 1 514 50 June 12 By Net Proceeds s. 6 14 o 8 1861' B. 6 [0 20 " " " N.Y.& Exc... 2 47 50 20 ".. 447 50:32 E3aldwin & Payne. Franklin, Znd. 1861 1861 June 16 To Cash c.B. 2 3282 50 June 12 By 1 et Proceeds s. B. 8 3282 60 38:HL. 2Iveee.., Coshocton. 18611 1T lVI June 12 To Bills Payable J.| 1 1500 34 H. C. Vright. Oswego, N Y. 1861 1861 June 30 To Cash o. B. 2 17371 0 June 20 By Net Proceeds s.B. 1I737 o 35 <:Mlemoranda. 1861r - -- I Nov. | 19 | Insurance on Oats J. 1 29 Do. "Property J. 1 L 228 ACCOUNTS SALES. The following are presented as among the best forms for Accounts Sa1,.s. These are rendered to the Consignor immediately upon the closing out of each Consignment. The average time of payment is given as the (date of the credit of the net proceeds. The student should be required to render a similar Account for each Consignment. Account Sales of 550 Bbls. Flour, per Canal Boat "S. Miller," for % and risk of IMonroe Mills Co., A2kron, ~. ~~~~~~~~~~~~~~~~1861 BU: ~. agl'l i A1h/' 1)361:~ Mday 12 P. A~nderson 300 i 2400' " A i. M.Perry & Co....... 40 85 2.'.5 325 Cash S..25 " 15............ 100 " 8 800 4287 {50 440 85o 2 5! i May 12 Transportation, 550 Bb1s., 0 17.............. 93 50 Storage of 450 Bbls., G 3~................ 13 50 i Insurance, j............. 10 72. Commission, 2~%...J............ii107 i19 224 191 Ph B!,. 1861 June 2 Gordon, M illan & Co........ 5 2 $8 408 6 ~~~........ 82".... 41:348-50 i: i 2!' 5 25 0535 ~~~L~~~~~EI —F~Y r~~~~~~~~~~~~~~~~~~F__I-PICSI-_~~~~~~~~~~~~~~~~~~~~~~~~YYP~~~~~~~~=F —~ i!~~~ —----- -- 10 l01 i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~':~ t (iharges May ou27 Transportation, 12p B blr. and per H Bbls........ Oean" o and 7 ri5 k o Inspection................... 5 7 5 0 Insurance on. an, etit...... 2 50 I I Commissioron 2l o........... 52634 1 ~!'~~~~~~~~~~~~~~~~~~~B~, { 49U~s I _, / June tNtPoedst r, ue1.......956 67 ~ e22a. " tr rr rr 82: " $-"- 348 50~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~' i i ~:1T 27 Transportation, 12}~ per Bbl.; 6B~ per aft Bbl.......... ~ l "rr Inspection..,.........: 5501, $une27ZI Storage, 8~ and 5Q!..... i{ 130'Insura~nce on $1000..,....... {1 2 50 Commission, 2~ % c 0L n*~~0B[.........{}2 6 1 N~et Proceeds~ to Or. June 12.'! i..... i j~~~~~~~~~~~~~~~~~~~~~~~~~~i i.~LjL~~-IIYilCTY -_i~li=ETr~~?-_Tr-~ —-' —-ur;-~ ~ ~ r-. —~-r-~~=1:r;-;i-I/ FORWARDING: EMBRACING RECEIVING BOOK, CASH BOOK, AND LEDGER, TOGETHER WITH THE MOST AMPROVED FORMS OV WAREHOUSE RECEIPTS, BILLS OF LADING, ETC., ITTI FULL INSTRUCTIONS CONCERNING THE DETAILS OF THE BUSINESS. F' RWA R D I N G. FORWARDING. A FORWARDER is an agent for the transshipment and delivery of goods. His place of business is usually at the termini of various Transportation lines, and his principal duties are to receive goods from one line and deliver to another, or to the owner or consignee, direct, charging a commission for his services. To conduct the business properly, he must have dockage and warehouse room, where property will be safe while in transitu, or may be stored during the pleasure of the owner or consignee. The general rates for handling and storing goods are fixed by usage, and are as uniform as rates of commission, insurance, etc. All persons engaged in the Forwarding or Transportation of property, are held by law responsible for its'elivery to the proper parties in as good order and condition as when received (except for decay of perishable articles, or for acts which their watchfulness could not have prevented), and this must be done without unnecessary delay. It becomes necessary, therefore, that a systematic record be kept, which will show at a glance from whom, when, and in what condition, each article was received, and to whom, when, and in what condition delivered. The FORWARDER and the CARRIER has each a lien on the property while in his possession, for all necessary and equitable charges which may have accrued thereon, including a proper remuneration for his own care, labor, and responsibility. If either voluntarily parts with the possession of the goods, he loses his lien, and is not authorized by law to reclaim them: but if he has been induced to part with possession by false and fraudulent representations, such delivery will not amount to a waiver of his lien. So, also, a lien may be created and retained after delivery, by agreement of the parties. The books necessary for the Forwarder (beside the Journal, Cash Book, and Ledger, which are incident to all departments of business) are as follows: RECEIYING BOOr, WAREHOUSE DELIVERY, VESSEL DELIVERY, VESSEL DELIVERY, at places where these respective modes RaIL ROAD DELIVERY, R DELIVERY, of transportation exist. CANL DELIVERY. p The RECEIVING r BOOK is that upon which the first entries are made, and exhibits all property received, specifying the quality, condition, from whom received, to whom destined, and all charges thereon. The entries in this book are made from the Bills of Lading (B/L), and are in all essential particulars transcripts of those bills. Any additions of our own, such as our own charges, and remarks as to the condition and delivery of the property, are made in red ink, that they may be readily distinguishable. If any articles are shipped to the Forwarder noted on the B/L as in "bad order," or " damaged," it must be similarly noted on the Receiving, Book. These entries being in black ink, will be easily distinguished from the notings of "damages" and "bead order"' discovered while receiving the property, which should be written in red ink, and for which the Forwarder should hold the Carrier responsible. All amounts paid for freight, drayage, and other charges, which have accrued upon the property before receiving it may be charged to Transportation %c; and when the property is delivered and the amounts refunded, Transportation should be credited. Thus, when all the property is delivered or forwarded, and the charges collected, Transportation % will balance. The excess of the debit side of this account, when it does not balance will represent the advances made by the Forwarder on property which he still holds. The Forwarder's own charges for doing the business are frequently called "our charges," and when anything is realized in this way, a special'account should be credited, which will show the earnings of the business. This account is variously designated "Storage," "Dockage," "Charges," "Forwarding," " Storage and Forwarding," etc. We have selected the term " Charges" as being both brief and comprehensive. The credit side of Charges %e will show what has been produced by handling and storing goods, and the debit side the cost to us of the labor and facilities necessary to do the business. Insurance % is used to represent what we have advanced for the insurance of goods rn;'cr 4-ough our hands, which sums are to be refunded by the owner or consignee. This account, like Transportation, will balance, when the transactions giving rise to its entries are complete; or, in other words, when our advances are refunded. The transactions in this set comprise a month's business, and are intended to embrace as much of a variety as possible. The business itself, like all special departments of trade, is monotonous, the transactions of one day being nearly a duplicate of those of any other. The only books shown entire are the Receivino Book, the Cash Book, and the Ledger. The Cash Book 232 FORWARDING. contains all the entries that are to appear upon the Ledger, and may be said to embrace the functions of the Cash Book and Journal. The Ledger differs somewhat from the preceding Ledgers in this treatise, in the form of the Entry. It is not closed, but presents at a glance, the result of the business. To give the student as correct an idea as possible of the regular routine of receiving and delivering goods, we will take one transaction, and follow it, carefully through all its entries. Let it be the first in order upon the Receiving Book, relatino to the cof'ee received by the Propeller Cataract. The clerk of the propeller hands us a B/L, of which the following (except the receipt across its face in red ink) is an exact copy: efufalo, N. Y.) e+S/34 Iad fiig~r t )8aaXooal ale/ei ane saz /ana< nec(; X THE AMERICAN TRANSPORTATION COMPANY, ad'. enz c/c wa-ia 2 S I e-id ai acacc0ivi anec/24I /,XOM i ns canzceIn, l _ —— a_ a 1, E.a/le Propeller Cataract, Duncan, tdm1K kie naw~a _ s n-/! Buffalo, ea'adana' Cleveland, O., i11a(e c a b4 4 leic i/ fanac leztecn $ad ca i a,e /2 c a;?ncl adS n ca c/6c(d wssgf~~e e~en6 9n62~ sdv' adee s ire'izn a 0 6 their j dnd aA Cleveland O., they0cjr ZId Xtettr Ineum Ivur, 6'A Ac~ad/aa Ud 22ee/' 1ai e'ie; is6 two Jkg a 2f/2'f'n, ad 6na-u and' lcga, Passesl a2 13/' Zs accanyi,4 /" a i aley s/a 6 la n6A ball an n ax G /akA Ue /Za ees6 auns-ic,. G. M lc. & Co. j, GORDON, MCMfILrAN & CO., 120 Bags Rio C0ffee. 14.460 Cleveland, O. Freight firoi' N Y.to Cleveland. 35 50 161 C- Anrsr'f-Trsp. Co., I 1U;R -PerNELSON. From this we copy, in our Receiving Book, enough of the exact words to express, and ever afterwards to show, all essential information, viz., by what conveyance the coffee was received, who consigned it to us, at what date, to whom destined, the quantity and kind of property, weight, and rate of freight to be paid thereon, etc. (See Receiving Book entry.) A memorandum of the quantity and marks is then made in the Tally Book of our dock clerk, who proceeds to note (while the coffee is being landed) whether the quantity is correct, and every bag in good order. Upon his report that all is correct, we pay the freight ($50.61), which we charge to Transportation %, in our Cash Book (see entry), and the clerk acknowledges the payment by his signature on the Receiving Book. As it is necessary that the Propeller shall preserve a voucher that it has properly delivered the property to us, we acknowledge its receipt by writing (with red ink generally) across the face of the Bill of Lading, "Rec'd, May 1, 1861, and paid freight, $50.61, bryant & Stratton," and return the B/L to the clerk. 233 FOR WVA R.D I N.G. DELIVERY TO VESSELS. The 3 boat-loads of corn, received from Chillicothe, and consigned to IH. Daw & Son, Buffalo, N. Y., must be shipped by vessel For this purpose we bargain witll the master of the Scllr. Ironsides for freight of same to Buffalo, at 4 cents per bushel. We hand him our order on the Erie Warehouse (where the corn was stored) for the quantity-5]61 bushels. When he has received it on board, we give-him a bill of lading, as follows: kiy &ycal a oaiale an we/nna$ -f BRYANT & STRATTON, g~~~~ 86XCad Lfend1d~ anad Ohwaa-eta'eidB accav n and' theJ/ w -s ~n./ - n -~ E L ia a1f/~ Schr. Ironsides, Grover, zao - 4,,. n,;?,' l / e Cuyahoga, B uf f6anl o, s rghat l Buffalo,.t...e1..6' aler4 n eal'd and'ez lendee cad O; /cn mayXnf and' wd/ t/y 1aa i aond' caaca ecrzce//e"' e d'e$, vtnz4 ndW eef ad/erV Mna 4 a 1 ~ their >,f aA Buffalo they/iioih, O. Nit Wiftrtoo % f, /1~tt' c/ Alalde!a d'I jIe~XcuKZ/c e sned6'n1 two Lsd2S'd2cr f8~_Za ptainZ, cllczak ena Fnaelg, an le,'a pe r bws ace. c za Al/4 dliante of thea b on idae n euaA whchdyvhe de/ata and wnei o: - -;ll l, H. DAW & SON, 5661 Bushels Corn. Buffalo, N. Y. Freight to Cleveland............ 691 60 Erie Warehouse storage.......... 10 57 61 For %c of J. Madeira, Our charges.. 1if 67 61 Chillicothe, O. F or which we have made our DfM. at 3 days' sight.... 806 82 Captain collect Lake Freight only, 4V per bush. BRYANT & STRATTON. A duplicate of the above is made in our Shipping BooK, which is signed by the captain, and which is our voucher for the proper shipment of the property. He also signs another, precisely similar, which we mail to Daw & Son, as notice to tlhlem. If the captain had been in possession of sufficient funds to have paid the charges on the corn, he might have done so, nnd collected them with his freights at Buffalo, but this not being the case, we draw on the consignees for ihe charnes, and the captain is to collect only his freight. 234 FORWARDING. WAREHOU'S E'D ELIVERY. The party (Gordon, MeMillan & Co.) to whom the coffee is: destined being city residents, are notified of its arriyal, and send an order for its delivery to their drayman. In doing so, the number of the bags is tallied as they pass out from our possession. The written order of Gordon, McMillan & Co., retained by us, is our voucher for its having been delivered to them; but; we may also require a more formal receipt, as in a form given below. W'e may, if we choose, require payment of all charges accumulated before delivery, which would, in this instance, be the freight $50.61, and " our clarges" for receiving, paying freight, storage, (if any,) and delivery, which cllarges vary in difflrent localities, or by special agreement, but are generally $1 per ton. Theoretically, the business is done strictly for cash, but, practically, short credits arise with responsible parties, or those with whom we have reciprocal transactions. Connecting transportation companies or lines keep an open account with each other, and settle weekly or monthly. In this instance the charges were paid to us, at the time, which were credited as follows: Transportation 7, charges of G., McMi. & Co........... $50 61 Charges %, our charges,................ 23 A common form of receipt for property delivered is as follows: 3leetivS ~ BRYANT & STRATTON, @ozdwsaaaa, ao-ae cAe enew larks. Artizdes. Weig7zt. clarges. G. 3cM. & Co. 120 Bags Rio Coffee... 14.460|i 1 Freiglht from N. Y........ i 60 61 Cleveland charges......... 23 GORDOX, MCMILLAN & Co. l 84 They also require, from us, a receipt for the payment of the charges, which is usually in a form similar to the following: elebelbOc, eOio, e/4, / g/ &W11iJ~f( a4 GORDON, MCYIILLAN & CO., Uasyaa/eJ w//~ a/caes Marks. Articles. weigZt Charges. G. McM. & Co. 120 Bags Rio Coffee.... l4 Prop. Cataract charges......... 60 61 Our charges.. 23 Rec'd in full, May 3, 5i 84 BRYANT & STRATTON. We then note on the right-hand margin of our Receiving Book, and opposite to the entry of this property, i "Warehouse Delivery, May 3," and the entire transaction is completed. Should any dispute hereafter arise relative to it, we have preserved evidence throughout of our having prop, perly executed our duties. an-! F O WA R DING. DELIVEPIRY TO RAIL ROADS. EXAnmLE. —Goods for James Goodwin, Columbus, (see Receiving Book.) 1, _r. cfr I:. i3 at:'i of: uuai 5.31':,,iJ~,;-.300 ~~czK10 Bales &4.. 3. Charges to Cleveland 28 84 Cleveland Charges............ 15 OrWmavbeb B BRYANT & STRATTON, ay aJce, a A /i CLX1EVEXLA1iIi)s COLUMBUS.t ANxX) C(X0I CINATXXI R A t R vOAD in Ce oft; /R.eR, 4 4;. duplie caour book for R.. delivery, is signed by cig hich is pr the respective accounts...20. Boxes Goodsa, Ohio, 30'0/ Charges to Cleveland..... 28 84 Drayago................ 1 25 Cleveland Charges..1 6 15 i BRYA BnNaTT & STBATTON. A duplicate, in our book for R. R. delivery, is signed by the Receiving Clerk of tho R. R. Co., whicll is pro. served as our vouclher. The R. R. Co. pays the charges, on receipt of the goods, wlhich amount is credited to the respective accounts. FORM IFORIb CANAL 13 lSIPP J I l I. e.Cleveland, Ohio,__s_. /&____~al 1|}1jipp /f BRYANT & STRATTON, a; 4aie/ 9// Sa3 - vJ/2e-/ c1f, -a - - - -- - ~ea/aeaia, i/ea y e aic/esieed, 1$a e /~~1 1wu/ a/e-4- 4 a —~e-e-te — P-mY-.- — yoaI —- L ai~ 4-dned _ _ _ _ _ _ _ A I~~~~~~~~~~~~ FORWARDING. NARRATIVE. The following are the transactions embraced in this Set. Let the student follow them through the various books in the order indicated on page 233. May 1. Cash Balance on hand, $5,6829. - - The Propeller Cataract arrived, with B/L fiom the American Tranlsl)ortation Co., Buflhlo dated April 30, of 120 bags Rio Coffee, to our care, for S of Gordon, McMillan & Co. (City), welgbt 14.400 lb. Freighlt fiom N. Y. to Cleveland, 35~ per 100 lb.=$50.61. 2. The coffee'landed in good order. Paid freighlt. - - - Canal-boat America arrived with B/L of 1800 bush. corn, from Cllillicothe, shipped by J. Madeira, April 24th, on his own %, and consigned to II. Daw & Son, Buffalo. Freight to Cleveland, 125 per bush. By advices from the consignor, two other boat-loads are on the way, and all are to arrive before we forward the corn from Cleveland, and special instruction is given to omit procuring insurance. Ordered the corn into the Erie Warehouse. 3. Delivered Gordon, MecMillan & Co.'s coffee, and coiiected the charges thereon, as follows: Transportation, $50.61; our charges (credited to "Charges" %), $7.23. Paid Boat America freight on corn, $216. - - - - Canalboat Nautilus arrived with B/L of 2000 bush. corn from J. Madeira, April 25. Freight at 12~ per bush. Ordered to Erie WVarehouse. 4. Boat Nautilus unloaded, and falls short 2 bushels. Deducted the value of 2 bush. (at market price of 405 per bush.) from the fr[eight ($240), and paid captain in full,;239.20.. — - - Canal-boat Grenada arrived, and is the third and last load advised by J. Madeira, and was shipped by him April 26. Freight 125 per bush. Ordered to Erie'Warehouse. - - -- Received this day the last of a lot of 1200 bars of R. R. iron, from Stone, Clhi.sholm & Jones (City), to be forwarded to the Chicago and North-Western R. R. Co., Chicago. Total weight, 403,200 lb. 6. Boat Grenada unloaded, and overruns 3 bushels. Paid freight, $235.20, and for the 3 bush., at 405 per bush., $1.20. - - - - Propeller "Gov. Cushman" arrived from Dunkirk (N. Y. & Erie R. R. Co.), and landed goods for Bradblurn & Fisher (City); weightL, 44,935 lb. Freight from N. Y. to Cleveland, 35~ per 100 lb.=$157.27. - - - Contracted Schr. Ironsides to take J. Madeira's corn to Buffalo at freight of 4~ per bushel, and gave her an order on the Erie Warehouse therefor. 7. Paid Propeller Gov. Cushman's freight on goods delivered yesterday, $157.27. Scllr. Ironsides being loaded, gave her B/L 5761 bush. corn, consigned to H. Daw & Son, Buffalo, N. Y., -for % of J. Madeira, Chillicothe, freight to be collected by captain, at 4~ per bushel. Made our draft on I-I. Daw & Son favor D. P. Eells, Cashier, ( 3 days, for charges on the corn, as follows: Transportation (paid on the 3 boat-loads), $691.60; Storage in Erie Warehouse, 1~ per bush., $57.61; Do. (our charges), 1~ per bush., $57.61=$806.82. Drew. Deposited the draft in the Commercial Bank to our credit. - - - - Received charges on Bradburn and Fisher's goods: Transportation, $157.27; storage (our charges), $22.47.- - - - Shipped the 1200 bars R. R. iron, by Barque Naomi, to the Chicago & Northwestern R. R. Co., Chicago, at a freight of $1.25 per ton. Paid extra labor loading the same, $21.15. Received our charges (Storage %), $1.00 per ton=$201.60. 10. Received 1000 bbls. flour, "Beacon Mills Extra," from Cleveland and Pittsburg R. R. for %of J. B. Woods, Akron, to be forwarded to Bryant, Stratton, & Packard, NTcw York. Paid R. R. freight, 15P ($150), and drayago. from depot, 2~ per barrel=$20. 11. Shipped J. B. Woods' flour, by Propeller Gov. Cushman, through to New York, by N. Y. & Erie R. R. Co., fiom Dunkirk, at 85P per bbl. Procured Lake Insurance thereon for $4500, in Etna Ins. Co., Carlton's Agency. Paid Insurance prem., $22.50. Received charges on the flour, as follows: Transportation, $170; Insurance, $22.50; Storage, $50. Received of Shllr. Farwell, from Oswego, 5th instant, 20 boxes and 10 bales goods for James Goodwin, Columbus, O.; weight, 10,300 lb. Freight 28P per 100 lb. to Cleveland. Paid freight, and sent the goods immediately to the C. C. & C. R. R. Co.'s depot, and paid the drayage, $1.25. 13. Collected charges of the C. C. & C. R. R. Co., as follows: Transp., $30.09; Storage (our charges), $5.15. 16 Received 300 bags coffee, from Prop. "Fountain City," shipped by Amer. Transp. Co., 15th inst., for % Gordon, McMillan & Co. (City); weight, 39,000 lb. Freight, N. Y. to Clevelanfi, 35P=$136.50. Of these, 15 bags were found to have been damaged by water, and by agreement between the owners of the coffee and the Propeller, $3.00 per bag, or $45, was estimated as the measure of damages. Deducted $45 from the freight of the coffee, and paid balance, $91.50. Coffee delivered to owners. 17. Rec'd of Gordon, McMillan & Co., charges on coffee, as follows: Transp., $91.50; our chgs., $19.50. 237 RECEIVING BOOK. Cleveland, Mlay, 1861 1861 Uay7 1 Propeller "Cataract." r ionm Am. Transp. Co., Buetlo, Ap3r. 30. GoRDoN, MCIMILLAN & CO.,' 120 Bags Rio Coffee,.. 14,460L13I lFrci|ht from N.Y... 35 50 1 Ceveland, O.ii Rec'd Freight. MIay 2, 61 1. RIcuHARus, Clerk. 1 3 2 ": 21 g Canal Boat "America." F'rom J. Jfadeira, Chlillicothe, Apr. 29 For %c of Shippers, |s00 Baush. Corn.. AW & SON, as I Canal Frt. to Cleveland... 12~ 216. Rec'd May3, 2! 16 - Buffalo, N. IsAAo LEWIS, Capt. Canal Boat "Nautilus." From J. Madeira, Chilicothl, Apr. 25. Same as above. 2000 Bush. Corn. Canal Frt. to Cleve...... 12 24,Bm sh.o;],z1::; d 40t ),m e a Tt'.-,mv e. | Rec'd in full, May 4, -,n...... H tSOJf0i t H2O f.H,?ee3 OD'29!,.iH,&H 5 JOHN MIATTHEWS, Capt. Canal Boat "Grenada." 1From J. Mfadeira, Chlilicothe, Apr. 26. Same as above. 1960 Bush. Corn. Canal Frt. to Cleve... 12& 23 2 i20 12.u~h, neoxe l 22 8 Ctzsb~ o';"-,1 er: ad| oet m e r.g.,. = Ii Rec'd in full, fay 6,; i torevl H CIHI O i eeircivl)e GiEO. WATEwI, Capt. Stone, Chisholm & Jones Cleveland, (By Team.) sCHICAGO & IORT-t WVEST 1200 Bars T IR. ron. e. 403,20011! 2 |3 IR IBL. CO.1 1 I RECEIVING BOOK. 2 Cleveland, May, 1861. -- 1861 May 6 Prop. "Gov. Cushman." N. Y. & E.. R., Dzunlirk, MIay 4. BRADBURN & FISEElP, 20 Bbls. Syrup.......500b I 10 " Refined Sugar... 2.500 Cleveland, 0. o20 " P. "....22.000 40 Bags Coffee...... 6.150 85 Chests Tea...... 2.520 40 I-If. Chests Tea... 1.410 20 Boxes Tobacco...... 1.900 5 Bbls. "...... 540 50 Boxes Raisins...... 1.415 44.035T1 Frt. from N. Y., per Contract.. 35 | 157 27 Rec'd Frt., May 7, 157 27 D. ScoTT, Master. LyIT. 10 Cleve. & Pitts. R. R. Co. For t J. B. WooDs, 1000 Bbls. Flourl; "Beacon Mills, Extra.".. I Frt. per Bbl.. 15(:150 BRYANT, STRATTON &. ) IS 0 Drayage from Depot |... 2 PACKARD, York | Paid Chgs. May 10, per Receipts I t Ne w | rkl. i jllj I ~Schr. "Farwell." J..FitzOhugh, Osweg, Heay 5. i JAMES GOOD~wI, 20 Bxs.. Goodsr. 7..300.. 10 Bales. -. 3.000 Columbus, O.SON 1 10.300]b IL || e DFrrt. from N. Y. to Cleve.. 2. I 28 84 iy 1 Rec'd, May12, i' G. W. Jow, Owner. 16 Prop.'6 Fountain City.9" m. transpz. Co.wBualo, May 15. | GORDOm, MCMILAN & CO., |300 Bags Coffee 39.0 || Frt. from N. Y. to Cleve... 385 Clevelnd, 0. | Bags damaged- edeuct as arMed, i| 4- | Rec'd in full, i 1 5 CHAs. n BUrTTS, Clk, Ly. C Br 1, Cl239.y I?. 239 Cleveland, May, 1861. -:Receipts. 181 Tnsi. Charges. Genctal. May 1 Amount on handfrom Apr. 0 I 1682 3 Transportation. Frt. Chgs. on 120 Bags Coffee. 50 1 Charges..Our " " " ".. 7 23 7 Transportation. Frt. Chgs. on 5761 Bush. Corn. [ 691 00 Ch arges... Storage paid Erie Warehouse.. j 57 61;" "'... ~Our Storage on above Corn.. 57 61 " Transportation Frt. on Bradburn & Fisher's Goods I 157 27 Chlarges.. Our Charges on same.... 22 47 c" ".c.. " " "c 1200 bars T Rail |201 60 11 Transportation. Frt. on 1000 Ibls. Flour.. l 70 cc Insurance.. Ins. on same..... 22 50 Charlges... Our Chls. on samo..... 50. 13 Transportation.Frt. of C. & C. R. R. Co... 1. 30 09 ChargCes O.. OurChgs.onsame.. | 5 15 17 Transportation. Frt. on 3o00 Bagsi Coffee. * 91 50 Chargyes. Our Chgs. on same...... o 19 50 Transportation, otal.... 7 1191 07 CAarges, ".421 1107 s 421 |17 __Insurance____ _. 0 7316 74 24 ai *r1. * _. _.. -. C... i* I.. 240 BOOK. Cleveland, MAay, 1861. Disbursements Vans. M General. 1861 arge. Genera May 2 CommercialB'k Deposited... 4500 Transportation. Freight, Prop. Cataract... 50 61 y 3. " Boat America... 216 4 ". " "Nautilus.... i 239 20 1 t. " " Grenada.,. 236 40 7 Charges.. Erie Warehouse, 576. Bu. Corn. 57 0 61 "| ";.... Extra Labor on R. R.Iron., 21 15 Transportation. Freight Prop. Gov. Cushman. 157 27 Comimercial B'k Deposited Dft. on Daw & Son. i 806 82 10 Transportation. Freight, Flour, 0. & P. R. R.. 150 Drayage to ".. 20 I 11 Insurance.. Prem. on 1000 Bbls. Flour. 22 50 " Transportation. Freight, Schr. Farwell... 28' 84 13 ".Drayage to Depot..... 1 25! 17. Freight Prop. Fountain City. 91 50 1 Trans ortation, Total... 1191 07 1191 07 Charges, ~ 78 76 78 76 Blarlnce on hand.. 1 59h 7 2417 1 9 0A1 LEDGER,- FORWARDING. rx. Stock. 11 l'iiMay 1 Amount Invested, 1 5682'Prt. Cash. (x,. May 17 Total for the month 1 7316 74 May 17 Total for the month 6599 15 May 17 Total for the month 78 76 May i 17 Total for the month 1 421'17 _ _ _ _ _ _ _ _ _ _ _ _ _ I _ _ _ _ _ _ _ _ 1861 1861 May 17 Total for the month 10 1191 I May 17 Total for the month 1191 01 May 17 otal for the month Bbls, May 17 r iTota f e m1 ]v. Insurance.. May'11 Paid fo 1oay 1 Re 1 1861 T May 2 Deposited 1 4500 -- " 7 1 806 82 242 BANKING: EMBRACING1 AS PRDINOIPAL BOOKS, DEBIT JOURNAL, CREDIT JOURNAL, AND GENERAL LEDGER; AND AS AUXILIARIES, DEPOSIT LEDGER, DISCOUNT REGISTER, COLLECTION REGISTER, DOMESTIC TICKLER, FOREIGN TICKLER, AND PASSED COLLECTIONS; WITH FORMS OF CASH BOOK, STOCK LEDGER, TRANSFER BOOK, OFFERING BOOK, STATEMENT BOOK, ETC. ALSO te most atprnfxtb foms of fj b tarion htirabn of bank pner. COMPRISING TWELVE DAYS' BUSINESS, REPRESENTING AS MANY MONTHS, AND EMBRACING A SUFFICIENT NUMBER AND VARIETY OF TRANSACTIONS TO FULLY ILLUSTRATE THE BUSINESS OF BANKING AS IT IS CONDUCTED IN THE GREAT 3MAJORITY OF BANKING INSTITUTIONS IN THE COUNTRY. BANKING. B A NKIN G. THE business of BANKING is so inwoven in all our commercial relations, that any attempt to apply the principles of Book-keeping to the specialties of trade which should ignore this department, or fail to make it prominent, would be justly entitled to censure as falling short of the public demand. In presenting the subject in this connection, however, the authors disclaim any dictatorial rights pertaining either to substance or form; but would respectfully state that, after a careful examination of all the published works on the general theme of BANKING, as well as those having more particular reference to Bank Bookkeeping; and after consulting many prominent bankers, and examining carefully the books of various banking institutions in our large commercial cities, east and west, they have settled upon the following forms as being best adapted to the business as it is conducted in the great majority of banks throughout the country, and as presenting, in the most concise manner, the characteristic transactions of those banks which combine in their operations the various departments of finance. It is well known that in large commercial centers the tendency of trade is to specializing and centralizing; so much so that the cities themselves become divided up into homogeneous business communities, the limits of which may be almost as distinctly defined as the wards or election districts. So, also, e'ach establishment is specialized into departments, and the labor so divided as to give to each employe specific and monotonous duties. This can be done, however, only where the business is so extensive as to render each separate department a business of itself. Thus, in a large metropolitan banking house, fifty clerks may be necessary to do labor embracing no greater variety than that of a country bank whose duties devolve on one man. This massing of business begets the necessity of such divisions and subdivisions as shall secure the most perfect system of operation, and the most effectual application of the peculiar talents of employes. In the smaller centers of trade such divison of labor becomes impracticable from want of magnitude in the business itself; and hence, commercial houses asssume a more general character, and the duties of clerks become more diversified. It is evident, therefore, that the forms for business record which would be appropriate in a large establishment, where each department is distinct, would not answer so well in a house where all the departments are merged in one. In presenting the subject of BANK BOOx-KEEPINGc, we have not been unmindful of these difficulties, and have tried to meet them in a manner best calculated to benefit the general student, and to afford information of the most practical kind. The business represented is that of a medium institution; and the transactions such as generally occur at the counters of the great majority of banks throughout the country. The locality is central, affording thus a more extended variety of transactions in Exchange, and a favorable opportunity of illustrating the system of correspondence which constitutes so important a feature of Banking. Before referring to the details of the business, it may be well to speak in general terms of some of the more important characteristics of banks, and the offices they perform in the communities by whose patronage they thrive. THE SPHERE OF BANKS. A BANx is a perfected system of organizing capital with a view to securing the best interests of the two great classes of community, borrowers and lenders. The private means of individuals are united in a general fund which is loaned out on interest to those who need it, and can afford to pay for its use. In this view, a bank is simply an agency for the promotion of the public weal; and when properly conducted, there is no one agency which will do so much for the material prosperity of a community. It is scarcely to be expected, however, that the desire, alone, to benefit community would induce men to employ their time and means; or that the majority of men will consent to use their capital, whether of money or brains, without adequate compensation; and we are strengthened in this impression with reference to banks and bank owners,' by the fact that while the law in most states restricts the interest on loans to 6 or 7 per cent. per annum, the yearly profits of many banking institutions exceed 12 per cent., while the majority of them are able to declare annual dividends of from 7 to 10 per cent.; notwithstanding the fact that the current expenses for conducting the business, such as rent, fuel, salaries for officers and clerks, etc., etc., amount often to a heavy percentage on the capital. It may be well, therefore, to look at some of the sources of profits enjoyed by banks, as also at the legitimate means employed to secure their prosperity. Most banks in operation in this country are joint stock corporations, chartered by the Legislatures of the sev246 BAN KING. eral states in which they are located, and privileged, under certain restrictions, to receive money on deposit; to loan money on interest; to buy and sell money, and negotiable funds; to collect paper at maturity; and to issue notes which, being redeemable in coin at their own counter, pass as money, and constitute the great currency of the country. Private individuals or companies, however, may engage in the business of bankingexcept tla;t of issuing notes-with no more restrictions or privileges than those incidental to other business enterprises. We will consider briefly these separate characteristics of banks: 1. DEPOSITS AND DISCOUNT. As places of deposit, banks afford to the community a most convenient and safe custody for money; which, being deposited and drawn out at the pleasure of the owner, enjoins upon the banker not only the necessity of keeping a strict account with each dealer, but the responsibility of having always on hand current funds with which to meet the drafts he is bound to pay upon presentation. The great improbability, however, that all or any considerable proportion of the depositors will demand their money at the same time, renders it perfectly safe for the bank to loan a* portion of such funds at interest, thereby receiving compensation for the trouble and responsibility attending depositors' accounts. The original capital or stock of the bank is also employed in this manner, the bank exacting ample security for all money loaned with the legal rate of interest, which is usually taken in advance, or computed upon the face of the obligation, and deducted therefrom when the money is loaned. The advantages to a business man of keeping a bank account, can scarcely be overrated. They may be briefly enumerated as follows: 1. If the bank be, in all respects, responsible, his money is safer than in his own hands. 2. The payment of bills by checks on his banker, besides being much more convenient, enables him to keep irace of his money transactions, affording him vouchers for money paid, and avoiding errors that might otherwise occur without detection. 3. By making his own notes payable at the bank where his deposits are, he is saved the trouble and annoyance of hunting them up at maturity; and by dbpositing his bills receivable, he throws the trouble and responsibility attending their collection upon his banker. 4. By doing his business through a bank, he acquires habits of promptness and order, which will rendet him more efficient in all his business relations; is better able to establish his credit among business men, and enjoys more extended facilities for knowing the financial standing of those with whom he deals. 2. EXCHANG E. Banks located in the interior usually keep funds on deposit at the principal centers of trade, against which they draw in amounts to suit customers, charging therefor a certain percentage of premium, known as the " rate of exchange" between the two points. The amount of this premium is variable, and subject to contingencies which we have not space in this connection to discuss. Suffice to say, that when the intrinsic value of the currency or " money of account" is the same at any two given points, the rate of exchange between them can not greatly exceed the cost and risk of transporting coin, no matter what may be the preponderance of the " balance of trade.' * Another important item of bank profits arises from dealing in uncurrent and premium funds, the position occupied by banks giving them the advantage, both in purchases and sales, over private individuals. In large cities, however, the regular banks do not deal in uncurrent funds, leaving that department of finance to a class of private bankers known as Exchange Brokers.t We have, nevertheless, incorporated the feature in this set, as we desire to make the instruction as comprehensive as possible. 3. COLLECTION. The complete system of correspondence which banks are forced to put in practice and maintain, enables them with the greatest facility to collect money falling due at various points. This they can afford to do for their regular dealers at a small charge independent of the rate of exchange. For other collections they charge a small additional compensation, usually a percentage on the amount collected. * Perhaps on no one subject do Political Economists differ more widely than that of Currency; and more particularly as to the causes which lead to fluctuations in exchange. For a clear statement of the best points put forth by one class, we refer the student to the article on " Exchange," in Bryant & Stratton's Commercial Arithmetic, by J. B. Meriam, Esq., Cashier of Cleveland City Bank. t In many of the states banks are prohibited by law from dealing in uncurrent funds. 247 BANKING. 4. ISSUE, OR CIRCULATION. The function of issuing paper money, is at once the most delicate and important which banks possess, and is the peculiar feature of incorporated institutions. The conditions upon which banks are permitted to issue notes to circulate as money, aim to secure the prompt redemption of such notes in gold or silver whenever demanded; and the intrinsic value of the paper currency thus created, depends upon the certainty of this redemption. If a bank were obliged to keep always on hand an amount of specie equal to its circulation, there would be no profit from circulation except what would accrue from the destruction or loss of its notes, or their failure to be presented for payment, which~ does not ordinarily exceed the rate of one-tenth of one per cent. per annum; while, on the other hand, if banks were permitted to issue notes without being obliged to keep idle capital with which to redeem them, they would enjoy the use of so much additional capital at no expense save that incidental to the manufacture of the notes themselves. To secure these advantages to banks as far as possible, without weakening the basis of redemption, the Legislatures of the different states have passed such laws relating to the subject as have seemed at the time most promotive of these ends. The particular conditions prescribed in these statutory grants are various, and, in many cases, local; the- general provisions, however, may be summed up into three distinct lines of policy, viz., the sspecie basis, the safety fund basis, and the stock basis. The latter is more generally known as the " free banking" principle. The SPECIE basis requires a certain proportion of the capital to be retained in coin, limits the amount of circulation in proportion thereto, and holds the assets of the bank, with the private means of its stockholders, as liable for the redemption of its notes. The SAFETY FUND system requires each of several banks to deposit in the State Department a certain percentage of its capital or circulation, which is invested in good securities and retained as a common fund for the redemption of the notes of any insolvent contributing bank. The STocx or " free banking" basis requires the bank to deposit in the State Department, State or United States stocks equal to its entire circulation, the stocks to be estimated not above their market value, and to be made equal to stocks producing, in some states five, and in others six per cent. per annum. The interest on these stocks is paid over to the bank, unless they are permitted to run below the required standard; but if the bank refilses to redeem its notes, the notes may be protested, and the stocks sold to meet the payment. In some states, as in New York, it is made optional with the bank to furnish public stocks for the entire amount of security, or to deposit one half in stocks, and one half in bonds and mortgages on real estate; the land to be unencumbered and in a state of cultivation, and the mortgage not to exceed two-thirds of its appraised value. This is called the "free banking" law, as it enables any person or association to engage in the business of banking who will conform to its requirements; no special act of legislature being necessary to confer a charter It will be seen that any of the above systems secures to the bank the privilege of increasing its working capital by issuing its own promissory notes payable on demand without interest; and that under the "free banking law" which is illustrated in this set, although an equal amount of producing stocks must be pledged to secure the notes, yet the bank receives the interest on these stocks, while, at the same time, it uses the notes in its regular business, thereby obtaining the benefit of a double use of its capital.: Let us now briefly estimate the probable earnings of a bank under the franchises above enumerated. First, it has a nominal capital stock, which- is the amount originally paid in by its stockholders, and which must remain as a permanent investment. This is the arhount upon which dividends are paid. This capital can, of course, be used in the legitimate business of the bank, and should produce in the various channels, at least six per cent. Next, the continual balance kept by dealers on deposit will not usually fall short of the original capital. In * One great evil which has attended the working of the " Free Banking Law," especially in the Western States, is the inflation and consequent depreciation of paper currency. Banks are located in out-of-the-way places, having none of the facilities for a legitimate banking business except that of issuing notes. A limited capital is invested in stocks, which being deposited with the proper state officer, a corresponding issue of bank notes is authorized; these notes are immediately employed in purchasing other stocks, which in turn are deposited, and additional issues authorized, and thus repeating the process until the premium paid for stocks has so diminished the capital as to render farther attenuation unprofitable. The difficulty of presenting these notes for redemption at the counters of the banks issuing them, keeps them constantly in circulation, and while every thing is prosperous, and the currency of the country is not subjected to those severe tests precipitated by revulsions and panics, the interest on the stocks, thus doubled and redoubled, will make a generous dividend on the investment. If, however, any considerable quantity of the funds are pressed home for payment, the bubble bursts, and the bank, which never existed in fact, ceases to exist in name. This evil is securely guarded against in New York, and other States, where the free banking law prevails, by forcing the " country banks" to redeem their currency at certain points of commercial importance. All New York State banks have established agencies for redemption at New York City, Albany, and Troy. The New'England banks redeem at Boston. 248 BANKING. some banks it greatly exceeds the capital. This may also safely be used for short loans, and in fact forms a part of the working capital of the bank. Next, the securities deposited with the State Department produce a regular percentage of interest to which the bank is entitled. Assuming that the original capital of the bank is invested in stocks, for the face of which its notes are issued, and that the continued balance of deposits is equal to the paid-in capital, we have a producing capital three times as large as the nominal capital. If we can safely keep employed two-thirds of this amount at six per cent., the earnings from these sources alone will amount to 12 per cent. on the capital stock. If, then, our earnings from collections and exchange can be relied on to pay the current expenses of the bank, our stockholders will have no just occasion to complain of the non-productiveness of their investment. ORGANIZATION. The preliminary steps for organizing a bank are duly prescribed in the law which confers its charter. The general course may be thus briefly stated: Articles of Association are drawn up, giving the name of the institution, the amount of capital to be subscribed, and such other facts as are necessary to be known to stockholders. It is usual to mention the names of the first directors in this document, their election being secured by the act of subscription, The stockholders subscribe to these articles, each placing opposite his name the number of shares he is willing to take; the payment of which is divided into convenient instalments as agreed upon. When the amount of capital is fully subscribed, a certificate of organization is filed with the proper State officers, and also in the County Clerk's office of the county where the bank is located. The final act of organization is the deposit in the State Department of the necessary securities; which, in the State of New York, can not be less in value than one hundred thousand dollars. As soon as this deposit is made, the bank is authorized to do business; and until its own bills are ready for use, it can use the bills of other banks and such other currency as its depositors may pay in. MANAGEMENT. The management of the bank is vested in a BOARD OF DIRECTORS, who are annually chosen by the stockholders from their own number. Directors are required by some banks to hold a certain number of shares of the stock, upon the ground that the greater their pecuniary interest, the more carefully will they look after the welfare of the institution. The directors appoint one of their number as PRESIDENT, whose duty it is to preside at their meetings, and to act upon their authority during the recesses of the Board. He is, in fact, the chief executive officer of the bank, and, so far as the public is concerned, is the bank itself. The President usually devotes his whole time to the interests of the institution which he represents, and is not expected to engage in any pursuit which may distract his attention and sympathies therefrom. A BANK PRESIDENT should be the soul of honor; in his private relations above reproach, and in his public character a man of known integrity. ie should possess that happy equanimity of temperament which will guard him from inconsiderate actioq, and that ready discernment of character which will save him alike from the deep-laid schemes of dishonest tricksters without, and from the influence of parties and cliques within. He, more than any other person connected with the bank, imparts to it his own character, as the public are quite apt to judge of an institution by what they know of its acknowledged representative and head. The duties of the Board of Directors have reference more to the general management of the bank in respect to its relations with the public, than to its internal workings, about which they are expected to know little. ______- OPERATION. The machinery of the bank is under the immediate supervision and direction of THE CASHIE R, who is its acting financial officer. He is assisted in the various departments by a larger or smaller number of clerks, according to the amount and classification of the business. The Cashier is selected with reference to his ability, and is not necessarily a stockholder. In fact, he is not usually permitted to have any private dealings 249 BANKING. with the bank, even as a depositor. He is expected to hold himself aloof from the petty schemes and private differences of the friends of tle institution. Although appointed by the Board of Directors, and subject to ils conatrl, he is more particularly thl repra3esentativ and trustee of the stockholders, and is so coalsidelre l by them. It is his prlero:ativa to guard the fi-ancial interests of th3 bank, and if nacessary in tihe discha.rge of this sacred trust, hI m:ay authoritatively interpose before the acts of the Directors themselves. The1 duties and responsibilities of a Cashier differ in di;3F'rent iastitutioi3. In1 th3 smnller ones, know;vn a3 "Country Banks," h3 is the factotum; often combining in his perso3 t'13 dignity and duties of th! Board of Mnuagement witll the more onerous labors of Teller, Book-keeper, and subordinate clerk. In the larger metrepolitan houses his duties are mora circumscribed, but not lass important. Standing, a h doe33s, at th1 headl of the operative functions of th3 bank, ha is, in the greatest measure, responsible for the workings of its machinery. Being birought into immediate contact with dealers, he is supposed to know all about their business and their standing. Conversant, both with the theory and practice of financial operations, his judgment is consulted in miavtters requiring the nicest discrimination, and compassing the most important results. Ho is the mouthpiece of the institution to the public. All its correspondence is conducted in his name, and all its important documents bear his signature. If the institution is prosperous, its success is, in great part, attributed to his prudent management; if unsuccessful, he can not escape his corresponding share of responsibility. If it is essential to the continued prosperity of a bank that its chief officers should be capable and trustworthy, it is not the Jss so that the more minute details of the business should be in charge of competent assistants. When the business is such as will warrant the employment of a special clerk for 6each department, the dlivision of labor is somewhat as follows: THE FIRST, OR PAYING TELLER pays out all monies, takes charge of the vault and its contents, attends to the Clearing House exchanges, certifies checks, issues certificates of deposit, etc. His transactions are recorded in a book called the " Paying Teller's Cash Book," oi " Debit Journal." The latter title is given it from the fact that all debits, except cash, which appear in tho Ledger are first entered here. The responsibilities attached to the duties of this department are of the gravest nature, and call for a kind and degree of talent out of the usual order. The frauds so continually practiced, in one way and another, upon banks; the frequent temptations presented for stepping aside from the plain path of duty, and tho necessity of keeping constantly in mind the condition of dealers' accounts, raquire3 in the p3rson having charge of bank disbursemeats, keen perception, mature judgment, unfaltering memory, and incorruptible honesty. THE SECOND, OR RECEIVING TELLE.R receives all monies paid into the bank, keeping a proper account of the same. His records are made in a book called the "Receiving Teller's Cash Book," or "' Credit Journal." His duties, though not so responsible as those of the Paying Teller, are by no means sinecure; requiring great facility and correctness in counting' money and adding columns of figures, as also a thorough familiarity with currency. The rapidity with which an accomplished Bank Teller will count money, is truly astonishing to the uninitiated; and the eas3 and certainty with which he will detect a spurious bank note, not the less so. The duties of the Receiving Teller are sometimes divided between two clerks, called Deposit and Note Tellers; the one having charge of all receipts from depositors, and the other from notes, either discounted or left for collection. THE DISCOUNT CLERK has charge of all pap3r offered for discount, as wall as that which has been discounted. His records are made in three different books: the " Offering Book," the "Discount Register," and the " Tickler." The Offering Book contains an alphllabetical list of the persons offering paper for discount, with a description of the paper, amount, collaterals, etc. This book, with tha offerings themselves, is submitted to the Board at its regular meetings, where each o.faring, is passed upon, and the result note1 by the Caslhier opposite each name, the letter " A" signifying " Accepted," and the letter " R," "Rejected." If it is deemed best to refer any of the offerings to some membar of the Board or to the Cashier with power to act, upon sufficient information, the abbreviation " Ref" will properly designate such. The book and pap3rs are returned to the Discount Clerk, who immediately proce3ds to transcribe the accepted paper in the Discount Register, and Tickler; the one containing a description of each bill discounted, numbered in proper order, and the other exhibiting, in the most convenient form for reference, the date of its maturity. The discounted paper is properly filed, and remains in the custody of the DisCount Clerk until paid or protested. The net proceeds or present worth is immediately credited as a deposit to the person for whom the discount was obtained. The rejected paper is, of course, returned to the owners. 250 BANKIN G. THE BOOK-KEEPER has charge of the Ledgers, of which there are two, one containing depositors' accounts only, and the other the general accounts of the business. The depositors in some banks are so numerous as to require two or three Ledgers, with a separate clerick for each. When such is the' case, the alphabet is divided so as to apportion the names properly, giving eachs Ledger its due share. Very little knowlecldge of tho principles of Book.keeping is necessary to transcribe the facts connected with depositors' accounts; but the utmost correctness and promptness will be found essential. To be able, at a moment's notice, to givo the standing of any one of five hundred dealers requires not only quick discernment and a retentive memory, but order in arrangement, and a habit of having every day's transactions written up to time. As moderate as are these requirements, many banks have just cause to complain of the inefficiency of their Book-keepers. The duties connected with the General Ledger are more diversified, and require a better knowledge of the Science of Accounts. When this book is kept by a separate clerk he is called THE GENERAL BOOK-KEEPER. The items which. make up the accounts in the General Ledger are taken from the Tellers' Journals, where they are arranged with a view to the proper debits and credits. One important item in the duties of the General Dook-keeper is to keep the accounts with corresponding banks, charging them with notes sent for collectionwhen such notes are paid-and crediting them with remittances and the proceeds of notes collected for them. This duty often requires a vast amount of correspondence. He has also charge of the Stock Ledger and Transfer Books, and is obliged to render p3riodicalistatements of the current condition of the business, for the information both of. stockholders and the public. Having frequent access to the books of the various departments, he becomes the repository of all the important facts connected with the business. His position brings him into confidential relations with the officers of the bank, who defer to his judgment in matters pertaining to the general condition of its affairs. Besides the clerks already enumerated, who may properly be styled heads of departments, most large banks employ various other assistants, such as THE ASSISTANT TELLER, whose principal duty is to aid the Paying and Receiving Tellers, in counting and asserting funds; THE CHECK CLERK, who keeps the check-list, and assorts the checks preparatory to their entry on the Debit Journal; THE RUNNER, wvlo is the Mercury of the bank, and whos3 duty it is -to collect notes and drafts, present drafts for acceptance, serve notices of the maturity of paper, etc., etc.; and'last, though not least, THE PORTER, vwho carries the keys of the bank and its sacred depositories, and is its general custodian and special policeman. The Porter is a kind of general assistant of the clerks, but his duties are more intimately connected with the Paying Teller's department. He has much to do with the handling of coin, and becomes very expert in counting it, and detecting base pieces. All valuable package to be conveyed to and from the Clearing House, Express, or Post Office, are entrusted alone to him. Though lowest in the grade of regular bank employ s, he is the peer of the highest in the responsibility and importance of his position; and his selection and retention in office are the best possible recommendations for strict honesty and fidelity. THE DAILY ROUTINE.The transactions vwhich daily occur at the bank counter, though varying somewhat in their method and details, produce a, monotonous record; one day's business being almost a transcript of every other day. A few hints upon this point may better enable the student to comprehend the': Narrative" which follows. 1. DEPOSITS. A person desiringto become a depositor or dealer with a bank,. first obtains an introduction to the Cashier, who learns from him his business, and the probable nature and extent of his future dealings with the bank. These preliminaries are mutually advantageous to the parties, and, so far as the bank is concerned,, are necessary for various reasons; the chief of which is, that the dealers of a bank are the main borrowers of its capital; the relative average of deposits being, other things equal, the basis of "accommodation." If the introduction 251 BANKING. is satisfactory, the dealer is requested to leave the signature which will be adopted by him in all his future dealings with the bank, and is furnished with the necessary auxiliaries for keeping his own bank account, con sisting of a blank Check Book, a Pass Book, and a package of Deposit Checks. Examples of these and the meth ods of their use are shown in connection with Set IV., Pages 116 and 117. A man in active business usually makes his deposits once a day. Each deposit is accompanied with th( Pass Book and a Deposit Check, the latter enumerating the kind of funds and amount of the deposit. -If; upoi examination, the Teller finds the amount to be right, and the funds satisfactory, he enters the amount in th( Pass Book, and files the check for filture record upon his own book. The entry upon the Pass Book, accom. panied, as it is, with the Teller's initial signature, serves as the depositor's receipt. The Deposit Checks whicl thus accumulate on the Teller's file, are taken from time to time by a special clerk, and entered on the Credil Journal, or are allowed to accumulate until the close of the day's business, and entered up by the Teller. So. also, the checks of dealers, which are usually much more frequent than their deposits, are cashed by the Paying Teller, and filed until-the close of the day's business, when they are collected, assorted, and entered up in propel order; those of each dealer being enumerated together, and extended in-one amount to the deposit column. This arrangement enables the Tellers to attend to their business with less hindrance as also to secure a more symmetrical entry, by classifying their transactions. 2. DISCOUNTS. Paper to be discounted is first presented as an offering to the Board of Directors, who hold regular sessions for that purpose, usually twice' a week. It then comes in charge of the Discount Clerk, or, if there be nc special clerk for this department, of one of the Tellers, who enters it on the Discount Register, and, if payable at home, in the Domestic Tickler; or, if sent abroad for collection, in the Domestic Exchange Book. Bills Receivable is then debited in the Debit Journal (under the title of "Bills Discounted," or "Domestic Exchange," as the case may be), for the face of the bill, and " Interest," and the person for whom discounted, credited in the Credit Journal for the discount and net proceeds. If the net proceeds is paid in cash, Interest alone is credited. 3. COLLECTIONS. When notes are received for collection, they are entered in the order of their receipt on the Collection Register and also on the Ticklers; if payable at home, on the Domestic Tickler, if abroad, on the Foreign Tickler. If left by a regular dealer, the note is first entered in his Pass Book, but not extended into the Cash column unti paid. If -left by a stranger or one having no dealings with the bank, it is entered only in the Collection Register and Tickler. When paid, the amount less charges for collection is paid over to the owner, no entry being made in the main books, except as relating to the amount received for collection. PRINCIPAL BOOKS. The principal books of a bank, or those necessary to record the general results of the business, embrace necessarily only the Tellers' Journals and the. General Ledger, all of which are here briefly explained' 1. THE DEBIT JOURNAL, or Paying Teller's Cash Book, contains the record of all cash paid out, with the corresponding debits of accounts for which it is paid. The "Interest and Exchange'" column, in the example given, contains the items of expense from these sources, which are posted in total at the end of each day to the debit of that account. The "Deposit" column contains the amounts paid out on depositors' checks, the total of which is posted each day to the debit of Deposit account in the General Ledger, and the separate amounts to the debit of each depositor's account in the Deposit Ledger. This book is equivalent to the credit side of a Cash Book, the footing being posted to the credit of Cash account in the Ledger, and the amounts composing it to the debit of other accounts. 2. TH:E CREDIT JOURNAL, or Receiving Teller's Cash Book, contains the record of all cash received, with the corresponding credits of accounts ptoducing it. The "Interest and Exchange" column in this Journal contains the items of profits from these sources, the total of which is posted each day to the credit of that account. The " Deposit" column contains the separate deposits of dealers, the total of which is posted each day to the credit of Deposit account in the General Ledger, and the separate amounts to the credit of the individual depositors in the Deposit Ledger. This book is equivalent to the debit side of a Cash Book, the footings being posted to the debit of Cash account, and the separate amounts to the credit of other accounts. The difference between these two Journals when the balances are carried forward, should always agree with the Cash on hand. 252 BANKING. 3. THE GENE R-AL LEDGE-R Is the grand book of results, and differs in no important respect from the Ledger in other kinds of business. The style of expression, under the separate accounts here adopted, is deemed preferable to the conventional form of "opposite Journal expressions," because more explanatory. The student will observe that the explanation used in the Journal is transferred to the Ledger, making the process of posting extremely simple. The entries in this book are posted directly from the Debit and Credit Journals, comprising only the amounts extended in.the "general" column. Some banks divide the General Ledger into two or three separate books, for purposes of classification; others accomplish similar ends by devoting different parts of the book to the different classes of accounts. AUXILIARY BOOKS. The following auxiliary books, which are used in this connection, are sufficient for a limited, business. A more thorough subdivision pf labor, however, would require, perhaps, a larger number, and a different classification of entries. 1. THE DEPOSIT LEDGER. This book contains only dealers' accounts. Its items are posted from the deposit columns of the Debit and Credit Journals, the totals of which go to the deposit account in the General Ledger. An important feature is introduced into the Deposit Ledger here shown, which will commend itself to the practical, viz.: exhibiting in a separate column the balances on deposit each day to the credit of each depositor. The practice is pursued in many of the larger banking houses, and is highly commended for the facility it affords in estimating the average business of individual depositors. The balances are usually written in pencil; and instead of being entered on the opposite side when checks are drawn and no deposits made, as is here practised for convenience' sake, they are usually interlined. It needs no special hint to enforce the importance of this book. 2. THE DISCOUNT REGISTER. This is simply a Bill Book, somewhat more formal and extensive than those used in connection with general mercantile business, but identical in its main design. In this book are recorded, in the order of discount, the notes which become the property of the bank, with such facts pertaining to them as are necessary to be known. These notes or bills are classified in the Ledger under two heads, viz.: "Bills Discounted" and "Domestic Exchange," the former embracing those payable at home, or in the place where the bank is located, and the latter payable elsewhere in the country. Some banks class them all under the general title of " Bills Receivable." The records made in this book are collected each day, and properly entered on the principal books. 3. THE COLLECTION REGISTER. This book contains a consecutive record of notes and bills left with the bank for collection, with such facts as are necessary to be known. No entry is made of these on the principal books until they are paid, when, if belonging to a dealer, he is credited with the proceeds as a deposit; and if to a stranger or non-dealer it is either remitted immediately or retained as a special deposit until called for by the owner. When bills come into our hands payable abroad, whether they are our own discounted bills or those left with us for collection, they are immediately sent forward, either to the bank where they fall due or to our most convenient correspondent, who will act in the matter as our agent. If sent to a correspondent we either await his advices, and when notified of payment, charge him with: the amount, or, after waiting,the due course of mail and receiving no notice of protest, consider the payment made, and make the entry accordingly. If sent to a bank not a correspondent, the remittance should accompany the advice of payment. 4. THE DOMESTIC TICKLEER. The Tickler is a book containing a classified record of bills, under their date of maturity, with the names of the principal parties, in order that if not promptly paid they may be protested, and the owner be able to hold the endorsers. The Domestec; *icaler contains tile record of all bills, whether discounted or left for collection, falling due at home. There are different methods of separating the discounts and collections. Some adopt the plan of entering one in black ink and the other in red, while others set aside separate spaces under each date. The plan here adopted is both simple and explicit, having the discounts on one side of the folio and the collections on the other. In actual business it Would be well to divide each page into three dates, having the first working day of the week come always at the head, of the page. This arrangement greatly facilitates the reckoning of time and is generally beneficial.!253 BANKING. 5. THE FOREIGN TICKLER. This book contains the record of both discounts and collections due abroad, and is similar in all essential respects to the Domestic Tickler. When bills are sent forw"ard for collection they are entered in the Foreign Tickler under the date of maturity, usually adding from one to three days, according to the distance and the contingency of the mails. When'the time elapses and no notice comes to hand of' failure to pay, the bill is assumed to have been paid, and the proper entry made. Of course if subsequent advices should, vary the result, the error would need to be corrected, which can easily be done by counter enteries. This plan is adopted by most banks as preferable to that of waiting advices, both on account of the uniform system of which it is susceptible, and the saving of labor in correspondence. 6. THE PASSED COLLECTIONS. This book contains a record of such collections as have been paid. They are 2passed from the Collection Register, or, more properly, from the Ticklers, for the purpose of effecting a more regular entry into the Ledger where the results are shown. As the main purpose of the book is to arrange the amounts to be debited or credited to dealers and correspondents, which grow out of collections, it would be quite unnecessary to record herein the paper left by strangers and non-dealers, which is to be paid at the bank and the proceeds immediately remitted. The general plan and utility of the book will be readily apparent. The following additional auxiliaries, though not essential to the complete rendering of general results, are, nevertheless, important, and are used,' in some form, in nearly all banks: 7. TH.E INDIVIDUAL LIABILITIES, OR STANDING LEDGER. This is a convenient book of reference for the officers of the bank, as it illustrates, in a simple manner, the standing of the principal parties whose names appear on discounted paper, as to their liability to the bank and their claims as depositors. It is freely consulted in deciding as to the merits and claims of offerings. 8. THE CASEH BOOK, As shown in this connection, is simply an enumeration of the different items of cash embraced in the amount on hand, and affords a test of the correctness of the cash entries. It is used also, under different forms, as a settlement book between the tellers, each of whom is obliged to prove the correctness of his own work by the vouchers which he holds. Of course it has no vital force except in connection with actual transactions, as there can be no means of knowing the different kinds of cash items except in the actual count 9. THE STOCK LEDGER Contaihs a complete list of the stockholders, with the amount of stock held by each. It is auxiliary to the General Ledger, and sustains the same relation to the Capital Stock % that the Deposit Ledger does to the Deposit Xc. As the stockholders of a bank are constantly changing, some system of recording the changes, so that the actual stockholders may at any time be shown, is necessary; and as no stock can be lcgally transferred without being entered upon the books of the bank, the process of keeping the Stock Ledger becomes very simple. 10. THE TRANSFER BOOK Is a book of printed forms, which are filled up with the necessary points of information upon the occasion of the transfer of stock from one stockholder to another. All changes occurring in the Stock Ledger after the original entries, are taken from this book. 11. THE OFFERING BOOK Contains a consecutive list of all the "offerings" submitted to the directors for loans. This book is used at the meetings of the Discount Board, when the merits of the various offerings are duly discussed, and the final decisions recorded. The " accepted " offerings are transferred to the Discount Register. 12. THE STATEMIENT BOOK Shows the periodical condition of the bank, and is useful both to the stockholders who are more immediately interested in the prosperity of the institution, and the public who hold its credits and have a right to know its condition. In most of the large cities banks are required by law to render such statements as will -servoe to enlighten the public as to their condition, as often as once or twice a month; in the smaller cities, villages, and rural districts, once in two or three months. We present two kinds of statements in this connection, both prescribed by the banking laws of the State of New York-the former to be published semi-monthly by the banks of the city of New York, and the latter to be published quarterly, and sent to the Bank Department, by all the banks in the State. 254 BANKING. DIRECTIONS FOR WRITING UP. In the preparation of mlaterial for this set, the author has been governed by the leading impulse of making tile instluction full on every essential point, and covering sufficient ground in the transactions to fully illustrate the business. In carrying ouS rals plan it Ilas 0oeln lounca necessary te submnit an extensive variety of transactions, and to resort to a collstant repetition of thell more ordinary details comprising the daily routine of l)anking. But this necessity has given to thel work a character whllic will be appreciated by practical minds, and which is mainly relied upon to sccure public favor-that of representing business as it actually occurs. The supposition upon which the work was commenced, and has been completed, was, that whoever should have the courage and desire to avail themselves of its lessons, would be satisfied with nothing less than a complete exposition of the business, both in its general principles and its characteristic details. Instead, therefore, of selectillng a few representative transactions %with the sole purpose of evolving the general theory of banking, we have chosen the more natural, and, as we believe, more efficient plan of first submitting the fxe general principles peculiar to baqnking, and then fully establishing, them in the record of such transactions, arranged in their natural orderl, as occur daily at the counters of the class of banks intended to be represented. We are aware that this plan will subject the student, as it has the author, to more labor'than a less thorough one, but weo filly believe that the efficiency of the instruction is so much more enhanced. In treating upon the general subject of banking, as well as in enforcing its pi;inciples by " Explanatory Notes" referring to specific entries, the aim has been to leave as little as possibl3 to tle student's mere conjecture; and t!hi idea has been carried out through the entiro work, Cven at the risk of verbosity and tediousness. Thle hints given in this connection are intended to furnish all necessary information as to the character of the transactions, and the order arid manner of entry in the various books. It is believed that if they are thoroughly understood and applied, there is no record suggested in the " Narrative" which may not readily be made. TII~ME AND DATES. The business comprises tlhe labor of twelve days, so arranged as to cover the space of one year; the first six months of which are written up in full, exhibiting all the necessary principal and auxiliary books, forms, etc. In the naiture and order of the transactions, each day's business is designed to represent such a series of entries as would naturally occur on any one day in a bank; while in the time supposed to elapse for the maturity of paper, etc., each day is made to represent a mornth. Thlls the twelve days' business comprises twelve months' time, affording sufficient opportunity to show the maturity of paper, to declare dividends, and accomplish other chlracteristic results. In reckoning time on discounts and collections, as great exactness is used as in actual business; but in noting the date of maturity in tie Ticklers, such precision is impossible, fiom the fact that the year contains but twelve business days, neither of which, it might happen, would be the exact day upon which paper would mature. This seeming difficulty is very easily adjusted by considering all paper as due upon the day representing the l?2o nth in which its exact date of maturity would fall; hence, all paper falling due on any day of the month would be reckoned as due on the same day. This plan, which we have adopted and carried out, secures all the advantages of exact reckoning without the necessity of representing every business day in the year. C O U N T E I- C H E C K I N G. The system of checking adopted in this set has reference mainly to transferring from the original books of entry those results which require a different classification, the more readily to be shown in the general statement of the business. To give a definite idea of the plan, we will take thle books in their order. 1. THm DErIT AND CREDIT JORNALs.-TTh e firs' ( clumn is used for checking, and contains simply the Ledger pages to which theo results are posted. The -. mnuts in the " General" column are taken to the General Ledger, the check mark showing the page, and tI: ~, in the " Deposit" column to the Deposit Ledger in the same way. When the entry is made alone in the " Collection and Exchange" column, the check mark (F/) indicates that the amo-unt forms part of a total which is extended into the " General" column, and from thence posted to the General Ledger. 2. TIE GENERAL AND DEPOSIT L-EDGEs.-The check column in these books is next to the money column on either side, and refers to the page of the Journal from which the amounts are taken. 3. TEE DISCOUNT REGISTER.-The check marks in the last column of thllis book, refer to the credits of net proceeds from discounts (the amounts of which are in the preceding column), and indicate that the proper parties have been credited. The check marks preceding the column footings indicate that the amounts have been properly transferred-" Bills Discounted" and "Domestic Exchange" to the debit of those accounts, and "Interest" and "Collection and Exchange" to the credit of those accounts. It will be observed that the sum 255 BAN KIN G. of the first two columns will equal that of the last three, proving the total net proceeds.to be the difference between the face of the paper discounted and our charges'for Interest and Collection and Exchange. Although the amounts marked as credited to" Cash" are checked the same as the others, they do not appear in the Journal or Ledger, this discrepancy marking the exact amount of cash actually paid out, which will appear in the general results of the Journals. 4. THE COLLECTION REGISTER.-The check marks in this book indicate that the collections are entered in the Ticklers, under the proper dates of maturity. 5. TIE DOMESTIC TICKLER.-As the Ticklers mark the maturity of paper, the results to be transferred from them arise from the payment or protest of notes falling due. When discounts falling due at our bank are paid, we have only to credit Bills Discounted. The check mark "?Paid and Entered" indicates that this entry has been made. If the paper is protested, it is so checked. The checks for Collections —" Passed," and " Remitted" -indicate that such payments as are to be credited to other parties are carried to the Passed Collections Book for that purpose; while such as are to be paid over immediately to owners are set aside for that purpose, or remitted, as the case may be. Those amounts which are to be remitted are marked " special." 6. THE FOREIGN TICKLER. —AS the paper recorded in this book falls due abroad, and when paid, is usually to be charged to correspondents, a system of double checking seems to be necessary for the discounts; one to indicate the credit of Domestic Exchange, and the other the debits of correspondents to whom paid. The remarks " Paid and Entered" would in this case be unnecessary, save as to confirm the other checks. The check "Passed" on the collection side has reference to the results being taken to the Passed Collection Book, as in the Domestic Tickler. 7. THE PASSED COLLECTIONS.-The checks in the last column of this book refer to the credits of proceeds to parties for whom collected; those immediately preceding the names of correspondents under the head of "By whom Collected," indicate that those parties are debited; while that preceding the footing of the " Collection and Exchange" column, indicates that amount as credited. CORRESPONDENCE. That part of the business conducted by correspondence will be found at once the most difficult and instructive; both on account of the entries growing out of it and the adjustment of' inland exchange, which comprises so important a feature in the business relations between different parts of the same country. There is no feature of banking more important to the community and to banks themselves than the system of agencies which is found necessary in conducting that portion of the business of each bank which is beyond its own immediate reach. By a mutual arrangement, two banks in different parts of the state or country, undertake to do each for the other such business as comes within its own immediate province. This, of course, necessitates a correspondence, and generally a running account between the banks, which, if not kept in tolerable equilibrium by mutual collections, is adjusted from time to time as the parties may desire. Each bank has its own cluster of such mutual agents —in business language, correspondents-located at such points as will best serve its own interest, and is.thus enabled, with little trouble, and no risk, to do the foreign business of its dealers, and at rates both remunerative to itself and satisfactory to all parties. The great advantage to the community. growing out of this system, aside from the facilities afforded for the ready adjustment of foreign business, lies in the safety of making remittances, by substituting bank credits for money. One or two examples will sufficiently illustrate this point:A, who is a dealer at our bank, has a note falling due in Buffalo. To collect this note himself would subject him to the trouble and uncertainty of sending it to some bank or person in that city, upon whom he may rely to attend to the collection and remit him the funds. It is thus a constant care to him until the funds are in his hands. Instead of this process, however, he simply leaves the note with us, for which we give him an informal receipt-entering it in regular order upon his Pass Book, but not extending the amount into the deposit column He has now no farther trouble or anxiety in the matter. WVe send the note to our Buffalo correspondent, who attends to the collection at maturity, and credits us with the amount. When we are satisfied that the note is paid, we charge our Buffalo correspondent, and extend the amount in A's Pass Book, the same as a regular deposit; also crediting him in our main books. Thus the whole transaction is conducted without delay or uncertainty, and without the handling of money. Again, suppose A wishes to pay a debt in New York, and would avoid the trouble and risk of sending current funds. He simply draws his check on us. for which we give him a draft on our New York correspondent, payable to the order of his creditor. When the draft comes to hand, and is endorsed by the proper party, it will be redeemed upon presentation, or received as cash by any bank in the city. The transaction is simple, incurring no risk and very little trouble. But there is another important question connected with bank correspondence which it will be more difficult for 256 BANKING. the student to comprehend, but which, when understood, will afford him the means of pleasant and profitable study. We allude to DOME S TIC, OR INLAND EXCHANGE. Without presuming even to enter upon the philosophy, we shall merely state the fact that, owing to sufficient causes, the currency, or "money of account" of different localities differs ia value; in other words, that the kind of funds which will pass readily at par in Cleveland are at a discount in New York; and that, consequently, for a debtor residing in Cleveland to discharge a debt due in New York, he will need to remit either New York funds for the exact amount, or sufficient Cleveland funds to cover the debt and discount. It will be borne in rinid that the transactions of this set are predicated upon the condition of public finances, which existed previous to the remarkable changes wrought by the civil war. It is, of course, impossible to predict what may b) the final effect of the success of our arms, or the measures of the government, upon this great question of currency; and it is therefore deemed best in preparing a text-book, the prime object of which is to teach the theories of busine-ss record, to adopt something near the standard which existed during the normal condition of public affairs, and which affords the readiest means of illustrating some of the most vital points in the science of Bookkeeping. This state of facts affords to banks through their extensive system of agencies the opportunity of realizing a small per centage in the adjustment of exchange, a feature which the student will fully understand in writing up the transactions of the set. The chief point of difficulty, nowever, will be the adjustment of accounts between correspondents where the money of account differs: thus, if we keep our New York correspondent's account in. our own currency, and lie keeps ours in his currency, there will always exist a discrepancy equal to the rate of exchange between the points. It will, therefore, be evident that we must adopt some standard in our mutual dealings, by which we may always agree in our counter entries. In order to give the student the benefit of uniformity, we have assumed certain rates of exchange to exist between ourselves and the several correspondents with whom we deal, and who are enumerated in this connection; and further, have adopted a standard of account which must be strictly observed. The following is our list of correspondents, with the rates of exchange and standard of account: Localities. Correslondents. Rate of Exchange. Standard of %. New York, Duncan, Sherman & Co., 1 % prom., New York Currency. Albany, Bank of Capitol, 1 % prem., Albany Currency. Philadelphia, Girard Bank, 1 % prem., Philadelphia Currency. Buffalo, Exchange Bank, % X prem., Buffalo Currency. Pittsburg, Iron City Bank, 4 % prem., Pittsburg Currency. Cincinnati, Lafayette Bank, par, Cleveland Currency. Columbus, Franklin Bank, par, do. Toledo, Toledo Branch Bank, par, do. Sandusky, Moss Brothers, par, do. Elyria. Lorain Bank, par, do. Aslhtabula, Farmers' Branch Bank, par, do. Detroit, Farmers & Mechs' Bank, l % discount, do. Cllicago, Burkamr & Sons, 4 % discount, do. CI-IARGES FORI COLLE CTION, ETC. For the sake of uniformity, the following rates for Collection and Exchange have been strictly adhered to throughout the transactions: For collecting paper due at our bank or in the city, no charge is made either to dealers or others. For collecting that due abroad, whether for dealers or others, and whether it be paper for discount or for collection only, we charge 4 X in addition to the rate of exchange, when exchange is at a discount. For all collections due at points where exchange is at a premium, no charge is made-the advantage in exchange being considered an equivalent for the trouble of collection. In keeping accounts with correspondents whose currency differs in value from our own, the better currency is adopted as the standard; and when payments are made on either side the value of the currency in which such payments are made is always considered. In writing up the set the student will follow the order of the Narrative, making the entries in the books as indicated by the initials. The small reference figures refer to corresponding numbers in the "Explanatory Notes" where specific instruction is given in connection with such entries as seem to demand it 1-7 257 NARRATIVE. NARRATIVE OF TRANSACTIONS. JANUARY. THE Commercial College Bank of Cleveland was this day organized under the "Act to incor. porate Free Banks in the State of Ohio," passed March 21, 1851. (1) STOCKHOLDERS. H. D. STRATTON... 100 Shares, $100 each. Cf. No. 1 $10,000 H. B. BRYANT... 100 do. " " 2 10,000 J. B. MERIA...... 100 do. " " 3 10,000 DUNCAN, SHERMAN & CO.. 200 do. " " 4 20,000 PARKER HANDY.... 200 do. " " 5 20,000 HENRY IVISON.... 250 do. " " 6 25,000 JOHN R. PENN..... 100 do. " " 7 10,000 PETER COOPER.... 200 do. " " 8 20,000 JAS. W. LusK.. 100 do. " " 9 10,000 W. H. CLARK..... 250 do. " " 10 25,000 J. H. GOLDSMITH. 100 do. " " 11 10.000 A. C. TAYLOR.1... 150 do.' "12 15,000 M. B. SCOTT...... 150 do. " 13 15,000 2000 Shares ( $100 200,000 BOARD OF OF FICERS. HI. D. STRATTON, H. B. BRYANT, J. B. MERIAM, DIRECTORS. M. B. SCOTT, J PETER COOPER, H. D. STRATTON,.............. PRESIDENT. S. S. PACKARD,............. CASHIEr. THE Stockholders have this day paid in the first instalment of 60% of the Capital Stock, amounting to $120,000; among which are the following Bills of Exchange on N. Y., which we have remitted Duncan, Sherman & Co. to be entered to our credit, viz.: H. B. Bryant's draft on Ocean Bank for $5000; J. B. Meriam's do. on Continental Bank for $7500; Metropolitan Bank's certificate of deposit, favor of HI. Ivison, for $10000; W. H. Clark's draft on Duncan, Sherman & Co. for $15000. (2) (Dr. J.; Cr. J.) Received the following deposits: (3) N. C. Winslow, $1000; E. R. Felton, $1750; Jacob Hoornbeek, $5000; M. B. Scott, $900; J. W. Lusk, $2500; Lewis R. Morris, $3000; John S. Woolson, $1500; T. P. Handy. $4700; E. L. Jones, $975; James Richards, $1750; Alonzo Mitchell, $2000; Asa Mahan, $1200; Robert Brown, $1000; Ingham & Bragg, $3750; Chas. Hickox, $1325. (Cr. J.) Sold N. C. Winslow, on his check, (4) our draft on Duncan, Sherman & Co. for $500 @ 1% prem. (Cr. J.) Paid Cash for Blank Books, Stationery, and sundry expenses, $150. (Dr. J.) Paid the following checks to-day: (5) N. C. Winslow, $505, 100; E. R. Felton, $18 75, 25, 130, 125; Jacob Hoornbeck, $500, 175, 25 59, 19, 12. 110; J. W. Lusk, $175, 125 E, 13 75, 112, 200; Lewis R. Morris, $118, 12 50, 142, 19 Fo; John S. Woolson, $1450, 110 T. P. Handy, $1500, 500; James Riciards, $113, 19 3) 144, 12;- Alonzo Mitchell, $200, 120, 1375; Robert Brown, $12, 190; Chas. Hickox, $190; H. B. Bryant, $3000; John R. Penn,. $2500. (Dr. J.) Purchased at J% prem. T. P. Handy's draft on Ocean Bank, N. Y., for $30,000. Remitted same to Duncan, Sh. & Co. for our credit. (Dr. J.) 258 N ARR AT I VE. Discounted the following paper: For H. B. Bryant: His draft for $5000 @ 60 ds. (6) on Wright, Gillett & Rawson, N. Y., endorsed by H. D. Stratton; proceeds to credit of H. B. B. as deposit. Remitted same to Duncan, Sh. & Co. for collection. (7) (Dis. R., For. Tic.) For John R. Penn: Peter Cooper's note o' $4000 @ 60 ds., endorsed by William B. Ogden,. payable at our bank; net proceeds to J. R. P.'s credit. (Dis. R.; Dorn. Tic.) The Discount Register is now closed, and the results carried to the Debit and Credit Journals, as follows: Debits-Bills Discounted, $4000; Domestic Exchange, $5000. Credits —H. B. Bryant, $4947 50; John R. Penn, $3958; Interest, $94 0.) - FEBRUARY.Bot. per our draft on Duncan, Sh. & Co., N. Y., 20 Shares U. S. 6% Stocks, ea. $1000, @ 92%; 20 Shares Ohio State 6% Stocks, ea. $1000, @ 90%. (8) (Cr. J.; Dr. J.) Remitted same to State Department as basis of circulation. (9) Received from Board of Control for circulation, our registered notes of various denominations, amounting to $35,000. (10) (Cr. J.) Bet. the following Bills on N. Y. @ A% prem., and remitted same to Duncan, Sh. & Co. for our credit: E. R. Felton's draft on Exchange Bank for $5000; M. B. Scott's do. on Ocean Bank for $1200; Ctfct. Dep. on Met. Bank, fav. Chas. Hickox, $2500; John R. Penn's draft on East River Bank, $500; James Moore's do. ou Duncan, Sh. & Co., $3000. (Dr. J.) Received the following Bills for Collection: From Duncan, Sherman &S Co.: Ivison, Phinney & Co.'s draft for $1500 on Ingham & Bragg, @ 3.0 ds. sight, payable at City Bank. (Col. R., Dom. Tic.) Peter Cooper's draft on D. P. Eells for $2000 @ 60 ds. from Feb. 1, payable at Commercial Branch Bank. (Col. R.; Dom. Tic.) James Shaw's note of $2500, fav. W. H. Crocker, dated Jan. 1, @ 90 ds., payable at City Bank. (Col. R.; Dom. Tic.) W. H. Beebe's draft @ 10 ds. from Feb. 1, on T. Dwight Eells, foi $3000, payable at Bank of Cleveland. (Col. R.; Dom. Tic.) From W. H. Clark: T. P. Handy's note at 30 ds., from Jan. 15, for $1500, payable at our bank. (Col. R.; Dom Tic.) James Smith's accepted draft for $2000, drawn by W. H. C., @ 30 ds. sight, and accepted Feb. 1, payable at Merchants' Bank. (Col. R.; Dom. Tic.) From Lewis.R. Morris: His draft for -$900, @ 10 ds. sight, on R. M. Bartlett, Cincinnati-sent to Lafayette Bank for collection. (Col. R.; For. Tic.) J. W. Lusk's note for $500, @ 30 ds. from Feb. 1, payable at our bank. (Col. R.; Dom. Tic.) From Jacob Hoornbeek: James McAllister's note for $1200, @ 60 ds. from Jan. 1, payable at our bank. (Col. R.; Dom. Tic.) His draft on Peter Aiken, Sandusky, for $475, @ 20 ds. sight-sent Moss Brothers, Sandusky, for collection. (Col. R.; For. Tic.) Received the following deposits: John R. Penn, $3000; Geo. A. Crocker, $1500; Jno. D. Williams, $1200; John S. Woolson, $2500; T. P. Handy, $1175 Wo; Jacob I-Ioornbeek, $4000; E. L. Jones, $900; Ingham & Bragg, $875; Henry Ivison, $1700; Lewis R. Morris, $1200; H. B. Bryant, $1200; Asa Mahan, $2500; Chas. Hickox, $1700. (Cr. J.) Sold drafts on Duncan, Sh. & Co., @ 1% prem., as follows: M. B. Scott, $3000; Robert Smith, $1500; John S. Woolson, $750; John R. Penn, $2500; T. P. Iandy, $1975., (Cr. J.) Paid the following checks to-day: M. B. Scott, $3030, 150, 1975; T. P. Handy, $1994:75, 120; John S. Woolson, $757 65, 113, 1575; John R. Penn, $2525, 183 75, 144; Asa Mahan,' $325, 450, 19 75, 50; James Richards, $110, 120, 300, 43 75; Alonzo Mitchell, $138, 26, 4490, 300; Chas. Hickox, $400, 120, 1934; H. B. Bryant, $900, 13 75, 122, 75; Robt. Brown, $115, 26, 352, 75; Lewis R. Morris, $17, 25, 19, 8325; Jacob Hoornbeek, $150, 12, 46, 75, 1875; Jas. W. Lusk, $29, 34c-, 129; E. L. Jones, $190, 1238, 115; Ingham & Bragg, $50, 120, 3890; E. R. Felton, $170, 123, 1950. (Dr. J) The following paper left with us for collection has been paid: (11) Domestic-No. 4, T. Dwight Eells, for D., Sh. & Co., $3000; (12) No. 5, T. P. Handy, for W. H. Clark, $1500; (12) (Pas. Col., Dom. Tic.) Foreign —No. 7, R. M. Bartlett, for Lewis R. Morris, $900; No. 10, Peter Aiken, for Jacob Hoornbeek, $475. (Pas. Col.;:For. Tic.) Discounted the following paper: For Alonzo Mitchell: One note for $5000, @ 30 ds., from Feb. 1, signed by A. J. Comstock, and endorsed by A. Mitchell;' and one for $3000, @ 40 ds. from Feb. 1, signed by N. Bidwell, and endorsed by William Cook; both payable at Metropolitan Bank, N. Y. Net proceeds to be credited to Alonzo Mitchell. (Dis R.; For. Tic.) NARRA A T I V E. Por rJas. W. Lusk: His draft for $2500, @ 90 ds. from Jan. 15, drawn on and accepted by John R. Penn, payp able at Mercantile Bank, N. Y. Net proceeds to credit. (Dis. R.; For. Tic.) For E. R. Felton: T. P. Handy's note for $1600, @ 4 rmos. from Jan. 21, endorsed by D. P. Eells, payable at Commercial Br. Bank, Cleve.; James Richard's acceptance for $3500, @ 60 ds. from Feb. 1, payable at our bank. Net proceeds to credit. (Dis. R.; Dom. Tic.) For i. B. Scott: Chas. ITickox's acceptance for $7000, @ 90 ds. from Jan. 3, favor of Jacob Hinds, payable at Commercial Br. Bank, Cleve. Net proceeds credited. (Dis. R.; Dom. Tic.) (The Passed Collections Book and Discount Register are now closed for the day, and the proper amounts transferred to the Debit and Credit Journals. From the Passed Collections the fbllowing results are obtained: Debits-Lafayette Bank, Cincinnati, $900; Moss Bros., Sandusky, $475. Credits-Duncan, Sh. & Co., N. Y., $2970; W. H. Clark, $1500; Lewis R. Morris, $897 75; Jacob Hoornbeek,[ $473 81s; Collection and Exchange, $33 44. From the Discount Register the following results: Debits-Bills Discounted, $12100; Domestic Exchange, $10500. Credits-A. Mitchell, $497250, 2978 50; Jas. W. Lusk, $2468 33; E. R. Felton, $157014, 3463 23; M. B. Scott, $6925 34; Interest, 22194.) MARCH.The following discounts, sent Duncan, Sherman & Co. for collection, have been paid and entered to our credit: No. 1. Wright, Gillet & Rawson, $5000; No. 3. A. J. Comstock, $5000; No. 4. N. Bidwell, $3000. (For. Tic.; Dr. J.; Cr. J.) Sold Jas. W. Lusk draft on Duncan, Sh. & Co., for $3000, @ 1% prem. (Cr. J.) Bot. A 1% discount, $7500 in Canada Funds, which we have sent for our credit to Farmers and Mechanics' Bank, Detroit, paying express charges, $3 75 in cash. (14) (Dr. J.; Cr. J.) Bet. @ 2% discount, $10000 Government 71i-% Treasury notes, for which gave draft on Duncan, Sherman & Co. (5) (Dr. J.; Cr. J.) Bet. @ a% prem. $5000 New England Bank notes, which we have remitted to Duncan, Sherman & Co., N. Y., to be entered to our credit @ j% discount; Express charges paid in cash, $3 75. (Dr. J.) Received the following paper for collection: From Duncan, Sherman & Co., N; Y.: D. Appleton & Co.'s draft on Bryant, Stratton & Co., Cleve., for $2500, dated Feb. 15, @ 30 ds. (Col. R.; Dom. Tic.) Smith & McDougal's draft on J. B. Cobb, Cleve., for $3000, dated Feb. 1, @ 60 ds. (Col. R.; Dom. Tic.) Parker Handy's draft for $6000 on Commercial Br. Bank, Cleve., @ 10 ds.' sight from Mar. 1. (Col. R.; Dom. Tic.) From W.:. Clark: James Stanton's note for $3000, endorsed by Albert Wellslager, @ 60 ds. from Feb. 15, payable at our bank. (Col. R.; Dom. Tic.) From J. B. Meriam: D. P. Eells' draft on Handy, Gillett & Co., N. Y., for $1500, @ 30 ds. from Mar. 1. (Col. R.; For. Tic.) M. B. Scott's draft on R. M. Bartlett, Cincinnati, for $2000, @ 60 ds. from Mar. 1. (Col. R.; For. Tic.) From Lafayete Bank, Cincinnati: Note for $6000, signed by John Gundry and endorsed by D. C. Collins, @ 90 ds. from Jan. 1, payable at Commercial Br. Bank, Cleve. (Col. R.; Dom. Tic.) Murray Shipley's draft on James Parker, Cleve., for $3000, @ 30 ds. from Mar. 1. (Col. R.; Dom. Tic.) From Lewis R. Morris: E. R. Felton's note for $3000, payable at our bank, endorsed by James Richards, @ 4 mos. from Dec. 1, 1861. (Col. R.; Dom. Tic.) James W. Lusk's note for $1575, endorsed by I-. B. Bryant, @ 60 ds. from Feb. 1, payable at our bank. (Col. R.; Dom. Tic.) From Jacob Hoornbeek: H. C. Spencer's note for $1250, endorsed by P. R. Spencer, Jr., @ 3 mos. from Jan. 15, payable at City Bank, Cleve. (Col. R.; Dom. Tic.) Received the following deposits: J. W. Lusk, $1530; E. R. Felton, $1900; John R. Penn, $375; II. B. Bryant,: $4375 29; John D. Williams, $1500; Robert Bi'own, $575; James Richards, $2500; Austin Packard, $500; Hiram A. Pryor, $1250; John S. Woolson, $2000; E. L. Jones, $375; Ingham & Bragg, $975; Jacob Hoornbeek, $1500; Geo. A. Crocker, $1900; Lewis R. Morris, $1750; N. C. Winslow, $37150; Asa Mahan, $1400; M. B. Scott, $1300; T. P. Handy, $1100; Alonzo Mitchell, $3750; Henry Ivison, $1200; Joseph P. Walter, $900; Chas. HIickox, $2900., (Cr. J.) Paid the following checks: H. B. Bryant, $90, 75, 18 20 138, 143 75; John R. Penn, $118, 120, 35 80, 19 23, 150; John S.'Woolson, $112 50, 125, 142, 18 75, 119, 12 50; Asa Mahan, $150, 200, 38 o0, 192; John D. Williams, $115; T. P. Handy, $115, 275, 87 50, 90; Lewis R. Morris, $130, 12 75 18, 110; E. L. Jones, $90, 125, 116, 2550; Chas. Hickox, $225, 15, 1250; Alonzo Mitchel, $125, 13225, 1675 300; James Richards, $500, 300; J. W. Lusk, $138, 500, 1950, 12, 115, 3030'Ingham&Bragg, $132, 119, 1275, 25, 1500. (Dr. J.) Discounted the following paper: For William T. Brooks: Note for $5000, signed by Clarence Shook, and endorsed by L J. Lyman, dated Jan. 260 N AI - A T IV E. 15, @ 90 ds., payable at City Bank, Cleve. (Dis. R.; Dom. Tic.) Jas. W. Lusk's draft on Claflin, Mellen & Co., N. Y., @ 10 ds.' sight (16, fbr $4000; net proceeds credited. (Dis. R.; For. Tic.) For James W Lusk: Note for $6000, @ 60 ds. from Feb. 1, signed by A1. B. Scott, and endorsed by Jas. W. Lusk, payable at our bank net proceeds credited. (Dis. R.; Dom. Tic.) For J. B. ileriam: Note for $2500, @ 30 ds. from Mar. 1, signed by H. B. Tuttle, and endorsed by N. C.Winslow, payable at Exchange Bank, Buf.: net proceeds paid in cash. (Dis. R.; For. Tic.) For James Richards-proceeds credited: Draft of James Eells on Ivison, Phinney & Co., N. Y., for $6000, Q 30 ds. from Mar. 1. (Dis. R.; For. Tic.) Note for $2500, signed by W. H. Clark, and endorsed by E. R. Felton, ( 60 ds. from Feb. 1, payable at Lafayette Bk., Cincinnati, charging 1% for collection. (Dis. R.; For. Tic.) For Hl. B. Scott-proceeds credited: Draft of T. P. Handy on Parker Handy, N. Y., for $7000, @ 60 ds. from Feb. 15. (Dis. R.; For. Tic.) Draft of Chas. Hickox on James Armstrong, Buffalo, for $3000, @ 30 ds. from Mar. 1. (Dis. R.; For. Tic.) For JT B. Cobb: Draft of T. Dwight Eells on Winslow, Lanier & Co., N. Y., for $2500, @ 30 ds. from Mar. 1; net proceeds paid in cash. (Dis. R.; For. Tic.).For John R. Penn: Note for $12000, Q 90 ds. from Feb. 1, signed by W. B. Ogden, and endorsed by H. B. Bryant, payable at E. I. Tinkham's Bank, Chicago: net proceeds credited. (17) (Dis. R.; For. Tic.) For E. R. Felton: Draft of H. D. Stratton on D. Appleton & Co., N. Y., for $3000, 9 60 ds. from Mar. 1, payable at Metropolitan Bank: net proceeds credited. (Dis. R.; For. Tic.) The following collections payable in this city, as per Domestic Tickler, have been paid and entered in the Passed Collections: No. 8, for Lewis R. Morris, $500; No. 9, for Jacob Hoornbeek, $1200; No. 1, for Duncan, Sh. & Co., $1500; No. 6, for W. H. Clark, $2000; No. 11, for Duncan, Sh. & Co., $2500; No. 13, for Duncan, Sh. & Co., $6000. (Dom. Tic.; Pas. Col.) Discount No. 2, for $4000, has been paid in cash. (Dom. Tic.; Cr. J.) Discount No. 10, fobr $4000, sent Duncan, Sh. & Co., N. Y., for collection, has been paid and entered to our credit. (For. Tic.; Dr. J. Cr. J.) (The Passed Collection Book and Discount Register are now closed, and the results entered in the Debit and Credit Journals, viz.: FRnoi PASSED COLLECTIONS- Credits: Duncan, Sh. & Co., $1485, 2475, 5940; W. H. Clark, $2000; Lewis R. Morris, $500; Jacob Hoornbeek, $1200; Collection and Exchange, $100. FnoM DIscouNT REGISTEr. —Debits: Bills Discounted, $11000; Domestic Exchange, $42500. Ctredits: W. T. Brooks, $4960, 4000; Jas. W. Lusk, $5955; Jas. Richards, $5967, 247917; M. B. Scott, $694283, 298350; John R. Penn, $11780; E. R. Felton, $2968 53; Interest, $385 25*. Collection and Exchange, $96 2..) APRIL. --- Issued for John R. Penn, Certificate of Deposit, favor of Thos. Hunter, N. Y., for $3000. (Cr. J.) Also certified J. R. Penn's check for $575. ('s) (Cr. J.; Dr. J.) Discounted for Sumner Packard: his note for $4000, endorsed by James Eaton, ~ 60 ds. from April 1, payable at our bank; gave him in payment of net proceeds our draft on Duncan, Sh. & Co., N. Y.,7 1% prem. ('t (Dis. R.; Dom. Tic.; Cr. J.) Paid cash for Bill Furniture and Fixtures, $575. (20) (Dr. J.) Received from Duncan, Sh. & Co., per express, $10000 in gold. Paid express charges in cash, $50. (Cr. J.; Dr. J.) Received the following paper for collection: From Duncan, Sh. & Co.: E. W. Mason's note, favor of Clafflin, Mellen & Co., for $5000, dated Jan. 1. @ 5 months, payable at our bank. (Col. R.; Dom. Tic.) E. R. Felton's note, favor of A. T. Stewart & Co., for $3500, dated Mar. 10, Q 60 ds., payable at our bank. (Col. R.; Dom. Tic.) Bryant & Stratton's draft on J. B. Mferiam, for $7000, l 60 ds. from Mar. 5, payable at City Bank. (Col. R.; Dom. Tic.) From Lafayette Bank, Cin.: D. C. Collins' draft on E. G. Folsom, Cleve., for $1750, 30 ds. from Apr. 1. (Col. R.; Dom. Tic.) From Burkamn & Sons, Chic.: M. B. Scott's note, favor of C. Dunham, for $4000, dated Feb. 10, @ 3 mos., payable at Merchants' Bank, Cleve. (Col. R.; Dom. Tic.) E. Hill's draft on Ingliam & Bragg, Cleve., for $3750, ( 60 days from Mar. 10. (Col. R.; Dom. Tic.) From Win.:Mason, Cleve.: Jacob Hoornbeek's note for $900, dated Feb. 12, ( 90 ds., payable at our bank. (Col. R.; Dom. Tic.) From E. G. Folsom, Cleve.: A. S. Wheeler's note for $1500, $ 2 mos. from Mar. 15, payable at our bank. (Col R.; Dom. Tic.) 261 NARRAT IVE. From Exchange Bank, Buf.: J. R. Wheeler's draft on J. B. Cobb, Cleve., for $1000, @ 30 ds. from Apr. 1. (Col. R.; Dom. Tic.) F'om Franklin Bank, Columbus: H. Stillman's note, favor of Robert Parker, for $750, @ 4 mos. from Feb. 17, payable at City Bank, Cleveland. (Col. R.; Dom. Tic.-) From E. R. Felton, Cleve.: His draft on J, H. Goldsmith, Detroit, @ 60 ds. from March 20, for $2000-sent Farmers and Mechanics' Bank, for collection. (Col. R.; For. Tic.) From M. B. Scott, Cleve.: His draft on James Madison, Dayton, Ohio, for $1500, @ 90 ds. from Feb. 20-sent Lafayette Bank, Cincinnati, for collection. (Col. R.; For. Tic.) From D. P. Eells, Cleve.: James Smith's note, Eells' favor, for $700, Q 60 ds. from Mar. 15, payable at Sandusky — sent Moss Brothers for collection. (Col. R.; For. Tic.) Discounted the following paper: For W. IH. Clark: His note endorsed by Lewis R. Morris for $5000, @ 60 ds. from Apr. 1, payable at our bank; proceeds credited. (Dis. R.; Dom. Tic.) For. D. -Stratton: Peter Cooper's note for $15000 endorsed by Wilson G. Hunt, ( 90 ds. from Mar. 25, payable at Commercial Branch Bank, Cleve.; proceeds credited. (Dis. R.; Dom. Tic.) For J. B. Meriam: N. C. Winslow's note of $7000 endorsed by T. P. Handy, @ 90 ds. from Mar. 1, payable at our bank; proceeds credited. (Dis. R.; Dom. Tic.) For Charles Baker: His note for $20000 endorsed by John Simmons, ( 60 ds. from Mar. 3, payable at our bank. In addition to the endorsement, Mr. Baker gives us as collateral security, Cleveland and Erie Railroad bonds amounting to $25000; proceeds paid in Cash. (21) (Dis. R.; Dom. Tic.) For E. G. Folsom: H. Bishop's note, his favor for $3000, ( 30 ds. from Apr. 1, payable at our bank; proceeds credited. (Dis R.; Dom. Tic.) For X: B. Scott: His note, favor of Chauncey Prentiss, endorsed by Jacob Hinds for $10000, (Q 60 ds. from Apr. 1, payable at Niagara River Bank, Buffalo; proceeds credited. (Dis R.; For. Tic.) For John R. Wheeler: R. M. Bartlett's note, his favor endorsed by John Gundry for $3000, G( 90 ds. from Mar. 10, payable at Citizens' Bank, Cin.; charges for collection, J%; proceeds paid in cash. (Dis. R.; For. Tic.) For George M. Penn: His note, favor of E. P. Dolbear, endorsed by HI. D. Stratton for $5000, Oa 60 ds. from Mar. 31, payable at E. I. Tinkham's Bank, Chicago; Collection and Exchange, A%; proceeds credited. (Dis. R.; For. Tic.) For James Richards: His accepted draft on Austin Packard endorsed by Zalmon Richards for $3500, ( 60 ds. from Apr. 1, payable at Fulton Bank, N. Y.; proceeds credited. (Dis. R.; For. Tic.) For George S. Eaton: W. D. Packard's note, his favor, endorsed by Wm. B. Ogden, for $4000, 0 90 ds. from' Apr. 1, payable at Mercantile College Bank, Chicago; Collection and Exchange, A:t; proceeds paid in draft on Duncan, Sh. & Co., N. Y. (Dis. R.; For. Tic.; Cr. J.) Prom John S. Woolson; His draft on Woolson & McFarland, ]Mt. Pleasant, Iowa, for $'3000, accepted Mar. 25, (D 90 ds.' sight, payable at A. & W. A. Sanders, Mt. Pleasant-sent to Burkam & Sons, Chicago, for collection. Col. & Escch. t%; proceeds credited. (Dis. R.; For Tic.) Received the following deposits: M. B. Scott, $900; Jacob Hoornbeek, $750; E. R. Felton, $525; Goo. M. Penn, -$1500; E. G. Folsom, $1000; N. C. Winslow, $795: T. P. Handy, $850; John S. Woolson, $782; Lewis R. Morris, $563; Jas. W. Lusk, $1000; Alonzo Mitchell, $1500; E. L. Jones, 1500; James Richards, $500; H. B. Bryant, $675 Robert Brown, $1500; Chas. Hickox, $3000; Ingham & Bragg, $975; John:R. Penn, $1200; John D. Williams, $784; Henry Ivison, $1500; Austin Packard, $1275; Joseph P. Walter, $1500; Wm. T. Brooks, $500; W. H. Clark, $1200; Hiramn A. Pryor, $3000. (Cr. J.) Paid the following checks: Chas. Hickox, $7000: H. B. Bryant, $1500, 125, 875), 100; James Richards, $3500, 1750, 25; Ingham & Bragg, $175, 238, 500, 75, 115; Robert Brown, $150, 125, 75, 400, 138.:); Asa Mahan, $900, 75, 250; Alonzo Mitchell, $6000, 750, 125, 400; E. L. Jones, $475, 300, 175, 875~, 1275;'T. P. Handy, $2000, 175, 187 50; John S. Woolson, $75, 137 o5; Lewis R. Morris, $156 25, 400, 115, 375; Jas. W. tusk, $1575, 2000, 175, 125; John R. Penn, $5000, 3000, 1500, 750; Geo. A. Crocker, $500; John D. Williams, $1200, 150; Henry Ivison, $500, 75, 250; Austin Packard, $400, 125; M. B. Scott, $1500, 2000, 135, 120; Jacob Hoornbeek, $750; E. R. Felton, $3000, 2500, 450; N. C. Winslow, $500. (Dr. J.) The following discounts, payable in the city, as per Dom. Tic., have been paid: No. 7, J. Richards, $3500; No. 8, Chas. Hickox, $7000; No. 9, C. Shook, $5000; No. 11, M. B. Scott, $6000. The following discounts, sent Duncan, Sh. & Co., for collection, have been paid and credited to us: No. 5, J.-R. Penn, $2500; No. 13, I. P. & Co., $6000; No. 15, P. Handy, $7000; No. 17, Winslow, L. & Co., $2500. Discount No. 12, $2500, H. B. Tuttle, sent Exchange Bank, Buf, for collection, has been paid and entered to our credit. (For. Tic.;.Dr. J..; Cr. J.) Discount No. 16, $3000; M. B. Scott, sent to Exchange Bank, Buffalo, has been protested for non-payment. Expense of protest, charged us by Exch. Bk. $1. (22) (For.: Tic.; Cr. J.; Dr. J.) 262 NARRATIVE. Discount No. 14, W. HE. Clark, $2500-sent Lafayette Bank, Cin.; has been paid and entered to our credit. (For. Tic.; Dr. J.; Cr. J.) The following City Collections, due this day, as per Domestic Tickler, have been paid: For Duncan, Sh. & Co., No. 2, $2000; No. 3, $2500; No. 12, $3C00; For. W. H. Clark, No. 14, $3000; For Lafayette Bank, Cin., No. 17, $6000; No. 18, $3000; For Lewis R. Morris, No. 19, $3000; No. 20, $1575; For H. C. Spencer, No. 21, $1250. (Pas. Col.; Dom. Tic.) Collection No. 15, $1500, for J. B. Meriam-sent Duncan, Sh. & Co.; due this day, as pet Foreign Tickler, is assumed to have been paid and credited to us. (Pas. Col.; For. Tic.) (The Passed Collection Book and Discount Register exhibit the following results: —PASSED COLLECTIONSCredits —Duncan, Sh. & Co., $1980, 2475, 2970; W. H. Clark, $3000; Lafayette Bank, Cin., $6000, 3000; Lewis R. Morris, $3000, 1575; Jacob Hoornbeek, $1250; J. B. Meriam, $1500; Collection and Exchange, $75. Debits-Duncan, Sh. & Co., $1500. DISCOUNT REGISTER.- Credits-W. H. Clark, $4947 50; H. D. Stratton, $14785; J. B. Meriam, $6927 67; E. G. Folsom, $2983 50; M. B. Scott, $9895; George M. Penn, $4910 83; James Richards, $3463 25; John S. Woolson, $293450; Interest, $845 58; Collection and Exchange, $97 50. Debits.-Bills Discounted, $54000; Domestic Exchange, $28500.) MA Y. Received from stockholders final instalment of 40% on Capital Stock, amounting to $80000. (Cr. J.) Sent Duncan, Sherman & Co. the following funds received from stockholders: A. C. Taylor's draft on Ivison, Phinney & Co. for $6000; J. I. Goldsmith's do. on Bryant, Stratton & Co., $4000; James W. Lusk's do. on Parker Handy, $4000; John R. Penn's do. on East River Bank, $4000; Duncan, Sh. & Co.'s Ctfct. Dep., favor S. S. Packard, Cashier, $8000. (Dr. J.) Received from State Department semi-annual interest on State Stocks (3% on $20000), $600; and on U. S. Stocks, $600. (Cr. J.) Paid rent of Banking-House, in cash, to date, $333 34. (Dr. J.) Received the following paper for Collection: Prom W: H. Clark: Solomon Jones' note for $3000, endorsed by Robert Sweetzer, @ 3 mos. from Mar. 25, payable at Adrian, Mich. —sent Toledo Br. Bank for collection. (Col. R.; For. Tic.) FProm P. B. Spencer —to be remitted when paid: His draft on H. D. Stratton, Cleve., for $1500, accepted Apr. 30, 0 30 ds., payable at our bank. (CoL R.; Dom. Tic.) From Duncan, Sherman & Co.: Thomas Smith's note, favor John W. Gantz, for $750, Q 3 mos. from Mar. 20, payable at Ashtabula, O.-sent Farmers' Branch Bank for collection. (Col. R.; For. Tic.) Wm. H. Crocker's draft on J. Rhodes, Oberlin, 0., for $900, accepted Apr. 10, (60 ds.-sent Lorain Bank, Elyria, for collection. (Col. R.; For. Tic.) Wm. HI. Beebe's note, favor of Henry C. Spencer, for $1200, O 3 mos. from Mar. 15, payable Xenia, O.-sent Lafayette Bank, Cincinnati, for collection. (Col. R.; For. Tic.) rviu.l Merchants' Bank, Mcassillon-to be remitted when paid: Ezra Jones' note, favor of Robert Dean, for $1000, payable at our bank, G 30 ds. from May 1. (Col. R.; Dom. Tic.) From J. B..lMeriam: Peter Cook's note, favor of Jacob Hinds, for $750, @ 30 ds. from Apr. 15, payable at Merchants' Bank, Cleveland. (Col. R.; Dom. Tic.) Emerson E. White's draft on E. G. Folsom for $900, @ 10 ds. from Apr. 30, payable at City Bank, Cleve. (Col. R.; Dom. Tic.) TFrom John B. Penn: Abram Van Wyck's note, favor of John D. Hinde, for $1750, t 60 ds. trom Apr. 25, pay. able at Ocean Bank, N. Y. (Col. R.; For. Tic.) E. W. Mason's accepted draft, drawn by H. D. Stratton, @ 30 ds. from May 1, for $7000, payable at our bank. (Col. R.; Dom. Tic.) F1rom George A. Crocker: Charles Jones' note for $750, payable at N. Y. & E. Bank, Buffalo, @ 30 ds. from Apr. 15. (Col. R.; For. Tic.) From George M. Penn: His draft on Walkden & Co., Toledo, for $2000, @ 30 cls. from May 1. (Col. R.; For. Tic.) Note of James Garrett, endorsed by Robert Lincoln, for $1500, O 60 ds. from Apr. 15, payable at our bank. (Col. R.; Dom. Tic.) From JTcames W. Lusk: John Holbrook's note for $2000, endorsed by D. W. Fish, Q 90 ds. from Feb. 15, payable at City Bank, Cleve. (Col. R.; Dom. Tic.) C. B. Stout's note for $500, endorsed by T. S. Quackenbush, @ 30 ds. from Apr. 30, payable at Citizens' Bank, Cincinnati. (Col. R.; For. Tic.) Received from Farmers & Mechanics' Bank, Detroit, their sight draft on Metropolitan Bank, N.Y., for $3000, the same to be entered to their credit, Q i% prem. (Cr. J.) Sent the same to Duncan Sh. & Co., for our credit. (Dr. J.) Received Cash from M. B. Scott in full payment of James Armstrong's note and protest fBes, $3001. (Cr. J.) 263 NA:RRATIVE. Issued the following Certificates of Deposit: No. 2, for Lewis R. Morris, to the credit of Robert Smith, Detroit, $3000; No. 3, for Wm. T. Brooks, to the credit of H. B. Bryant, Buffalo, $7000; No. 4, for E. G. Folsom, to credit of Geo. Eddy, Albany, $1000. (Cr. J.) Chas. Baker's note-Disc. No. 24, for $20000 has been protested for non-payment; protest fees paid in cash $1. (Dom. Tic.; Dr. J.; Cr. J.) - In accordance with the written permission of Mr. Baker, we have ordered the Railroad Bonds left by him as collateral security, sold at public auction for our benefit; the surplus, if any, to be paid over to him. (23) Received from Knox Co. Bank, Mt. Vernon, sight draft on H. Bishop, Cleveland, for $1500, which we have collected, and remitted them the proceeds in our draft on Duncan, Sh. & Co., N. Y., as per their request, at the current rate of exchange. (Cr. J.) Received from East River Bank, N. Y., our Certificate of Deposit, No. 1, $3000, issued for John R. Penn. Remitted in payment thereof our draft on Duncan, Sh. & Co., less current exchange. (Dr. J.; Cr. J.) The Railroad Bonds held by us as collaterals for Discount No. 24, were this day sold at public auction for $18000, we becoming the purchasers. Auctioneers commissions, J% ($45), paid in cash. (Dr. J.; Cr. J.) (24) Discounted the following paper: For E. G. Fosom-proceeds credited: His note for $4000, endorsed by Jas. Cruikshank, @ 90 ds. from May 1, payable at our bank, with exchange. (25) (Dis. R.; Dom. Tic.) For E. R. Felton-proceeds credited: Barnaby Rudge's note for $10000, endorsed by Nicolas Nickleby, ( 60 ds. from April 15, payable at Metropolitan Bank, N. Y. (Dis. R.; For. Tic.) For John S. fWoolson-proceeds credited: Smith & Nixon's acceptance for $6000, Q 60 ds. from April 30, payable at Kinney, Espy & Co.'s, Cincinnati. (Dis. R.; For. Tic.) James Braclley's note for $5000, endorsed by Robert Peel, Q 90 ds. from April 1, payable at our bank. (Dis. R.; Dom. Tic.) For J. B. Meriam-proceeds credited: H. D. Stratton's note for $7500, endorsed by H. D. Clark, @ 60 ds. from May 1, payable at City Bank, Columbus., (Dis. R.; For. Tic.) John R. Penn's note for $6000, endorsed by Peter Cooper, G 2 mos. from April 25, payable at East River Bank, N. Y. (Dis. R.; For Tic.) For J. G. Fox-proceeds in cash: W. H. Clark's note, endorsed by J. G. F., for $10000, ( 60 ds. from April 1, payable at our bank with exchange. (Dis. R.; Dom. Tic.) For Geo. A. Crocker-proceeds credited: A. Stager's acceptance for $7000, endorsed by Chas. Jones, ~.3 mos. from Apr. 1, payable at N. Smith's Banking Office, Buffalo. (Dis. R.; For. Tic.) S. S. Packard's note for $3000, endorsed by W. P. Spencer, G 60 ds. from Apr. 20, payable at Merchants' Bank, Cleveland. (Dis. R.; Dom. Tic.) For Chas. Hickox —proceeds credited: His note for $1500, endorsed by J. Kennedy, D 90 ds. from Apr. 25, payable at Merchants' Bank, Cleveland. (Dis. R.; Dom. Tic.) Jonathan Gillett's accepted draft, Hickox's favor for $7000, Q 60 ds. from Apr. 30, payable at Ocean Bank, N. Y. (Dis. R.; For. Tic.) For Victor H. Rice-proceeds in cash: E. W. Keyes' note for $8000, ( 30 ds. from Apr. 28, payable at Commercial Bank, Albany. (Dis. R.; For. Tic.) For E. P. Selmser-proceeds in cash: J. G. Deshler's note for $15000, endorsed by Hiram Niles, @ 60 ds. from Apr. 15, payable at Geo. Smith & Co.'s Bank, Chicago. (Dis. R.; For. Tic.) For H.-B. Bryant-proceeds credited: R. C. Spencer's note for $3500, endorsed by James Hamilton, ~ 60 ds. from Apr. 10, payable at Farmers & Mechanics' Bank, Detroit. (Dis. R.; For. Tic.) William Smith's acceptance, Robert Davis' favor for $7000, 0 90 ds. from Apr. 1, payable at City Bank, Troy. Sent Bank of Capitol, Albany, for collection. (Dis. R.; For. Tic.) For T. P. Handy-proceeds credited: H. B. Tuttle's acceptance for $10000, Q 30 ds. from May.l1, payable at Merchants' Bank, Cleveland. (Dis. R.; Dom. Tic.) E. R. Morgan's note for $4000, endorsed by William Butts, ( 60.ds. from Apr. 15, payable at Franklin Bank, Columbus. (Dis. R.; For. Tic.) For John Simmons-proceeds in cash: James Smiley's note for $8000, endorsed by John Rogers, a 30 ds. from Apr. 30, payable at our bank. (Dis. R.; Dom. Tic.) Received the following deposits: N. C.. Winslow, $1500; Jacob Hoornbeek, $700; M. B. Scott, $800; Jas. W. Lusk, $1500; Lewis R. Morris, $750; E. L. Jones, $3000; James Richards, $975; Alonzo Mitchell, $500; Asa Mahan, $1500; Robert Brown, $2000; Inghalm & Bragg, $1700; John R. Penn, $1200; John D. Williams, $1350; Henry Ivison, $2575; Austin Packard, $7.58; Hiram A. Pryor, $1500; Joseph P. Walter, $900; Geo. M. Penn, $1500; E. G. Folsom, $798. (Cr. J.) Paid the following checks: Lewis R. Morris, $3000, 5000, 175; Wm. T. Brooks, $7000, 915, 75; E. G. Folsom, $1000, 175, 12375, 9463; N. C. Winslow, $70.0, 83 33, 197, 1250; E. R. Felton, $9000, 185; Jacob Roornbeek, $6750, 1983 25, 1275, 160; M. B. Scott, $120, 3000, 5000, 32983; John S. Woolson, $5000, 133, 762, 1850; James W. Lusk, $21'7, 25, 172 93, 125; E. L. Jones, $975, 150;. Asa Mahan, $400, 595, 1250; 264 NAR RAT IV E. Alonzo Mitchell, $3000, 150, 1963; James Richards, $275, 1250, 318; Inghamn & Bragg; $125, 1200; Robert Brown, $125, 2573, 180, 19 75; H. B. Bryant, $75, 128 90; John R. Penn, $195, 63 50, 128; Geo. A. Crockel; $189, 12 75, 312 5o; John D. Williams, $129, 17 50, 193 75; Henry Ivison, $400, 123, 85 650; W. H. Clark, $8000, 2750, 129; Austin Packard, $300, 129, 87 50; Hiram A. Pryor, $500, 129, 17 50; Joseph P. Walter, $129, 700, 1250; Geo. M. Penn, $900, 127, 1375; H. D. Stratton, $8000, 4000; J. B. Meriam, $3750, 128, 1750; T. P. RIHandy, $1600, 10000. (Dr. J.) The following discounts due this day, as per Domestic Tickler, have been paid: No. 6, T. P. Handy, $1600; No. 25, H. Bishop, $3000. (Dom. Tic.; Cr. J.) The following discounts due this day, as per For. Tickler, are assumed to have been paid, and entries made accordingly: No. 18, W. B. Ogden, $12000, sent Burkam & Sons, Chicago; No. 19, D. Appleton & Co., $3000, sent Duncan, Sh. & Co.; No. 43, E. W. Kleyes, $8000, sent Bank of Capitol, Albany. (Dr. J.; Cr. J.) The following city collections, due this day, as per Dom. Tickler, have been paid: For )Duncan, Sh. & Co.: No. 23, E. R. Felton, $3500; No. 24, J. B. Meriam, $7000. For Lafayette Bk/., Cin.: No. 25, E. G. Folsom, $1750..For Burkamv & Soens, Chicago: No. 26, MI. B. Scott, $4000; No. 27, Ingiham 3& Bragg, $3750. For William I~fason (special): (26) Jacob Hoornbeek, $900. For E. C. Folsom: No. 29, A. S. Wheeler, $1500. For Exchange Bank, Blf.: No. 30, J. B. Cobb. $1000. For J. B. Jieriamc/: No. 41, Peter Cook, $750; No. 42, E. E. White, $900. For Jas. W. Lusk: No. 48, John Holbrook, $2000. (Dom. Tic.; Pas. Col.) The following foreign collections due to-day, as per Foreign Tickler, are assumed to have been paid: For J B. leriam: No. 16, Rt'M. Bartlett, $2000, sent Lafayette Bk., Cin. For E. R. Felton: No. 32, J. H. Goldsmith, $2000, sent Farmers & Mechanics' Bk., Detroit. For Jll B. Scott: No. 33, James Madison, $1500, sent Lafayette Bk., Cin. or D.. P.elts: No. 34, James Smith, $700, sent Moss Bros., Sandusky. For Geo. A. (Crocker: No. 45, Chas. Jones, $750, sent Exchange Bank, Buffalo. (For. Tic.; Pas. Col.) (The Passed Collections Book and Discount Register exhibit the following results PASSED COLLECTIONS-credits: Duncan, Sh. & Co., $3465, 6930; Lafayette Bank, Cin., $1750; Burkar A Sons, Chicago, $4000, 3750; E. G. Folsom, $1500; Exchange Bk., Buffalo, $995; J. B. Meriam, $750, 900, 1995; Jas. W. Lusk, $2000; E. R. Felton, $1985; M. B. Scott, 149625; D. P. Eells, $69825; Geo. A. Crocker, $750; Collection and Exchange, $135 50. Debits: Lafayette Bk., Cin., $2000, 1500; Farmers & Mech.'s Bank, Dot., $2000; Moss Bros., Sandusky, $700; Exchange Bank, Buf., $750. DIscOUNT REGISTER-g Debits: Bills Discounted, $41500; Domestic Exchange, $81000. cr~edits: E. G. Folsom, $3938; E. R. Felton, $9921 67; John S. Woolson, $5923, 4947 50; J. B. Meriam, $7402 0o, 5942; Geo. A. Crocker, $6925 33, 2974; Chas. Iickox, $1478 25, 6927 67; H. B. Bryant, $3449 25 6926 0; T. P. Handy, $9945, 3958 67; Interest, $1025 s3; Col, and Exch., $182 50.) JUNE. Paid Lafayette MBk. Cin.'s draft on us, favor James Moore, for $1500. (Dr. J.) Received from Moss Bros., Sandusky, currency in full of their 7c, $1175. (Cr. J.) Sold John S. Woolson, at par, our draft for $1800 on Exchange Bk., Buffalo. (Cr. J.) Received from Duncan, Sh. & Co. $5000 in Ohio State currency, on which they allowed us 1% discount. (Cr. J.) Paid Express chgs. in case, $3 75. (Dr. J.) Remitted Duncan, Sh. & Co., in N. Y. State currency, $7500, ( R% discount. Paid Express chgs., $4 (Dr. J.) Received of W. H. Clark $1000 in gold, as a special deposit. (") Received from Toledo Branch Bank $7070 in our own notes, to be invested in New York exchange, at current rates. Sent them our draft on D. Sh. & Co. for net amount. (Cr. J.) Received the following paper for collection: From H; D. Stratton: J. C. Bryant's note for $1500, enciorsed by Jacob Reifsnider, Q 30 ds. from May 15, payable at Amherst, 0. Sent Lorain Bank. (Col. R.; For. Tic.) From Kinney, Espy & Co., cincinnati-proceeds to be remitted: John D. Hinde's note of $3000, endorsed by Joseph Kinsey, @10 ds. from May 30, payable at our bank. (Col. R.; Dom. Tic.) From Penney & Co., Newark-proceeds to be remitted: E. M. Hale's draft on Thomas Irwin for $3500, 60O ds. from Apr. 15, payable at our bank. (Col. R.; Dom. Tic.) From -Duncan, Sh. c Co., N. Y.: Daniel Slote's note of $750, endorsed by Joseph Russell, @ 30 ds. from May 10, payable at Clinton Bank, Columbus. Sent Franklin Bk. (Col. R.; For. Tic.) Ivison, Phinney & Co.'s accepted draft, favor of Smith & McDougal, for $500, GY 60 ds. from May 15, payable at Merchants, Bank, Cleve. (Col. R.; Dom. Tic.) Bryant, Stratton & Co.'s draft on J. B. Meriam for $1750, accepted June 1, i 30 ds., payable at our bank. (Col. R.; Dom. Tic.) A. C. Taylor's note of $500, endorsed by 265 NARRAT IVE. J. W. Lusk, @ 30 ds. from May 20, payable at Bucyrus Bank. Sent Toledo Branch Bk. (Col. R.; For. Tic.) From M B. Scott: S. S. Pomroy's note of $2500, endorsed by C. L. Skeels, @ 60 ds. from May 20, payable at Niagara County Bank, Lockport, N. Y. Sent Exchange Bank, Buf. (Col. R.; For. Tic.) Hiram Newell's note for $350, endorsed by William T. Bush, @ 30 ds. from May 12, payable at Manchester & Rich's Bank, Buffalo. Sent Exchange Bk., Buf. (Col. R.; For. Tic.) From Bank of Marysville-proceeds to be remitted: John Cook's draft on James Moses for $600, accepted May 10, Q 30 ds., payable at E. B. Hale's Bank, Cleveland. (Col. R.; Dom. Tic.) From James Richards: Benjamin Carpenter's note of $1700, endorsed by Roderick Dhu, ~ 60 ds. from May 12, payable at City Bank, Cleve. (Col. R., Dom. Tic.) From W. IH. Clark: J. G. Fox's note of $750, endorsed by James Romney, ~ 30 ds. from May 25, payable at Kraus & Smith's Bank, Toledo. Sent Toledo Br. Bk. (Col. R.; For. Tic.) From John S. Woolson: Thomas Minturn's draft on Robt. Smith for $1200, accepted Apr. 25, Q 90 ds., payable at Niagara River Bk., Buffalo. Sent Exch. Bk., Buf. (Col. R.; *For. Tic.) John Simson's note for $500, endorsed by James Sweeney, Q 30 ds. from May 25, payable at H. Norman Smith's Bk., Buffalo. Sent Exch. Bk., Buf. (CQl. R.; For. Tic.) Prom Jacob HoEornbeek: E. R. Felton's note of $750, endorsed by A. S. Wheeler, @ 60 ds. from May 18, payable at our bank. (Col. R.;.Dom. Tic.) From Lafayette Bk., Cin.: Jacob Hoornbeek's note of $600, endorsed by Charles Stratton, G 60 ds. from Mlay 10. payable at Sandusky. Sent Moss Bros. (Col. R.; For. Tic.) From Exchange Bank, Buffalo: Charles Reynold's note of $700, endorsed by Robert Minturn, G 20 ds. from May 25, payable at our bank. (Col. R. Dom. Tic.) Henry P. Smith's draft on M. B. Scott for $3500, 0 60 ds. from Apr. 25, payable at City Bank, Cleve. (Col. R.; Dom. Tic.) From George M. Penn: Henry Stratton's note of $600, endorsed by Abram Vinton, Q 60 ds. from Apr. 10, payable at our bank. (Col. R.; Dom. Tic.) Sold HI. D. Stratton Cleveland & Erie Rail Road Bonds for $23500; receiving in payment thereof his draft on C. V. Culver, New York, which we have remitted Duncan, Sh. & Co. (Dr. J.; Cr. J.) The following city collections due this day, as per Dom. Tic., have been paid: For Du)ncan, Sh. & Co.: No. 22, E. W. Mason, $5000. For Franklin Bank, Columbus: No. 31, H. Stillman, $750. For P. R. Spencer-to be called for: No. 36, H. D. Stratton, $1500. For Mlferchants' Bank, Massillon-to be remitted: No. 40, Ezra Jones, $1000. For John R. Penn: No. 44, E. W. Mason, $7000. For Geo. A. Penn: No. 47, James Garrett, $1500; No. 68, Henry Stratton, $600. For Kinney, Espy & Co., Cin. —to be remitted: No. 51, J. D. Hinde, $3000. For Penney & Co., Newark, O.-to be remitted: No. 52, Thomas Irwin, $3500. _F r Bank of Aiarys. ville-to be remitted: No. 59, James Mason, $600. For Exchange Bank, Buffalo: No. 66, Charles Reynolds, $700; No. 67, M. B. Scott, $3500. (Pas. Col.; -Dom. Tic.) The following foreign collections due at this time, as per For. Tic., are assumed to have been paid: For W. )_ Clark: No. 35, Solomon Jones, $3000, sent Toledo Branch Bank. For Duncan, Sh. & (]o.: No. 37, Thos. Smith. $756, sent Farmers' Br. Bk., Ashtabula. No 38, J. Rhoades, $900, sent Lorain Bank, Elyria. No. 39, W. H. Beebe, $1200, sent Lafayette Bk, Cincinnati. For John R. Penn: No. 43, Abram Van Wyck, $1750, sent Duncan Sh. & Co., N. Y. For Geo. Jl. Penn: No. 46, Walkden & Co, $2000, sent Toledo Br. Bank. For Jas. W. Lusk: No. 49, C. B. Stout, $500, sent Lafayette Bk., Cincinnati. For H. D. Stratton: No. 50, J. C. Bryant, $1500, sent Lorain Bk., Elyria. For Du)ncan, Sh. & Co.: No. 53, Daniel Slote, $750, sent Franklin Bk. Columbus. No. 56, A. C. Taylor, $500, sent Toledo Br. Bank. For 2. B. Scott: No. 58, Hiram Newell, $350, sent Exch. Bk. Buffalo. For W: H. Clark: No. 61, J. G. Fox, $750, sent Toledo Br. Bank. For John S. Woolson: No. 63, James Sweeney, $500, sent Exch. Bk., Buffalo. (Pas. Col.; For. Tic.) The following discounts payable in the city, due this day, as per Dom. Tic., have been paid: No. 20, Sumner Packard, $4000; No. 21, W. H. Clark, $5000; No. 22, Peter Cooper, $15000; No. 23, N. C. Winslow, $7000; No. 38, W. H. Clark, $10000, with exchange added $100; No. 40, S. S. Packard, $3000; No. 47, H. B. Tuttle, $10000. (Cr. J.) No. 49, J. Smiley, has been extended to July 2, interest to be added. The following discounts sent abroad for collection; due this day, as per For. Tic., are assumed to have been paid: No. 26,.M. B. Scott, $10000, sent Exch. Bk. Buf.; No. 27, R. M. Bartlett, $3000, sent Lafayette Bk., Cin.; No. 28, Geo. M. Penn, $5000, sent Burkamo & Sons. Chic.; No. 29, Austin Packard, $3500, sent Duncan, Sh. & Co., N. Y.; No. 31, Woolson & McFarland, $3000, sent Burkam & Sons, Chic.; No. 33, Barnaby Rudge, $10000, sent Duncan, Sh. & Co., N. Y.; No. 37, John R. Penn, $6000, sent Duncan, Sh. & Co., N. Y.; No. 44, J. G. Deshler, $15000, sent Burkam & Sons, Chic.; No. 45, R. 0. Spencer, $3500, sent Farmers & Mechanics' Bk., Det.; No. 48, E. R. Morgan, $4000, sent Franklin Bk., Col. Burkam & Sons, Chicago, advise us that our Discount, No. 30, W. D. Packard, for $4000; due July 3, has been paid. (For Tic.; Dr. J.; Cr. J.) 266 NARRATIVE. Discounted the following paper: Fhr V C. G. Winslow-proceeds credited: Geo. M. Strong's note of $3000, endorsed by James Mielory, Q Ao ds. from June 1, payable at our bank. (Dis. R.; Dom. Tic.) Edward Savery's note of $1500, endorsed by T. P. Handy, 6 93 ds. from May 31, payable at City i3an:, Cleve. (Dis. R.; Dom. Tic.) eor Lewis R. Morris-proceeds credited: Philip Seaton's note of $5000, endorsed by James Smiley, ~ 60 ds. from May 3, payable at H. Norman Smith's Banking Office, Buffalo. Sent Exchange Bank. (Dis, R.; For. Tic.) Peter Stone's acceptance for $4750, endorsed by E. G. Folsom, at 60 ds. from May 27, payable at our bank. (Dis. R.; Dom. Tic.) For T. P. Handy-proceeds credited: Thomas Jones' note of $7500, endorsed by Hiram Dixon, G 3 mos. from May 31, payable at East River Bank, N. Y. (Dis. R.; For. Tic.) Jacob Harrison's note of $1500, endorsed by Charles Eaton, G 60 ds. from June 1, payable at Merchants' Bank, Cleve. (Dis. R.; IDom. Tic.) For E. L. Jones-proceeds credited: W. H. Wocodbury's accepted draft for $6000, endorsed by Joseph Arnold, ~ 3 mos. from May 15, payable at Dayton Bank. Sent Lafayette Bank, Cin. (Dis. R.; For. Tic.) W. T. Sherman's note of $3750, endorsed by Childs and Peterson, G 6 mos. from Mar. 15, payable at Bank of Commerce, Phila. Sent Girard Bank, Phila. (Dis. R.; For. Tic.) For Asa Mahan —proceeds credited: E. R. Finney's note of $600, endorsed by H. B. Bryant, @ 60 ds. from May 10, payable at Alleghlany Bank, Pittsburg. Sent Iron City Bank. (Dis. R.; For. Tic.) For Robert Brown —proceeds credited: Samuel Rand's note of $6750, endorsed by Peter McGrath, Q 8 mos. from Jan. 15, payable at City Bank, Cleve. (Dis R.; Dom. Tic.) For Ifngharn & Bragg-proceeds credited: John Pelton's acceptance for $1800, endorsed by Robert Martin, ( 4 mos. from May 12, payable at Bank of Galena, Ill. Sent Burkamo & Sons, Chic. (Dis. R.; For. Tic.) Horace Holden's note for $1500, endorsed by Thomas Foulke, @ 60 ds. from May 15, payable at our bank. (Dis. R.; Dom. Tic.) For John D. Williams-proceeds credited: William Gray's acceptance for $900, endorsed by Henry C. Spencer, Q 3 mos. from May 25, payable at C. V. Culver & Co.'s Banking Office, N. Y. (Dis. R.; For. Tic.) E. W. Mason's note for $1500, endorsed by C. R. Wells, ~ 4 mos. from Apr. 10, payable at Bank of Po'keepsie. Sent Duncan, Sh. & Co. (Dis R.; For. Tic.) Received the following deposits: T. P. Handy, $700; D. P. Eells, $745; Wm. T. Brooks, $1275; George MI. Penn, $900; E. G. Folsom, $1560; H. D. Stratton, $3763 75; Joseph P. Walter, $1960; Hiram A. Pryor, $3750; Austin Packard, $670; W. H. Clark, $1200; Henry Ivison, $800; Geo. A. Crocker, $500; John R, Penn, $700; H. B. Bryant, $300; Charles Hickox, $1700; Alonzo Mitchell, $1500; Asa Mahan, $700; Robert Brown, $962; James Richards, $1500; E. L. Jones, $900; John S. Woolson, $400; James W. Lusk, $1832 98; M. B. Scott, $936; Jacob Hoornbeek, $406; E. R. Felton, $129;!N. C. Winslow, $300. (Cr. J.) Paid the following cheeks: N. C. Winslow, $3750, 400, 110; M. B. Scott, $6000, 125, 146 a, 154; Jacob Hoornbeek, $900, 18 75; E. R. Felton, $213, 180, 25, 37 51; E. L. Jones, $4000, 3718, 125; James W. Lusk, $416, 25375, 15, 22 W; T. P. Handy, $6000, 194, 212 75; John S. Woolson, $1800, 400, 239, 212 s0; Lewis R. Morris, $90, 12 5, 28, 19-25, 142; Ingham & Bragg, $1500, 170, 1250, 13 5, 50; Robert Brown, $5000, 112 50; Asa Mahan, $300, 112 50, 9775; James Richards, $4000, 13175, 19 75; Johnra WNilliams, $1200, 17 50, 26, 38 5, 14 75; Geo. A. Crocker, $8000, 125, 210; John R. Penn, $125, 12 50, 16 Charles Hickox, $1275, 182, 100; -I. B. Bryant, $;150, 2000, 1200; Joseph P. Walter, $275, 117, 142 50; Hiram A. Pryor, $90, 110, 12 75, 125; Austin Packard, $112, 145, 19; W. H. Clark, $110, 112; Henry Ivison, $500, 123, 17 50; Geo. M. Penn, $125, 12 5, 18; W. T. Brooks, $175, 19, 12; E. G. Folsom, $19, 120, 117; H. D. Stratton, $125, 19, 12 5,0 20; J. B. Meriam, $12000, 150, 119; D. P. Eells, $150, 19 7, 112. (Dr. J.) Received interest on Treasury Notes from Mar. 1, to June 1, $184. (Cr. J.) Received from Duncan, Sh. & Co., their semi-annual account current, by Iwich it appears that our average balance on deposit with them during the five months ending June 1, is $38204j5; for which we are credited interest Q 3% per annum, as per agreement, $47756. (28) (Dr. J.; Cr. J.) Received certified check of $575 issued J. R. Penn, Mlay 1, for which gave draft on Duncan, Sh. & Co, favor of J. L. Dawes, at current rate of exchange. (Dr. J.; Cr. J.) Certificate of Deposit, No. 2, for $3000, is returned to us bhy Farmers & Mechanics' Bank, Detroit, to apply on their %ia. (Dr. J.; Cr. J.) The Passed Collections Book and Discount Register exhibit the following results. PASSED COLLECTIONS- Credits —Duncan, Sherman & Co, $4950, 740 62, 888 75, 1185, 740 62, 49375; Franklin Bk. Col., $750; John R. Penn, $7000, 1750; Geo. M. Penn, $1500, 600, 1995; Exchange Bk., Buf., $696 50, 3482 50; W. H. Clark, $2992 5, 74812; Jas. W. Lusk, $498 75; H. D. Stratton, $1496 25; M. B. Scott, $350; John S. Woolson, $500; Collection and Exchange, $141 61. Debits-Toledo Br. Bk., $3000, 2000, 500, 750; 267 NARRATIVE. Farmers' Br. Bk., Ashtabula, $750; Lorain Bank, Elyria, $900, 1500; Lafayette Bk., Cin., $1200, 500; Duncan, Sh. & Co., $1750; Franklin Bk. Col., $750; Exchange Bk., Buf., $350, 500. DISCOUNT REGISTER: —Credits: N. C. Winslow, $2968 5, 1477; Lewis R. Morris, $497167, 4704 03; T. P. Handy, $7382 50, 1484 25; E. L. Jones, $5907, 3681s 8; Asa Mahan, $595 90; Robert Brown, $6627 38; Ingham & Bragg, $1754 70, 1488 50; John D. Williams, $886 s, 1481 75; Interest, $609 59; Col. and Exch., $28 50. Debits: Bills Discounted, $19000; Domestic Exchange, $27050. Paid officers and clerks' salaries, as follows: President, $1000; Cashier, $750; First Teller, $600; Second Teller, $500; BcBok-keeper, $500; Assistant Book-keeper, $400; Porter, $200. (Dr. J.) (It is now proposed to ascertain the current condition of the business, with a view to declaring the first semi-annual dividend. The following accounts are closed into Loss and Gain: Collection and Exchange, credit balance, $837 01; Expense, debit balance, $447834; Interest, credit balance, $504425; C. & E. R. R. Bonds, credit balance, $5500. (29) By transferring these amounts to the Loss and Gain account, we ascertain our net gain to be $4946 92. Upon this state of affairs being reported to the Directors, who are also satisfactorily assured that the resources shown on the Ledger are real and available, it is decided to declare a semi-annual dividend of 2% from the earnings. (3 JULY. NoTE.-The transactions which follow complete the year, and furnish the material for another fiscal period; thereby affording the student sufficient practice to establish him thoroughly in the principles and applications contemplated by the set. It is presumed that the very elaborate instructions given in connection with the previous entries will render it wholly unnecessary to point out the special channels through which the remaining transactions are to find their way into the book of results. From this point forward the student must trust to himself; and if he has been thus far faithful, the difficulties which he will encounter will be few and easily surmounted. He w.ll, of course, use ite same books as for the previous entries, and in the same manner. If his work is right, the results can not ciffer materially from those submitted at the close of this narrative. Received from Farmers' Branch Bank, Ashtabula, $750 in currency. Paid the following dividends in cash: H. D. Stratton, $200; I-I. B. Bryant, $200; Parker Handy, $400; Henry Ivison, $500; W. HI. Clark, $500; M. B. Scott, $300. Remitted Duncan, Sh. & Co. our draft on them for their dividend ($400), less the current discount. (31) Received per express, from Duncan, Sh. & Co., $6000 in Ohio currency, ( A% discount. Paid express charges in cash, $4 50. Paid the following dividends in cash: J. B. Meriam, $200; John R. Penn, $200; James W. Lusk, $200; J. H. Goldsmith, $200. Paid the following dividends by drafts on Duncan, Sh. & Co., at current exchange: Peter Cooper, $400; A. C. Taylor, $300. Received the following paper for collection: From Lafayette Bank, Cin.: Shepard Hamlin's draft on P. Conover, Ashtabula, for $575, accepted June 15, D 60 ds. sight, payable at Farmers' Branch Bank. From Duncan, Shernan & Co., N Y.: Ivison, Phinney & Co.'s note of $3700, endorsed by H. C. Spencer, @ 30 ds. from June 10th, payable at our bank; W. W. Harder's accepted draft of $360, favor of Robert Spellman, @ 30 ds. from June 16, payable at Merchants' Br. Bank, Cleve. From Charles Hickox: Thomas Curtis' note of $3000, endorsed by William Dooley, @ 60 ds. from June 12, payable at Springfield, Ill. Sent Burkam & Sons, Chicago. From Geo. A. Crocker: W. B. Jameson's accepted draft of $3000, drawn by James Maxwell, @ 90 ds. from May 10, payable at City Bank, Cincinnati. Sent Laf. Bk. From Joseph P. Walter: James Cook's note of $1500, endorsed by W. W. Birdsail, @ 60 ds. from June 25, payable in Detroit. Sent Farmers & Mechs.' Bk. From Hiram A. Pryor: Edwin C. Packard's note of $900, endorsed by Stetson Eaton, ( 60 ds. from June 12, payable at Waupacca, Wis. Sent Burkam & Sons, Chic. Prom Franklin Bk., Columbus: W. Burton's draft on H. B. Bryant for $1500, accepted June 10, G 30 ds., payable at City Bk., Cleve.; W. T. Coggeshall's draft on Ingham & Bragg for $700, accepted June 25, @a 30 ds., payable at our bank. From Exchange Bk., Buffalo: James Sweeney's draft on Bryant, Stratton & Co. for $7000, accepted June 16, @ 60 ds., payable at Elyria. Sent Lorain Bk.; N. Hucker's draft on Peter Van Dusen for $3750, Q 3 mos. from Apr. 15, payable at City Bank, Cleve. The following discounts, payable in the city, due this day, have been paid: No. 35, James M. Bradley, 268 N A R A TI V E. $5000; No. 41, Chas. Ilickox, $1500; No. 49, James Smiley, $8000; interest on same, $40; No. 53, Peter Stone, $4750; No. 60, I-I. Holden, $1500. The following discounts, payable abroad, are assumed to have been paid: (32) No. 34, Smith & Nixon, $G000. sent Lafayette Bk., Cin.; No. 36, H. D. Stratton, $7500, sent Franilin Bk., Col.; No. 39, Chas. Jones, $7000. sent Exch. Bk., Buf.; No. 42, Jonathan Gillett, $7000, sent Duncan, Sh. & Co., N. Y.; No. 46, William Smith, $7000, sent Bank of Capitol, Albany; No. 52, Philip Seaton, $5000, sent Exchg. Bk., Buffalo; No. 58, E. R. Finney, $600, sent Iron City Bk., Pittsburg. Discounted the following paper: For E. W. Mason-proceeds credited: J. C. Hall's note of $2000, endorsed by Robert C. Bangs, Q 60 ds. from June 18, payable at Providence, R. I. Sent Duncan, Sh. & Co., N. Y. For W.. W. Harder-proceeds remitted in cash: His draft on H. B. Bryant, Chicago, for $2500, accepted June 25, O90 ds., payable in N. Y. Sent D., Sh. & Co. For Jacob Hoornbeek-proceeds credited: W. P. Pratt's note for $1500, endorsed by D. C. Collins, G 90 ds. from July 1, payable at Cincinnati. Sent Lafayette Bk. For D. P. Eells-proceeds credited: W. G. Morton's accepted draft of $2300, G 60 ds. from June 30, payable at our bank; R. C. Spencer's note of $5000, G 6 mos. from May 10, endorsed by B. McGann, payable at Merchants' Bk., Cleve, For W: I)Dwight Packard —proceeds remitted: Ivison, Phinney & Co.'s note for $1575, endorsed by H. D. Stratton, @ 4 mos. from June 12, payable at New York. Sent D. Sh. & Co. For X~ B. Scott-proceeds credited: J. Sackrider's note of $4500, endorsed by MI. B. S., G@ 3 mos. from June 12, payable at Merchants' Bk., Cleve.: N. C. Winslow's accepted draft, Mil. B. S.'s favor, for $2750, Q@ 60 ds. from June 30, payable at Xenia. Sent Lafayette Bk., Cin. For W. G. Folsomn-proceeds credited: Thomas Brown's note of $2758, endorsed by Wm. Burnett, @ 6 mos. from June 10, payable at Galena, Ill. Sent Burkarm & Son, Chic. Forr James Richards-proceeds credited: His note of $1960, endorsed by J. G. Deshler, @ 3 mos. from July 1, payable at our bank. For Ira Packard-proceeds remitted: Wm. Bryant's note of $500, G 90 ds. from June 30, payable at Ann Arbor, Mich. Sent Farmers & Mechs.' Bk., Dot. Received the following deposits: H. B. Bryant, $500; Robert Brown, $750; E. W. Mason, $3000; J. P. Walter, $975; Hiram A. Pryor, $700; W. H. Clark, $750; I-I. Ivison, $1575; J. D. Williams, $838 75; Asa Mahan, $938 60; Jacob Hoornbeek, $1200; N. C. Winslow, $.837 50; Geo. A. Crocker, $718 25; Austin Packard, $1563 75; W. T. Brooks, $946; Jas. W. Lusk, $439. Paid the following checks: Chas. Hickox, $1500, 700, 125, 1475; IM. B. Scott, $4000, 1563 25, 112, 19 75; Lewis R. Morris, $4365, 120, 118, 46 78; John S. Woolson, $1500, 125, 144; H. B. Bryant, $3695, 123 75, 144, 209; John R. Penn, $6000; Geo. M. Penn, $112, 134, 326319; J. B. Meriam, $1200, 15463, 219, 275; E. G. Folsom, $1500; T. P. Handy, $175, 1200, 375, 1495; Jas. Richards, $144, 12 75, 16429; Ingham & Bragg, $1200, 193, 400, 175; Geo. A. Crocker, $124, 19, 20623; Hiram A. Pryor, $127, 19 65, 144 38; J. W. Lusk, $1'27, 13 CS, 144, 18 75. The following foreign collections due this day, as per Foreign Tickler, are assumed to have been paid, and we now transfer them to the Passed Collections Book: For il. B. Scott: No. 57, S. S. Pomroy, $2500, sent Exclh. Bk., Buf. For John S. WIoolson: No. 62, Robert Smith, $1200, sent Exch. Bk., Buf. For Lafayette Bk., Cin.: No. 65, Jacob tIoornbeek, $600, sent Moss Bros., Sandusky. The following home collections have been paid, and results transferred to Passed Collections: For Duncan, Sh. & Co.: No. 54, Ivison, Ph. & Co., $500; No. 55, J. B. Meriam, $1756, No. 71, W. W. Harder, $360. For James Richards: No. 0G, Benj. Carpenter, $1700. For Jacob iroornbeek7: No. 64, E. R. Felton, $750. For Franklin Bk., Col.: No. 76, H. B. Bryant, $1500; No. 77, Ingham & Bragg, $700. For Exchange Bk., BI'f.: No. 79, Peter Van Dusen, $3750. The following results are taken from the Passed Collection Book and Discount Register: PASSED COLLaECTIONS-Debits: Exchange Bk., Buf., $2500, 1200; Moss Bros., Sandusky, $600. Credits: If. B. Scott, $2500; John S. Woolson, $1200; Lafayette Bk., Cin., $598 50; Duncan, Sh. & Co., $495, 1732 S0, 35640; Jas. Richards, $17100; Jacob I-Ioornbeek; $750; Franklin Bk., Col., $1500, 700; Exch. Bk., Buffalo, $373125; Col. & Exch., $46 35. DISCOUNT REGISTER-Debits: Bills Discounted, $13760; Domestic Exchange, $13583. Credits: E. W. Mason, $1983 33; Jacob Hoornbeek, $1473; D. P. Eells, $227623, 4887 W0; M. B. Scott, $4443, 2714 70; E. G. Folsom, $2661 49; Jas. Richards, $1928 97; Interest, $440 21; Col. & Ex., 35 05. 269 NARRAT IVE. AUGUST. Sold James Richard's draft on Duncan, Sh. & Co. for $4000, at current rate of exchange. Issued Certificate of Deposit, favor of Thomas Jones, for $3000. Received from Exchange Bk., Buf., for their credit, sight draft on Merchants' Bk., Cleve., for $15000. (38) Purchased at ~% prem. the following N. Y. drafts, which we nave remitted Duncafi, Sh. & Co. on %:~ W. P. Pratt on Metropolitan Bk., $3500; W. W. Harder on Culver & Penn, $2000; Ctfct. Dep. on Chemical Bk., $3750; J. B. Meriam on P. Handy & Co., $1275; H. D. Stratton on Peter Cooper, $5600. Purchased, ~ A-% discount, D. P. Eells' sight draft on J. H. Goldsmith, Detroit, for $3000. Sent the same to Farmers & Mechanics' Bank for our credit. (34) Received from Burkam & Sons, Chicago, on %, $10000 in New York State bank notes, -%x prem. Remitted the same to Duncan, Sh. & Co., N. Y., 0 1% discount. Paid express chgs. in cash, $5. (35) Purchased, per draft on Duncan, Sh. & Co., $50000 in U. S. 6% Stocks, $1'. Sent the s.m, to State Department as basis for new issue of circulation. Received the following deposits: Jas. W. Lusk, $900; Lewis R. Morris, $1275; T. P. Handy, $738; E. L. Jones, $1027; Jas. Richards, $745; Ingham & Bragg, $839; Chas Hickox, $2940; Geo. M. Penn, 967 32; H. D. Stratton, $642 50; E. W. Mason, $1575; J. B. Meriam, $2675; W. W. Harder, $1000. Received the following paper for collection: From Exchange Bank, Buzffalo: H. P. Smith's draft on M. B. Scott, accepted July 1, 6 45 ds., for $4000, pay. able at Merchants' Bank, Cleve.; J. P. Warner's note of $2500, endorsed by James Sweeney, at 60 ds. from June 15, payable at City Bank. From Bank of Capitol, Albany: B. F. Payn's draft on J. I-Iolbrook, Elyria, for $1500, accepted July 15, G 30 ds. Sent Lorain Bank, Elyria. From T. P. Handy: Calvin S. Sill's note for $1255, endorsed by G. S. Berry, Q 2 nmos. from June 20, payable at our bank; Henry Morgan's note of $3500, endorsed by John Baxter, G 60 days from July 25, payable at City Bank. From H. D. Stratton: John R. Penn's note of $1200, endorsed by W. H. Clark, G 30 ds. from July 17, payable at our bank; Alonzo Mitchell's note of $3750, endorsed by J. J. Newell, @ 60 ds. from July 27, payable at Adrian, Mich. Sent Toledo Branch Bank. From Farmers & Hechs.' Bank, Detroit: J. H. Goldsmith's draft on H. B. Bryant, for $3000, accepted June 14, Q 60 ds, payable at our bank. From Chas. Hickox: Abram Van Wyck's note of $3700, endorsed by Robert Sclluyler, @ 2 mos. from July 17, payable at Dayton, O. Sent Lafayette Bk., Cin. From Ira Packard-proceeds to be remitted: Charles Willard's draft on Hubby & Hughes for $2000, accepted May 17, 0 90 ds., payable at our bank. Discounted the following paper: For Edwin C. Packard —proceeds remitted in draft on D. Sh. & Co., N. Y.: John Brewster's note of $3000, endorsed by John Wentworth, ( 90 ds. from July 22, payable in Chicago. Sent Burkam & Sons. (36) For John S. Woolson-proceeds credited: Lewis J. Lyman's note of $1250, endorsed by C. Shook, Q 3 mos. from July 27, payable at City Bank. For W. 1W. Harder —proceeds credited: S. S. Packard's draft on H. D. Stratton for $4000, accepted July 19, (D 90 ds., payable at Metropolitan Bk., N. Y. Sent D., Sh. & Co. For JJ B. Meriam-proceeds credited: E. C. Benedict's note of $3700, endorsed by J. B. M. @ 60 ds. from Aug. 1, payable at our bank. For Jacob Hoornbeek-proceeds credited: Samuel Sly's note o' $_560, endorsed by Thomas Perrin O 4 mos. from July 22, payable at Sandusky. Sent Moss Bros. For James Richards-proceeds credited: Cyrus Ford's note of $2700, endorsed by Reuben Hitchcock, @ 4 mos. from July 28, payable in Detroit. Sent Farmers & Mechs.' Bk. For-E. FG. olsomr-proceeds credited: Samuel Slick's accepted draft E. G. F.'s fav. for $1794, @ 90 ds. from July 10, payable at Chicago. Sent Burkam & Sons. For J: C. Bryant-proceeds paid in cash: W. P. Spencer's note of $1900, endorsed by Gerritt Smith, Q 3 mos. from Julys12, payable at Buffalo. Sent Exchange Bk. The following discounts due at home, as per Domestic Tickler, have been paid: No. 32, E. G. Folsom, $4000-Exchange $40; No. 50, Geo. M. Strong, $3000; No. 55, Jacob Harrison, $1500. The following discounts due abroad, as per Foreign Tickler, are assumed to have been paid: No. 56, W. H. Woodbury, $6000, sent Laf. Bk.. Cin.; No. 62, William Gray, $900, sent Duncan, Sh. & Co., N. Y.; No. 63, E, W. Mason, $1500, sent Duncan, Sh. & Co., N. Y.; No. 64. J. C. Hall, $2000, sent Duncan, Sh. & Co., N. Y. (3') The following collections, payable in the city, as per Domestic Tickler, have been paid: For.D., Sh. & Cb. 270 NARRATIVE. No. 70, $3oo00. For Exchg. Bk., Buf., No. 80, $4000; No. 81, $5000. For T. P. Handy, No. 83, $1255. For H. D. Stratton, No. 85, $1200. For Far. & _Mechs.' Bk., Det., No. 87, $3000. For Ira Packard, (special), No. 89, $2000. The following collections, payable abroad, are assumed to have been paid: For Lafayette Bk., Cin., No. 69, $575, sent Farmers' Br. Bk., Ash. For Chas. Hickox, No. 72, $3000, sent Burkam & Sons, Chic. For Geo. A. Crocker, No. 73, $3000, sent Laf. Bk., Cin. For Joseph P. Walter, No. 74, $1500, sent F. & Mechs.' Bk., Det. For Hiram A. Pryor, No. 75, $900, sent Burkam & Sons, Chic. For Exch. Bk., Buf., No. 78, $7000, sent Lorain Bk., Elyria. For Bank of Cap., Albany, No. 82, $1500, sent Lorain Bk., Elyria. Paid the following checks: N. C. Winslow, $500, 425; E. R. Felton, $118, 25 63, 194, 123 75; Jacob Hoornbeek, $119, 154, 1275; E. L. Jones, $194, 183315, 12560, 1500; Alonzo Mitchell, $2000; Asa Mahan, $196, 187 50, 38 93; M. B. Scott, $4000, 125; Henry Ivison, $3700, 149, 87 63; H. D. Stratton, $1200, 125, 194, 317; H. B. Bryant, $3000, 129, 128, 78 63; Robert Brown, $196; J. D. Williams, $110, $14475; W. H. Clark, $175, 39375, 126, 87 50; Austin Packard, $194, 163 50, 1200; W. T. Brooks, $175, 129, 1450. The following results are taken from the Discount Register and Passed Collections: DISCOUNT REGISTER — ebitss: Bills Discounted, $4950; Domestic Exchange, $14894. credits: John S. Woolson, $123125; W. WV. Harder, $3946 67; J. B. Meriam, $366115; Jacob Hoornbeek, 146725; James Richards, $262485; E. G. Folsom, $1759 32; Interest, $281 31; Col. & Exch., $5995. PASSED COLLECTIONS-Debits: Farmers' Br. Bk., Ash., $575; Burkam & Sons, Chic., $3000, 900; Lafayette Bk., Cin., $3000; F. & Mech.'s Bank, Det., $1500; Lorain Bank, Elyria, $7000, 1500. Credits: Duncan, Sh. & Co., $3663; Exch. Bk., Buf., $3980, 248750, 6947 E0; T. P. Handy, $1255; H. D. Stratton, $1200; Far. & Mechs.' Bk., Det., $3000; Laf. Bk., Cin., $573 6; Chas. Hickox, $297750; Geo. A. Crocker, $299250; Joseph P. Walter, $148875; Hiram A. Pryor, $893 25; Bank of Capitol, Albany, $1481 25; Col. and Exch., $190 19 SEPTEM BElR. Sold W. E. Crocker for cash at par, our draft of $2000, on Farmers & Mechs.' Bank, Detroit. (3s) Received from Burkam & Sons, Chicago, our Ctfct. Dep. No. 3, $7000, issued May 1, fav. H. B. Bryant Received from Duncan, Sh. & Co., $3000 in unassorted Ohio State currency, at l1i/ discount. (39) Issued Ctfct. Dep. fav. of R. C. Spencer, Chicago, for $3000. Received from Farmers & Mechs.' Bk., Detroit, $5000 in Cleveland city funds, for which we give them draft on D., Sh. & Co., N. Y., at current rate of exchange. Received from Lafayette Bk., Cin., per express, $7500 in N. Y. State currency, @ ~i prem. Sent the same to Exchange Bk., Buf., at par. Paid Express chgs. in cash, $2. Received the following deposits: E. R. Felton, $1575; N. C. Winslow, $2550; AM. B. Scott, $1'35429; Alonzo Mitchell, $2738; Asa Mahan, $1835; Robert Brown, $2793 50; H. B. Bryant, $2363; John R. Penn, $1456; J. D. Williams, $56428; H. Ivison, $1200; W. H. Clark, $1358; Austin Packard, $2700; Winm. T. Brooks, $1340; D. P. Eells, $1490; E. W. Mason, $1293; W. W. Harder; $1496; Geo. I. Penn, $1200; IH. D. Stratton, $1278; Chas. Hickox, $1000. Paid rent of Banking House in cash, $333 33. Received the following paper for collection:.From Duncan, Sh. & Co.: J. Hardinge's note of $7000, endorsed by Robert C. Biddle, Q 90 ds. from July 20, payable in Detroit. Sent Farmers & Mechs.' Bk. Ivison, Phinney & Co.'s draft on Ingham & Bragg for $1500, accepted Aug. 12, @ 30 ds., payable at Merchants' Bk., Cleve. From Lafayette Bk., Cin.: D. C. Collins' draft on P. Hoadley for $3750, accepted July 12, a 60 ds., payable at our bank; John Fitzsimmons' sight-draft, for $2500, on P. R. Spencer, payable at Ashtabula. Sent Farmers' Br. Bk. From Burkam & Sons, Chic.: D. V. Bell's draft on S. Sheldon for $1750, accepted Aug. 12, O 30 ds., payable at Oberlin. Sent Lorain Bk., Elyria. Thos. Hewes' note of $2700, endorsed by James Thompson, Q 40 ds. from Aug. 15, payable at City Bk., Cleve. From John R. Penn: C. V. Culver's note of $1700; endorsed by James Watson, 00 30 ds. from Aug. 15, payable at Philadelphia. Sent Girard Bank. From T1 S. Quackenbush-proceeds to be remitted in cash: C. B. Stout's draft on J. B. Cobb & Co., for $3000, accepted May 10,, 4 rmos., payable at our bank. From J. B. Meriam: His sight-draft on R. C. Spencer, Chicago, for $2500. Sent Burkam & Sons. eroom Farmers & Mechs.' Banrc, D)et.: J. H. Goldsmith's sight-draft on Bryant, Stratton & Co., Cleve., for $3700. From N. C. Winslow: His draft for $1700 on R. M. Bartlett, Cincinnati, at 10 ds. from Sept. L Sent Laf. Bk., Cin. Issued Ctfct. Dep. for John R. Penn, fav. of N. Frederick, Philadelphia, for $3975. 271 NARRATIVE. Received from Bank of Capitol, Albany, our Ctfct. Dep. No. 4, fav. Geo. Eddy, Albany, for $1000. Discounted the following paper: For Jacob Hinds-proceeds remitted in cash: Silas M. Burroughs' note of $1500, endorsed by J. Murdock, @ 60 ds. from Aug. 25, payable at Albion, N. Y. Sent Exch. Bk., Buf. For H. D. Stratton-proceeds credited: His draft on Ivison, Phinney & Co., N. Y., for $1500, Q( 30 ds. from Sept. 1. Sent Duncan, Sh. & Co., N. Y. For E. W. Mason-proceeds credited: T. Wolcott's note of $1375, endorsed by Roger Williams, 6 90 ds. from Aug. 25, payable in N. Y. Sent Duncan, Sh. & Co. For Nelson Frederick-proceeds remitted in cash: T. B. Peterson's note of $1675, endorsed by Jno. R. Penn, H 60 ds. from Aug. 18, payable at Philadelphia. Sent Girard Bk. For Geo. A. Crocker-proceeds credited: James Montgomery's note of $1850, endorsed by N. Hucker, _ 90 ds. from August 20, payable in Buffalo. Sent Exchange Bank. For E. R. Felton-proceeds credited: James Smith's note of $3500, endorsed by Joseph Cutter, 6 60 ds. from Aug. 12, payable at Dayton. Sent Lafayette Bk., Cin. For W. H. Clark-proceeds credited: A. W. Smith's note of $3700, endorsed by C. E. Delevan, 0 4 mos. from Aug. 16, payable at our bank. For A. C. Taylor-proceeds in draft on N. Y.: Ivison, Phinney & Co.'s note of $2700, endorsed by A. C. T., G 4 mos. from Sept. 4, payable at our bank. (40) For T. P. Handy-proceeds credited: M. B. Scott's acceptance favor Jonathan Gillett, for $4500, (M 60 ds. from August 19, payable at Merchants' Bk., Cleve. For Jacob Hoornbeek-proceeds credited: James Ellison's note of $4300, endorsed by Thomas Brooks, @ 3 mos. from September 1, payable at our bank. For W. W. Harder-proceeds credited: J. Simpson's note of $2750, endorsed by Joseph Guild, ( 45 ds. from Sept. 1, payable in Buffalo. Sent Exchange Bk. Paid the following checks: Ingham & Bragg, $1500, 175, 125; Jas. W. Lusk, $114, 125, 317 50, 128; Lewis R. Morris, $1100, 1500, 175; John S. Woolson, $3000, 2500, 128 75, 144 48; T. P. Handy, $146, 192, 238, 1400; Jas Richards, $5160, 200, 19 38; Chas. Hickox, $3715, 125, 194 63; Jno. R. Penn, $2500, 183 90; 1600; Geo. A. Crocker, $1297 38, 1400, 215 75; Hiram A. Pryor, $1500, 125, 187 5:); J. P. Walter, $14675, 1200, 134 9; Geo. M. Penn, $195, 143852, 168; E. G. Folsom, $198, 275, 5000; J. B. Meriam, $1500, 12675, 134; D. P. Eells, $1600, 173 25, 194, 126; E. W. Mason, $1200, 139, 146 70; W. W. Harder, $175, 250, 268 93, 31459. The following discounts, payable at home, have been paid: No. 51, Edward Savage, $1500; No. 59, Samuel Rand, $1750; No. 67, W. G. Morton, $2300; No. 70, J. Sackrider, $4500. The following discounts, payable abroad, are assumed to have been paid: No. 54, sent Duncan, Sh. & Co., $7500; No. 57, sent Girard Bk., Phila., $3750; No. 60, sent Burkam & Sons, Chic., $1800; No. 65, sent Duncan, Sh., & Co., N. Y., $2500; No. 71, sent Laf. Bk., Cin., $2750. The following home collections, due this day, as per Domestic Tickler, have been paid: For 1T. P. Handy, No. 84, $3500. For D., Sh. & Co., No. 91, $1500. For Laf. Bk., Cin., No. 92, $3750. For Burkasm & Sons, Chic., No. 95, $2700. For T. S. Quackenbush, (special) No. 97, $3000. For F. &.Mechs.' Bk., Det., No. 99, $3750. The following foreign collections, due at this time,.as per Foreign Tickler, are assumed to have been paid: For H.: D. Stratton, No. 86, $3750, sent Toledo Br. Bk. For Chas.. Hickox, No. 88, $3700, sent Laf. Bk. Cin.; No. 93, $2500, sent Far. Br. Bk., Ash. For Burkamn & Sons, Chic., No. 94, $1750, sent Lorain Bk., Elyria. For John R. Penn, No. 96, $1700, sent Girard Bank. For J. B. Mferiam, No. 98, $2500, sent Burkam & Sons, Chic. For N. C. Winslow, No. 100, $1700, sent Laf. Bk., Cin. The following results are taken from the Discount Register and Passed Collections: DIscOUNT REGISTER —Debits: Bills Discounted, $15200; Domestic Exchange, $14120. Credits: H. D. Stratton, $149175; E. W. Mason, $1345 29; Geo. A. Crocker,, $1825 03; E. R. Felton, 346617; W. H. Clark, $3632 79; T. P. Handy, $4462 50; Jacob Hoornbeek, $4232 63; W. W. Harder, $2728; Interest, $366 02; Col. & Ex., $8 75. PASSED COLLECTIONS-Debits: Toledo Br. Bk., $3750; Laf. Bk., Cin., $3700, 1700; Far. Br. Bk., Ash., $2500; Lorain Bk., Elyria, $1750; Girard Bk., Phil., $1700; Burkam & Sons, Chic., $2500. Credits: T. P. Handy, $3500; Duncan, Sh. & Co., $1485; Laf. Bk., Cin., $3750, 2493 75; Burkam & Sons, Chic., $2700, 1745 62; F. & Mechs.' Bk., Det., $3750; H. D. Stratton, 43740 62; Chas. Hickox, $3690 75; John R. Penn, $1700; J. B. Meriam, $2481 25; N. C. Winslow, $1695 75; Col. &. Exch., $67 26. 272 NARRATIVE. OCTOBER. Received from Board of Control $45000 in our registered notes, which we have had properly signed and put in circulation. Sold T. P. Handy, for his draft on Ocean Bk., N. Y., $10000 7-30 Treasury notes, _ $115, with back interest added, $244. Remitted the draft, for our credit, to Duncan, Sh. & Co. (41) Sold the following drafts on Duncan, Sh. & Co., at the current rate of exchange: E. R. Felton, $2000; Jacob Hoornbeek, $5000; John R. Penn, $4370; Geo. M. Penn, $2500. Sold IH. D. Stratton draft on Lorain Bk., at par, $7500. Received from Franklin Bk., Col., in Cleveland City Bank notes, $5000. Received from Girard Bk., Phil., our Certificate of Deposits No. 7, issued N. Frederick, $3975. (42). Sold J. B. Meriam, at par, our draft on Toledo Br. Bank for $6700. Received the following paper for collection: F.rom Duntcan, Sh. & Co., N. Y: Clafflin, Mellen & Co.'s draft of $2750 on Henry W. Phillips, @ 30 ds. sight, payable at our bank; (43) A. T. Stewart's draft of $4675 on James Otis, 0( 10 ds. sight, payable at Merchants' Bk., Cleve. _From Far. Br. Blc., Ashtabula: Henry W. Seymour's note of $3000, endorsed by T. W. Blake, ( 3 mos. from July 10, payable at Toledo. Sent Toledo Br. Bk. From E. W. Mason: His sight draft on Thomas Higgins, Cincinnati, for $1900. Sent Lafayette Bk. Fron Geo. A. Crocker:' His draft, @ 30 ds. sight, on Thomas Merrill, Buffalo, for $3750. Sent Exchange Bk. From Edwin 6. Packard-proceeds to be paid in cash: J. B. Meriam's note of $500, @ 3 mos. from July 15, payable at our bank. From John R. Penn: L. Fairbanks' note of $1200, endorsed by Thos. Swain, G 60 ds. from Sept. 15, payable at Sanduskly. Sent Moss Bros.; W. P. Spencer's accepted draft of $4000, ( 30 ds. from Sept. 10, payable at Buffalo. Sent Exchange Bank. _Fromn Ingham & Bragg: J. Hollister's note of $2000, endorsed by Philip McGuire, @ 30 ds. from Sept. 20, payable at our bank; their sight draft of $3000 on W. B. Ogden, Chicago. Sent Burlkam & Sons. From Bur7cam & Sons, Chicago: R. C. Spencer's sight draft on H. B. Bryant, Cleve., for $1500; Thos. Milligan's note of $1700, endorsed by H. Bradleyr, Q 60 ds. from Aug. 12, payable at City Bank, Cleve. Discounted the following paper: For T. P. Handy-proceeds credited: His note for $15000, Q( 60 ds. from Oct. 1, endorsed by N. C. Winslow, and payable at Merchants' Bk., Cleve. For Jacob Hinds-proceeds remitted in cash: Thomas Jewett's note of $6000, G 3 mos. from Sept. 30, endorsed by P. Roberts, payable at N. Y. & E. Bank. Sent Exchange Bk. For W. P. Wiater-proceeds credited: C. V. Culver's note of $6000, @( 90 ds. from Sept. 25, endorsed by J. R. Penn, payable at Culver & Brooke's Bank, Phil. Sent Girard Bank. For J. D. Williams-proceeds credited: H. C. Spencer's note of $4750, endorsed by Jas. W. Lusk, a 2 mos. from Oct. 1, payable at East River Bank, N. Y. Sent Duncan, Sh. & Co. For Ingham & Bragg-proceeds credited: Ivison, Phinney & Co.'s note of $7000, endorsed by Ingham & Bragg, O 4 mos. from August 25, payable at Mercantile Bank, N. Y. Sent Duncan, Sh. & Co. -For Alonzo Mitchell —proceeds credited: E. Pomroy's note of $5700, endorsed by C. B. Jones, Q 3 mos. from Sept. 30, payable at Adrian, Mich. Sent Toledo Br. Bk. For Robert Brown-proceeds credited: Philip Sampson's note of $2500, endorsed by Thomas Mason, ( 3 mos. from Sept. 20, payable at our bank; John Simpson's note of $1500, endorsed by Robert Brown, G 60 ds. from Oct. 1, payable at Sandusky. Sent Moss Bros. For E. L. Jones-proceeds credited: H. P. Smith's note of $6000, endorsed by Alex. Kent, @ 4 mos. from Sept. 1, payable at Buffalo, sent Exchange Bank; Henry Martin's note of $2000, endorsed by J. Moore, ( 90 ds. from Sept. 25, payable at City Bank, Cleve. Received the following deposits: J. W. Lusk, $1500; Lewis R. Morris, $1975; John S. Woolson, $2500; E. L. Jones, $2725; Jas. Richards, $4000; Ingham & Bragg, $4379; H. A. Pryor, $1700; J. P. Walter, $1475; E]. G. Folsom, $430(; E. R. Felton, $2000; T. P. Handy, $2750; Alonzo Mitchell, $2000; J. R. Penn, $1500; II. Ivison, $1750; Chas. Hickox, $2400; W. H. Clark, $1800; Geo. M. Penn, $1575; H. D. Stratton, $2750; tV. W. Harder, $1825. Received from Duncan, Sh. & Co. our Certificate of Deposit No. 5, issued Aug. 1, fav. Thos. Jones, $3000. Certified John R. Penn's check for $425. Paid the following checks: N. C. Winslow, $125, 175 23, 212 50, 1025'; E. R. Felton, $2020, 500, 1275, 210; Jacob Hoornbeek, $5050, 1125o, 500; M. B. Scott, $975, 12475, 11250, 200; E. L. Jones, $175, 144, 1200; 18 273 NARRATIVE. Alonzo Mitchell, $230, 195, 417 50; Asa Mallan, $170, 129, 312 50, 183 25; Robert Brown, $185, 125, 800; HE. B. Bryant, $1.29, 1456, 125, 317; J. D. Williams, $194, 125, 100; H. Ivison, $145, 217, 35940; W. H. Clark, $119, 148 5 129 75; Austin Packard, $119, 14450, 500; J. P. Walter, $217, 250, 319 50; W. T. Brooks, $500, 129, 137 50; BH. D. St.ratton, $7500, 194 63, 229 80, 112 50, 400; D. P. Eells, $14450, 128, 1200; E. W. Mason, $175, 219, 515, 16350; W. W.. arder, $500, 438;5, 127 50; J. R. Penn, $441370; Geo. M. Penn, $2525; J. B. Meriam, $6700, 148, 112 50. The following discounts payable at home, as per Domestic Tickler, have been paid: No. 73, $1960; No. 76, $1250; No. 78, $3700; No. 91, $4500. The following discounts payable abroad, as per Foreign Tickler, are assumed to have been paid: No. 66, $1500; No. 69, $1575; No. 74, $500; No. 75, $3000; No. 77, $4000; No. 81, $1794; No. 82, $1900; No. 83, $1500; No. 84, $1500; No. 86, $1675; No. 88, $3500; No. 93, $2750. (44) The following home collections due this day, as per Domestic Tickler, have been paid: No. 102, $4675; No. 106, $500; No. 109, $2000; No. 111, $1500; No. 112, $1700. The followingforeign collections due this day, as per Foreign Tickler, are assumed to have been paid: No. 90, $7000; No. 103, $3000; No. 104, $1900; No. 108, $4000; No. 110, $3000. The following results are taken from the Discount Register and Passed Collections: DISCOUNT REGsITERa-Debits: Bills Discounted, $19500; Domestic Exchange, $36950. Credits: T. P. Handy, $14842 50; J. P. Walter, $5913; J. D. Williams. $4699 33; Ingham & Bragg, $6897 34; Alonzo Mitchell, 558315; Robert Brown, $2465 42, 1476 75; E. L: Jones, $5905, 1971; Interest, $753 51; Col. & Ex., $36. PASSED COLLECTIONS —Debits: F. & Mechs.' Bank, Dt.,' $7000; Toledo Br. Bk., $3000; Laf. Bk., Cin., $1900; Exch. Bk., Buf., $4000; Burkamr & Sons, $3000. Credits: Duncan, Sh. & Co., $4628 25, 6877 50, 2955; Ingham & Bragg, $2000, 2977 50; Burkam & Sons, $1500, 1700; E. W. Mason, $1890 50; J. R. Penn, $4000; Col. & Ex., $246 25NOVEMBER. Sold J. B. Meriam draft on Exch. Bk., Buf., Q A prem., $1500. Recd. from Farmers & Mechs.' Bk., Det., $5000 in N. Y.. State currency, 0 1% prem. Sent the same to Duncan, Sh.. & Co., N. Y., per express, (D J% discount. Paid Express chgs. in cash, $2 50. Sold J. C. Bryant, for cash at current rate of exchange, our draft on Duncan, Sh., & Co., for $3500. Certified M. B. Scott's check of $3000. Received from Lafayette Bk., Cin., Cleveland city notes, $10000. Sold the following drafts on Duncan, Sh. & Co., at current rate of exchange: Jacob Hoornbeek, $2000; Jas. Richards, $5600; Alonzo Mitchell, $3500; T. P. Handy, $10000. Issued the following Certificates Deposit: Geo. A. Crocker, for C. Jones, Buf., $2000; J. D. Williams, for J. Gray, N. Y., $1500; Ingham & Bragg, for J. W. Lusk, N. Y., $4000. Received the following paper for collection: From Duncan, Sh. & Co., N. Y: Peter Snyder's note of $5700, endorsed by Ivison, Ph. & Co., N. Y., G 3 mos. from Sept. 1, payable at Toledo. Sent Toledo Br. Bk. M. B. Scott's accepted draft of $3000, favor of D. W. Fish, Q 30 ds. from Oct. 1, payable at our bank. From Lafayette Bk., Cin.: D. C. Collins' sight-draft on Robert Smith, of Cleveland, for $1500. From Toledo Br. Bk.: Ira Packard's note of $3750, endorsed by James Richards, Q 30 ds. from October 10, payable at Merchants'- Bank, Cleve. From Exchange Bk, Buf.: James Cook's note of $1450, endorsed by F. J. Fithian, ( 6 mos. from June 15, payable at Commercial Br. Bank, Cleve. From D. P. Eells: His draft at 30 ds. from Oct. 1, on Smith & Nixon, Cin., for $7000. Sent Laf. Bk., Ciu. From Asa Mahan: Timothy Smith's note of $5000, endorsed by Robert Rantoul, @ 60 ds. from Sept. 15, payable at our bank..From Lewis R. Morris: H. Sullivan's note of $3500, endorsed by Jacob Simmons, at 3 mos. from August 12, payable at City Bk., Cleve. From Ira Packard-proceeds to be remitted in cash; J. C. Bryant's note of $900, ~ 2 mos. from Sept. 20, payable at our bank. Discounted the following paper: For Alonzo Mitchell-proceeds credited: William Hubbard's note of $3000, endorsed by Chas. King, Q 4 mos. from Nov. 1, payable at Oswego.. Sent Bank of Capitol, Albany. For Ghas. Hickox —proceeds credited: His draft of $6000 on John R. Wheeler, Buffalo, Q 60 ds. from Nov. 1. Sent Exchange-Bk., Buf. J. Hind's note of $1500, endorsed by H. Newell, at 3 mos. from Oct. 27, payable at Tonawanda, N. Y. Sent Exchange Bk., Buf. 274 NARRATI V E. For Jennison C. Hal —proceeds remitted in cash: His note of $4000, endorsed by Crocker & Guild, t sC Is. fiom Oct. 29, payable at Providence, R. I. Sent Duncan, Sh..& Co., N. Y. For J. D. Williams-proceeds credited: P. C. Schuyler's note for $7000, endorsed by Clark, Austin & Maynard, 0 3 mos. from October 20, payable at our bank. For Henry Ivison-proceeds credited:: A. C. Taylor's note of $7500. endorsed by C. B. Stout, 0 2 mos. from Nov. 1, payable in New York. Sent Duncan, Sh. & Co. For Austin Packard-proceeds credited: His note of $3500, endorsed by Packard & Seymour, @ 3 mos. from Oct. 18, payable at City Bank, Cleve.; H. L. Dawes' note of $3000, endorsed by A. Packard, at 4 mos. from Nov. 1, payable at Fulton Bk., N. Y. Sent Duncan, Sh. & Co. -For George A. Crocker-proceeds credited: John W. Gantz' note of $4500, endorsed by John H. Williams, @ 3 mos. from October 15, payable at our bank. For Geo. M. Penn-proceeds credited: Thos. Seymour's note of $4000, endorsed by Jacobs & Smollett, Q 6 mos. from Oct. 10, payable at Com. Br. Bk.,' Cleve. For E. G. Folsom-proceeds credited. His note of $6000, endorsed by Philip Garrett, Q 3 mos. from Nov. 1, payable at our bank; James Seaton's note of $2700, endorsed by Thomas Handel, ~ 3 mos. from Oct. 25, payable at R. K. Swift's Bank, Chicago. Sent Burkam & Sons. Received the following deposits: N. C. Winslow, $1500; Jacob Hoornbeek,' $3750; M. B. Scott, $975; Asa Mahan, $1735; H. B. Bryant, $1230; Geo. A. Crocker, $2900; Austin Packard, $1975; W. T. Brooks, $1325; J. B. Meriam, $2500; D. P. Eells, $3000; E. R. Felton, $460; J. W. Lusk, $475; Lewis R. Morris, $635; John S. Woolson, $1400; Jas. Richards, $1400; John R. Penn, $1500; Chas. Hickox, $1230. Paid the following checks: J. B. Meriam, $1515, 230, 140; J. Hoornbeek, $2020, 195, 1475; J. Richards, $5656, 2000, 125; Alonzo Mitchell, $3535, 175, 144:; T. P. Handy, $10100, 1500; Geo. A. Crocker, $2000, 1700; J. D. Williams, $1500, 134, 1875; Ingham & Bragg, $4000, 2500, 1350; Henry Ivison, $1400, 125, 140; Chas. Hickox, $15000, 1275; Robert Brown, $12000, 560, 129; E. G. Folsom, $7000, 500, 150; Geo. M. Penn, $1400, 3000, 125; J. P. Walter. $3000, 2000, 175, 195; W. W. Harder, $5000, 150; M. B. Scott, $4000, 175, 1250; E. L. Jones, $10000, 145, 125; Jas. W. Lusk, $8000, 2750; John S. Woolson:, $2400, 125, 175, 18 60. The following discounts, due to-day, as per Ticklers, have been paid: Domestic-No. 68, $5000. ForeignNo. 79, $1500; No. 85, $1375; No. 87, $1850. The following collections, due this day, as per Ticklers, have been paid: Domestic-No. 101, $2750; No. 114, $3000; No. 115, $1500; No. 116, $3750; No. 119, $5000; No. 120, $3500; No. 121, $900. Foreign-No, 105, $3750; No. 107, $1200; No. 118, $7000. The following results are taken from the Discount Register and Passed Collections: DISCOUNT. REGISTER-Debits: Bills Discounted, $25000; Domestic- Exchange, $27700. Credits: Alonzo Mitchell, $2938 70; Chas. Hickox, $5937, 1477 50;- J. D. Williams, $6903 17; H. Ivison, $7420; Austin Packard, $3452 75, 2938 5); Geo. A. Crocker, $444150; Geo. M. Penn, $3891 3; E. G. Folsomr $5905, 2640 L; Interest, $794:5; Col. and Exch., $20 25. PASSED COLLECTIONS-Debits: Exch. Bk. Buf., $3750; Moss Bros., Sandusky, $1200; Larayette Bk., Cin., $7000. Credits: Duncan, Sh. & Co., $2722 5o, 2970; Laf. Bk., Cin., $1500; Tol. Br. Bk., $3750; Asa Mahan, $5000; L. R. Morris, $3500; Geo. A. Crocker, $3750; J. R. Penn, $1194; D. P. Eells, $6965; Col and Ex., $98 50. DE.CEMBER.- - Received from Burkam & Sons, Chic., our Ctfct. Deposit, No. 6, fav. R. C. Spencer, $3000. Received from Girard Bank, Phila., J. R. Penn's Certified Check of Oct. 1, $425. Paid Cash for M. B. Scott's Certified Check of Nov. 1, $3000. Received the following deposits: W W.V. Harder, $3700; H. D. Stratton, $2750; J. R.: Penn, $1760; Robt. Brown, $5000; Jas. Richards, $1500; T. P. Handy, $1275; Jas. W. Lusk, $5600; M. B. Scott, $4500; TN. C. Winslow, $1500; E. G. Folsom, $1700; W. T. Brooks, $3000. Received the following paper for collection: From Duncan, Sh. & Co.: Francis & Loutrel's note of $3000, endorsed by Ivison, Phinney & Co., at 60 ds. fiom Nov. 17, payable at Oberlin. Sent Lorain Bank, -Elyria. W. E. Crocker's draft of, $3000 on Ingham & Bragg, Cleve., @ 10 ds. from Nov. 25; J. H. Johnston's draft of $1500 on Simeon Jones, Ashtabula, @ 30 ds. from Nov. 15. Sent Farmers' Br. Bk., Ash. From Burkam & Sons, Chic.: Wm. H. Denison's note of $3000, endorsed by Philip Jones, at 60 ds. fromi Oct. 10, payable in Cleveland. 275 NARRATIVE. From Franklin Bank, Col.: Thaddeus Stevens' note of $1200, endorsed by J. H. Baker, @ 30 days from Nov. 10, payable at Merchants' Bk., Cleve. From Lafayette Bk., Cin.: Thomas McCook's draft of $1000 on Peter Simpkins, Cleveland. @ 10 ds. from Nov. 28. From Exchange Bk., Buffalo: Chas. Jones' draft of $1500 on A. Stager, Cleveland, @ 60 ds. from Oct. 15. From Iron City Bk., Pittsburg: James Wood's note of $1750, endorsed by Hiram A. Pryor, @ 3 mos. from Sept. 19, payable at our bank. From E. B. Felton: James McCormick's draft of $2000 on Smith & McCormick, Chicago, at 30 ds. from Dec. 1. Sent Burkam & Sons, Chic. Prom John S. Woolson: His draft on Woolson & McFarland, Mt. Pleasant, Iowa, for $2500, @ 60 ds. from Nov. 12. Sent Burkam & Sons, Chic. Discounted the following paper: For W. W. Harder-proceeds credited: His note of $15000, endorsed by Theo. W. Dwight, @ 4 mos. from Dec. 1, payable at our bank. For E. W. Mason-proceeds credited: J. C. Hall's note of $12000, endorsed by Simeon Jones, @ 90 ds. from Nov. 20, payable at Providence, R. I. Sent Duncan, Sh. & Co., N. Y. From D. P. Eells-proceeds credited: Samuel Jackson's note of $7000, endorsed by Patrick Gallagher, @ 3 mos. from Nov. 30, payable at our bank. For Theron Wv Woolson-proceeds in cash: John Simson's note of $8000, endorsed by Urial Driggs, @ 4 mos. from Nov. 20, payable at Niagara River Bank, Buffalo. Sent Exchange Bk. For B. N. Worthington-proceeds in cash: Thos. King's note of $7500, endorsed by Chas. West, at 60 ds. from Dec. 1, payable at Portland, Me. Sent Duncan, Sh. & Co. For E. A. Pryor-proceeds credited: B. K. Phillip's note of $6000, endorsed by Jones & Tillinghast, @ 4 mos. from Nov. 12, payable at Pittsburg. Sent Iron City Bank. For W. H. Clark-proceeds credited: His draft of $5000 on Bryant, Stratton & Co., Brooklyn, at 60 ds. from Dec. 1. Sent Duncan, Sh. & Co. For W. T. Brooks-proceeds credited: Bradford & Renick's note of $8000, endorsed by H. D. Stratton, @ 3 mos. from Nov. 20, payable at Hartford, Conn. Sent Duncan, Sh. & Co. For Robert Brown-proceeds credited: Samuel Smiley's note of $10000, endorsed by H. Norman Smith, at 3 mos. from Dec; 1, payable at our bank. For Edwin C. Packard-proceeds in cash: Stetson Eaton's note of $1500, endorsed by Philip Carr, @ 90 ds. from Dec. 1, payable at Milwaukee. Sent Burkam & Sons, Chic. The following discounts, due this day, as per Ticklers, have been paid: Domestic-No. 89, $3700; No. 92, $4300; No. 94, $15000; No. 100, $2500; No. 103, $2000. Foreign: No. 72, $21758; No. 80, $2700; Nol 96, $6000; No. 97, $4150; No. 98, $7000; No. 101, $1500. The following collections, due this day, as per Ticklers, have been paid: Domestic —No. 117, $1450; No. 123, $3000; No. 125, $3000; No. 126, $1200; No. 127, $1000; No. 128, $1500; No. 129, $1750. Foreign -No. 113, $5700; No. 124, $1500. The following checks have been paid: T. P. Handy, $15000; Ingham & Bragg, $3000, 575, 1400, 212 50; W. W. Harder, $12000, 750, 112 75; E. W. Mason, $10000; D. P. Eells, $7000, 125; H. A. Pryor, $3000, 1200, 325 67; W. H. Clark, $200, 3000, 19 75; W. T. Brooks, $1.750, 2300, 118 75; Robert Brown, $5000, 1750, 12 38; Geo. M. Penn, $1500, 175; E. G. Folsom, $2000, 175, 187 5; J. B. Meriam, $1400, 112 75 238 50; Jacob Hoornbeek, $500, 175, 1275, 39 67; Alonzo Mitchell, $2000, 129 63, 1750; H. B. Bryant, $10000; E. L. Jones, $8500, 212 50; M. B. Scott, $1200. The following results are taken from the Discount Register and Passed Collections: DISCOUNT REGISTER-Debits: Bills Discounted, $32000; Domestic Exchange, $54000. (Oredits: W. W. Harder, $14690; E. W. Mason, $11836; D. P. Eells, $6892 67; H. A. Pryor, $5896; W. H. Clark, $49471 t0: W. T. Brooks, $7888; Robert Brown, $9845; Interest, 1349 16; Collection and Exchange, $56 25. PASSED COLLECTIONS-Debits: Toledo Br. Bk., $5700; Far. Br. Bk., Ashtabula, $1500. Credits: Exch. Bk., Buf., $1442 75, 1492 50; Duncan, Sh. & Co., $2970, 5628 75, 1481 25; Burkam & Sons, Chic., $3000; Franklin Bk., Col., $1200; Lafayette Bk., Cin., $1000; Iron City Bk., Pitts., $1741 25; Collection & Exchange, $143 50. Received from Duncan, Sh. & Co., statement of our % with them for the past six months. Our average of deposits amounts to $45028 05, for which they allow us 1~% interest, $675 42. Received from State Department semi-annual interest on Public Stocks, 3% on $90000. Received from Farmers & Mechs.' Bk., Detroit, currency to balance %c, $7789. Sold P. Hood draft on Exch. Bk., Buf., @ ~% prem., $568 50 Received from Burkam & Sons, Chic., Cleve. currency on %c, $5000. 276 iN ARX RA T IV E. Received from Moss Bros., Sandusky, currency to balance %, $4800. Paid Salaries as follows: President, $1000; Cashier, $7150; First Teller, $600; Second Teller, $500; Bookkeeper, $500; Assistant do., $400; Porter, $200. The several accounts showing gains and losses are now closed into the general Loss and Gain account, preparatory to declaring the second semi-annual dividend. The condition of these accounts is as follows: Showing Gain-Treasury Notes, $1100; Collection and Exchange, $1462 45; Interest, $76039 5. Showing LossExpense, $4283 33. The net gain during six months is $6443 07. Declared dividend of 2%, setting the amount aside in the Dividend %, and transferring the balance to Reserved Profits ac. The General Ledger now exhibits the following balances: Resources. Liabilities. Duncan, Sh. & Co... 5128 10 Capital Stock 200000 Bills Discounted...... 59100 Deposits.. 297525 20 Domestic Exchange..... 99400 Office Notes...... 80000 Cash....... 258558 83 Dividend. 4000 Lafayette Bank, Cin....11965 44 Reserved Profits..... 3473 34 Public Stocks.... 8400 Iron City Bank, Pitts..1141 25 Exchange Bank, Buf.. 9000 Fixtures...... 515 Burkam & Sons....14042 62 Bank of Capitol...... 13518 715 Toledo Branch Bank. 8250 Far. Br. Bk., Ashtabula. 1582 50 Fruinklin Bank, Col...3100 Lorain Bank, Elyria..... 5150 Girard Bank, Philadelphia.... 81768 55 586139 19 586139 79 The Deposit Ledger shows the following balances: -- Balances on Deposit. Brought Forward.... 206421 99 N. C. Winslow... 11230 44 J. P. Walter... 6097 52 E. R. Felton... 11645 60 W. T. Brooks..... 117184 25 Jacob Hoornbeek... 627 02.2Geo. M. Penn...... 6601 97 M. B. Scott....1..... 228 16 E. G. Folsom..... 12050 58 J. W. Lusk.... 6715 88 H. D. Stratton... 11448 44 Lewis R. Morris....... 12652 32 Certificate Deposit..... 1500 J. S. Woolson..7239 42 J. B. Meriam..... 6363 94 T. P. Handy... 4726 47 D. P. Eells... 15982 15 Jas. Richards...... 6614 22 E. W. Mason.... 10374 92 Alouzo Mitchell... 8023 24 W. W. Harder........9298 04 Asa Mahan...... 12019 22 Robert Brown..... 17432 99 303923 80 Ingham & Bragg....... 634 14 Chas. Hickox... 8435 45 John R. Penn........ 11192 58 Geo. A. Crocker.... 14864 98 - Overdrafts. J. D. Williams...... 14719 83 H. Ivison....... 11322 97 IH. B. Bryant... 2068 50 W. H. Clark.... 14576 16 E. L. Jones... 4330 10 Austin Packard.... 12194 50 Balance... 292525 20 Hiram A. Pryor....... 11075 80 303923 80 Amount Forward... 206421 99 - 277 EXPLANATORY NOTES. EXPLANATORY NOTES. (1) This Act provides, among other things, as follows: [Caopital to be _paid in.] SEC. 4. " Every such banking company, before commencing business, shall have paid in and remaining in its possession, bonaJide, the property of such company, for the sole purposes of such company, sixty per centum of its entire capital stock, and the residue shall be paid in in such installments as may be required by the directors of any such company. [Basis of Issue.] SEO. 7. Whenever any company, formed for the purpose of Banking under the provisions of this Act, shall lawfully transfer to the Auditor of State any portion of the public stock issued or to be issued by the State of Ohio, or by the United States, such company shall be entitled to receive from the Auditor an equal amount of such circulating notes of different denominations, registered and countersigned as aforesaid: but such public stock shall in all cases be, or be made to be equal to a stock of this State producing at least five per centurn interest per annum; and it shall not be lawful for the Auditor to take sucl stock at a rate above its par value, or above its current market value-provided that the Auditor shall not furnish to such company circulating notes to an amount more than three timed the amount of the capital stock of such company actually paid in. and remaining in such bank undiminished by losses. * * * * * [To Circulate as Mloney.] SEc. 8. Every such company is hereby authorized, after having executed such circulating notes, in the manner herein required, to make them obligatory promissory notes payable on demand, at its place of business within the State; to loan and circulate the same as money, according to the ordinary course of banking business. * * * * [Coin for Redemption.] SEC. 19. Each company shall, at all times, have on hand, in gold and silver coin, or their equivalent-one half, at least, of which shall be in gold and silver coin-in its vault, an amount equal to thirty per centum of the amount of its outstanding notes of circulation. (2) As one great source of our profits will be the selling of drafts on New York at a premium, it becomes essential that we should get as large a credit with our New York correspondent, and at as little cost as possible. It will, in fact, often happen, that we can make debts which are to mature at our bank, payable in New York currency, without any extra consideration, which should, of course, be done. It is quite customary in discounting paper to make the amount payable in New York, which is equivalent to an additional rate of interest; and which, if voluntarily paid, does not subject the bank to the penalties for usury. (3) When deposits are made they are accompanied with " Deposit Checks," an example of which may be seen on page 116. These checks are usually filed by the Receiving Teller during banking hours. When the Journals are written up, which is usually done after the bank is " closed" to customers, the deposit checks are taken from the file, and entered, one after the other, to the credit of the parties whose names appear thereon. This plan enables the Teller to attend more promptly to customers, and avoids the liability to err in entering up deposits during the confusion of business. In banks doing sufficient business to employ assistant Tellers, the same object is attained by having one person receive the money and another enter up the credits. In very extensive houses even this labor is subdivided. (4) This check ($505) will be found among those enumerated at the close of the day's business, and of course is not to be entered simultaneously with the draft. It is not thought necessary'to designate, in every instance, the particular sums paid by check, as the facts will be apparent in the denominations of the checks entered in their proper order. (5) When cash is paid on check, the check is filed and counts as cash during business hours. The checks are then collected and properly assorted, getting those of each dealer together, and the entries made and extended as per example in Debit Journal. (6) Drafts may be drawn at so many days from date, or from sight; the difference being that in one case they commence maturing when drawn, and in the other, when accepted. In recording paper on the Discount Register, the student will be careful to note the date at which maturity commences, which should be entered in the " date " column. The draft here mentioned, although drawn at " 60 days' sight," and not to be paid until 63 days from the date of its acceptance in New York, we have reckoned as running from tile date of discount. The difference cannot exceed two days, and we can well afford to waive even a greater consideration in view of the advantage in exchange. *This is the first transaction resulting in a gain to the bank, and illustrates one of its most important functions-that of loaning money on interest. Bank usage warrants us in reckoning the interest on the face of the note ($5000), while the money actually loaned is the difference between the interest thus computed and the face of the note ($4947 50). In loaning its capital the bank is actuated by two leading impulses: first, to secure the greatest good to its stockholders, and next, to accommodate its friends or dealers. Other things being equal, when discrimination is to be made in its offerings, the bank should give preference to those who have been its best cuns 278 EXPLANATORY NOTES. tomers, or who have kept the largest and most uniform average on deposit. When discounts are made in favor of a dealer, as in this case, the net proceeds are entered to his credit as a deposit. (7) Duncan, Sherman & Co. being our New York correspondent, we of course send them all collections and discounts payable in that city and vicinity, and also draw upon them for our New York exchange. For full instruction in this and similar cases, the student should refer to the article on " Correspondence," page 256. (8) These stocks were purchased at less than their nominal value, such being the market rates. Were we to reckon them at their nominal value, and credit " Exchange " for the difference, there would seem to be a profit of this amount, which would not be warranted by the facts, and would be quite apt to mislead us in declaring our dividends, which the law says " must be made from the earnings of the institution, and not from its capital." (9) Inasmuch as the stocks remain the property of the bank, though held by the Department as security for the redemption of our issue, no entry of this transfer need be made in our principal books. The property has passed from our custody, but not from ourpossession. (10) It is plain that the addition of these notes to our circulation will increase our working capital by just that amount. As, however, this is not a gratuity, but simply a permission to issue and redeem our own paper, we can not add the amount to our resources without increasing our liabilities in the same proportion. We have simply borrowed $35000 on our own notes, payable " on demand." We therefore credit Bills Payable, or, what is the same in effect, " Office 7lotes," thereby debiting Cash. (11) By referring to the collections in the Domestic and Foreign Ticklers, the student will see that the paper here enumerated falls due at this time. Concerning that which is payable in our own city, we of course know whether it is paid, as we receive the money; as to the foreign collections, we have to depend upon our correspondents, knowing that if the paper sent them is not met at maturity, they will notify us without delay. It is usual, therefore, to date the Foreign Tickler far enough forward to cover the usual contingency of the mails, and to assume all paper as paid of which we have received no notice of protest. The entry in this case consists of transferring these collections from the Ticklers to the " Passed Collections," charging our correspondents with the proceeds of the foreign collections, and crediting the parties for whom collected; or paying over the amount, as the case may be. (12) It must be borne in mind that the paper falling due at our bank, unless by special agreement otherwise, is payable in currency. As our account with Duncan, Sherman & Co. is kept in the currency of New York city, we can not, of course, afford to give them credit for theface of payments made here; as by that process we should lose the current exchange-which we have assumed to be 1f. We therefore credit them the amount of the draft ($3000), less 1% ($30), which we credit to our own Exchangew%. (13) This note has for payer one of our dealers, and it is fair to presume that, inasmuch as he has a balance on deposit, he will not deem it necessary to send the cash. He will either draw his check for the amount, or allow us to hold the note as a check, to be charged and filed in the same manner as other'checks. This latter plan is adopted by some business men, and is preferable on some accounts. The only plausible objection against it is that the sense of security it affords to the business man, may render him less vigilant in preparing for the payment of his obligations by keeping sufficient funds on deposit. However, this objection has no force if the system of business record is such as will keep these facts prominent. (14) The grade of the currency in any locality is regulated in a great measure by the banks. Whatever is bankable passes readily at par. When banks are paying their creditors specie, it is scarcely possible for gold and silver to be at a premium, from the fact that paper money and other bank credits will command it at par. If, however, owing to the scarcity of the precious metals, or to financial revulsions and panic, specie payments are suspended, gold and silver will immediately appreciate, or, what is the same, paper currency will depreciate in value. So long, however, as paper money is used for the general purposes of trade, it will continue in circulation, and remain the standard of currency; as it is an inevitable law of political economy that the poorest currency permitted to pass at par will fill the channels of circulation to the exclusion of the more valuable. Canada money, which is at ly% discount in Cleveland, is at par in Detroit, while Detroit currency is at only 1% discount in Cleveland. It is clear, therefore, that if we buy Canada funds, and remit the same for our credit to Detroit, we shall make a% on the amount, less the express charges; which will make our actual gain in this transaction $33 75. (15) As these notes do not enter into circulation like the Government currency, but are held by us as a loan, we open a separate account with them, charging it with their cost. It may seem anomalous that Government securities, producing 7e-f% interest, could be had at less than their nominal value while money is freely loaned on personal security 0 6%. This is but one of the various phenomena presented in the financial world, and shows the influence which popular apprehension has in fixing, the value of any class of credits. The " 7 I Treasury Notes " were issued upon the authority of Congress, as a means of obtaining loans from:the people to aid the Government in its efforts to put down the rebellion. The rate of interest, payable semi-annually i specie, was fixed unprecedentedly high, and the entire resources of the country pledged for the payment of both principal and interest; and yet, such was the reuictance of the people to try the new channel of investments, or their temporary apprehensions as to the final result of the measure, aided to a great extent by the combination of unprincipled capitalists who had a direct personal interest in reducing the rates to the lowest possible figure, that for a time this class of securities was forced far below its intrinsic value. (16) In this case it is understood that the draft shall commence maturing from the date of its acceptance, which will be upon its arrival in New York. - By due course of mail this would take two days. We have, therefore, 279 EXPLANATORY NOTES. made the date March 3. This draft, beiag payable in New York, is worth to us, when it matures, a premium of 1%. We can well afford to take it at par, the twelve days' interest we lose being only one fourth of what we gain by exchange. (17) This note is payable in Chicago currency, which is a% below our own. Consequently, we charge Mr. Penn not only the regular rate of interest, but the regular exchange on the face of his note added to our charges for collection. (18) These transactions are among the most common of bank routine, and easily understood. Their proper record requires the opening of two special accounts in the Deposit Ledger, viz., " Certified Checks " and " Certificates," both of which are mere variations of depositors' accounts. The Certificates of Deposit and Certified Checks (examples of which are given in this connection), are simply deferred payments on depositors' orders, and as the obligations are assumed under the signature of the proper bank officers, they become a species of bills payable, and may be grouped under collective heads, instead of appearing in the separate accounts of the actual parties at whose instance the credits are made. Were we to defer charging the drawer with this check until presented for payment, there might be danger of his account being overdrawn. So far as the drawer is concerned, the check is paid when its payment is assumed by certification; and if his own bank account is properly kept, this fact Will appear. It would be admissible to file a memorandum of this check, entering it up with the " checks paid " at the close of the day. It is more usual, however, to make a separate record of such transactions, which plan we have adopted. (19) This transaction involves a somewhat intricate entry, and, if properly studied, will exhibit to the student one of the most interesting features in banking. It is evident that two sources of profit are presented, viz., one from interest, in discounting the note, and the other from exchange, in selling the draft. The problem is exceedingly simple, involving only the plainest application of percentage. The entry is first made in the Discount Register, where the interest ($42) is credited, and the proceeds ($3958) shown as cash. This latter amount is to be invested in a draft worth iti premium. The following is the simplest process: 3958+1.01=3918.81, theface of the draft; Therefore, 3958-3918.81=39.19, thepremium. The complete entry, when properly recorded, will be: Bills Discounted, Dr. $4000; Duncan, Sh. & Co., Cr. $3918.81; Interest, Cr. $42; Exchange, Cr. $39.19. (20) This bill of expenses being for the permanent fixtures of the bank, such as counters, furniture, safe, gas fixtures, etc., it is not deemed proper to charge it to the general Expense Tco as a loss. In the first place, there is intrinsic value in the property, and next it remains from year to year without sensible diminution. If we should apply the amount against the first year's gains, we might be unable to declare a dividend. We have, therefore, opened a " Fixtures" %T, which will remain on our books as a resource until our gains accumulate sufficiently to cancel it without affecting our dividends. (21) The one thing about which banks should be careful, is to secure the prompt payment of the debts which accrue from loans. Ordinarily the loans are made to dealers, and the only security demanded is the endorsement of well-known responsible parties. In this case, neither the borrower nor the endorser is a dealer, and neither is sufficiently known to the bank officers to warrant the venture of so large a sum. An additional, or " collateral" security, is, therefore, required. The Railroad Bonds thus pledged are to be held by the bank until the note matures, when, if it is paid, they are delivered up. If, however, the payment fails, the bank has power to sell the bonds at public auction or otherwise, applying the proceeds to the payment of the note and all expenses legally incurred; the balance to be paid over to the proper persons. In cases of this kind it is usual for banks to take Collateral Notes, an example of which is given on page 333. (22) This note was discounted for M. B. Scott, who is, also, one of the endorsers, and whom we hold, with others, for its payment. The expense of protest is, of course, his expense and not ours; and while our correspondent will look to us for the protest fees, we have our remedy in the parties to the note. It is true that we still hold the note in our possession, and having served the notice of protest on the proper parties, we are entitled to the benefit of their endorsements, which will, in all probability, render the payment sure. However, having failed of being paid at maturity, it is, in business language, " disgraced," and should- no longer hold a place with our undoubted resources. We have, therefore, opened an account with " Protested Paper," which we debit with the amount of note and protest fees; crediting Domestic Exchange with the face of the note, and Exchange Bank with the protest fees. We are aware that this may seem a rather formal proceeding in reference to a note that will probably be paid upon being presented to its endorsers; but the opportunity is taken to illustrate a point which the student should understand, and to impress upon the mind the importance of guarding one's business reputation by promptness against the suspicions which are always engendered by suffering paper to go to protest. (23) In the ordinary legal process, some time would elapse before realizing upon securities of this kind; but in the present case we have.taken the precaution of evading the legal formalities of foreclosure in a written permission to sell immediately upon failure to pay. -See "Collateral Note," page 333. (21) Although by the terms of our charter we are not permitted to deal in stocks with a view to speculation, we have, nevertheless, the right to protect our own interests. In this case we have loaned $20000 cash on what we deemed ample security; but from some cause, which we have reason to believe temporary, the security has depreciated in value; so that, being exposed to public sale, it does not realize sufficient to pay our demands. It is now 280 EXPLA NATORY NOTES. optional with, us to let it pass into other hands, receiving ourselves only the proceeds to apply on our claim, or to purchase it, hoping a more favorable turn of affairs. If we become the owners by purchase, under these circumstanlces, we have every right to sell to the best advantage. (5) The theory'of which this is an application is distinctly set forth in Note 2 of this series. The note is made payable wifh exchLange; which means simply. that when it is paid we shall charge, in addition to its face, 1%, or the rate of exchange on Newv York. The sagacious student will readily discover that this is a covert method of evasdingt the usury law; and that the shorter the time allowed on this class of notes, the larger will be the percentage: of interest. While the particular currency in Vwhich the note is to be paid may be expressed upon its face, it is also well to mark it in the Tickler. The simple contraction' Ex.s' in the "Remarks' column is sufficient. (26) There are two classes of collections constantly maturing at our bank; one for our regular dealers and correspondents, and the other for strangers and bankls with which -we keep no account. When those of the former class are paid, we immediately credit the owners with the amount; tiic proceeds of the latter class we eitheir immediately remit to the proper parties,' or hold as a special deposit till called for..Thus no entry is made of these special collections in the main books. Wo are aware that this practice is not pursued by all banks; some adopting the plan of opening a temporary special account, and passing the cash through the regular channel. (27) It is customary with blanks to receive on cceclal deposit friom its dealers, valuable articles of various kinds, such as jewelry, plate, andc even packages of money, merely for safe-lkeeping. Any special deposit is to be paid bac'k in the ideaticalZ article, and not in something of its kind, as when one deposits cash on account, and checks out in amorunts to suit his conveniencec. When special deposits arc made; it is not necessary that any entry should be Inade in the principal books, although some banks adopt the plan of cntering all cash, whether special or otherwise, and reckoning it among cash items. WeV have adopted a different plan in this case; simply giving the depositor a receipt for the package, and making a memorandum in a book kept for that purpose. Upon the return of the receipt, the package will beo delivered to its proper owner. (28) The practice of paying interest on deposits is strongly discountenanced by financiers, as opposed to the true spirit and theory of banking, and as destructive of one important means of prosperity; although many banks resort to it as a method of incrcasing their Working capital,'and to compete successfully with rival institutions. It is customary and proper, however, when banks receive and keep large average balances belonging to correspondents, to pay a small percentnge of interest. We have sanctioned this practice in the adjustment off our account with Duncan, Sherman & Co. (:9) Thestudenit is aware thlat the necessary entries for getting the special gains and losses into one account may be made either through the Journals, the same as current transactions, or by the method already fully endorsed in this work, of red ink transferring entries in the Ledger. Our cloice is decidedly for the latter method, and we have unsd it here. We have also closed up all the running account3 having more than one entry, and brought down the balances; which, although not absolutely necessary, enables us to enter Ulpon another semi-annual career:witll a simlple statement of resources and liabilities, instead of the long unfooted columns' of the past six months. <30) No prudently-conducted joint-stock institution will adopt the practice either of declaring a-dividend which shall entirely exhaust its carnings, or of Iorrowinge the means for such divldend when the earnings have not been sufficient. The latter method is sometimes adopted for the purpose of presenting' a bold front to the public, and keeping up the market value of stocks; but the practice is most pernicious, and, if persevered in, must end in embarrassment, if not in utter ruin. In fact, the law recognizes no such rights; but cxplicitly provides that all dividends to stockholders shall be made "from the earnings," and lnot from the capital. There can be no plausible excuse for departing from this plain, conservative policy, cseopt in cases of extraordinary and temporary reverses whichl are imorally smre to be soon counteracted; and even under such circumstances'prudence would dictate the witllholding of dividends to stockliolders which have to b3 borrowed from thel.public. So far mie those institutions whlicli stand fair in public csteem from following this destructive policy, that they make.a uniform practice of not only not declaring profits which have not been realized, but of setting aside a part'of' the real earnings to guard against future contingencies. This is a most commendable plan, as' it'serves the double purpose of increasing the worling capital of the bank by permitting its earnings to accumulate instead of bei.g drawn out by stockholders, and of establishling its reputation upon a sound basis, thereby increasing its usefulness and adding to the value of its stock. We have given shape to this policy by setting aside a part of the carnings' ($946 92) in a'Reserved Profits" account, thereby restricting the first dividend to 2q, which, aunder the circumstances, should ba more than satisfactory to the stockholders. The " Dividend" account, as it now stands, Will, of course, show an amount owing by the bank to stockholders. As fast as the stockholders are paid dividend will be debited until the anmount is exhausted and the account canceled. (31) It must be remembered that while our account with Duncan, Sh. & Co., is kept in N. Y. currency, the bank dividends are payable in our own currency. Therefore, if we pay them in New York funds, they must-stand the exchlange. T2e draft, with 1% added, should amount to $400. ('2) Tile entries required for this in the Debit and Credit Journals are taken from the Discount side of tho "' Foreign Tickler." The student will not forget that the. check " Pd. & Ent.," in the " Remarks" colmnn, signifies that not only are the bills credited as paid, but the parties to whom the payments are made are properly debited for the same.,(33) This draft being payable in Cleveland currency, will not pay an equal amount in Buffilo currency, which is'the standard adopted as between us and our Buffalo correspondent. The probabilities are that this draft was pur281 EXPLANATORY NOTES. chased at a sufficiently large discount to make it an object for our correspondent to remit it to us on c%. We credit the Buffalo bank with the amount of the draft, less the current rate of discount (6') which we credit to Collection and Exchange. The effect with us is precisely similar to that of drawing a draft on Buffalo at C% premium, and taking our pay in Cleveland- currency. (34) This draft is payable in Detroit currency, while our % with Farmers & Mechanics' Bank is kept in Cleveland currency, which is i% prem. at Detroit. Our Detroit correspondent will, therefore, credit us with the face of the draft less Kt, while we debit him the same. Our gain in the transaction will be 4, of the face of the draft. (35) This transaction enables our Chicago correspondent to cancel a portion of his %, with us at a profit to himself-provided the N. Y. funds were received by him at par-while it enables us to get funds in the hands of our N. Y. correspondent at a cost of Y, besides the express charges. On receipt of the money from Chicago, we ciedit Burkam & Sons $10025, and debit Collection and Exchange $25. On remitting to N. Y., we charge Duncan, Sh. & Co., $9975, and Collection and Exchange, $25 + 5. (>6) The previous entries of this kind will leave no doubt in the student's mind as to the process and results. There are, in this transaction, three elements of gain-first, the interest on the note; second, the charges for Collection and Exchange; and third, the premium on the N. Y. draft. In making the calculations, first ascertain the proceeds of the discounted note, in Cleveland currency; and next, the face of a draft which, with 1% premium added, will amount to said proceeds. (37) Inasmuch as we charge our N. Y. correspondent a percentage on collections made for him out of our own city, it is but fair to presume that ho will exact the same of us; for aside from the services rendered in making the collection, it is probable the funds in which it is paid are not at par in New York. For the sake of exactness, and to give the student the benefit of the variety afforded by the record, we have assumed the cliarges for the collection in this instance to be 4, or $5. Duncan, Sh. & Co. then should be debited $1995, and Col. & Exch. $5. (:s) The payment of this draft by our Detroit correspondent, in his own currency, will not, of course, cancel an equal amnount of his indebtedness to us, which is reckoned in our currency, the difference being, according to our undcrstancling, if. We therefore credit Farmers & Mechs.' Bank with the face do. the draft, less the ra tef exchange, and "Collection & Exch." with the clifference, thus realizing a gain of $10, the difference in exchange. (39) In a regular banking business it is probable that transactions like this would be of very frequent occurrenco. As we are the regular correspondent of Duncan, Sh. & Co. for this locality, it is much more convenient for them to send this mixed currency to us than to send it home to the various banks issuing it, with whom they have no account. It has probably been purchased by them at a much higher rate of discount than they ailow us. The margin allowed us, 4% is for assorting and sending home. Woe can either do this or pay it out over our counter in the regular discharge of our business. (40) This kined of transaction has been repeated so frequently that the student will need no hints as to the process of entry. The proceeds being set down in the Discount Register as " Cash, there may be danger of omitting to credit Duncan, Sh. & Co. with the draft. To avoid this omission the better plan would be to enter it immediately, instead of waiting for the results to be entered up from the Discount Register, as is the practice with the other credits of proceeds. In actual business there would be no such liability to omission, as when the draft was drawn the drawee would be credited. (X1) These Treasury Notes were purchased for less than theirnominalvalue, at a time of general depression, and before the financial policy of the Government was understood, or the willingness of the people to assist in bearing the burden of suppressing the rebellion had been tested. As soon, however, as the public mind began to settle down to the new condition of things, and patriotism and confidence to displace hesitation and distrust, the advantages of this national loan become at once so apparent that almost every one who lhad money unemployed s6ught to invest it in securities which were at once so safe and remunerative. The consequence was a sudden rise in this class of stocks. We have taken advantage of this buoyancy, and realized a generous margin on our investment. The interest on these notes is payable semi-annually, accumulating at the rate of two cents per day on every hundred dollars. In disposing of them, this accumulated interest must not be lost sight of. This transaction presents two clements of gain-the appreciation of the notes and the accumulation of interest. Treasury Notes should be credited with the proceeds of the notes, and Interest with the gain from this source. (12) Our account with Girard Dank is kept in Philadelphia currency, which is 1 better than our own. Our certificate, therefore, being payable in Cleveland currency, can be received by us only at its Philadelphia value, vwhichl is 1, discount. We credit Girard Bank with a sum which, with 1% added, will amount to $3975; and Col. and Exch. Mwith the premium. (-e) A draft drawn at " sight,"' or at so many days' sight, commences maturing from the date of presentment. A bank receiving such paper for collection impliedly engages to present it immediately, as any delay in this particular would wrongfully keep tlie owner from his money. In recording paper of this kind in our Collection Register, we shall assume the date of record as the time from which maturity commences. (44) Inasmuch as the studenthas a full description of these notes, both in his Discount Register and Ticklers, a reference to them by numbers alone is deemed sufficient. Care should be taken in recording them as paid Aot to omit to debit the parties to whom paid. 282 DEBIT JOURNAL. Cleveland., 0., January, 1862. 1 L.F. Col. & Ex. De2posits. General 3 Duncan, Sh. & Co. Remitted as follows: H. B. Bryant on Ocean Bk, 5000 J. B. 1Meriam on Cont. Bk. 7500 Ctfct. Dep. Met. Bk... 10000 W. T. Clark on D., Sh. & Co. 15000 7 Expense Blank Books, Stationery, etc. 150 1 N. C. Winslow 505, 10oo..... 05 E. R. Felton 1875 25, 130, 125... 298 75 3 Jacob IHoornbeek 500, 175, 2550, 19, 12, 110 841 50 5 Jas. W. Lusk 175, 12550, 1375, 112, 200 626 25 Lewis R. Morris 118, 1250, 142, 193... 291 80 7 John S. Woolson 1450, 110... 1.. 124 50 8 T. P. Handy 1500, 500.... 2000 10 James Richards 113, 190, 144, 12. 288 60 11 Alonzo Mitchell 200, 120, 13 75.... 33 75 13 Robert Brown 12, 190...... 1. 202 15 Charles Hickox........ 1 190 10 I. B. Bryan t......... 3000 1 7 John R. Penn.... 1 2500 3 Duncan, Sh. & Co. T. P. flandy, on Ocean Bk. 150 30000 4 Bills Discounted Per Discount Register.. 4000 |5| Domestic Exch. " " ".. 5000 6 Col. & Exch............ 150 150 Deposits..... —.. 11302 15 11302 15 8 Ca sI Cr. Toal Disbursements. 8 8102 15 283 DEBIT JOURNAL. Cleveland', 0., 1February. 1862 5L.F. Col. & Ex. Deposils. Genera I 0 I Public Stocks 20 Shares U. S. % @ o92J. 18:400 20 do. 0. S. 6% @90. 18000 Duncan, Sh. & Co. E. It. Felton on Exch. Bk. 25 5000 M. B. Scott on Ocean Bk.. 1200 Ctfct. Dep. Met. Bk.. 12 50 2500 J. R. Penn on East Riv B. 2 50, 500 Jas. Moore on D., Sh. & Co. 15 3000 4 1. B. Scott 3030, 150, 1975. 3199 75 8 T. P. Handy 199475 120... 2114 75? John S. Woolson 75 50, 113, 1S. 886 7 12 if John R. Penn 2525, 183 75 141 2852 75 a _tsa, iAlahan 325, 450, 197, 0. 844!75 5 James Richards 110, 120, 300,43 75. 573 75 3A Alonzo Mitchell 133, 26, 4490, 300. 50S 90 l3 Chas. HIickox 400, 120, 193 e 539 I H. B. Bryant 900, 1375, 122, 75 1 1110'75 Robert Brown 115, 20, 3520, 7 e 251 20 L Lewis R. Morris 17, 25, 19, 8325 i 144 25 Jacob Hoornbeek 150, 12, 46, 75, 1875 301 75, Jfas. W. Luskl 29, 3420, 129. I 192 50 9 E. L. Jones 19o, 12 3, 115 317 38 I 14 Ingham & Bragg 65, 10, 38 3., 1 208 90 E. R. Felton 10o, 123, 19 o5. 1 312 50 Lafayette BkI. Cin. Collection, ~No. 7.,i 900 I Moss Biro., Sand9y 4" "1 10. 47 1 4Bills Discounted per Discount Regiszter 2100,j Domestic Exch. " i: i 10500 Col &O Exch.. l eoDe e. 6 161 Deposits...... 14359 47 14359 47 (; ash Itr Total Disbursements. 86995 4 7 94: i i I DEBIT JOURNAL. Cleveland, 0., Iarch, 1862. 3 L.F.t! C'ol& Ex. Deposits. General. 3 Duncan, Sh. & Co. Disc. 1. Wright G. & R. 5000 " 3. A. J. Comstock. 5000 " 4. N. Bidwell... 3000 13 Far.&M.B.,Det. Canada Funds per Express 37 50 7462 50 V Exchange Exps. chgs. on above. 3 75 1 12 Treasury Notes Bot. $10,000 @ 9S... 1 9800 V Duncan, Sh. &: Co.. E. Bank Notes 65. 06 125 4993 75 V Exchange Pm. on above 12 50; Ex. 3 75 16 I 25h IG II. B. Bryant 90, 75, 1820, 138, 14375. 464 95 17 John R. Penn 118, 120, 35 80, 19 23, 150. 443 03 7 John S. Woolson 12o, 125, 142, 1875, 119,1250 529 75 12 AsaM ahan 150, 200, 3850, 192.. 580 50 19 John D. Williams 175......175 8 T. P. Handy 115, 25, 8750, 90.. 567 50 6 Lewis R. ]Morris 130, 1275, 18, 110.. I 20 75 9 E. L. Jones 90, 125, 116, 25 50.. 356 50 i1 5 Charles Hickox 225, 75, 12o i 312 50 1i;1 Alonzo MIitchell 125, 132, 16 75, 300.. 574 I 10 James Richards 500, 300..... 00 5 Jas. W. Lusk 138,500,1959 2, 115,3030 3814 50 14 Ingham & Bragg 132, 119, 1275 25, 1500 1788 5 7 3 Duncan, Sh. &- Co. Disc. 10. Clafflin, M. & Co. I 4000 4 Bills Discounted Per Discount Register.. | 11000 5 Domestic Exch. 42500 6 | Col. & Exch......... 63 75 | 0 *3 6 75 2 Depositors......... 10677 73 10677 73 8 1 Cash Cr. Total Disbursement. 103497 73 285 DEBIT JOURNAL. 4- Cleveland, O.,.A.pril, 1862. L. F. Col. & Ex. Deposits. GeneraL' 7 John R. Penn 575, 5000, 3000, 1500, 750 10825 ] 7 Fixtures Bill of Furn. and Fixtures. 575 V" Exchange Es. chgs. on Gold from N.Y. 50 15 Chas. iHickox T000........ 7000 10 H. B. Bryant 1500, 125, 8750, o... 1812 50 10 James Richards 3500, 1750, 25.... 5275 l-1 Ingham & Bragg 175, 238, 500, 75, 115.. 1103 13 Robert Brown 150, 125, 75, 400, 13850. 888 50 12 Asa Mahan 900, 75, 250..... 1225 11 Alonzo Mitchell 6000, 750, 125, 400... 7275 9 E. L. Jones 475, 300, 175, 87 50 12 75. 1050 25 8 T. P. Handy o000, 175,187 50.... 2362 50 7 John S. Woolson 75, 137 50...... 212 50 0 Lewis R. Morris 15625, 400, 115, 375. 1046 25 5 Jas. WV. Lusk 1575, 2000, 175, 125.. 3875 1S Geo. A. Crocker 600........... 500 19 John D. Williams 1200,150..... 1350 20 Henry Ivison 500, 75, 250..... 825'2 Austin Packard 400, 125. 525 4 M. B. Scott 1500, 2000, 135, 120. 3755 3 Jacob Hoornbeek 750....... 750 2 E. R. Felton 3000, 2500, 450..... 5950 1 N. C. Winslow 500 500 3 Duncan, Sh. & Co. Disc. 5. Jno. R. Penn.. 2500 " 13. Ivison, Ph. & Co.. 6000 " 15. Parker Handy.. 7000 " 17. Win. Lanier & Co. 2500 16 Exch. Bk., Buf. Disc. 12. H. B. Tuttle. 2 500 18 Protested Paper Disc. 16. M. B. Scott0 3001 9 Lafayette Bk.Cin. Disc. 14. W. H. Clark.. 2500 3 Duncan, Sh.&Co. Col. 15. J. B. Meriam.. 1500 4 Bills Discounted Per Discount Register.. 54000 5 Domestic Exch. " ".. 28500 |6 | Col. & Exch....... 50;50 |2 Deposits.......... 58105 50 5805 50 8 Cash Cr. Toal Disbursements.. — - 168731 |50 286 DEBIT JOURNAL. Cleveland, O., V 1/Tay, 1862. L.F. CoL & ex. O DePosils. General. Duncan, Sh. Co. A. 0. Taylor on I., P. & Co. 6000 J. H. Goldsmith on B. & S. 4000 Jas. W. Lusk on P. H.. i 4000 John R. Penn on E. R. B. 4000 Ctfct.Dep. fav. S.S. P., Cashier 8000 7P Expense Pd. Rent of Banking Ho.. 333 31 D uncan, Sh. & Co. F. & A.'s Bk., Det., on M. B. 22 50 3000 1 Protested Paper Disc. No. 24 protcstcd, 2000 20001. Certifct. Deposit No. 1. 3000 0 C. E. R. R. Bs. Dot. Collaterals at auction. f 18000 Ext)ense Auctioneer's Ch'arges. 45 Loss and Gain Deficiency on Disc. 24 1956 Lewis R. Morris 3000, 00, 175.. 8175'W:m. T. Br'ooks 1000, 915, 75 79.. 790 E. G. Folsomi 1000, 175, 12375, 94:63 1393 38 N. C. WVinslow 10oo, s3 x975.. 815 58 RE. I. Felton 9000, 185...0.. 9185 Jacob IHoornbeek 6750, 1983 25, 12 75, 150 8890 i N.i[ B. Scott 120, 3000, 5000, 32983. 8449 83 7 John S. Woolson 5000, 13:1, 762, 18 5. 5913 50 Jas. WV. Lnsk 211, 25, 1723, 125.. 539 93 E. L. Jones 975, 150.....1125 Asa Mahan 400, 595, 125.. 1007 50 Alonzo Mitchell 3000, 150, 193... 3169 63 <,? Jaunes Richards 275, 1250, 318.... 1843 Inrhan & Bragg 125, 1200 1325.i3 Icbrt t' r R1 obert 1Browr n 125,25 73, 180, 197.. 350 48 1{. B. PBryant 15, 12893.. 203 90 John R. Penn 6 128... 386 50 1 Geo. A. Crocker 189, 1275, 312.50.. 514 25 John D. WVilliamns 129, 17 0, 1937... 340 25 0 Henry Ivison 400, 123, 850... 608 50 W. 11.. Clark 8000, 2750, 129.... 10879' Austin Packard 300, 129, 87 160 516 50 H] tiram A. Pryor 500, 129, 17.0. 6 040 50 Joseph P. Walter 129,.100, 12 50. 841 50 Geo. A. Penn 900, 127, 137.7. 040 75 )C3 II. D. Stratton 8000, 4000.......12000,. J3. Meriam 3750, 128, 17 50.. 389 50 T. P. PHandy 1600, 10000... 11600 )Burka in & Sons Disc. 18. W. B. O. 12000 60 } 11940'I DIuncan, Sh. & Co. Disc. 19. D. Appleton & Co. 3000 L' k. of Cop., Alb. Disc. 43. E. WV. Keyes 8000 2 LafliyetteBk. Cin. Cols. 2000, 1500... 3500', 2 P. F & M. Bk., Det. Collection 2000... 10 1990 i1 Moss Bro., Sand. Collection El 700 x ich. B13k., Buf. Collection.... 750 B )ills Discounted Per Discount Register.. 41500 b Domestic Exel. " 81000 f Col. & Exch.......... 92 so i 92 50 21 Deposits... Dpst.......... 106651 98 106651 98 - Cash Cr. Total Disbursements. 328459 82 _ _ _ _ _ _ _ _ _ _ __. ___L_ ~~87 II I 287r DEBIT JOURNAL. 6 Cleveland, 0., June, 1862L. F. Cl. & EX. Deposits. General. 9 afayette 1Bk., Cin. Your nDft. fay. Jas. IMoore. 1500 Exclhange,Exps. Cl.gs. on Caurr'cy froin N.Y. 3 75 3 Duncan, Sh. & Co. N. NY. State Currency.. 7500- 18 75 74S1 25 Exchange Esxpress Chgs. on above... 4 3 Duncan, Sh. & Co. II. D. Stratton on C. V. Culver 23500 1G Exch. Bank, Bu13 Disc. 26, Il. B. Scott. 10000 9 Lafayette Bk., Cin. 27, R. A1. Bartlott.. 3000 19 Burkam & Sons, Ch. 28, Geo. M. Penn.. 5000 25 4975 ~19 " 80, VW. D. Packard. 400 20 3980 19 " 81, WVoolson & McF. 3000 15 2985 3 " 44, J. G. Deshler.. 15000 75 14925 3 F. & 1. Bk., Det. 1" 45, R. C. Spencer.. 38500 17 50 3842 50 3 Franklin Bk., Col. " 4S, E. R. Morgan.... 4000 1 Duncan, Sh. & Co. " 29, Austin Packard... 3500 4 " 88, Barnaby Rudge... 10000 3 " 37, Jno. E. Penn.... 6000 2 N. C. Winslow 8750, 400,110........ 4260 9 Al. B. Scott 600o, 125, 146 2, 154 6425 32 5 Jacob Hoornbeek 900, s 75......... 918 75 8 E. R. Felton 218, 80, 25, 3750O 455 50 7 E14. L. Jones 4000, 3718, 125....... 7843 G Jas. W. Lusk 416, 253 75, 15, 220.... 707 25 14 T. P Iandcly 6000, 194, 21275....... 6406 75 13 John S. Woolson lsoo, 400, 239, 212 50 2.... 2651 50 12 Lewis R. Morris 90, 12 50, 28, 195, 142.. 291, 75 10 Inghamlin & Bragg 1500, 170, 12 o, 13 25, 50. 1745 75 19 Robert Brown 5000,11200........ 5112 50 18 Asa ahan 800, 11 50, 9175 5910 25 17 James fRichards 4000, 137 50, 19,6... 4157 25 15 John D. Williams 1200, 6T,, 6 26, 33 251 14 T 1296 50 16 Geo. A. Crocker 8s00o,125, 210........ 8335 21 John R. Penn 125, 12 5,16. 153 50 23 Chas. Hl-ickox 1275, 1S2, 00....... 1557 22 H. B Bryant 150, 2000, 1200..... 3350 21 Joseph P. Walter 275, 117, 14250...... 534 50 20 1-liram A. Pryor 90, 110,12 7 125...... 337 75 26 Austin Packard 112, 145, 19 276 25'W. H. Clark 110, 112. 222 27 Henry Ivison 500, 12:3, 17....... 640 50 2 3 Geo. M. Penn 125, 12 75,..1 155 75 31. Wmn. T. Brooks 175,19,12 206 33 E. G. Folsom 19, 120, 117........ 256 3 II. D. Stratton 125, 19, 1250, 20..... 176 50 30 J. B. AMeriam 12000,150, 119....... 12269 *'29 D. P. Eolls 150, 1975, 1.... 281 75 24 Duncan, Sh. & Co. Interest on' Deposits.477 25 Certified Checks J. B. Penn. 575 26 Ctfct. Deposit No. 2, Returned. 3000 9 Toledo Br. Bk. Cols. 8000, 2000, 500, 750.. 6250 3 Farm. Br. Bk., Ash. Collection'. 750 23 Lorain Bk., Ellyria Cols. 900, 1500....... 2-100 16 Lafayette Bk., Gin. Cols. 1200, 50....... 17 00 4 Dncan, Shl. & Co. Collection...... 1750 5 Franklin Bk. Col. Collection......... 750 7 E.sxch. Bank, Buf. Cols. 850, 500....... 87,0 Bills Discounted Per Disconnt Register.... ] 9000 Domestic Exch. "." " 27050 Expense Paid Officers' Salaries, viz.: President, 1000; Cashier, 750; First Teller, 600; Second do., 500; Bookkeeper, 500; Assistant do., 400; Porter, 200 3950 6 Col. & Exch............. 1 179 179 2 Deposits.........108 732 5108 32 3 Cash Cr. Total Disbursements... 239543 63.._____. __ _ __288_. _.______ 288 CREDIT JOURNAL. Cleveland, 0.., January, 1862. ~i.'. L-F |-Cot & Ex. Deposits. GeneraL 1 Capital Stock First Instalment of 60:I 1 7. Bryant 100sh. 6000 |H.D.St'tton 100'4 6000 J.B. Meriam100," 6000 D., Sh.& Co. 200 "12000 P. Handy 200 " 12000 |f. Ivison 250 " 15000 J. R. Penn 100" 6000 P. Cooper 200 "12000 J. W. Luslk 100 " 6000 WV...Clark 250 "15000 J.H. Gold'th 100 " 6000 i.A.C.Taylor 150 " 9000 M. B13. Scott 150 " 9000 I 120000 1 N. C. Winslow loo..... 1000. 1000 2 E. R. Felton 1750....... 1750 3 Jacob Hoornbeek sooo. 5000 j 4 M3. B. Scott 900..... 900 5 Jas. W. Lusk 2500....... 500 6. Lewis R. Morris 3000....... 3000 7 John S. WVoolson 150.... 1500 8 T. P. Handy 4700........ 4700 E. L. Jones 975.... 975 10 James Richards 1750... 1.750 11 Alonzo Mlitchell 2000 2000 12 Asa fIahan 1200....... 1200 13 Robei t Brown 100oo....... 1000 14 Ingham & Bragg 3750o...... 3750 1i Charles Hickox 1325. 1325 3 Duncan, Sh. & Co. N. C. Winslow Dft. 1. 5 500 10 H. B. Bryant Disc. 49471.... 4947 50 17 John R. Penn Disc. 3958.... 3958 14 Interest Per Discount Register. 94 50 G Col. & Exch. 5 5,2 | Deposits 412'55 50 41255 50 8 Cash Dr. Tow Receipt.. 161855 19 289 CREDIT JOURNAL. __ Cleveland, February, 1862. L.F. i CoZ. & EX. Deposits. GeneraL - Duncan, Sh.& Co. Stocks... Dft. 2 36400 Office Notes From B. C. for circulation 35000 7 John R. Penn 3000.... 3000 GS Geo. A. Crocker 1500.. 1500 9 John D. Williams 1200....... 1200 7 John S. Woolson 2500 2500 S T. P. Handy 117550... 1175 50 Jacob Hoornbeek 4000; Col. 47381. 4473 81 9IE.L.Jones 9o0....... 900 l: Ingham & Bragg 875. 875 iI Henry Ivison 1700....... 1700 Lewis R. Morris 1200; CoL.89775.. 2097 75 H. B. Bryant 1200......... 1200 Asa Mahan 2500. 2500 1 Chas. Hickox 1700.. 1700 3 Duncan, Sh. & Co. M. B. Scott.. Dft3 30 3000 Robert Smith. " 4 15 1500 John S. Woolson " 7 50 750 John R. Penn. " 6 25 j 2500 T. P.Handy. " 7 19 75 1 1975: Duncan, Sh. & Co. Collection o... No 2970'21 W. H. Clark " "5 6... 1500 i Col. & Exchange per Passed Collect. Book 33 44 1 1 Alonzo Mitchell Discs. 4972 50 297850. 7951 Jas. W. Lusk Disc. 2468 33 2 E. R. Felton Discs. 157014 346325. 5033 39 DM. B. Scott Disc........ 6925 34 I nterest Per Discount Register. 221 94 CoL.& E...... 1301 69 130 69 __ I..i i 2 - ~Deposits.......48700 12 j 48700 12 S C|ash Dr. Total Recep.. 133147 75 290 133147! 7 290 CREDIT JOURNAL. Cleveland, 0., lVaroh, 1862. 3 L.F. i Cot. & Ex. eposits. | xeneal Domestic Exch. Disc. 1,D., Sh. & Co. 5000 I 3, " 5000 "4, " 3000 13000 3 Duncan, Sh. & Co. J. W. Lusk. Dflt. 8 30 3000 V' Exchange Discount on Canada Cur. 75 3 Duncan, Sh. Co. Treasury Notes Dft. 9 9800!; Jas. W. Lusk 1530; Discs. 5965. 7. 495 E. R. Felton 1900; Discs. 296850 4868 50 17 John R. Penn 375; Discs. 11780.. 12155 i I I H. B. Bryant 4375 29.4375 291! 191) Jno. D. Williams 1500....... 1500 1: Robert Brown 575...... 575 10 James Richards 2500; Ds. 5967,247917 10946 17 22 Austin Packard 500....... 500 2.!3 Hiram A. Pryor 1250.. 1250' j John S. Woolson 2000. 2000 9 E. L. Jones 375.. 875 I 4 Ingham & Bragg 975...... 975:i Jacob Hoornbeek 1500; CoL 1200.. 2700 1 Geo. A. Crocker 1900..... 119000 t; Lewis R. Morris 1750; Col 500... 2250 I N. C. Winslow 3750... 3750 12 Asa Mahan 1400 1400. 4 M. B. Scott 1300;Ds. 694283, 298350 11226 33 S T. P. Handy 1100oo........ 1100 ] Alonzo Mitchell 3750....... 37501 Ht) Henry Ivison 1200.... *. 1200 24 Joseph P. Walter 900....... 900 15 Charles Hickox 2900....2. 2900 4 Bills Discounted Peter Cooper. Disec. 2 4000:, Domestic Exch. Disc. 10, Dun., Sh. &Co. 4000 3 Duncan, Sh.&Co. Cols. 1485, 2475, 5940. 9900 1 W. H. Clark Col. 2000. 2000 |/ Col. & Exch. Pas. Col. 100; D.R.9625 196 25 25 W. T. Brooks Discs. 4960, 4000.. 8960.11 Interest Per Discount Register. 385 25 Col. & Exch..... 301 25 301 25 2) | Deposits,.....I91051 29 9105.1 29 | Cash Dr. btaolRecept.. 135437 79 CREDIT JOURNAL. 4 Cleveland, 0., April, 1862. L.F Col. & Ex Deposits. GeneraL 29 Ctfct. Deposit J. R. Penn for T. Hunter 3000 30 Certified Checks J. R. Penn..... 55 3 DTncan,Sh. & Co. Sumner Packard, Dft. 10 39 19 3918 81 3 Duncan, Sh. & Co. Gold by Express. 10000 3 Duncan, Sh. & Co. Geo. S. Eaton. Df. 11 -38 69 3869 31 4 I. B. Scott 9oo; Disc. 985.. 10795 3 Jacob IHoornbeek 750; Col. 1250... 2000 2 E. R. Felton 525. 525 26 Geo. M. Penn 1500; Disc. 491083. 6410 83 27 E. G. Folsol looo1000; Disc. 29835o.. 3983 50 1 N. C. Winslonw 795. 795 8 T. P. ttHandy 80...... 850 John S. Woolson 782; Disc. 293450. 3716 50 6 Lewis R. Morris 563; Cols. 3000, 1575. 5138 5 Jas. W. Lusk.1000. I i 11 Alonzo Mitchell 1500....... 1500 9 E. L. Jones 1500....... 1500 10 James Richards 500; Disc. 346325. 3963 25 16 H11. B. Bryant 675....... 675 13 Robert Brown 1500....... 1500 15 Chas. Hickox 3. 3000 3000 14 Ingham & Bragg 975. 975 17 John R. Penn 1200....... 1200 19 John D. Williams 784....... 784 20 Henry Ivison 1500. I... 1500 22 Austill Packard 1275..... 1275 24 Joseph P. Walter 1500.. 1500 25 Wm. T. Brooks 500....... 500 21 W. H. Clark 1200; C. 3000; D. 4947 | 9147 50 23 Hiramln A. Pryor 3000. 3000 | B3ills Disctd. Disc. 7, J.Richards, 3500 " 8, C. Hickox, 7000 " 9, C. Shook, 5000 " 11, M.B. Scott. 6000 21500 5 Domestic Exch. Disc. 5, D., S. & Co., 2500 " 13, " 6000 "15, a4 7000 " 17, " 2500'i 18000 5 Domestic Exch. Disc. 12, Exch. Bk., Bu 2500 5 Domestic Exc]l. Disc. 16, Protested.. 3000 16 Exch. Bk., Buft Protest Fees on Disc. 16 1 I 5 Domestic Exch. Disc. 14, Laf. Bk., Cin.. 2500 3 Duncan,Sh.& C CoCols. 1980, 2475, 2970. 742 5 9 LaflayetteBlc,Cin. Cols. 600ooo, 3o00 9000 3 J. B. Meria Col. 1500; Disc. 6927 67 8427 67 Col. & Exch. Pas. Col. 75; Dis. R.9750 172 50 28 1I. D. Stratton Disc. 14785. 14785 14 Interest Per Discount Register 845 58 I6 a Col. & Exch......250 38 250 38 2 Deposits........94021 25 94021 25 8 Ca-sh Dr. otal Recepts.. 176831 33 292 CREDIT JOURNAL. Cleveland,, 0.,:/Tay, 1862. 5 --------------— ~ —-----------— ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ —------- Lz~~~.1~~~ Ge~ol., & Ex,. Deioss. General. Capital Stock Final Instalment of 40.. 80000 i 1[4 Interest Semi-an. Int. on U. S. Stks., $600 do. O.S. do. 600 1200 -3 F. & l. BDk., Det. Remittance in N. Y. Exch. o00 3022 50 - 8 Protested Paper Disc. No. 16, Redeemed.. 3001 29 Ctfct. Deposit L. R. Morris, for Robt. Smith 3000 093 W ~ ~A. T. Brooks for H-I. B. Bryg3ant. 7000 2'9 [ E. G. Folsom for Goo. Eddy 1000 i 4 3:lls Discounted Disc. No. 24, Protested i. 2000 3 Duncan, Sh. & Co. Knox Co. Bank. Dft. 12 14 85 1485 15': 148 15'70'/ Duncan, Sh. & Co. East River Bank.. Dft. 13 29 72970 30 Protested Paper Redeemed by Sale of Collaterals 20001 N. C. Winslow.1500.i 50...0 3 Jacob IHoornbeek 700..700. 4 M. B. Scott 800; Col. 149625. 2296 25 5 Jas. W. Lnsk 1500; Col. 2000...;3500 63 Lewis R. Morris 750........ 750 i~~~~~~~~~~~~~ 9 E.L. Jones 3000 3000 10 Jas. Richarclds 975.... 975 11 Alonzo Mitchell 500 500 1-)...... Asa Mahan 15000 Robert TBrown 2000..... 2000 Ingham & Bragg 1700. 1200 Jolhn 11. Penn 1200.... 200 19 John D. Williams 1350........ 1350 20 IHenry Ivison 2575......... 2575 22 Austin Packard 75. i 7580 23 Hitiaam A. Pror 1500 00 tt~mA.,yc1500....... i iI 2 Joseph P. Walter 900........ 900 Geo. NM. Penn 1500 15007 61'76!' 2 bY E. G. Folsom 738; Cal. 1500; Disc. 393867 4 Bills Discounted No. 6, T. P. Handy.. 1600 25, H. Bishop... 3000 4600 a Domestic Exch. " 18, W. B. Ogden. 12000 19, D. Apploton & Co. 3000 1 il~~~~~~~~~ " 43, E. w. Kyes 8000 oo 23000 3 Duncan, Sh. & Co. Cols. 3465, 6930... i 10395 9 Lafiyette B., Cin. Col.17. i50 Y~~~~~~~~~~~~~~~~~~i.t... 1750 19 ~i i~~~~~~~~~~~i ~~7750~ IB urkamr & Sons,C. Cols. 4000, 3750 i9:,750 6 Excl. Btink, Buf. Col. i 995 31 ~ ~ ~ ~ ~ 1!9 1 J.B. Meriam C. 750, 900, 1995; D. 7402o,5942 1089 50 2 E. R. Felton Col. 1985; Disc. 99216. 1 67 7 33.. Eells Col. 698 25..... I 698 25 IS Gee. A. Crocker Col. 750; Discs. 6925 3, 2974 {! 10649 33 V Call. & Exchl. From Pas. Col.... 135 50 John S. W0oalson Discs. 5923, 4947 0... 10870 50 15 Chas. iIickox Discs. 147825, 6927 67.... 8405 92 i 1(3 I)-I. B. Bryant I)iscs. 3449 25, 6926 [0.10375 71 3' T. P. Handy Discs. 9945, 395367.... 1303 67 141 Interest Per Discount Register... i 1025 83 Col. & Exch. " " ". 182 50 6 CCl. & Exch............ 3G2 55 62 362 55 2 Deposits.......129179 84 j!129179 84 Cash Dr. Total Receipts..... i 310738' 7 pits38 ____ 8 ______________ 1-______ 293 CREDIT JOURNAL. 6 Cleveland, 0., June, 1862. Col. & Ex. Dejosits. GeneraL MI oss Bros., Sandy. Currency to bal.%.... 1175!0 Exch. Bank, Buf. Jno. S. Woolson.. Dft. I 1800: Duncan, Sh. & Co. Currency by Express... 5000 37 50 4962 50 Duncan, Sh. & Co. Toledo Br. Bank... Dft. 14 70 2000 20 C. & E. R. R. Bonds Sold HI.D. Stratton. 23500 4 Bills Discounted Disc. 20, S. Packard... 4000 i " 21, W.HI-I. Clark...5000 " 22, Peter Cooper. 15000 " 23, N. C. Winslow. 7000 83, W. H. Clark.. 10000 100 " 40, S.S. Packard.. 8000 "47, II. B. Tuttle. 10000 54000 5 Domestic Exch, Disc. 26, M. B. Scott.. 105Wq " 27, R. M. Bartlett.. 8000 " 28, Geo. M. Penn. 5000 " 29, Austin Packard. 8500' 80. W. D. Packard.. 4000 " 81. Woolson & McF. 8000 B 83, Barnaby Rudge 10000 " 87, Jno.R.Penn..6000 " 44, J. G. Deshler. 15000 " 45, R. C. Spencer..8500 " 48, E. R. Morgan..4000 67000 8 T. P. Handy 700; Discs. 738250,14842 7s 9566 75 32 D. P. Eells 745........... 745 25 Win. T. Brooks 1275... 1275 23 Geo. M. Penn 900; Cols. 1500, 600,1995 4995 0. 0E.G. Folsom 1560........... 1560 H2 H. D. Stratton 8763 75; Col. 1496 5. 5260 2'1 Joseph P. Walter 1960......... 5960 2 Hiram A. Pryor 8750....... 3750 22 Austin Packard 670..... 670 2 1 W. H. Clark 1200; Cols. 2992 50, 748 1. 4940 62 2) Henry Ivison S0......... 800 S Geo. A. Crocker 500.......... 500 i John R. Penn 700; Cols. 7000, 1750. 9450 H. B. Bryant 300.......i. 300 Chas Hickox 1700........... 1700 II I Alonzo Mitchell 1500 1500 12 Asa Mahan 700; Discs. 595 o...... 1295 90 13 Robert Brown 962; Discs. 6627T.. 7589 38 I James Richards 1500... 1500 E. L. Jones 900o; Discs. 5907, 0681 8.. 10488 88 7 John S. Woolson 400; Col. 500. 900 5 Jas. W. Lusk 183298; Col. 498'...... 2331 173 4 L. B. Scott 986; Col. 850....... 1286 3 Jacob Hoornbeek 406............. 406 2 E. R. Felton 729. 729 N. C. Winslow 800; Discs. 2968 50, 1477 4745 50 ]1 Interest on Treasury Notes...... 184 11 Interest Duncan, Sh. & Co. on deposits 477 56 Duncan, Sh.;& Co. J.L.Dawes...Dft. 15 5 75 575 1 I F. & Mechs. B., Det. Our Ctfct. Dep. No. 2 3000:i Duncan, Sh. & Co. C. 4950,74000,88587,1185,74002,4937 8998 74 Franklin Bk. CoL Collection........ 750 1; Exch. Bank, Buf Cols. 696 5~, 3482 5... 4179 V Col. & Exch. Pas. Col. 14150; Disc. Beg. 28 so'70 14; Lewis R. Morris Discs. 4971 ", 4704 o. 9675 1 75. Ingham & Bragg Discs.1754 0, 148811 o.....3243 i 20 I) John D. Williams Dises.8860 1481" 2368 55 Interest From Discount Register 609 59 Col.& Exch.&383 3 383 39......._' —'-'~ —'z!.~._....................'~ Deposits............. j —— /~ —; 53 i 53 2 2 Deposits.95532 26 95532 2.9 Ci r.TWRcep 241110 Caeh Dr. Totu2Receipt4i' 27412'7 04 9.9 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~. —.-_._............. GENERAL LEDGER. Capital Stock. I;C.3 i F j1862 JUe 1 i 1:iiC3 I'a200000 Jan. 160% paid in 1 i120000 ____ May 1 40% do. 5 80000 _200000 200000 29 0 0 __ __ _ _ __ _ i June 1 Balance200000 _________________ -I._~ A - _______ ___ ______ _ Deposits. 2 -- I:"~ r - __________ -----— ^-;- — cl —i-' —-. —-- 1862 Jan. 1 Drawn out this day 1 11302 15 Jan. 1 Deposited this day 1 41255 50 Feb. 1 " " " 2 14359 41 Feb. 1 " " "2 48700 12 far. 1 " " 3 106771 3 Mar. 1 " 3 91051 29 Apr. 1 " " 4 58105 50 Apr. 1 4" " 94021 25 May 1 " " " 5 106651 98 May 1 " " 129119 84 June'I....'6 6 75108 32 June I 6 95532 26 June~ I l a l 6a: c2o3 11 1: 5 ". 552 2 4997(40 26.... 499740 26 499740 26 June 1 By Balance 223535 ]Duncan, Sherman &_ Co. _ 3 1862 1862 Jan. 1 H. B. B on Ocean Bk. 1 5000 Jan. N.C. Winslw, Dft. 1 500 J. B. M., Cont. Bk. 1 1500 Feb. 1 Stocks "2 2 36400 Ctfct. Dep. Met. Bk. 1 10000 M. B. Scott " 3 2 3000 W. H. C. on you 1 15000 R. Smith 4 2 1500 T. P.H. on Ocean Bk. 1.30000 J.S.Woolson " 5 2 750 Feb. 1 E. R. F. on Ex. Bk. 2 5000 J. I. Penn " 6 2 2500 M. B. S. on Ocean Bk. 2 1200 T.P. Handy " 2 1975 Ctfct. Dep. Met. Bk. 2 2500 Collection, No. 4 1 2 2970 J. R. P. on E. Riv. Bk. 2 500 Mar. 1 J.W. Lusk, Dft. 8 3 3000 Jas. Moore on you 2 3000 Treas. Notes, " 9 3 H 9800 Mar. 1 Disc. 1, W. G. & R. 3 5000 Collections - 3 9900 " 2, A. J. Comst'k 3 5000 Apr. 1 S. Packard, Dft. 10 4 3918 81 " 4, N. Bidwell 3 3000' Gold by Express 4 10000 N. E. Bk. Notes 3 4993 5 G.S.Eaton, Dft. 11 4 3869 31 Disc. 10, Claf M. & Co. 3 4000 Collections 4 17425 Apr. 1 " 5, J. R. Penn 4 2500 May 1 KnoxCo.Bk.,Dft.12 5 1485 15 " 13, Iv.,Ph.& Co. 4 6000 EastRiv. Bk., " 13 5 1 2970 30 "15,P.Handy 4 ~ 000 Collections 5 10395 " 17, W., L. & Co. 4 2500 June 1 Currency by Exp. 6 4962 50 Col 15, J. B. Meriam 4 1500 Tol. Br. Bk., Dft. 14 6 000 May 1 A..T. on I.Ph. & Co. 5 6000 J. L. Dawes " 15 6 575 J. H. G. on B. & S. 5 4000 Collections 6 i 8998 4 J. W. L. on P. Handy 5 /404 Bnco i 17 J. R. P. on E. Itiv. Bk. 5 4000 Ctfct. Dep. 5 8000 F.& M. B., DetonMB. B i 3000 Disc. 19, D. Ap. & Co. 5 3000 June 1 N.Y. State Currency 6 7481 25 H. D. S. on C. V.C. 6 23500 Disc. 29, A. Packard 6 3500 "33, B. Rudge 6 10000 " 3, J.R.Penn 6 6000 Int, on Deposits 6 4771 56 Collection 6 1750!205902 56 {206902 56 June 1 Balance 12007 5 i C-h I el GENERAL LEDGER. 4 3ills Discounted. i862 t 1862 Jan. |1 Sundries 11 4000 f l Mar. 1 Disc. 2 3 4000 Feb. 1 " 2 12100 I Apr. 1 Discs. 7, 8, 9, 11 4 21500 Mar. 1 "] 3 11000 M ]ay 1 Disc. 24, protested 5 20000 Apr. 1 9" 4 54000 /l " Discs. 6, 25 6 4600 May 1 " 5 [ 41500o June 1 Discs. 20, 21, 22, 6 4000. alance 37500 141600 141600 June 1 Balance 37500 _ 5 IDomestio Exchange. 1862 ii 1862 Jan. 1 Sundries 1 5000 Mar. 1 Discs. 1, 3, 43 130(0 Feb. 1 " 2 10500 " Disc. 10 3 4000 Mar. 1 6" 3 42500 Apr. 1 Discs. 6, 13, 15, 17 4 18000 Apr. 1 4 28500 111 " Disc. 12 4 2500 May 1 9 5 81000 " " Disc. 16 4 3000 June 1 G "6 27050 Disc. 14 14 2500 May 1 {Discs. 18, 19, 43 5 23000 June 1 D.26,27,28,29,3014 16 6 7000 31,33, 37, 44,45,48 B | alanco 61 550| 194550 194550 June 1 Balance 61550 6 Collection and Exchange. 1862 1862 Jan. 1 Sundries 1 150 Jan. 1 Sundries 1 5 Feb. 1 " 2 61 Feb. 1 " 2 130 69 Mar. 1 " 75 Ma3 5301 25 Apr. 1 1" 4 50 Apr. 1 d" 4 250 38 May 1 " 5 92 60 May 1 " 5 362 55 June 1 " 6 179 June " 6 383 39 Loss and Gain r[..] 21 97S 2 6 1433 26 __ - 1433 26 xpense. 1862 1562 Jan. 1 B. Bks., Stat'nery, &o 1 150 Junhe I Loss and Gain [L. r.] 21 447 S 34 May 1 Rent of Bank. House 5 333 34 " " A Auctioneer's Bill 5 45 June 1 Officers' Salaries 6 3950 ~_ —..I-. 296 GENERAL LEDGER. Cash. 8 1862 18S62 Jan. 1 Receipts this day 1 161855 Jan. 1 Disbursem'ntstthis day 1 88102 15 Feb. 1 " " " 2 133147 75 Feb. 1 2 86995 47 Mar. 1 I " " 3 135437 79 Mar. 1 3 103497 73 Apr. 1 4" 4 176831 33 Apr. 1 I " 4 168731 50 May 1,, 5 310738 17 May 1, i " 5 328459 82 June " " 6 274127 04 June 1 " " " 6 239543 63 "" H 6 Balaod 1i6SO6 78 1192137 08 1192137 08 Balance 176806 78 LEafayette:Bank,- Cincinnati. 9 1862 1862 Feb. 1 Col. No. 7 2 900 1 Apr. 1 Cols. 6000, 3000 4 9000 Apr. 1 Disc. 14, WV. H. C. 4 2500 May 1 Collection 1750 Mlay 1 Collections 5 3500 June 1 Dft. fav. J. Moore 6 1500 June 1 lac 230 Disc. 27, R. M. B. 6 3000 Collections 6 1700 13100 131i00- June 1 Balance } 2350 1Publio Stocks. 10 1862 Feb. 1 220 Slhrs. U. S. 6% 1 18400 20 do. 0. S. 6% 1 18000 36400 June I 1 Balance 36400 1vSoss B3ros., —- -andusky. 11 1862 1 1 111 1862 Feb.'1 Col. No. 10 2 475 June 1 Currency to bal. 6 1175 Collection 5 t00 11751 1 75 _ _ _ _ __ 1_ _ _ _ _C9 GENERAL LEDGER. 125 Treasury Notes. 1862 _ Mar. 1 $10000 Q 98~ 3 9800 13 Farmers' Sz /:eohs.':Balk, —-Detroit. 1862 1862 Mar. 1 Canada Currency 3 7462 50 May 1 N. Y. Currency 5 3022 50 May 1 Collection 5 1990 June 1 Ctfct. Dep., No. 2 6 3000 June 1 Disc. 45, R. C. S. 6 3482 50 Balanco 6912 50 12935 12935 Balance 6912 50 14 Interest.,S1O 1862 June 1 Loss and (ain1 5[.] 044 25 6 Jan. 1 From Discount Reg. 1 94 50 Feb. 1 " " 2 221 |94 Mar. 1 " " " 3 385 25 Apr. 1 " " " 4 845 58 May 1 On Public Stocks 5 1200 From Discount Reg. 5 1025 83 June 1 On Treasury Notes 6 184 / " i" Duncan, Sh. & Co. 6 477 56' From Discount Reg. 6 609 59 56044 25 6044 25 15 Office Notes. 1862 Feb. 1 Total Circulation 2 35000 298 GENERAL LEJDGER. Exchange 5Sank, — B-Zdolo. 16 1862 1862 Apr. 1[ Disc. 12,1 H. B. Tattle 4,2500i: Apr. I1 Protest on Disc. 16 4 1: Mlay I Collection 75 50 i }May I Collection 5 995 1 Junie 1 Disc. 26, A. D. Scott 6 10000 JUo J. S. Woolson, Dft. i 1800 " Collections i6 850 Collections 419 I i 14100' 14100 June I 1Balance!! 7125 P.S6~~~~~~ ~ ~~~~ ~~i:,! ii:i Fixtures. 17 1862 Apr. IFurniture, etc. i4 i 575 i F'rotested. F'aper. 1 i ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~! i i j~ ~~~~~~i i i!~ i:]'i I i~~ ii:! i ii! P~roteested Pap~er. 18 iS'd } t 4 ~~ll 82ii 00 1862i Disc. 16, redeemed 5 6 Apr I Disc. 16, M.B. S. 4 M0y 1.001 iu3~~~~~~p 2C)001~ ~~~Ha II Disc. 16, redeemed Niay 1 Disc. 24, Chas. B. 5 20001 Disc. 24. redeemed i5 20001 23002 23 002 i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ i ~'! i'i, 186-Jun JG Sons,,-U-icago. 19 1862 t i ~ 1862 a~~~~~~~~~ea~~~~~~~~, r ii May 1 D)isc. 8, W.B. Ogden 5 11940 i May 1 Collectioa i 5 750 June I Disc. 28, Geo. M. P. 6 4:9 4:7. )::. —: i'~:!i-..;:;;"Disc. 30, W. D.P. 6[ 3980 " Disc. 31, W. & McF. 6 i 2 985.. Disc. 44, J. G. D. 6 i 14925 i I 38805 8i 805 I:! 2 June I Balance I i 111055 ~ i [ 299 GENERAL LEDGER. 20 0. 8& E. Et. lTh. _Bonds. 1862 i I I It 1 111 1862 May I Bot. at auction 5 18000 June 1 Sold H. D. Stratton 6 0 23500 June 1 Loss and Gain E[l r.] 21 5500 _- 23500 23500 21 ___ Loss and _Gain. 1862 1 1862 May 1 Deficiency on Disc. 24 5 1956 June 1 Colls. and Ex. [L.F.] 6 837 01 Jne 4 Expense L F.] 7 4478 34 Interest [L. P.] 14 65044 25 DivResend P LF.1 27 4000 C. & E. R. R. Bs.[L. F.] 20 600 Rteserved Profits L r. 2 946 02 11381 26 11381 21 22 Bank of Capitol,-la. _ 1862 May 1 Disc. 43, E. W. Keyes 5B 8000 23 Franklin ]ank, Columbus. 1862 1862 June 1 Collection 6 750 Jipe Collection 6 750 " Disc. 48, E. R. L 6 4000 Balance 6 4 000 - 4750 l 1 4150 June 1 Balance - 4000 300 GENERAL LEDGER. Toledo Branch Bank. 24 1862 June I Collections 6 6250 Farmers':3r. B3ank,- Ashtabula. 25 1852 June I Collections 6 750 Lorain Bank, —Elyria. Q26 June Collections 6 2400 Dividend..27 |June | 1 Loss and Gain 21 4000 Reserved _FProfits. 28 1862 LJun I Loss and Gain I 4 92 301 LEDGER BALANCES. —-June 1. -General Ledger..Debit Balances... _ Credit Balances. Duncan, Sherman, & Co.. 72007 75 Capital Stock..... 200000 Bills Discounted.... 3,500 Deposits...... 223535 11 Domestic Exchange.. 61.550 l Collection and Exchange. 837 01 Expense.... 4478 34 Interest....... 5044 25 Cash....... 176806 78 Office Notes.... 35000 Lafayette Bank.. 2350 C. & E. R. R. Bonds 5500 Public Stocks.... 86400 Treasury Notes.... 9800 Farmers' and Mech's Bank. 6912 50 Exchange Bank, Buffalo. 7125 Fixtures.... 575 Burkam & Sons... 31055 Loss and Gain..... 1956 Bank of Capital... 8000 Franklin Bank, Collection 4000 Toledo Branch Bank.l. 6250 Farmers' Branch Bank.. 750 Lorain Bank..... 2400 469916 37 469916:37 Deposit Ledger. C redit Balances. A Amount Forward... 123417 52 N. C. Winslow.. 5609 92 John R. Pein..... 13802 22 E. R. Felton.... 8610 81 George A. Crocker.. 5200 08 Jacob Hoornbeek.... 3571 81 John D. Williams... 4040 80 M. B. Scott....... 11599 02 Henry [vison... 5701 James W. Lusk 9539 63 W. -1H. Clark... 6487 12 Lewis R. Morris.... 12691 70 Austin Packard. 1885 50 John S. Woolson. 11169 Hiram A. Pryor... 8515 75 T. P. Handy. 6244 42 Joseph P. Walter... 3884 E. L. Jones e... 6546 75 Win. T. Brooks. 2539 James Richards. 6196 82 George MI. Penn... 11709 33 Alonzo Mitchell... 5339 72 E. G. Folsom.... 10070 12 Asa Ma-han.... 3727 90 HI. D. Stratton. 7868 50 Robert Brown...... 5859 70 Cerltificate.... i 8000 Ingham caT& Br-agg.. 5346 80 J. B. Nieriam..... 9252 67 Charles Hickox... 9432 08 D. P. Eells.. 1161 50 H. B. Bryant.... 11931 44 Forward.... 123417 52 Total Net Deposits*... 223535 1 1 * See Deposit %, General Ledger. 302 DEPOSIT LEDGER. N. 0. 0W'Xinslow. 1 1862 1862. Jan. I Cash 1 605 Jan. I Cash 8 5 1 1000 Apr. 1 do. 4 500 Afar 1 do. 4 145 3 3750 May 1 do.' 815 5S Apr. 1 do. 4440 4 795 June 1 do. 6 4260 i May 1 do. 8124 5 2 1500! Junc 1 Sunds. c 0o 9 0 6 4145 50 1862 ii 18621 Jan. 1 Cash 1 298 75 Jan. 11 Cash 1451 25 1750 Feb. 1 do. 2 312 5 Feb. 1 Discs. 6172 14 2 5033 39 Apr. 1 do. 4 5950 Mar. 1 Sunds. o11040 6 3 4868 50 May 1 do. 5 9185|4 Apr. 1 Cash s6l 64 4 525 June 1 do. 6 455 5 May 1 Sunds. 8307 11 5 11906 67 Jun1 1 Cash 8610 Si 6'129 Jacob IHoornbeek. 8 1862 1862 Jan. 1 Cash I 841 501 Jan.l 1 Cash 4158 50 1 5000 Fleb. 1 do. 2 301 75 Feb. i do. 6| 0 33 2 4473 81 Apr. do. t 750 | Mar. If Sunds 11,0 50 3 2700 May I do. | 8896 Apr. 1 do. 12 so0 46 2000 June 1 do. G 918 715 May 1 Cash 4o 0 50 6 700 June 1 do. s 71 81| 6 406 l. B. Scott. 4 18G2 || 1862 Feb. 1 Cash 21 3199'175 Jan. 1 Cash 90 0 1 900 Apr. 1 do. 41 3755 Feb. 1 Disc. 4625 59 2 6925 34 May I do. 5| f 8449 831 1 Mar. 1 Sunds. 15)1 92 1 3 11226 33 June 1 do. 6 6425 32 Apr. 1 do. 22Sl1 9 2 4 10795 May 1 do. 16 7 208 4i4 5f3 22961 25!__; __ ___ ___ _|_ _|||JJJune 1 do. 11599 02 16 1286 Jas. W'. ILusk.5 1862 1 - - 1 1862 Jan. 1 Cash 1 626 25 Jan. 1 Cash 1873 75 1 2500 Feb. 1 do. 2 1921 50 Feb. 1 Disc. 4140 58 2 2468 33 Mar. 1 do. 3 3814 50 M ar. 1 Sunds. 7s30 0 31 7495 Apr. 1 do. 1 4 3875 Apr. 1 Cash 49, 00 4p 1000 May 1 do. 5 639 93 May 1 Sunds. 915 15 5 3500 June 1 do. 6 1707 25 June 1 do. 939 63 6 2331 la 303. 303 DEPOSIT LEDGER. 6:Lewis T:h. 2\orris. Jan. 1 Cash 1 291 80 Jan. 1 Cash 2703 20 1 3000 Feb. 1 do. 2 144 25 Feb. 1 do. 4G60 I, 2 2097 75 Mar. 1 do. 3 270 75 Mar. I do. 6 4 40 9 3 2250 Apr. 1 do. 4 1046 25 Apr. 1 do. 107 2o 4 5138 May 1 do. 5 8175 May 1 do. 8307 7 5 750 June I do. 6 291 75 June 1 Disc. 12691 70 6 0675 75 7 John S. ~V7oolson. 1862 1862 Jan. 1 I Cash 1 124 50 Jan. 1 Cash 1375 so 1 1500 Feb. 1 d o. 2 886 25 Feb. 1 do. 2$9S9 25 2 2500 Mar. 1 do. 3 52915 ar. 1 do. 75 0 90 3 2000 Apr. 1 do. 4 212 50 Apr. 1 Sundsa 7963 5o 4 1 3716 50 May 1 do. 5 6013 50 May 1 Discs. 122092 50 5 10870 50 June I do. 6 2651 50 Juae 1 Sunds. 111 6 900 8',I'. FP. 1H-andy. 1862 1862 Jan. 1 Cash 1 2000 Jan. 1 Cash 2700 1 4700 Feb. 1 do, 2 2114 751 Feb. 1 do. 17 60 T5 2 11,75 50 Mar. 1 do. 3 5i67 501 Mar. 1 do. 22 93 25 3 1100 Apr. 1 do. 4 2362 50 Apr. 1 do. 70so 75 4 850 May 1 do. 5 1 1600 j May 1 Discs. 30S4 42 5 13903 67 June 1 do. 6 6406 7 une 1 Sunds. 0244 4 6 9566 75 - j _______________~~~~~~1 ---- _L_9 E. L. Jones. 1.62 1862 Mar. 1 do. I31 356 50 Feb. I do. %5~1 5 2 ] 2 ] 00 Apr. I do. 4 1050 25 Mar. I do. 15 7 6 1 2 3 875 May 1 do. 5 1125 Apr. 1 do. 2025 8I 4 1500 June 1 do. 6 I J843 15May 1 I do. 900 87 T i 3000 June 1 Sunds. 6546 75 6 10488 88 10 James lEiohards. 1862 1862 Jan. 1 Cash 1 288 60 Jan. 1 Cash 1461 40 1 1750 Feb. 1 I do. 887 66 2 573 75 Mar. 1 Sunds. f1o3s3 82 3 10946 17 Mar. 1 J do. 3 800 Apr. I 1 do. 9722 07 4 3963 25 Apr. 1I do. 4 5275 May 1 Cash 8 854 07T 975 May I do. 5 1843 June 1 do. 6196 82 6 1500 June 1 do. 6 4157 25 304 DEPOSIT LEDGER. Alonzo VEitohell. 11 I86 I - TTI 1862 - 1862 Jan. 1 Cash 1 333 i5'Jan. Cash 1 I.62000 Feb. 1 do. 2 508 90;Feb. 1 Disc. 9o S 3'2 J 2 1951 Mar. 1 do. 3 574 I{ar. 1 Cash 1223 3 3750 Apr. 1 do. 4 275 Apr. do. 4 21500 May 1 do. 5 3169 63 May 1 do. 5 00 __ -__ _June 1 do.: 6: l 7 6 1500 Asa )A/Xahan. 1862 1862 ] Feb. 1 Cash 2 844 75 Jan. 1 Cash H 1200 Mar. 1 do. 3 580 50 Feb. 1 do. %, 12 1 2500 Apr. 1 do. 2449 75 1225 ar do.. 3 1400 2~~~ ~ ~ ~~~~~~~~~~~25!3 ~4 2; 2 140 May 1 do. 1007 50 JMay 1 do. 5 1500 yJune 1 do. 10 25 June 1 Sunds.' 6 1295 90 Robert lBrown. 13 --— 7 -- I 82i —- -- ~~ —--- - - -~ —'-;`17~1'1 — 1-' Jan. 1 Cash 1 202 iJan. 1 Cash 1000 18~~~~ j 627 186 Feb. 1 do. 6 80 2 251 20Mar. 1 do. 112 12 3 575 1 Feb. 1 do. 20 ooo Apr. 1 do. 4 888 50 Apr. 1 do. 50 4i 1500 May 1 do. 5 350 48 May I do. r i 2000 June 1 do. 6i 5112 50 j June 1 Sunds. II'1589 38 Ingham &0 E3ragg. 14 1862 1 1862i I 1 Feb. 1 Cash i 2 208 901i Jan. 1 Cash' 1o0 37150 Mar. 1 do. 3 1788 7ShiFeb. 1 do. 10 S75 Apr. 1 do. 4 1103 ar. 1 do. 975 i May 1 do.' /5 1325 Apr. 1 do.1' 975 Jumie 1 do. [6 1745 75 May 1 do. 4. 9 1700 June 1 do. 3 -1~ 0 a 24 20 Chas. liokox. 15 1862 1862 Jan. 1 Cash 1 190 JIan. 1 Cash 1 1 1325 Feb. 1 do. 2 539 34 Feb. 1 do. 2 295 6 6 2 1700 Mar. 1 do. 3 312 I50 Mar. 1 do. 4 S I 6 3 2900 Apr. 1 do. 4 7000 Apr. 1 do. s 1 4 3000 June 1 1 do. 6 1557 iMay 1 Disc. 9 5 8405 92' June I Cash 3 0 6 1700 ~206~~ ~305 DEPOSIT LEDGER. 16 H. /B. EBryant. 1862 1862 Jan. Cash 1 3000 Jan. 1 Disc. 1947 50 1 4947 50 Feb. 1 do. 2 1110 7j5 iFeb. 1 Cash 2036 75 2 1200 Mar. 1 do. 3 464 95 Mar. 1 do. 5947 09 3 4375 29 Apr. 1 do. 4 1812 50 iApr. 1 do. 4so9 b9 4 675 May 1 do. 5 203 90 May 1 Discs. 14 981 44 5 10375 75 June 1 j dob 6 3350 June 1'Cash 11931 44 6 300 17 John T1h. Penn. 1862 1862 eJa. 1 Cas 1 2500 Jan. Disc. 145 1 3958 Feb. 1 do. 2 2852 75 Feb. 11 Cash OS05 25 2 3000 ar. 1 do. 3 443 03 Mar. 1 Sunds. 1331T 2 2 3 12155 Apr. 1 do. 4 10825 Apr 1 Cash 8692 22 4 1200 May 1 do. 5 386 50 May 1 do. 4505 72 5 I 1200 June 1 Ido. 6 lJ 153 50 June unds. 180 2 22 6 9450..........____ _ t _ l _ _ _____ __j i 18 -eo. A. Crocker. 18 r 1862 Apr. 1 Casn 4ssoo 500 i 9l0Feb. 1 Cash 2 1 1500 May 1 do. 6 514 125 |lMar. 1 do. 84 00 3 1900 June -11 do. 6 8335 I May 1 Sunds. 1305 0s 5 10649 33 iJune a 1 Cash 5200 os08 6 11 500 1862 1! I! TI I 1862 Mar. 1 Cash 3 175 Feb. 1 Cash 1200 2 1200 Apr. 1 do. 4 1350 Mar. 1 do. 2525 3 1500 May 1 do. 5 340 25 Apr. 1 do. 1959 4 784 June 1 do. 6 1296 50 May 1 do. 2968 s 5 1350 June 1 Discs. 4040 so 6 2368 55 20 1H-enry Ivison. 1862 -1 -j —— __ _ -1862- — _ Apr. 1 C aa 4| 825 Feb. 1 Cash 1700 2 1700 May 1 do. 5 608 50 Mar. 1 do. 2900 3 1200 June 1 do. 6 640 50 Apr. 1 do. 8575 4 1500 May 1 do. 5541 50 6 2575 June 1 do. 5T01 6 800 DEPOSIT LEDGER. NV. H:. Clark. 21 1862! 11862 Mayi 11 Cash 1768 50 B 10879 11 Feb. 1 CoL 2 1500 June 1 do. 6 222 Mar. 1 do. 5 3 1 2000 12647 50 2000 pr. 1 Sunds. 6496 5 9147 50 |Junen 1 6do. 6 4940 62 Austin Paockard. 22 1862 1 j il862 Apr. 1 Cash 4 5 25 Mar. 1 Cash 50 31 500 May 1 do. 516 0 Apr. 1 do.91 4 12 June 1 do, 611 276 May 1 do. |5 6 I11 758,8. 50.. IiJunel 1 do. j 670 1862 181 j -— 1- 1862 -- - May 1 Cash 5 646. 50 Mar. 1 Cash 1250 3 1250 June 1 do. 6 337 75 Apr. 1 I do. 4250 4 3000 June 1 do. 6 3750 Joseph'. VWalter. 24 May I Cash 6 841 50 Mar. 1 Cash 2400 3 900 June I do. 6'5634 56 Apr. 1 do. ss 25 | 4 1500 May, do. 8884 5 900 June 1 do. 6 1960 W"illiam W. Brooks. 25 18621 1862 1 1I May 1 Cash 1418960 May I Cash 147 6 || 7990 Mar. 1 Disc. 9460 8960 June 1 do. 6 3i 206 Apr. 1 Cash 2539 500 Juneo 1 do. 1275 307 DEPOSIT LEDGER. 26 Gl-eo. J1Z. PFenn. 1862 1862 May I Cash 5 1040 75 Apr. 1 Sunds. t t o, 4 6410 83 June 1 do 6 155 75 May 1 Cash 0,i l S I 1500 June 1 Sunds. 1 1 3:3 6 4995 27 E. (G. Folsom. 1862 1 1862 May 1 Cash 5 1393 38,l Apr.i 1 Sunds 319 41 3983 60 June 1 do. 6 256 May i 1 do. <, o 6176 Junei 1 Cash l0T, 6 1560 (I 28 HI. ]D. Stratton. 1802 1862 i May 1 Cash 2s5 12000 Apr. 1 Disc. IS5 14785 June 1 do, 6 176 50 June 1 Sund. 7c6S So 6 5260 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 6 _ _ _ _ _ I ~ l - |I - _ _ _ _ _~ 8: " 0'3 529 Certificate. 1862 1862f May 1 No. 1. 5 3000 Apr. 1 J.R. P. No. 1. 4 3000 June 1 No. 2. 6 3000 May 1 L. R. M. No. 2. 3000 W. T.:B. No. 3. " 7000 E. G.F. No. 4. 1000 30 Certified Cheoks. 1862 1862 June 1 J. RP. 6 575 Apr. 1 J. R.P. 4 75 308 DEPOSIT LEDGER. 3j. 9B. lB eriam. 31 1862 I! 1862 1862 5 3895 Ai 1 Sunds. 8 4~ 8421164 May 1 Cashb 3895 150 Apr. 16989 Sund.., (0; 8427 67 Juneo 1 2269 iiay do.'215!1G 6; 16989 d50 i.__._~ i "_i ~_ IL __ii ID. P. E:ells. 32 1862 1862 June 1 Cash 6 ~ 281'15 May 1 Col. 9 25 6 698 25 lJune I Cash 1G1.5 6 745 June_____ I I _____ __ i l0 i i __ __ l _ _ _ __ _.____ ____ _j._ _.._._ _ ____..._..___..__ _ _.._ It _____ ____ ____ ___ ___ - _____ _. I _ L1 _i _I[.__ _.__ _ 1 DISCOUNT DWhslena No. Drawer or Endorser. Drawee or Maker. MWhere Payable. Date. Time. Disctd._-__._ 1862 Jan. 1 1 H. B. Bryant.. Wright G. & Rawson New York. Jan. 1 60 ds. 2 W. B. Ogden.. Peter Cooper.. City... Jan. 1 60 ds. Feb. 1 3 Alonzo Mitchell. A. J. Comstock. New York. Feb. 1 30 ds. 4 William Cook.. N. Bidwell... New York. Feb. 1 40 ds. 5 l Jas. W. Lusk.. J. R. Penn... New York. Jan. 15 90 ds. 6 D.P. Eells... T.P. Handy.. City.... Jan. 2 1 4mos. 7 E. R. Felton.. Jas. Richards.. City.... Feb. 1 60 ds. 8 Jacob Hinds.. Chas. Hickox.. City.... Jan. 3 90 ds.. Mar. 1 9 L. J. Lyman.. Clarence Shook. City.... Jan. 15 90 ds. 10 Jas. W. Lusk.. Clafflin, M. & Co.. New York. Mar. 1 10 ds. 11 Jas. W. Lusk.. M. B. Scott... City.... Feb. 1 60 d(s. 12 N. C, Winslow.. H. B. Tuttle.. Buffalo... Mar. 1 30 ds. 13 James Eells... Ivison, Ph. & Co.. New York. Mar. 1 1 30 ds. 14 E. R. Felton.. W. H. Clark.. Cincinnati.. Feb. 1 I 60 ds. 15 T. P. Handy.. Parker Handy.. New York. Feb. 15 60 ds. 16 Chas. Hickox.. Jas. Armstrong. Buffalo... Mar. 1 30 ds. 17 T. Dwight Eells. Winslow, L. & Co. New York. Mar. 1 30 ds. 18 H. B. Bryant.. W. B. Ogden.. Chicago.. Feb. 1 90 ds. 19 H. D. Stratton.. D. Appleton.. New York. Mar. 1 60 ds. Apr. 1 20 James Eaton.. Sumner Packard. City.... Apr. 1 60 ds. 21 L. R. Morris.. W. H. Clark.. City. A.. Apr. 1 60 ds. 22 Wilson G. Hunt. Peter Cooper.. City.... Mar. 25 90 ds. 23 T. P. Handy.. N. C. Winslow.. City... Mar. 1 90 ds. 24 John Simmons,. Chas. Baker.. City.... Mar. 3 60 ds. 25 E. G. Folsom., H. Bishop... City.... Apr. 1 30 ds. 26 Jacob Hinds.. M. B. Scott... Buffalo... Apr. 1 60 ds. 27 John Gundry.. R. M. Bartlett.. Cincinnati.. Mar. 10 90 ds. 28 H. D. Stratton.. Geo. M. Penn.. Chicago.. Mar. 31 60 ds. 29 Zalmon Richards. Austin Packard, New York. Apr. 1 60 ds. 30 W. B. Ogden.. W. D. Packard.. Chicago. A. pr. 1 90 ds. 81 J. S. Woolson. Woolson & McF.. Mt. Pleasant. Mar. 25 90 ds. -I —310 I RE I GISTE R. 1 When D aysTo Whom D asBills~isctd. jDom.Ez.!o............ ~~~~Due.'I~to~sra Dom. x. Interest. Col. & E. Proceeds. C Mar. 5 63 5000 4947 50 H. B. Bryant / Mar. 5, 63 400 42 3958 John R. Penn $14000 $1 5000 V94 50 8905 60 Mar. 6 33 000 2 492 50 A.Mitchell.d Mar. 16 43 3000 21 50 2978 50 A. Mitchell. $ Apr. 8 1 76 12500 31 67 j 2468 33 J.W. Lusk. May 24 112 1600 29 86 150 14 Ei B. 1. Felton. Apr. 5 63 3500 36 5 3463 25 E. R. Felton. J Apr. 6 64 7000 714 66 ~ 6925 34 M. B. Scott. J1 12100 1 10500 $f/221 94 2237806 If~~~~~~~~~~~I 22'( Apr.18 1 48 1 5000 ij 4040 Bo - ~~~Ap~~~~~~~~~r. ~~148 1 400 00. Brook Mar. 14 13 4000 i4000 iW. T. Brooks Apr. 5 35 6000 35 6965 J. W. Ltsk. $ Apr. 35 33 2500 1375 11 248625. Cash... ~r, i i i Apr.3j 33 6000 5967 Jas. Richards Apr. 5 35 2500 14158 f 6 30001 35 2500 14 7 {[ 1 2479 1{337 Jas. Richards Apr. 19 49 7000 H 1 6942 83 JM. B.Scott.$ Apr. 3 33 3000 16 50 2983 50 M. B. Scott. Apr. 5 63 2500 3 1 75 463 Ca.25 C May 5 65 12000 130 90 11780 John B. Penn May 3 63 3000 31 50 i 2968 50 E. R. Felton. 11000 15o385 I 96 53018 f 5 1 II~ —------— 2500 ~38525 25-1-601 a,~~~~~~~~~~~~~ t June 3) 63 4000 42 s3958 Cash June31 63 5000 52 50 4947 50 W.. Clark50 k June 26 86 15000 521 [ 14785 H. D. Strattonrk June 2 62 7000 72 33 p IIJ.B.Meriam. / May'r. 34 20000 i 113 33 1 19886 6' Cash... May 4 33 I 3000 16,O'I 2983 50. cE.G.Folsom June3 163 10000 105 1 9895 M. B. Scott. June11 71 3000 35 50 71 501 2957 CSs. June 2 62 5000 51167 37 50 4910 83 MP Ape3 3 i30 1 I 6Ir I' 41 i e. lien June 3 63 f3500 36 75 1 f 3463 251 Jas. Richards July 3 93 4000 1 62 30 113908 o Cash Juiie 26 86 3000 43 22 50 2934f 50 J. S. Woolson ~i r F - ____ 540003 63 0 0 { 845 58 $197 50 81556. 92 -']/ 311 DISCOUNT When o Whn No. Drawer or Endorser. Drawee or acaker. Where Payable. Tiate. ime. Disctd. 1862 May 1 32 Jas. Cruikshank. E. G. Folsom. City.... May 1 90 ds. 33 Nicolas Nickleby. Barnaby Rudge. New York. Apr. 15 60 ds. 34 Jno. S. Woolson. Smith & Nixon. Cincinnati.. Apr. 30 60 ds. 35 Robert Peel... James Bradley.. City.. I Apr. 1 90 ds. 36 H. D. Clark... H. D. Stratton.. Columbus.. j May 1 60 ds. |37 1 Peter Cooper.. J. R. Penn.. New York. Apr. 25 2 mos. 38 J. G. Fox... W. H. Clark.. City,... Apr. 1 60 ds. 39 Chas. Jones... A. Stager.. Buffalo... Apr. 1- 3 mos. 40 WV. P. Spencer.. S. S. Packard. City... Apr. 20 60 ds. 41 J. Kennedy... Chas. Hickox.. City.. Apr. 25 90 ds. 42 Chas. Hickox. D Jonathan Gillett. New York. Apr. 30 60 ds. 43 Victor M. Rice.. E. W. Keyes.. Albany... Apr. 28 30 ds. 44 Hiram Niles.. J. G. Deshler C. Chicago.. Apr. 15 60 ds, 45 James Hamilton. R. C. Spencer., Detroit... Apr. 10 60 ds. 46 Robert Davis.. Win. Smith... Troy.. Apr. 1 90 ds. 47 T. P. Handy.. I1. B. Tuttle.. City.... May 1 30 ds. 48 William Butts.. E. R. Morgan.. Columbus.. Apr. 15 60 ds. 49 John Rogers.. Jas. Smiley.. City.... Apr. 30 30 ds. June 1 50 Jas. Mallory Geo. M. Strong. City.. i June 1 60 ds. 51 T. P. IHandy E. Edward Savage City... May 31 90 ds. 53 2 Jas. Smiley,.. Philip Seaton.. Buffalo... May 3 60 ds. 53 E. G. Folsom.. Peter Stone... City.. ay 27 60 ds. 5.1 Hiram Dixon.. Thomas Jones.. New York. May 31 3 mos. 55 Chas. Eaton... Jacob Harrison 3 City. June 1 60 ds. 56 Joseph Arnold.. W. H. Woodbury. Dayton.. May 15 3 mos. 57 Childs & Peterson W. T. Sherman. Philadelphia. Mar. 15 6 mos. 58 H. B. Bryant. E. R. Finney., Pittsburg.. May 10 60 ds. 59 Peter McGrath.. Samuel Rand.. City..... Jan. 15 8 mos. 60 Robert Martin.. John Pelton.. Galena, Ill.. May 12 4 mos. 61 Thos. Foulke.. Horace Holden. I City... May 15 60 ds. 62 Henry C. Spencer. William Gray.. New York. May 25 3 mos. 63 C. R. Wells... E. W. Mason.. P'keepsie, N.Y. Apr. 10 4 mos. a REGISTER. When DLys jlBillsDisctd. Dom. Ex. Interest. Col. &Ex. Proceeds T Wh Due. _ o_._ _R.r Credited. 18362 Aug. 2 93 4000 62 3938 E. G. Folsom June 17 47 10000 8 33 9921 67 E. R. Felton. 1/ July 2 62 6000 62 0 15 5923 J. S. Woolson 4 July. 3 63 5000 52 50 4947 50 J.S. Woolson July 3 G3 7500 78 75 18 75 7402 50 J. B. Meriam. Jue 28 58 6000 5 5942 J. B. MIeriam. 1 Juuo 3 33 10000 65 9945 Cash... July 4 64 o000 74 67 6925 33 G. A. Crocker Juno 22 52 3000 26 2974 G. A. Crocker i V/ July 27 87 1500 21 75 I 1178 25 Chas. Hiclkox V/ July 2 62 ||7000 i 72 331 l 6927 G67 Chas. Hickoxs I V May 31 30 8000 40 7960 Cash... June 17 47 15000 117 60 112 50 14770 Cash... June 12 42 3500 24 25 1I.. Bryant V/ July 3 63 17000 73 50 1 6926 50 II. B. Bryant V June 3 33 10000 5 9945 T. P. Handy. June 17 47 1 4000 1 31 33 10 1 3958 67 T. P. Handy. / June 2 32 8000 42 67 7957 331 Cash... 41500 81000 111025 83 1Vi182 50 121291 67 I I6 I i 1i l Aug. 3 63 30001 31 0 2968 5 N.. Winslow 1/ Sept. 1 92 15001 23 j Ii 1477 N. C.V Winslowv July 5, 34! |6000 28 33 4971I G67 L. R. Moris. } July 29 1 6S|| 4750 1 l| | 1l 451 92 4704 08 L. R. Morris Sept. 3 94 | 7500 i 117 50 732 50 T. P. Handy. Aug. 3 63 1500 1 5 15 1484 25 T. P. Handy. Aug. 18 I 6000 78 15 5907 E.L. Jones. | Sept. 18 109 3750 1 68 12 368 88 1 E. L. Jones. July 12 41 600 4 10 595 90 AsaMalan. / Sept. 18 109 6750 1 122 62 I 6627 38 Robt. ]Brown. V Sept. 15 106 1800 31 80 13 50 1754 70 Ilghlram & B.. July 17 46 1500 11 50 1488 50 Ingham & B.. Aug.28 88 1 900 13 20 i 88 80 J. D. Williams |Aug. 13 73 1 1 1500 18 25 141I 75| J. D. Williams V ____ j 1_ __ _/l V19000 V/27050 1/609 69 V/28 50 45411 91 313 1 COLLECTION When Left. A.o Drawer or Endorser. Drawee or MJiaker. Where Payable. 1862 February 1 Ivison, Phinney & Co.. Ingham & Bragg.... | City Bank. 2 Peter Cooper.... D. P. Eclls..... Com. Br. Bank... 3 W. H. Crocker.. James Shaw..... City Bank. 4 Win. H. Beebe.. T. Dwight Eells. Bank of Cleveland 5 W.. Clark.. T. P. Handy..... Our Bank... 6 W. H. Clark. James Smith..... Merchants' Bank 7 Lewis R. Morris. R. RI. Bartlett. Cincinnati. 8 Lewis R. Morris... Jas. W. Lusk.... Our Bank. 9 Jacob Hoornbeek... Jas. McAllister. Our Bank. 10 Jacob Hoornbeek... Peter Aiken..... Sandusky... March 11 D. Appleton & Co.... Bryant & Stratton. B. & S.'s Offico 12 Smith & nMcDougal.. J.B. Cobb... J. B.C.'s Office. 13 Parker Handy.... Com. Br. Bank.... Cor. Br. Bk..... 14 A. Wellslager... Jas. Stanton..... Our Bank... 15 D.P. Eells..... andy, Gillett & o.C.. New York.... 16 M. B. Scott.... R... Bartlett... Cincinnati.. 17 D. C. Collins....... John Gundry.... Com. Br. Bank 18 Murray Shipley... James Parker.. J. P.'s Office 19 Jas. Richards.... E.. Felton.... Our Bank..... 120 H. B. Bryant.... Jas. W. Lusk.. Our Bank.... 21 i P. R. Spencer,Jr. H. C.Spencer.... City Bank. April 22 Clafflin, Mellen & Co.. E. W. ason. Our Bank. 23 A. T. Stewart & Co..... Felton.... Our Bank... 24 Bryant & Stratton J....B. MIeriam..... City Bank.... 25 1 D.C. Collins..... E. G. Folsom.... E. G. F.'s Office. 26 C. Dunham.. B. Scott..... Merchants' Bk.. 27 E. Hill....... Ingam & Bragg.. Our Bank.. 28 iVm. Mason Jacob Hoornbeck... Our 3ank... 29 E. G. Folsom.. S. Wheeler.. Our Bank... 80 J. R. Wheeler.. J.B. Cobb... J. B. C.'s Office. 31 Robert Barker.... Stillman..... City Bank. 32 E. F. Felton.. J. ItH. Goldsmith.. Detroit...... 33 1. B. Scott..... Jas. Madison.. | Dayton...... 34 D. P. Eells..... Jas. Smith..... Sandusky... 314 RE EGISTER. 1 Date. Time. When Due. Amount. For Whom Collected. To Whom ent C Feb. 1 30 ds. Mar. 6 i 1500 Duncan, Sh. &Co....4./... Feb. 1 60ds. Apr. 5 2000 do.. 4/ Jan. I 90ds. Apr. 4 2500 do...... V Feb. 1 10 ds. Feb. 14 3000 do..... / Jan. 15 30 ds. Feb. 17 I1500 W. Clark.... Feb. 1 30 ds. Mar. 6 2000 do.........../ Feb. 3 10 ds. Feb. 16 900 Lewis R. Morris.. Lafayette Bk... V Feb. 1 30 ds. Mar. 6 500 do...I.V Jan. 1 60 ds. Mar. 5 1200 Jacob Hoornbeek........ Feb. 2 20 ds. Feb.25/ 4j75 do. MossBros.... Feb.15 30 ds. Mar. 20 2500 Duncan, Sb. & Co.. Feb. 1 60 ds. Apr. 5 3000 do.... V... Mar. 1 10 ds. Mar. 14 6000 do..... Feb. 15 30 Feb. 15 60 ds. Apr. 19 3000 W. II. Clark.......I Mar. 1 30 ds. Apr. 3 1500 J. B. Meriam.. Duncan, Sh. & Co. Mar. 1 60 ds. May 3 2000 do... Lafayette Bk.. V Jan. 1 90 ds. Apr. 4 6000 Lafayette Bk., Cin.-..... IMar. 1 30 ds. Apr. 3 3000 do.....V. Dec. 1 4 mos. Apr. 4 3000 Lewis R. Morris.... Feb. 1 60 ds. Apr. 5 1575 do........ Jan. 15 3 mos. Apr. 18 1250 Jacob Hoornbeek... V Jan. 1 5 mos. June 4 5000 Duncan, Sh. & Co....... Mar. 10 60 ds. May 12 3500 do...V... ]iMar. 5 60 ds. May 7 7000 do... Apr. 1 30 ds. May 4 1750 Lafayette Bk., Cin.. Feb. 10 3 nos. May 13 4000 Burkam & Sons, Chic...V.... Mar. 10 60 ds. May 12 3750 do. Feb. 12 90 ds. May 16 900 William Mason....... Mar. 15 2 ros. May 18 1500 E.G. Folsom.... Apr. 1 30 ds. May 4 1000 Exch. Bk., Buf...V.... Feb. 17 4 mos. June 20 750 Franklin Bk., Col........V. Mar. 20 60 ds. May 22 2000 E. 1R. Felton... Farmers' & MA. Bk. Feb. 20 90 ds. May 24 1500 M. B. Scott... Lafayette Bk.. V Mar. 15 60 ds. May17 700 D.P. Eells.... MossBros.... 315 COLLECTION -I —j ~'`~ —" —------........... When Left. No. I Drawer or Endorsor. Drawee or ifaker. WVhere Payable. 1862 May 35 Robert Sweetzer. Solomon Jones... A. drian, Mich.. 36 P. R. Spencer.. D. Stratton.... I Our Bank. 37 John W. Gantz.. Thos. Smith..... Ashtabula. 38 W. H. Crocker... J. Rhoadces.. Oberlin.. 39 Henry C. Spencer.. W. II. Beebe.. Xenia..... 40 Robert Dean..... Ezra Jones.... Our Bank.. 41 Jacob Hinds.. Peter Cook,.. M. lerchants' Bank 42 Emerson E. White... E. G. Folsom... City Bank. 43 John D. Hinde.... Abram Van Wyck... Neow Tork. 44 H H. D. Stratton.... E. W. Mason. Our Bank. 45 Geo. A. Crocker... Chas. Jones.... Buffalo, N. Y. 40 Z Geo. M. Penn... Walkden & Co..... Toledo... 47 Robert Lincoln.... James Garrett. Our Bank.. 48 i D. V. Fishc..... John Holbrook... City Bank.. 49 T. S. Quackenbush.. C. B. Stout..... Cincinnati.. June 50 Jacob Reifsnyder.. J. C. Bryant..... Amherst 51 Joseph Kinsey.. J. D. Hinde..... Our Bank. 52 E. M. Hale. Thos. Irwin.. Our Bank. 53 Joseph Russell.... Daniel Slote..... Columbus.. 54 Smith & McDougal... Ivison, Phinney & Co.. Merchants' Bank 55 Bryant, Stratton & Co. J. B. Meriam.. Our Bank. 56 J.. Lusk A. C. Taylor. Bucyrus 57 C. L. Skeels..... S. Pomroy. Lockport, N. Y. 58 7Wm. T. Bush H. jIiram Newell. Buffalo, N. Y. 59 Jollhn Cook..... James Moses.... E. B. HIale's Bank 60 Roderick Dhu.. J Benj. Carpenter. City Bank. 61 James Romney.... J. G. Fox...... Toedo... 62 Thos. Minturn.... Robert Smith... Buffalo, N. Y. 63 James Sweeney... John Simson..... Buffalo, N. Y. 64 A. S. Wheeler.... E. R. Felton..... Our Bank. 65 Chas. Stratton. Jacob Hoornbeek... Sandusky.. 66 Robert Minturn... Chas. Reynolds. Our Bank. C6)7 Henry P. Smith. M. B. Scott..... City Bank... 68 Abram Vinton.... Henry Stratton.... Our Bank. } ~ I ~~316 REGISTER. Date. Tme. I WhrenDue. Amount. For Wh7om Collected. To W7iom Sent. C. i~~~~~~~~~~~~~~~~l Mar. 25 3 mos. Juno 23'000 W. tI. Clark.. Toledo Br. Bk... / Apr. 30 30 ds. Juno 2 i 1500 P. R. Spencer (special)....... V Mar. 20 3 mos. Juno 23 750 Duncan, Sh. & Co. Farmers' Br. Bk.. Apr. 10 G0 ds. I Juno 12 9 00 Duncan, Sh. Co, Lorain Bk., Elyria / Mar. 15 3 mos. Juno 18 1200 Duncan, Sh. & Co. Lafayetto Bk., Cin. V hlny I i 30ds, j Jun i 1200 j icnS1~o. jayto~cCa / May 1 30 ds. June 3 1000 Mer. Bk., Mass (spec.).... Apr. 15 30 ds. May 1S 750 J. B. Meriam...... V Apr 30 10 ds. May 13 00 J.. eriam.... Apr. 25 GO ds. June 27 1750 JohnD Penn, Duncan, Sh. & Co. V Apr. 2 5 GO~~~~~~~~~~ ds Joh i-Pn May 1 30 ds. June 3 000 John. Penn....... Apr. 15 130 ds. May 18 750 Geo. A. Crocker Exch. Bk., But. May 1 30ds. Juno 3 2000 Geo. 11. Penn.. Toledo Br. Bk. Apr. 15 GO6 ds. Juno 17 1500 1 Geo. M. Penn..... / Feb. 15 90 ds. May 19 2000 Jas. W. Lusk...... V Apr. 30 30 ds. June 2 500 Jas. W. Lusk.. Lafayette Bk., Cin. Juno 1 L-~~~~~~~~~Ioralin Bk. E lyria May 15 30 ds. June17 V 1500 H.II D. Stratton.. LoranBk Elyri May 30 10 ds. June 12 3000 KinneyE. & Co. (sp.) i...... / Apr. 15 60 ds. June17 3500 i Penny & Co, N'k(sp.)....... May 10 30 ds. June 12 750 Dancan, Sh. & Co. Franklin Bk. CoL. / May 15 GO ds. July 17 500 I Duncan, Sh. & Co../ V~~~~~~~~~~~~~~~~~~~~~~ I~~~~~~~~ ~ ~ June 1 30 ds. July 4 1750 Duncan, Sh. &Co.. /~ ~~~~. Dnn S. C.... May 20 30 ds. June 22 i 500 Duncan, Sh. & Co.. Toledo Br. Bk... May 20 GO ds. July 22 2500 MB. Scott... Exch. Bk., Buf.. May 12 30 ds. Junoe 11 350 M. B. Scott Exoh. Bk. Buf... May 10 30 ds. June 12 G600 Bk. ofMaryisville (sp.)... May 12 60 GOds. July 14: 1700 James Richards.V I May25 30 ds. June27 750 W. H. Clark.. Toledo Br. Bk.. Apr. 25 90 ds July 27 1200 John S. Woolson. Ech. Bk., Buf. Ma 2 30s. J 2 I 00 John S. Woolson. Exch. Bk., 3uf. May 25 30 ds. Juno 27 700 I Bn.... t!i // BMay 18 GO ds, July 20 7/ 50 J aj ccob HIoornbeck....~ II~~~~~~~i 6ay 10 GO ds. i July 12 iG 600 iO Lafayette Bk., Cin. Moss Bros., Sand'y May101 0 d. ul 1 May 25 20 ds. June 7 1 /00 ii Exch. Bank, But., ~~~~~~~~~~~~~~~~~~~~~~~~ i Apr. 25 60Ods. June 27 3500 Exch. Bank, Buf..... Apr.10 60 ds. June12 600 Gee. M. Penn. 17i i i 317 DOMESTIC -DISCOUNTS February, 1862. YI0 Ho lPayer. Amount. | Remarks. _ Varch. Peter Cooper. 4000 Paid and Entered A i spril. 7 James Richards... 3500 Pd. and Ent. 8 Chas. Iickox..... 000 Pd. and l]nt. 9 Clarence Shook.... 5000 Pd. and Ent, 1 M.B. Scott...... 6000 Pd. and Ent. MvZay. 6 T.P. HTandy..,... 1600 Pd. and Ent. 24 Chas. Baker.... 20000 Protested 25 H. Bishop..... 3000 Pd. and Ent. I ____ 1___IL - _.. _. v. 318__. 318 TICKLER. COLLECTIONS February, 1862. ANoe. Payer. Amount. For whom Collected. R emarks. 4 T. Dwilght Eclls.. 3000 Duncan, Sh. & Co.. Passed 6 T. P.:landy... 1500 W. II. Clark.. Passed ~ivaroh. 1 nghamrn & Bragg... 1500 Duncan, Sh. & Co.. Passed 6 James Smith. 2000 WV. II. Clark.. Passed 8 J. W. Lusk.. 500 Loewis R. Morris. Passed 9 Jas. McAllister. 1200 Jacob Hoornbeek... Passed 11 Bryant & Stratton... 2500 Duncan, S h. & Co.... Passed 13 Corn. Branch Bank..B 6000 Duncan, S. & Co... Passed _April. 2 D. P. Eells... 2000 Duncan, Sb. & Co.... Passed 3 James Shaw..... 2500 Duncan, Sh. & Co.... Passed 12 J. B. Cobb..... 3000 I Duncan, Sh. & Co.. Passed 14 Jas. Stanton.. 3000 W. H. Clark..... Passed 17.T. G-undry.,... 6000 Lafayette Bk., Cin... Passed 18 James Parker.... 3000 Lafayette Bk., Cin... Passed 1l9 E. R. Felton..... 000 Lew-is R. Morris... Passed 20 Jas. W. Lusk.... 1575 Lewis IR. AMorris.. Passed 21 H.C. Spencer.... 1250 Jacob Hoornbeek.. Passed ___ _ __ *I-ay_ 23 B. R. Felton..; 3500 Duncan, Sh. & Co... Passed 24 J. B. Meriam.. 7000 Duncan, Sh. & Co..... Passed 25. G. Folsom.... 1.750 Laflyette Bk., Cin.. Passed 26 M. B. Scott..... 4000 Burkam & Sons, Chic. Passed 27 Ingham & Bragg... 3750 Burkam & Sons, Chic.. Passed 28 Jacob Hoornbeek... 900 William Mason (special). Remitted 29 A. S. Wheeler. 1500 E.G. Folsom. Passed 30 J. B. Cobb... 1000 Exchange Bank, Buf.. Passed 41 Peter Cook. 750 J. B. Meriam.. Passed 42 Emerson E. White.. 900 J. B. Meriam. Passed 48 John HIolbrook... 2000 Jas. W. Lusk. *. Passed DOMESTIC DISCOUNTS. June, 1862. NO. Payer. Amount. Remarks. 20 Sumner Packard.... 4000 Pnid and Entered 21 WV. H. Clark..... 5000 Pcd. and Ent. 22 Peter Cooper..... 15000 Pd. and Ent. 23 N. C. Winslow... 7000 Pd. and Ent. 38 WV. IH. Clark.. (Ex. 10000 Pd. and Ent. 40 S. S. Packard.. 3000 Pd. and Ent. 47 II. B. Tuttle... 10000 Pd. and Ent. 49 James Smiley..... 8000 Extended to July 2, with interest _____ ___________ ___ __._JuLy_ _____ July, 35 James Bradley... 6000 41 Cllas. IIliclkox... 1500 49 James Siley...... 8000 53 Peter Stone...... 4750 60 Horace Hlolden. 1500 _A-ugust. 32 E. G. Folsom... (Ex.) 4000 60 Geo. iKf. Strong... 3000 55 Jacob Harrison. 1500 32I I ~._.~.._..~_._.__..... _____.._.~.II___~ _...__................. Septenmber. 51 Edward Savage.... 1500 59 Samuel Rand..... 6760 320O TICKLER. 2 COLLECTIONS. —- JUne 1862. No. Payer. Amount. For WMom Collected. Remark. I Rem arks 22 E. W. Mason.,.. 5000 Duncan, Sh. & Co. Passed 31 H. Stillma 5 nu {31 IT. Stilman...,. 750 infrankin Bk., Columbus Passed 36 -H.D. Stratton 1500 P. It. Spencer (special) Remitted 40 Ezra Jones... 1000 fer. Bk., Mass. (special) Remitted 44 EW. Mr.ason.... 000 John R. Penn.... Passed 47 James Garrett.. 1500 i Gee. M. Penn Passed 51 J. D. Hindo..... 3000 K, E. & Co., Cin. (special) Remitted 52 11 3500rwi 5 Thios. Irwin.u.... i 3500 P, & Co., Newark (special) Remitted 659 i Jas. Mason.. 600 Bk. of MIarysville (special) Remitted 66 Chas. Reynolds.. i. 00 Exch. Bk.. Buf.. Passed 67 Al. B. Scott.... 3500 xch. Bk., Buf... Passed 68 Henry Stratton.... 600 Geo. L. Penn.. Passed ~,4~~~ ~ ~ ii i ucn h o - - ~~~July4 Ivison, Ph. & Co.. 500 Duncan, Sh. & Co... 55 J. B. Meriam. 1750 ii Duncan, Sh. & Co... 60 Benj. Carpenter... j17100 Jas. Richards 64 E. I. Felton..5.... Jacob Hoornbeek Sepotember. 1 I i i 3 i H 21 3 92! I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~, ~ ~~~~~~~~~!i I~~~~ ~i i: ~~~~~~~~~~~~~~~~~~~~~i!'i~~ i i I ~ ~ i._epte m b~er................................! ~ ~ i i i~~~~~~~~~~~~~~~~~~~~~~~~~ ] i ~~i i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ttl ~~~~~32l FOREIGN DISCOUNTS. February, 1862. |No. Payer. Amount. j To Whom Sent. Remarks. Mah ___ ____ __ 1L-Xaroh. 1 Wright G. & Rawson. V/000 /Duncan, Sh. & Co., N. Y... Paid & Entered 3 A. J. Comstock... |/5000 /Duncan, Sh. & Co., N.. Y.. Paid & Ent. 4 N. Bidwell.... /3000 s/Duncan, Sh. & Co., N. Y... Paid & Ent. 10 Clafflin, Mellen & Co.. /4000 /Duncan, Sh. & Co., N. Y... Paid & Ent. __April. 5 John R. Penn... s/2500 s/Duncan, Sh. & Co., N. Y... Paid & Ent. 12 HE B. Tuttle.... /2500 \/Exch. Bank, Buffalo... Paid & Ent. 13 Ivison, Phinney & Co.. s/6000 s/Duncan, Sh. & Co., N. Y... Paid & Ent. 14 W. H. Clark.... s/2500 \/Lafayette Bank, Cin... Paid & Ent. 15 Parker Handy... /7000 \/Duncan, Sh. & Co., N.... Paid & Ent. 16 James Armstrong.. s/3000 VExch. Bank, Buffalo... Protested. 17 Winslow, Lanier & Co.. /2500 s/Duncan, Sh. & Co., N. Y... Paid & Ent. lvlay. 18 W. B. Ogden.... /2000 s,/Burkam & Sons, Chicago.. Paid & Ent. 19 D. Appleton & Co.. / 3000 s/Duncan, Sh. & Co., N. Y... Paid & Ent. 43 E. W. Keyes... 8000 /Bank of Capitol, Albany.. Paid & Ent. 322 TICKLER. 1 COLLECTIONS. F —-ebruary, 1862. No. Payer. Amount. For Whom Collected. To Whom Sent. Remaribs. 7 I R. M. Bartlett.. 900 Lewis R. Morris. Lafayette Bk., Cin. Passed 10 Peter Aiken. 475 Jacob Hoornbeek. Moss Bros., Sand.. Passed MIvdarch. April. 15 Handy, Gillett& Co. 1500 J. eria.. Duncan, Sh. & Co. Passed =JZay. 16 R. M. Bartlett. 2000 J. B. Meriam.. Lafayette Bk., Cin. Passed 32 J. H. Goldsmith. 2000 E. R. Felton.. Far. & M. Bk., Det. Passed 33 Jas. Madison.. 1500 M. B. Scott... Lafayette Bk., Cin. Passed 34 Jas. Smith... 700 D. P. Eells... Moss Bros., Sand.. Passed 45 Chas. Jones....* 50 Geo. A. Crocker. Exch. Bk., But. Passed 323 FOREIGN DISCOUNTS. June, 1862. No.1 Payer. Amount. - To Mhom Sent. Remarks. 26L M. B. Scott... 1/10000 x Exchange Bk., Buffalo... Paid & Entered 27 R. M. Bartlett... / 3000 / Lafayette Bk., Cincinnati.. Paid & Eant. 28 Geo. M. Penn... / 5000 B/ Burkam & Sons, Chicago.. PAid & Eat. 29 A-ustin Packard... / 3500 1/ Duncan, Sh. & Co., N. Y... Paid & Ent. 31 i Woolson & McFarland. / 3000 / Burkamn & Sons, Chicago.. Paid & lnt. 33 Barnaby Rudle... /10000 / Duncan,- Sh. & Co., N. Y... Paid & Ent. 37 John R. Peln.. 6000./ Duncan, Sh. & Co., N. Y.. Paid & ELlt. 44 J. G. Deshler. /.. 15000 / Burkam & Sons, Chicago.. Paid & Ent. 45 R. C. Spencer.. / 3500 / Farmers & Mechs.' Bk., Det. Paid & Ent. 48 E. R. Morgan.... 4000 / Franklin Bk., Columbus.. Paid & Ent. July. 30 W. D. Packard... 4000 /Burkam & Sons, Chicago.. Pd. & Ent. June 34 Smith & Nixon... 6000 Lafayette Bk., Cincinnati 36 H. D. Stratton... 7500 Franklin Bk., Columbus 39 A. Stager.... 7000 Exchange Bk., Buffalo. 42 Jonathan Gillett... 7000 Dlucan, Sh. & Co., N. Y. 46 |William Smith... 7000 Bank of Capitol, Albany 52 Phillip Seaton.. 5000 Exchange Bk., Buffalo 58 E. R. IFinney... 600 Iron City Bk., Pittsburg.1. _ 1 _ _ _______ __ __. August. 56 W. H. Woodbury.. 6000 Lafayette Bank, Cincinnati. 62 William Gray.... 900 Duncan, Sh. & Co., N. Y.. 63 E. W. Mason. 1500 Duncan, Sh. & Co., N. Y.. September. 54 ThomasJones.. 7500. Duncan, Sh. & Co.,N. Y.. 57 W. T. Sherman... 1 3750 Girard Bk., Philadelphia 60 John Pelton... 1800 Burkam & Sons, Chicago 324 TICKLER. COLLECTIONS. June, 1862..No. | Payer. Amozunt. I or Whom Collected. To Whom Sent. Remarks. 35 Solomon Jones.. 3000'. H. Clark Tol. Br. Bk., Toledo Passed 37 Thos. Smith... 750 Duncan, Sh. & Co. Farm. Br. Bk., Ash. Passed 38 J. Rhoades.. 900 Duncan, Sh. & Co, Lorain Bk., Elyria Passed 39 WVm. HI. Beebe.. 1200 Duncan, Sh. & Co. Laf. Bk., Cincinnati Passed 43 Abram Van Wyck 1750 J. R. Penn... Dune., S. & Co. N.Y. Passed 46 Walkden & Co.. 1 2000 Geo. M. Penn.. Tol. Br. Bk., Toledo Passed 49 C. B. Stout... 500 Jas. W. Lusk.. Laf. Bk., Cincinnati Passed 60 J. C. Bryant.. 1500 H. D. Stratton.. Lorain Bank, Elyria Passed 53 Daniel Slote.. 750 Duncan, Sh. & Co. Franklin Bk., Col. Passed 66 A. C. Taylor.. 500 Duncan, Sh. & Co. Toledo Br. Bank Passed 58 Hiram Newell.. 350 M. B. Scott... Exch. Bk., Buffalo Passed 61 J. G. Fox.. * 750 W. H. Clark.. Toledo Br. Bank Passed 63 James Sweeney. 500 John S. Woolson. Exch. Bk., Buffalo Passed July. 57 S. S. Pomroy.. 2500 M. B. Scott... Exch. Bk., Buf 62 Robert Smith.. 1200 John S. Woolson. Exch. Bk., But 65 Jacob Hoornbeek. 600 Laf. Bk., Cincinnati Moss Bros., Sand'y iii! I I._. _AtUgust. September. :1. PASSED COLLECTIONS. asse. N. Ce.' By Whom Collected. OnR Whose Account. Amount. Col.&Ezx Proceeds. Ck..Passed..~oi k..........'.....................~~~~~~~~~~. x-..~-.....................-........... ii~~~~~~~~~~~~~~~~~~~~~~~~ Feb. 4 Ourselves Duncan, Sh. & Co. (3000 s0 2970 V 5d ado. W.H. Clark 1500 1500'1 LC Banki Min. L.. orris 900 2 25 897 75 10 V/ oss Bros., Sand'y J. Hoornbeek 475 I 19 473 81 875 8 9 $/33 44 5841 561 i__ - _ is....:... Mar. 1 Ourselves Duncan, Sh. & Co. 1500 15 1485 6 do. W. H. Clark 2000 2000 8 do. L. R. Morris 500 500 1 9 do. J. Toornbeek 1200 1200 11 do. Duncan, Sh. & Co. 2500 25 2475 13 do. Duncan, Sh. & Co. 6000 60 5940 V 13700 tV100 13600 Apr. 2 Ourselves Duncan, Sh. & Co. 2000 20 1980 1 3 do. Duncan, Sh. & Co. 2500 25 2475 1 12 do. Duncan, Sb. & Co. 3000 30 2970 / 14 do. W. H. Clark 3000 3000 / 17 1 do. Laf. Bank, Cin. 6000 6000 / 18 do. Laf. Bank, Cin. 3000 3000 V 19 do. L. R. Morris 3000 3000 / 20 do. L. 11. Morris 1575 1575 V 21 do.,J. Hoornbeek 1250 1250 15 Duncan. Sh. & Co. J. B. Meriam 1500 1500 / 26825 j j' 26750 i.......,1 may 23 Ourselves Duncan, Sb. & Co. 3500 35 3465 24 do. Duncan, Sh. & Co. 1000 106930 25 do. Laf. Bank, Cin. 1750 1750 / 26 do. Burk & Sons, Chic. 4000 4000 V 27 do. Burk & Sons, Chic. 3750 3750 / 29 do. E. G. Folsom 1500 1500 4/ 30 do. Exch. Bk, But 1000 5 995 / 41 do. J.B. Meriam 750 750 V 42 do. J. B. Meriam 900 900 V 48 do. Jas. W. Lusk 2000 2000 V 16 V Laf. Bank, Cin. J. B. Meriam 2000 5 1995 / 32 F. & M. Bk., Det. E.R. Felton 2000 15 1985 33 Laf. Bank, Cin. M. B. Scott 1500 3 75 1496 25 V 384 Moss Bros., Sand'y D. P. Eells 700 1'5 698 25 V 49 Exch. Bk., Bur. Geo. A. Crocker'150 750 33100 135 50 1 32964 50 1 t]~ —C-~ —-- i. —~-~- i.-~-. I — I ______ Ill - 1~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ PASSED COLLECTIONS. Prsd il W7o lecd I IF- -— ~S 1` —I —-~ —1 Whenz WhPassen N. NW. C By W7o Collected. On W7ose Account. Amount. Col.& Ei. Proceeds. Ok. Pas-sed. _ _____ - I June 2 22 Ourselves Duncan, Sh. & Co. 5000 60 4950 I/ 31 i do. Franklin Bk., Col. 750 750 t/ 44 do. John R. Penn 7 000 7000 / 47 do. Geo. M. Penn. 1500 1500 / 66 do. Exch. Bank, Buf 700 3 0 696 50 / 67 do. Exch. ]3ank, Buf. 3500 17 60 3482 60 / 68 do. Geo. M. Penn 600 600 / 35 V/ Toledo Br. Bk. W. H. Clark 3000 7 50 i 2992 50 i/ 37 Far. Br. Bk., Ash. Duncan, Sh. & Co. 750 9 38 740 62 38 V Lorain B., Elyria Duncan, Sh. & Co. 900 11 25 888 5 75 39 1 Laf. Bank, Cin. Duncan, Sh. & Co. 1200 15 1185 i 43 / D., Sh. & Co., X. Y. J. R. Penn 1750 1750 / 46 V Toledo Br. Bk. Geo. M. Penn 2000 5 1995 / 49 4/ Laf. Bank, Cin. Jas. W. Lusk 500 1 25 498 75 / 50 V/ Lorain Bk., Elyria 1H. D. Stratton 1500 3 75 1496 25 / 53 V Franklin Bk., CoL Duncan, Sh. & Co. 750 9 38 740 62 |/ 56 / Toledo Br. Bk. Duncan, Sh. & Co. 500 i 6 25 493 75 1/ 58 Exch. Bk., Buf. M. B. Scott 350 350 V 61 V Toledo Br. Bk. W. H. Clark 750 1 88 48 12 / 63 V Ech. Bk., Buf. John S. Woolson 500 -.5. 00_ 33500 4_/141 1 64 33358 36G ADDITIONAL AUXILIARY BOOKS. INDP IVIDUAL LIAIILITZIS. -~ ______ B 3. _B. _ ~yant. When 2Vo.'Discounted i a Liable as Ll WOies Liabl iabe en Due. jRemark& Discounted. No Other Parties Liable for Him._. Payer. Endorser. Jan. 1 1 Wright G. & Rawson M000 5000 Mar. 5 Paid Mar. 1 18 W. B. Ogden 12000 May 5 Paid May 1 45 R. C. Spencer 3500 June 12 Paid May 1 46 William Smith 7000 July 3 June 158 E. R. Finney ___ I 600 July 12 I. D. Stratton._ Jan 1 2 Peter Cooper I4000 IMar. 5 Paid Mar. 1 19 D. Appleton 3000 M ay 3 Paid Apr. 1 28 Geo. M. Penn 5000' June 2 Paid May 1 36 H. D. Clark 7500 July 3 James WvV. _Lusk. Feb. 1 5 John R. Penn 2500 2500 Apr. i18 Paid Mar. 1 10 Clafflin, M. & Co. 4000 I Mar 1 16 Paid Mar. 111 M.B. Scott 6000 APr. S Paid ____ _____ LP n 60jj 20;A ri. _. j. _. ____~ F eter Cooper. _ _ -- __ Jan. 1 2 H. D. Stratton 4000 i 5 Praid Apr. 1 22 Wilson G. Hunt 15000 pJune 26 Paid -May 1 37 John R. Penn 6000 Juue 28 Paid ___~ _ - ____ ___- d - I I i.~~~~~~~~~~~~~~~~~~~~~ Feb. 1 6 D. P. Eells 1600 May 24 Paick Mar. I 1 15 Parker Han 7000 Apr. 19 P.aid Apr. 1 23 N. C. Winslow 7000 June 2 Paid May 1 47 H. B. Tuttle 10000 June 8 Paid May 1 48 E. R. Morgan 4000 June 17 Paid M~~y 48 E.R. M~~organ 4:000 June 17 Paid June 1 51 Edward Savage 1500 Sept. 1 June 1 54 Thomas Jones 7500 Sept. 3 June 1 55 Jacob Harrison 1500 Aug. 3 Charles H-icokox. Feb. 1 8 Jacob Hinds 700.0.. Apr..6 Paid Mar. 1 16 Jas. Armstrong 3000 Apr. May 1 41 J. Kennedy 1500 1500 July 27 May 1 42 J. Gillett 7000 7000'July 2 3128 II t _~;,.._!_._. L~ ~-~.-...;.,.. — -I.,~g8I ADDITIONAL AUXILIARY BOOKS. CASH B O O. Jan. 1. Feb. 1. March 1. - April 1. fay 1. June 1. 1 - - __ _ __.. __> _r_ - City Bank Notes 36700 62817 72119 69175 85960 75060 State " 12750 25600 27150 37240 22710 38700 Eastern" 4283 5617 12300 13720 12900 19850 W estern " 7508 8759 17916 12916 7618 15825 Checks, etc.. 1500 5500 10130 14125 50 500 12000 Gold... 6900 7418 7340 8725 7510 8900 Silver... 3712 90 3594 15 1 4719 25 3627 50 4460 35 5792 33 Pennies. 398 95 699 98 170 94 416 02 564 87 679 45 73752 85 119905 13 151845 19 159945 02 142223 22 176806 78 STOCI L D GE R. I-I. D. Stratton. 1 1862 _- |Jan. 1 100 Shares, 1st Instl. 6000 2d Instl. 4000 July 50 Shrs.from H. B. B. 5000 July 1 150 Shares @ $100 15000 IH. lB. ]Bryant. 2 June 1 50 Shares to H. D. 5. 5000 Jan. 1 100 Shares, 1st Instl. 6000 July 1 50 Shares 500,0 1May 1 2d InstL. 4000 I I100 110000 1 111_100 10000 100 10000 ~July 1 50 Shares, @ $100 5000 TRANSFER BOO Io.F.'June 1, 1862. $ l, dnleim l {b,, /"6'2.' 2 H. B. Bryant, Dr. Ai a l ae leceee J We p aw/ I 1 H. D. Stratton, Cr. 31.'p. " anal CD /...' 50 Shares ( $100 ie ~;l 5e yd / Capital Stock of the NO. OF CERTIFICATES. iO.' OF CERTIFICATedeS. | Commercial College Bank,,diZ.2/ ~. I Issuzed. IRedeeied.ll I -v ale, Z,, 5~If. 5~.'~. *. L.,Z7 I ~ I o c i vade, ieceei/ 4 e 3im c... I. I -lsb......,4r~'_~ —-— ~- /,4 ana' -e I'edv' I I1 —-- a' I 11 ~9tCapital Stock of the CRTIFICATqB RdeSmed. Commercial College Bank,/d~4na "Is |eed. Redeem~ed. l ftavle a- a D } 9 aZ l In' 329 ADDITIONAL AUXILIARY BOOKS. OWBlZRING BOOK. OFFERED, FEBRUARY 1, 1862. _o.:By ______ __fer. te to No. By Whomr4 Offered. Payers and Endorsers. Time to Amount. Av. Bal. Remark. 3 Alonzo Mitchell A. J. Comstock 33 ds. 5000 5000 A. 4 Alonzo Mitchell N. Bidwell, William Cook 43 ds. 3000 A. 5 Jas. W. Lusk John R. Penn 76 ds. 2500 3000 A. 6 John Driscoll Heman Barker 63 ds. 4000 R. 7 E. R. Felton T. P. Handy, D. P. Eells 112 ds. 1600 3800 A 8 E. R. Felton Jas. Richards 63 ds. 3500 A. 9 Thos. Barrows H. Emans & Co. 90 ds. 5000 R. 10 M. B. Scott Chas Hickox, J. Hinds 64 ds. 7000 2800 A. 11 Horace Mahew James Earl 79 ds. 3500 R1 $ TA T E M F X? T BOO E. SEMI-MONTHLY STATEMENT.. Discounts on Bills of oher DSueci. Fir n. Due t.____. Date. Hand. Banks. Banks..pecie. irclation. os Jan. 1 9000 34841 11011 85 29953 35 Feb. 1 31600 75676 11612 13 35000 64294 Mar. 1 64100 102316 12230 19 35000 144667 1 56 Apr. 1 95100 107576 12768 52 35000 180583 31 May 1 1 174000 101228 12535 3 22 35000 203111 17 Jue 1 L99050 123575 15371 18 35000 223535 11 QUARTERLY STATEMENT,* JUNE 1, 1862. -_e~ar Resources. -11. 1 Liabilities.1. Loans and Discounts... 99050 1. Capital..... 200000 2. Overdrafts....... 2. Circulation Registered, $35000 3. Due from Banks... 140850 25 Less Notes on hand, 25860 4. Due from Directors, $7500 Leaves Outstanding Notes. 9140 5. Due from Brokers, 88137 90 3. Profits.4946 92 6. Real Estate..l 4. Due to Banks... i7. Specie. 15371 78 5. Due to Individuals and Cor8. Cash Items, viz.: Chlecks, etc. 12000 porations other than Banks 9. Stocks, $36400; Treasury and Depositors Notes, $9800 46200 6. Due State Treasurer 0. Bonds and Mortgages. 0 7. Due Depositors on Demand 223553 11 11. Bills of Solvent Banks. 123575 8. Amt. due not included under 12. Bills of Suspended Banks either ofabove eads 13. Loss and Exp. % (Fixtures) 575 437622 03 11 1 437622 03 ~ Form prescribed by the Banking Laws of New York. 330 FORMS OF BANK PAPER. CERTIFICATE Or IS-TOCE. nneimmardIa CtJIoti anh.:~ oe ~ ~A ~ ~ ONE HUNDRED DOLLARS I $l~' Iz m | Z6n 6i C j,& alla1lt. K aS | i~eeg C{/?>4ete4'g/ da'd/ A AR X. CERTIFICAT3E 0 DEPOSIT. 3q -9 C E (R1 T E D C HE A X. {X1 $3tt) Commtxtiat doffrft yanh. #....,................ = _ =_ )ez ao~si 1 g DNR $ )- -gS 1.pW <,ba F f.Rs FORMS OF BANK PAPER. BANK DRAFT. ~ _-_ r'. 2,'. 0 c..j 6,-i ca ( t1 MM ezde1,~~~. Q. 6 ~~I, Cashier! iiWgmT;$4c41A Ie/W d. ) /J 2. ~~1f~~~i fi ti715"5tJ 9 7 S tem.0} 1 51. ~ g,~~~~~~~~ 1 A5hi,>g ag ~a/.. un| @2 | LC)L g9, 4geeria 1g1~~~~~~~~~~~~~. tS.a.p AP I 13f $%46:2 t9 RI ~-JE~~~f _; 33ta B* —~O 1Cd",< - h- -. — 1-' FORMS OF BANK PAPER. COLLATERAL NOTE. a, $%'/e n i_. ane, 4 i,/m /. ad tdl'$ia/Daece/ leZ eM ae eLk. Za / /le m W,1 ( 11 ccz/e 3At Lh a9$l (6~ ccce eeeQeg M ded.1i dBne' ac4l.t- a lee tR$a $ e, a%4/4{I X / 0a643 e NOTICE TO DRAWER OR ENDORSER. a~... /q,L z w zs, me a,t. $d ao~ tan d ncaaidc/Xeal, 6a, V.C1ad O al fclued/ea7eo-u naon-a,Agy~nenz o/9X z dcamev /awq 4Pen dd/ cz e1inalewzandlec anal g4d 4ea4 SS, {a~1Ph. a (oZ o 1P t>-p~NI ootary Public. ~n M)1. feA2 )1./V~yaid FORMS OF BANK PAPER. PROTEST FOR NON-PAYMENT. rgluitel Itxttr i r lerira, t, #Ftate of Iew favl,! e 4x Iwn amr lAl an 1 U 1- v a17 / Zi i n d eaIc? 02, a! i$~ *IeyaedA ~p~B $aCi~k ~~n~ c s, aa 6 z y> l anV d'VeZ'r2@ Sf el M1_414147 /d Cetoas GdonaX nd'a ed' aymen /i7 w4/ /wIa n4ed' G a ~ ~~"d~a R~ a~a~~na~ma Vf / e,&l / a,(b II,-16-162 c a~Pje GZe2iGGGemeleev /7 m n A~le 4 v.4e / G /Z tee,,d/e, G damve/ a d' eyayea al 4ve- eWlenz, an a/6e daed ameman aned g1a nZ 2 eaid @G aZZ ame-i anda lvle G ZZdevef/alenaldad'Id /d' n2an/ emanAk / IleZ>2/ dGel L/eedf/ an v a! cd c. 4" 4gv g@4 (e vz -~jc neRa e,/a7fi6,1 Z aS2G' / dala" aA iq O leyee~ e.b 4 a A _eF Iwst,8 e,;z lzel ALSA~ay Pete e eZ;e MgaCalA tGa/ee aan GZ aale /ia/efg aana2 vz' aGa u'Sei an end'ige i dafL Kl andig'/ ae/I m cancenela<. atf G' eacL ee, gO ead/a7/, Cc26/d, d'amged, and' na /e'A e nce4ie, i teadazn iX na/emenA K W,2/ wAllei//avae ieelmn/a dwld4nd u ny name, and' aped' 7 dea/a/a~O~cGc L~mvA 9. ~aL, ffotary Publk2. 334 BROKERAGE AND EXCHANGE: EPUACING CASH BOOK, GENERAL LEDGER, STOCK LEDGER, AND BLOTTER; WIT FORmS OF GOVERNMENT AND RAILROAD STOCKS, FOREIGN BILLS OF EXCHANGE, ETC.; WITIH A FEW GENERAL REMARKS ON CURRENCY AND STOCKS, t(,~EIB5BTING THE BUSINESS OF A STOCK AND EXCHANGE BROKER. BROKERAGE AND EXCHANGE. BROKERAGE AND EXCHANGE. TriE exigencies of Commerce and Finance bring into requisition an almost endless variety of middle men, or agents, who, by devoting their entire energies each to some particular line, are enabled to accomplish results with much more certainty and dispatch than would attend the efforts of men equally efficient in other respects, who are not versed in the details of the particular departments for which special agents are properly employed. In fact, the system of agencies or brokerage which so thoroughly pervades all departments of business, is but the natural result of legitimate causes, and is in direct accordance with the established principles of economy. "Jack at all trades, and good at none," is a saying which has a peculiar force when applied to business; and experience has fully shown that the best interests of community, as of each individual member, are subserved by a properly adjusted division of labor. In large commercial cities the necessities of trade have established this principle, and are daily carrying it out to greater perfection and with more complete results. In the city of New York, for instance, there is scarcely any end to special agencies; in nearly all of which the adjustment of compensation-which is usually a pro rata commission on services rendered-is regulated by custom, upon so just and liberal a scale, as to secure ready and remunerative patronage. These special agents are popularly known as "Brokers," the term designating their particular line being prefixed, as: "Produce Brokers," "Cotton Brokers," "Stock Brokers," "Money Brokers," "Custom-House Brokers," etc., etc. The term "Broker," legitimately implies an agent, or one employed to negotiate bargains for another. Such, however, is not the sense as applied to a dealer in stocks and currency-vwhich business is chosen for the following set —for although there are Stock Brokers who do strictly a commission business, by far the greater number do not hesitate to avail themselves of favorable conditions of the market to speculate on their own account. This fact is so well understood as to render necessary some line of distinction; and so we are favored in business dialect with the tautological phrase, " Commission Brokers," which we are permitted to infer means Brokers who are really Brokers. The purport of the following set is to briefly illustrate the business of Currency and Stock Brokerage, as conducted in establishments combining the two. _ CUR RE N C Y,. In its general application, means the accepted medium or standard of commercial values. Who'h the banks of the country were paying their debts in specie-which was also the only legal tender-gold and silver constituted the standard of value, and were themselves currency; but when paper credits were mado legal tender, thus displacing the precious metals from circulation as currency, specie at once appreciated in value, as compared with its paper representative, ceased to be considered as money, and entered into the lists of speculative values, being bought and sold the same as merchandise and stocks. It will at once be apparent that this seeming appreciation of specie is, in reality, but the depreciation of the standard by which it is estimated; and gold and silver being the only common standard of all civilized countries, it would, perhaps, be more truthful to speak of our local currency as at a discount, rather than of gold and silver as at a premium. But whatever the theory, the practical fact still exists that so long as all values are measured by local currency, that currency must be considered as the standard. Thus, while in the United States, Canada currency, which is based upon specie, is at a premium; in Canada, United States currency, which is not at present redeemable in specie, is at a corresponding discount. In fact, such are the necessities of the case, that whatever may be the intrinsic value of any currency, so long as it is the recognized medium of commercial dealings, it must be acknowledged as the standard of all values within its jurisdiction. This view of the case will suggest the fact, that all commodities which are bought and sold, whether having a written or nominal value, such as gold, silver, stocks, etc., or without any such extraneous conditions,.such as merchandise, real estate, etc., are necessarily articles of commerce; and that the currency in which their values are estimated constitutes the cash standard in all local transactions, unless otherwise stipulated. While a depreciated national currency increases the relative value of specie and its representatives, other causes, which have been fully explained in the preceding set, tend to affect the comparative value of the different local currencies. And although this difference is very slight-varying from A to 2%-and does not seriously interfere with its par circulation in the common channels of trade, it is distinctly recognized by the banks, which are the acknowledged umpires of money values. For instance, in the eastern cities, banks will not take 336 BROKERAGE AND EXCHANGE. on deposit western or other funds which are below par value; and as such funds are always to a greater or less extent in circulation, the broker stands ready to purchase them at a remunerative rate, giving bankable currency in exchange. The uncurrent money thus purchased is sometimes sent home for redemption, sonetimes disposed of at a small profit, and not unfrequently paid out at par. The margin on such transactions is necessarily small, but their frequency and extent, in well established houses, render the business on the whole profit. able.* STOCKS. The term Stocks, as used in this country, covers a wide area of signification, embracing almost every species of obligation, from the best secured pledges of national and state indebtedness to the personal " promises to pay" of individuals. The intrinsic value of these pledges depends, first, upon the surety of final payment, and next, upon the percentage of yearly disbursements to the holder. Stocks may be properly divided into two classes, which, for the sake of distinction, we will denominate Interest and Dividend. Interest Stocks are those calling for a certain fixed percentage on' the amount loaned, and are secured either by pledge of the public wealth, or by mortgage on adequate intrinsic value. Of this class are government securities of all kinds, bonds of railroads and other corporations, mortgages on real estate, etc. The only influences -which can effect the value of this class of stocks are the worth of money and the character of the securities upon which they rest. Dividend Stocks are those which call for a dividend of the net earnings of certain enterprises, and are secured by the net resources and earning capacity of such enterprises. Of this class are the shares in the capital stock of railroads, banks, manufacturing and mining establishments, and other joint stock corporations. They fluctuats in value according to the pecuniary success and prospects of the business which they represent; and as the intrinsic value of all property depends upon its producing power, so the dividends whllich are declared upon these shares-if the same are known to be from the legitimate earnings of the business-regulate, in the greatest degree, their market value. Other influences may force these values out of their proper relations to this test, but if left to their legitimate course, like other commodities, the parallel between earnings and commercial value must hold good. There is, of course, a difference in the value of what we have denominated Interest Stocks, not dependent upon the percentage of disbursements. Such difference must of course be owing to the character of the securities themselves. For instance, when the country was at peace and the national debt inconsiderable, United States Stocks, paying only 6% per annum, were always at a premium of from 1 to 10;%, while the best railroad securities, declaring from 7 to 8%, varied from 1% premium to 10% discount. At the present time the very best government securities, or those paying- the highest rates of interest, command a premium of not over 5%, while the first mortgages on our northern railroads sell at from 5% to 30% premium. It requires but little reflection to assign adequate causes for this state of facts. The government is engaged in a desperate strugglo for self-preservation, and the national debt is accumulating at the rate of over two millions of dollars per day; while the very business of war, shutting up as it does some of the finest channels of commerce, creates an immense carrying trade, which is monopolized by our northern railroads, giving them a degree of financial prosperity never before experienced. Stock dealers, in their relation to the government, may all be patriots of the most approved kind; but in their relation to stock dealing they are simply speculators; and ill that capacity will not hesitate to use the kind of argument best calculated to promote their individual interests. While the war goes on with varied results, the bare possibility of ultimate failure, together with the certainty of an immense public debt, must keep government securities within moderate limits; while the fact that in any event, the railroads will not cease to prosper, will enable the holders of securities based upon them to maintain their superiority in the market. The true basis of value i l Dividend Stocks is, first, the permanent prospects of the association represented, and, next, its real net earnings. The law which makes it incumbent upon banks to publish at certain periods a sworn statement of their affairs, is eminently calculated to further the interests of the public, anid if one colll always be sure that things are called by their right names in those statements, tile process of estimating the value of such stocks would be simple enough. Take an example: At a certain date the net reserved profits in * It is not yet demonstrated what may be the effect of the new National Banking Law, which confines the basis of circulation in all the states to pledges of United States securities; but if it subserve the design of its originators and supporters, the present local currency will be entirely displaced by a uniform national currency, which, although issued and redeemable by local institutions, will be uniformly secured, and hence not liable to those violent and disastrous fluctuations which have so affected the issues of western banks under state laws. With a uniform currency, or a local currency having a uniform basis of redemption, the rates of exchange between different parts of the country can never be excessive, nor subject to extensive fluctuations. 22 337 BtOUKEtAGE AND EXCHANGE. the Chemical Bank of New York were $586,176. and the capital stock $300,000. During the succeeding yeas this bank paid to stockholders a dividend of 12%, and added to the reserved profits $42,056, which is equivalent to 14% of the capital. The net earnings during the year, therefore, were 26% on the capital stock. The question now is, What is stock worth which produces 26%? or what is its value as compared with money? The first thing be to ascertained, then, is the value of money, which, by reference to quotations at this time, we find to average about 6~%. We have now a simple problem in proportion, viz.: If one dollar produces 6~ cents, how much will be required to produce 26 cents? The solution is as follows: 61: 26:: 100: 400. Or, 26+ 6 =4. The answer is: One dollar in Chemical Bank stock is worth four dollars in money; which was the quoted market value of the stock at this time. Another example: The Atlantic Bank at the same period had a reserved profit of $14,642, and a capital stock of $400,000. During the year the bank declared a dividend of 7%, which reduced the reserved profits $8,430, being a little over 2% on the capital. The net earnings of the bank, therefore, were a little less than 5%, say 41. What is the value of the stock? Solution as before: 6'-: 43:: 100: 13. Atlantic Bank stocks were quoted at 70, which varies but slightly from the above result. While it is true that upon a basis of this kind the approximate value of a large portion of the current stocks may be ascertained, the parallel will not hold good in all cases. For instance, many of the railroads were paying annual dividends of from 7 to 8%, whose stocks ruled no higher than 80%. The reason for this discrepancy between dividends and market value can exist only in a lack of confidence in the management and prospects of the corporations. It is known, in fact, that railroad dividends are often declared without reference to earnings, for the purpose of giving a fictitious value to the stocks. Of course, when such is the case, money for this purpose has to be borrowed, and must eventually be paid. So reckless have some railroad companies been in these matters, that the original stock, which by prudent management and a persistent course of honesty toward the public might have been kept at a low rate of discount, if not at par, has been run down to zero, carrying with it. of course, all securities based upon it. There are various ways of " cobking up" the financial affairs of a large corporporation, so that those who have no means of knowing the intrinsic worth of what are called its "resources," may be easily deceived. Nothing is more deceptive than an ingenious array of sober-looking figures. Efforts have been made by the various state legislatures to infuse a little leaven of honesty into joint-stock associations, by obliging them to make periodical statements to the public of their financial condition, but such enactments, though serviceable in many ways, afford no absolute guaranty. It is a difficult matter to legislate men honest, and corporations are certainly no better in this regard than individuals. We have given in connection with this set a few samples of government and railroad stocks, copied from the original documents, which may be found useful in giving a definite idea of their character. STOCK BROKERAGE. The Stock business, as it is conducted in the great commercial emporiums-and very little dealings in stocks occur elsewhere-is so intricate in detail, and subject to such a variety of contingencies, as to. require in its elaboration more space than we have at disposal, and more minute investigation into the hidden springs of financial speculation than we have either the time or inclination to make. Neither would the knowledge, could it be thus obtained and imparted, be of essential service to the student of accounts. To become a successful financier. -or, more properly speaking, speculator-requires peculiar qualifications; the first of which we believe to be natural endowments, which no man can acquire; and the next, actual contact with the business itself. There is, perhaps, no subject upon which a greater variety of theories have been evolved; —some of them as finely spun as gossamer, and as evanescent-and none which business men more pride themselves in understanding, than the general subject of Finance; and especially that department which relates to the public weal. Particularly is this true with reference to those measures intended to secure national prosperity. Every man seems blessed with a "private opinion" as to the effect of this or that line of policy-one reasoning to an inevitable'conclusion that if certain plans are adopted, the country will instantly hasten to financial ruin; and another, with quite as formidable a display of logic and erudition, arriving at the very opposite result; while equally earnest and infallible guides take up positions at every possible resting-place between the two extremes. The practical financier is, in this sense, no theorist. He must have, it is true, intelligent and well settled views upon all the great questions of the day, political and otherwise, which have a bearing upon his particular line He is, or should be, a careful observer of all public movements calculated, either immediately or remotely, 338 BROKERAGE AND EXCHANGE. uE anTec tne interests ot the people at large; and is usually prepared to estimate the effect of such movements apon the various classes of securities in market. His mind is quick and comprehensive, enabling him to act with promptness and discrimination; while his convictions are so certain and tangible as to admit of no hesitation in following them out. True, he may fail, but failure does not discourage him. Like a true general, he looks well to the chances before entering upon an engagement; but when once fairly in the fray, he turns neither to the right nor the left, but presses straight forward. If a line wavers, he strengthens it; if a column gives way, he redoubles his vigor to overcome the disadvantage; and if, with all his efforts, disaster still comes, bringing with it defeat, he does not, like a timid foe, lie tamely down, giving up all for lost, but with what wreck he may gather from the strife, he pushes for safer shelter, congratulating himself that if he bears no other trophies from the field, he has won the guerdon of experience, which will be invaluable to him in all future contests. No one will attempt to deny that speculation in stocks, even under favorable circumstances, is extremely hazardous; neither will any one, careful of his reputation for plain speaking, pretend to say that unworthy means are not often resorted to, for the purpose of forcing securities out of that healthy relation of supply and demand which, in theory at least, regulates all commercial and financial dealings. With this we have nothing to do, except to recognize it as a general fact; but were we permitted to arrange the good and evil in this matter on opposite sides, with reference to the effect upon public interests, we think it would not be difficult to show that the benefits resulting from systematized operations in public securities, thus bringing them to notice and creating a demand for permanent investments; stimulating public and individual enterprise, and giving healthy circulation to the nation's wealth, will very far outweigh any temporary evils to which individuals resort for their own aggrandizement. Besides, with all the opprobrium which has been heaped upon the business of stock dealing, causing it to stink in the nostrils of the public as a species of legalized gambling; throwing distrust upon quotations as in no wise indicating true values; the fact cannot be denied, that there exists no more faithful barometer of the financial condition of the country than the daily stock quotations. It is true that powerful combinations and adroit misrepresentations, by creating temporary scarcity or glut in the market, and filling the public mind with undue apprehensions, or exciting to unwarrantable hopefulness, may for a time disturb the healthful equipoise; but such disturbances are necessarily brief, and the evils which they engender, so often " like curses come home to roost," that the antidote may be said to go with the poison. Besides, the directly opposite interests, -which are so differently affected by every fluctuation, secures a vigilance in the matter which renders deception for any-length of time impossible. So, even the very outrages on decency and public morals, claimed to be inflicted by mythological " bulls" and "bears," may, like countless other evils to which flesh is heir, prove an ultimate good; and the vigilance induced by a sense of self-preservation, constitute the great bulwark and defense of national as well as individual prosperity. The most reputable among the stock-dealers are members of the Stock Exchange, a regularly organized association, having for its purpose the bringing together of the two great classes of dealers-buyers and sellers, and embracing features of mutual protection and benefit. This association holds semi-daily sessions, and controls nearly all the operations of importance in the stock market. Its transactions serve as the basis of quotations, and regulate the rate of all classes of securities. The "regular" way of concluding sales of stocks, gold, etc., is to deliver and receive payment therefor on the day succeeding the contract. Often, however, the buyer or seller is allowed three days in which to fulfil his part. When this margin is allowed, and the fulfilment of the contract is claimed on any day previous to the last, notice must be given to the other party before two o'clock of the day chosen. " Cash" sales are deliverable and payable on the day of sale. To sell " short," is to sell without at the time owning the property sold, expecting to purchase before the date of delivery at favorable rates. To sell " flat," is to waive all considerations of commission or accrued interest; simply selling the stocks themselves at a given rate. Stock Brokers frequently advance for parties who commission them to purchase and hold stocks. When this is done, a small deposit is usually required, which is discretionary between the parties, and is intended to cover any contingencies of depreciation. The stocks themselves are held as collateral security for the loan, upon which the regular rate of interest is charged. The uniting of Currency Exchange with Stock business is not practiced to any great extent in the more important houses. That they are thoroughly compatible, however, will be evident to all. It will be necessary to mark the distinction which we have drawn between money and stocks, and to notice the difference in their treatment. That which passes as currency in any part of the United States we treat as cash, counting it as such in making up our cash items at the close of the day. Gold, Silver, Canada and Sterling currency we treat as stocks; they having passed beyond the precincts of our own currency. In purchasing and selling uncurrent funds, the margin of profit or loss needs particularly to be noted; and as a formal entry of purchase and sale would be quite out of taste and unnecessary, we simply indicate each little discrepancy in a kind of memorandum-book, called a "Blotter," which is fully explained hereafter. 339 BROKERAGE AND EXCHANGE. _ ___THE BOOKS AND THEIR USE. In prescribing the forms of entry for the various departments of business represented in this treatise, our plan -has been, first, to examine the forms of the best houses, and selecting such as, in our judgment, were best adapted to the purpose, with such improvements of our own as the exigencies of the case seemed to suig-est, to arrango the whole into such a system as would be best calculated to subserve the purposes of an economical and satisfactory record. In the business before us there is little chance to display ingenuity; and no necessity for a large number of books, with an intricate system of counter-checking. Tle transactions are exceedingly simple and monotonous; and, after the first two or three entries are completed, the student will be able to proceed with little or no assistance. The forms are simple and direct, having very few marked peculiarities; and are quite sufficient for the most extensive business of this kind. The main book of entry is THE CASH BOOK, which differs in no essential particular from ordinary Cash Books, except that, like the Debit and Credit Journals in Banking, it contains all the entries that go to the Ledger, rendering unnecessary any other book of original entry. The difference between the two sides of this book showing the cash on hand, it has not been deemed necessary to open any Cash account in the Ledger. In taking a Trial Balance, the cash on band will need to be included. THIE GENTERAL LEDGER contains all the accounts of the business except Cash-which has been omitted as explained-and the accounts of the various Stocks; which, owing to the necessity of some slight peculiarity in the ruling, appear in a separate book, called THE STOCK LEDGER, but which really is a part of the General Ledger, and may be so kept if desired. We wish to call particular attention to the convenient arrangement of this book; believing, as we do, that the improvement which we have suggested, embodying a complete and perpetual inventory of unsold stocks, with the regular account of cost and proceeds, will commend itself to all practical men. THE BLOTTER is an indispensable book to the dealer in currencies, and is the principal book of entry in a simple Exchange business; Its real office, as will be apparent, is to mark the discrepancies between the amount of cash received and paid out in each currency transaction. The book in this connection is rather more formal than is usual; but not too much so for intelligent record. The columns " out" and " in" are sufficiently suggestive; and it will require no great shrewdness to see that the difference in the footings of these columns will exactly tally with the increase or diminution of cash from the exchanges thus recorded. This discrepancy is carried as a loss or gain to the Cash Book each day, and thus preserves the character of this book for showing the balance of cash on hand. Aside from these regular books of entry, the dealer carries a ME~ MORANDUM 13BOOK, in which are entered the conditions of sales when effected, and such general facts as are necessary to a full un. derstanding of the transactions. The entire work as represented, comprises but six days' business, and is intended to show the ordinary daily operations of a medium establishment. As this limited period will not allow for the fulfilment of "time" sales, the business is restricted to cash transactions. In rendering the inventories of unsold stocks and accumulated interest, we have reckoned them at their actual worth according to the quotations. This plan will enlable us to show a gain on stocks by a rise in the market, as well as by actual sales; a feature which every student should well underst lnd. We are well aware that Exchange Brokers not unfrequently connect with their business the features of Discount and Collection, already so thoroughly shown up in the previous set. As the student will need no further instruction on these points, we have deemed it unnecessary to repeat them here. For similar reasons we have omitted to include in the transactions any thing relating to the expenses of conducting the business. 340 NARR RAT IV E. NARRATIVE. MrIonday, rMarch 2, 1063. —Commenced business -with $150000 cash capital...... 3o't $2000 Illinois currency, 6 2% discount...... Beo't $1000 Kentucky currency, a@ 7%2 disc...... Bo't $2000 Canada currency, t $1 L3; 1500 do., G $1 Ic-. P..... Bo't $10000 Uo S. Registered 6, 1881, at par: Accumulated interest on same firom Nov. 1, 1862, $ —. R... Rec'ed from HI. R. Munger $10000 on deposit, to be invested as per future advice...... Sold $1000 Illinois currency, at 11% dilsc....... Bo't $15000 U. S. Coupon 6% 1881, ( $1 02: Interest on same froom Jan. 1, $ —-*..... o't $2500 Missouri currency, G 2% disc...... Bo't for H. R. MIunger, per instructions, $8000 N. Y. C. R. Ir. stocks, G $1 18s Our commission, -% on amount invested. Tuesday, 3.-Sold $2500 Canada, GD $1...... Bo't $3500 NT. Y. State currency, G I disc...... Bo't ~2000 Baltimore currency, (D 1% disc..... rec'd of S. S. Packarc on deposit, $20000..... Bo't $10000 Delaware and Lackawana 1st Mortgage, 3.I i2, flat,...... Sold $10000 U. S. Reg. 6,,'81, ( $1 01: Interest from Nov. 1, 1862, $ --...... Sold for J. E. Jenkins $20C00 N. Y. and E. R. R. 5th Mortgage, 1888, @ $1 07, cash; for which we credit him less our {~ commission1. Bo't $10000 G old, ~a $1 65...... Bo't for S. S. Packard, as per advice, $15000 Cleveland & Toledo R. r. Stocks, (@ 94L: Our commission on same, ~%...... Bo't $5000 N. Y. State currency, 6 -1,% disc....... Bo't $3000 on State Bk. Indiana, @ 4% disc. Sold $2500 Missouri, @, 1, disc.; $1000 Kentucky, disc...... Sold for I-. D. Stratton, $15000 N. J. R. R. Stocks, G $1 m5, clnsh; for which we credit him less our -% commission. tWednesday, 4.-Bo't uncurrent money as follows; $1000 Wisconsin, ( 1-~ disc.; $900 Michigan a 1% disc.; $500 Missouri, ~ 2, disc.; $300 Indiana, Gh 2% disc....... Paid J. E. Jenkins, cash in fLll of %, $-......Sold for H. RI. Munger, $15000 Gold, @ $1 0i, cash: Credited him anlount less our 1% commission...... Bo't $15000 7f. Treasury Notes, ( $1 01: Accumulated interest from Nov, 1,'62, $ —...... Sold for J. E. Jenkins, $25000 Michigan Coupon Bonds of 1888, $1 0', flat: Credited him anioult less our 1% commission...... Bo't $3000 Wisconsin, @ 1- disc..... Bo't Sterling Bill of Exchange for ~2000 (M $1 78s......B3o't for J. E. Jenkins, $50000 Gold, 0 $1 6t: Our commission, by special arrangement, J%....... Sold $4000 Wisconsin, 0 1% disc...... Sold for Geo. A. Reed, $15000 N. Y. & Erie (preferred), @ $1 02: Remitted amount, less our 4% commission..... Sold $1000 Canada, ~ $1 55...... Bo't $15000 Gold, @ $1 6j. Sold $3000 State Bk. Indiana, ( 21% disc...... Io't for II. R. MIunger, $10000 Panama R. R. Stock, 0 $1 m9l: Our commission, -%...... Sold $25000 Gold, Q $1...... Bo't $25000 U. S. 1 Yr. 6% Certificates, Q.1 01: Interest accumulated as follows: $5000 from Jan. 1,'63, to date, -—; $10000 from Jan. 15 to date, $ ——; $10000 fiom Feb. 1 to date, $ —-...... Sold $10000 Delaware & Lackawana, S $1 25..... Paid HI. D. Stratton, cash in full of, $-....... Sold ~2000 Sterling Exchange, ~Z $1 8...... Sold for Culver, Penn & Co., $15000 N. Y. C. RI. R. Stocks;j $1 20: Credited amount, less j% commission...... Paid Culver, Penn & Co.'s draft on us of $10,000 favor of II. B. Bryanqt. Inventory, March 4. Interest on U. S. Coup. 6, 1881................ 150 42 U. S. 71o Treas. Notes................ 369 " U. S. 1 Yr. 6% Certificates.............. 184 93 704 35 U. S. Coupon 6%,'81, 15000, 1 0.................. 15450 U. S. 7',1% Treasury Notes, 1500, 1............... 15600 U. S. 1 Yr. Go/ Certificates, 25000, 1.............. 25250 NARRATIVE FOR TIHE STUDENT. TO BE CONTINUED IN THE SAME BOOKS. Thursday 5. —Sold $1000 Illinois, DE 1l% disc....... o3't $7500 N. Y. State, 1% disc...... Sold $15000 U. S. 6% Coupon, @, $1 04l: Interest on same from Jan. 1, $ —....... 3o't for S. S. Packard, $10000 N. Y. & E. 1st Mortgage, 1868, ( $1 21: Our commission, 1%...... Sold for Frederick W. Warner, $15000 Gold, (D $1 G71: Our commission,...... Io't $2000 Missouri currency, G 2% disc.... Bo't $3000 Wisconsin X Interest on Government Stocks is always computed at the rate of 365 days to the year. t The quotations of sterling currency are always based on the exchange value of the pound sterling, which is $4 444. To compute the value of sterling currency at any given rate, reduce it first to federal, at the above standard, and then proceed in tl;h usual way. 341 NARRATIVE. currency, ( 1% disc...... Sold $300 Indiana, @ 1% disc...... Sold for J. E. Jenkins, $20000 Cleveland & Toledo R. R., ~ 95~: Our commission, j...... Bo't $7000 Canadian currency, @ $1 51..... Bo't $25000 U. S. Coup. 6%, 1881, 0 $1 01: Interest due on same as follows: on $5000, from Nov. 1, 1862, $ —; $10000, from Dec. 1, 1862, $ —; $10000, from Jan. 1, 1863, $ —...... Sold $900 Michigan, t 4% disc...... Bo't uncurrent funds as follows: $1000 N. Y. State, 4% i% disc.; $3000 Indiana Free Banks, ~ 2% disc.; $4000 Wisconsin, @ 14% disc..... Sold $5000 Wisconsin, 0 1% disc.....Sold for Ira Packard, $5000 Mich. Central Stock, t- 98~$: Remitted him amount, less 1% commission...... Bo't for J. E. Jenkins, $10000 Gold, @ $1 67: Our commission, 4%. Friday, 6.-Bo't Bill of Exchange on London for ~1500, Q $1 76...... Bo't $3500 N. Y. State currency ( ~% disc...... Bo't for H. R. Munger, $6000 N. Y. & Harlem, preferred, ( 78: Our commission,...... Sold for Chester Packard, $10000 La Crosse Land Grants, ( 31~; Remitted him amount, less our 4% commission....Bo't uncurrent money, as follows: $2000 Free Indiana, ( 2% disc.; $1000 Michigan, @ 1% disc.; $2500 Iowa, 4% disc...... Bo't $20000 Gold, O $1 67..... Bo't for F. W. Warner, $15000 Cleveland & Toledo, t 95;: Our commission, b4%...... Bo't $15000 U. S. 1 Yr. 6% Certificates, @ $1 02: Itterest accumulated on same from Jan. 1, 1863, to date, $ —...... Sold $15000 U. S. 71-1 Treas. Notes, 0 $1 05: Interest on same from Nov. 1, 1862, $ —...... Sold for J. E. Jenkins, $17000 Metropolitan Bank Stock, Q $1 04: Our commission, 1%...... Sold uncurrent funds, as follows: $500 Missouri, ( 1% disc.; $2000 Baltimore, ( 4% disc.; $4000 Wisconsin, 0 4% disc...... Bo't for S. S. Packard, $10000 Gold, ( $1 67: Our commission, 4%........ Paid F. W. Warner, in full of his %, per our draft on S. S. Packard, $ —...... Bo't for W. W. Harder, $25000 Galena & Chic. R. R. Stock, @9241: Our commission, 1...... Bo't $30000 U. S. 71-3% Treas. Notes, @ $1 041: Interest due on same from Nov. 1, 1862, $ —...... Received cash of J. E. Jenkins, in full of %, $-...... Sold $20000 Gold, ( $1 6s2.... Sold for S. S. Packard, $25000 Gold, @ $1 6s8: Our commission, 4......Bo't uncurrent funds, viz.: $4000 Missouri, 0 2% disc.; $3000 Free Indiana, @ 2% disc. Saturday, 7.-Sold $7000 Canada currency, ( $1 5....... Paid Culver & Penn's draft on us for $7000...... Bo't $10000 U. S. 1 Yr. Certificates, ~ $1 02i: Interest on same from Dec. 16, 1862, $.....Sold for Culver, Penn & Co., $20000 Pacific Mail Steamship Co., Q $1 67: Our commission, 41......Bo't uncurrent funds, viz.: $5000 New England, ( i% disc.; $4000 New York State, i 41% disc.; $1500 Michigan, ( 1% disc.; $2500 Kentucky, Q J% disc...... Paid S. S. Packard's draft, favor Culver, Penn & Co., for $25000..... Sold $2'5000 U. S. Coupon 6%,'81, 0 $1036: Interest on same, as follows; $5000 from Nov. 1, 1862, $ ——; $10000 from Dec. 1, 1862, $ —-—; $10000 from Jan. 1, 1863, $ —....... Sold $5000 U. S. 1 Yr. 6% Certificates, ( $1 04: Interest due on same, as follows: $20000 from Jan. 1, 1863, $ -; $10000 from Jan. 15,'63, $ —; $10000 from Feb. 1,'63, $ —; $10000 from Dec. 16, 1862, $-....... Paid Culver, Penn & Co., cash to balance %c, $...... Sold ~1500 Sterling Exchange, @ $178..... Sold $6000 Missouri funds, ( 1% disc.; $4000 Indiana, Q 1% disc. Inventory, March 7 U. S. 701 Treasury Notes, $30000, $1 05.............. 31500 Interest on same, from Nov. 1, 1862..... 756~ Statement, March 7.' -'Resomurces. —' l l Cash....i.............. 106987 241 U. S. Treasury Notes.31500 WW.. Harder1500 23120 15 162363 39 Liabilities. —H. R. Munger... 179 29! S. XS. Packard............... 4651 47i 6448 76 et Capita342........ 63 342 BLOTTER. New York, Monday, March 2, 1863. Description,. te. Out. Description. R ate. I. 1000 IllinOis...... 1. 15 2000 Illinois....... 2 40 Bdil. to. B.... * SO i o 1000 Kentucky.. 5! 2500 Missouri....... 2 50 95. 9_ 5 |_ TtnesCJy, 3. 2500 Missouri.1 25 3500N. Y.State...... i. 8'15 1000 lKentucky 2 150 2000 Baltimore.. 20 Bal. to C. B... i. 5000 N. Y. StateI 12 50 3000 Indiana..4... 120 161 25 161 25 IWene ay, 4. t I! __ _._! _ _* j _ ___ 3000 Wisconsin.40 1000 Wisconsin...... 15.000 Indiana........ 21 75 900 Michigan... 1 f500 Missouri... 2 10 300 Indiana....... 2 6 0, 3000 Wisconsin..... 1 2 50 Bal to (... 2 is 0 i - l:!115 iIi 115 CASH NEW YORK, MONDAY, 12 Stock.. 150000 1Stock........Amount invested......... 150000 2 H. R. Munger..Deposit..10000 3 Com. and Brokerage.. R. M. on $8000N. Y. C. R.... 23 60 4 Exchange....... Balance from Blotter... 80 160103 60 il~~~~~~~~~~ 160103 I60 Balance brought down. 119630 65 11 Canada Currency... 2500.1.54.1 3850. 5 S. S. Packard.... Deposit........ 20000 12 U. S. Reg 6 %, 1881 10000 1. 01 10100 6 Interest...... On same from Nov. 1, 1862 200 5. J. E. Jenkins... Sale of New York & Erie Bonds, i f~ ~~~~~ ~ ~20000.. 1.07.. $21400 00 Less~ % Corn. 5350 21346 50I t3 Com. and Brokerage... As above............ 53 50 3 Corn. and Brokerage. S.. s.P. on 15000 Cleve. & Toe... 35 4: 8 HL D. Stratton. Sale of N. J. R. R. Stocks, 15000.. j1.55. $23200 00 Less j % Com. 58 00 23142 3 I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I 3 Corn. and Brokerage As abov........... 58 1 14 Exchange....... Balance per Blotter. 133'5 /8919 /14 198550 39 Balance brought down....155639 95 4 2 H. R. Munger.. S.. ale of Gold, viz.: 15000. l1.661.. $25012 50 Less % Com..6253 24949 971 3 Corn. and Brokerage. As above. 62 53' J.1. E. Jenkins.. Sale of Mich. Coup., 1888, 25000.. l1.02.$25500 00 Less % Corn. 63 75 I 25436 25 I3 Com. and Brokerage. As above........... 63 75 Corn. and Brokerage. J. E. J. on $50000, Gold 102..0.. 3 Com. and Brokerage... Sale of N.Y. & E. for G. A.., 15000.. 1.02.$15300 00 OurCornm..... % 38 25 11 Canada Currency.... 1000155 1550 3 Com. and Brokerae.. H. 1. M. on 10000 Panama... 41 38 15 Gold...... 25000..........l.e.. 42000 14 Del. & Lack. 1st M1ort... 10000........ 125 12500 17 Sterling Exchange... ~2000-=$88S8.S9.. 80.. 1. S 16000 9 Culver, Penn & Co... Sale of N. Y. C. R. R. Stock, 15000. @1.20.. $18000 00 LessI% Corm..4500 1"955 3 Corn. and Brokerage.. As above.......45 140750 63 As above ~~~~~~~~~~~~~~~~~~~~~...... ~] 296390 58 Balance brought down.... 8128 55 3~4 BOOK. MARCH ~, 1863. 11 Canada Currency.... 2000... 1.53 3060 1500......... 1.53 l 2302 50 1 12 U. S. Reg. 6 18S 1... o10o0.....,....oo. i. 10000 6 Interest....... On above, from Nov. 1, 18e62.. i 198 90 13 U. S. Coupon, 6, 1881.. 100.......... 02 15300 Iterest....... On above, from Jan. 1, 18S63.... 147 95 2 R Munger.... soooN. Y.CR.. R. R...... 9440 Our Com. on above, ~ %.... 23 60 40472 95 Balance carried do'wn... I O0 65 l 160103.60 3 14 Del. & Lack. 1st Mort... 10000...... 1...22 12200 15 Gold...............1. 16500 6 S. S. Packard..... 15000Cleve. & Tol...... 94 14175! Our Com. on aboveo,...... 35 44 42910 44 alance carried down..,. 15 5630 95 198550 89s 4 7 J. E. Jenkins.To balance........ 21346 50 1; U. S. 7,si- Treas. Notes 15000... 1.04 15600 6 Interest... On above, from Nov. 1, 1862.. 369 17 Sterling Excllhange;~2000$8SSS.89.....1...78 15822 22 7 J. E. Jenkins.. 50090oooo, Gold......64.1 82000 Our Com. on above,..... 102 50 15 Gold........15000......... 1.65 | 24825 2 II. Miunger.. oo10000 Panama.......1.89 18950 Our Com. on above,...... 47 38 18 U. S.1 Yr. 6% Cert. eo00..... 01 I 2520 6 Interest....... 000 from Jan. 1...... 51.8 10000.' 15.....80.55 10000" Feb. 1.... 52.60 184 93 8 tI. D. Stratton.,.. To balance c......... 23142 9 Culver, Penn & Co... Draft favor II. B. Bryant....... 10000 4 Exchange.... Balance per Blotter.. 22 50 237662 0 Baklance carried clown... 5 28 5 296390 68 I~ --— CII I — 1'' I —1'-1-_845 845 GENERAL LEDGER. 1 Stock. 1 1863. 1863. Xar. 4 oalace. A 2 1 6 5 0 o -far. 2 Amount invested. 150000 " 4 Loss and Gain.. 2165 i60 152165 60 152165 60 __~~ ~~~~~ ~~~ _ ~ ___ K _ _ _ Mar. 4 Balance.... 152165 60 ~52 I-IC,:. R. b Tu. hnger. 1863. 1863. Mar. 2 8000 N Y. C. 1.18 9440 far. 2 Deposit. 10000 Our ~ % Corn.. 23 60 4 Proceeds of Gold. I 24J19 9'7 i 4 10000 Panama 1.891 18950 I is[ Our ~ % Com.. 1 47 38 61 ~J~I~~jCC. I ~f4138 i!i, 34949 9 3494 97 ar. 4.Balance... 6488 99 3 Commission and. Brokerage. 3 1863 1863 H:ra. z4 ILss and Gain.29 95 Aar. 2 I. R. Af. on N.Y. C. 23 60 3 J.E.J. on N.Y. & E. 53 50 S S. P. on Clev. & Tol. 35 44' - H.D.S. onN. J. R.. 58 4 H. R. M. on Gold.. 62 53 J. E. J. on MAich. Coup. 63 75' ".. on Gold.. 102 50 " G. A. It. on N.Y. & E. 38 25' ":H. R.. M. on Panama 47 38 C.P. C & Co. on N.Y.C. 45 529 95 529 5 4 Exchange. 4..... -— ~- ] — l... 1863 1863 Mar. 4 Balance pr. Blotter l 22 50 Afar. 2 Balance from Blotter 8 Loss and Gain. 191 22': 4' " " 33 75 213 75 213'5 i~~ ~~~ 1 —3I-~t I! S. S. Fackard. 5 1863 1863 Mar. 3 15000 Cloy. & Tol. 94. 14175 Mar 3 Deposit. 20000 Our I% Com... 35 44 " 4 alance.. ~ 57 S9 56 20000 20000 Balance...5789 60 346 GENERAL LEDGER. 6 Interest. 6 18G3 1863 Afar. 2 U.S. Reg. 6,'81 198 901 Mar. 3 On U.S. Reg. 6,'81 200 55 i U. S.Coup.6%.6 % B147 95 4 U.,S. Coup, 6%,'81 150 42 4 U.S. 7-% Tr. Notes 369 U. S. 7'd Treas... 39 U. S. I yr. 6 Cert. 184 93 1. S. 1 Yr. 6 % Cert. 184 93 — I... 04...'....... -7',(-)sa ana, G-'-,ain~~~o,, far. 4: Balance... 704 35 17 ___J. E. Jenkins. 7 i863 1863 Mar 3 To balance. 21346 50 -Vafr. 3 Proceeds N. Y. & E. 21346 50 4 50000 Gold.. 1.64 82000 4 Proceeds Tich, Coup. 25436 25 Our J % Cor... 1lace.. l o rn 29 103449 10344:9 Afar. 4 Balance. 56666 25 I-8_. D Stratton. 8 1863 1863 Afar. 3 To balance %. 23142 Afar. 3 Proceeds N. J. R. IL23142 9 Culver, PIenn 8. Co. 9 18Gb~! 1 d~ca~a?2e~.'ii~Tsh s1863 ar. 4 Dft. fav. II. IH. B. 10000 Afar. 4 Proceeds N. Y. C. 17955 17955 11955 1 _____ Aar. 4 Balance.... 1.0 _ _ Loss and _Gain.!O 1863 1863 1'ar. 4 Slo. 1.. Afocz2ar. 4 Corn. and Brokerage 529 95 Exchange... 191 25 Interest.... 4 12 Canada Currency.37 50 U.S. Reg. 6. 100 UT. S.Coup.6%.. 1 50 Del. & Lack. 1st Meort. 300 Gold. 675 ____Sterling Exchange 177 78 2165 60 2165 60 $,47 STOCK LEDGER. 11 Canada Currency. 11 1863 H1863 i Mar. 2 2000 1.53 3060 ar. 3 2500 1.64 | 3850 4 1500 1.531 2302 50 4 1000 1.55 1550 8500 5400 ~0~ m00 - _ _ _ [ _ _ _ _ _ _ _ _ U1. U.S. R:teg. 6 p. o., 1881. Mar. a 2 10000 1.00 10000 Mfar. 3 10000 1.01 10100 L.& G. 100 o 10000 10100 10000 110oI13 T3T. S. Coupon, 6 p. o., 1881. 13 3 1863_ _ _ Mar. 13 5000 1.02 15300 gar. 4 15000 Bal....o3 14 L.& G. Iso _'_ _ 15000 15450 15000 - Mar. 4 15000 1.03 15450 14 IDelaware and Lackawanna. 14 ar. 3 10000 1.22 12200 j Mar. 4 10000 1.25 12500 10000 12500 10000 1 5WJ1V:~ ~ _ I__ __ STOCK LEDGER. 1.5 G-old. 15 Jfar. 3 10000, 1.65 16500, ar. 4 25000 |.6 42000 " 4 15000 1.654 24825 L.&.!'_ _i_ _ 1 1 42000-__ _ i_:1 _ i _i_2000 16 UT. S. 7-U p. C. Treas. N1Totes. 16 Aar. 4 15000 1.04 15600 17. Sterling Exchange. 17 1863. 1863 j AZr. 4 ~2000 $8888.89 1.78 15822 22 Alar. 4 ~2000 $8888.89 1 80 16000 _ _ _ _ _ _'i [ JI! 2000 NW000 -— 1 - | - 2000 _ ___16000 | 18 UT. S. 1 Yr. 6 p. o. Certificates. 18 1863. Afar. 4 25000 101 25250 UNITED STATES "FIVE-TWENTY" COUPON BOND. ~J~,.31 o.... No. 52351. No. 52351. IT IS -ERTIt-~BFY TEthATXEi:EoT:ED T-. | mth i nter es, 1rA Mea, 18, payb jfi |y/e~al, arG i /~/ G Za (G a /e~' v (' e~/ieern/a __2__ _GG___ Redeemable after on, %,1/7 _ d Payable Tweny Y ei:0 Act of Feb. 25th, l__ _ _ _ _ _act__ of Feb.. 0 Act of Feb.5t, 8. Act of Feb. 25th, 12. TEE United States of America THE United States of America States of America THE United States of Amr'erca for Si ~ Months'interest, dueNe. 1,11, for Si onths' intere st, due May 1, 1s 882, pa for Si Monthsinabl e with this bo1 10d. for Si onhsintrest, due S L. E. 2Cm=T,-h, L. E. C. T.. HITTEN ct of Feb. CIIATT LE. C NT,.' $ lo1000r Regd tU. S.on Bond 51351. e. U. u.on reond 5351 eg. U. S. re BoLd 53 t. E, Cirnr~7eg, L. S. T $100. 0.... IITTT L E C T! e 3r X. a rvas. v10Tv Te l0/00. U. S. | 0t eas. $1000. Beg. (:,S.'.Iras. 1X W1000. Jee. U.. Treas y,, s - z, sS ~' tS Vi jl Sv. S; tS*S - U. S Registers Bond. of pu blic Lards pledged to,pa Ot i le S i i 2Trea'r Department Register's Ofe 1e Q ~~4eveii4 eo-r et et' e UNITED STATES OF AMERiCA, ate,z'Cr PETER COOPER o, Ju. e TEN i iTEOTJSAIANT D O 1)G;TJRS R'y19e-^ iDe'Dae' i/ fai dlccm1 9 CdI. /4d67,- wcd/ 11mw7c6 ge /60% C/ G,,8ve YP4 eI4sdZe, ae' & got cIe'z. jet anriuaml, a e/,a 4 dn e'%ao a'PcaC oye O//, vaaguzy ad'.; en ae~e' (yo. acal doe' c acat Z'e ac/l an'j /~~g Og c C rt L. a/i tlora{ fneea y Xio 1d7,, and' cu eaanroal/e oen eY'e /c lei 6/ t% a /e. E,'ntered, JAne 10, 1847. Signed, R Z~ecor ded, suAne 129, 18S47. 01> REGISTER U. S. TREiASURY. Railroad Shares.:i ) 1I- Ii HiIT-k I E R U ]Number. Shares. RAILROAD COM0PANY,. _7 STATE OF PENNSYLVANIA. —....i v4 C 10 s t/at EC ARlES E' COARiRT,;,L. C; ~d e 6...ONE H4UNDE'.-. ---- Yare e/4a s l aeea.?a/ | ia/ oc/e/ef DELAWARE, LACKAWYANNA & WESTERN RAILROAD CO11JPANIY, l I1 t' |6tand/ta,41e, s 0on!> en 00i / Ieoe Z donja;Z6 fZ 6'n WIt, / & 4 e 0 nt (itsfnmon tbtrtof, the said Company have caused this Certificate E $~ |~to be signed by tiheir President and Treasure,, and sealed with their corporate seal. t I R\NEW YORK, January, i860. _ Treas _ Prest Railroad Bond. U N I T E D S T AT E'S T OESO.. OF A M ER I C Am CC~~ q~~~~~~~~~~~~n~~~~I ~tatcnf _ *nn. - ani.a CON~VERETIBLE MIO:RTGA.GE3;EONED O:P 1881_ t be Be~~~~~~~Wtawart. Lac aw'ann anb ts~tang al' raa om"an | KNOW ALL MEN BY THESE PRESENTS, T7hat Tkie el oava5eq -Leac kswannsa ard W erfn Zailres 4 Copjuany acknowledge themselves indebted and bound to h ~~~~~~~~~~~~~~~..........................*...in the sum of IFlVEc HUJ1 E'D D~lDffLL 2F, lawful monley of the U~nited States of America, to be paid to t'he said — -------- ----------- - -----— or -Iis asi rns Mffice, n the City'X*Yor kon1, on the First, Day *f March in the year Eighteen == =*...................................................................................................:,u.-..............................................................~grit'~~~~~~~~~~~~~~~~~~~~- — l ------- ---—... —....- rr —- e ftfor'.hs aS~,SEVNs* o ipa the year.....lthe rj'gh~~ etemer,18,SEEaundred and Eighty-one, oith interest thep_ __ E VrEN sl m u, payah. at the office _ in the City of New Yorlk, on the first days of March and September, in each year, on the pre o, as the a dtenexed co or inf'arrants; tst paycf interest to be made on the first (lay of September next ensuing the date hereof. — nextbi 33ab is one here o. f M -sevl h ndu the lEJnor and date, twenty-fivy dred of wlvh-:'-e eac One Thou3Dollars, and two hundred of which are each for Five Hlundred Dollars, in the aggr niourinng to nty-Si fundred Thousand D c executed fe d, a- e issued frEme to time, as the wants of said Company shall hC --- her In~~~~~~~~~~~~~~~~~,ir]ii o~~ the'eut.... be... require, for the construction of a secon upftheir,,oadp asin cessary equ for operat R sard other pun ani the holder is entitledtothesecuritytohe derived f-om a stortgztge hearing evexF eih uponfff6 sauld and to li9Mtructed, fror nne tIth the New;and Erio Railroad, at Greattend, to the crossingYI of~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1~ the Deltao of oI~rh en8 mEsE,) ~ j~ of the DelaNvare River, (a disttnce of onn- ten miles,) inc rr lan- _ f wav ileges and eg ts irt atting to tIhe laccupied by said railroad, or over which the same shall pass, also the Coal Estates and Mine togethe its corpot ts angchises; whicf U a ecuted by sai pany and delivered to SAMUEL, WILLETS and SAMUEL L. MIITCIIILI, in trust, to seeure- Intert of sailBonndsoluly Q5ed in the sevfl1unti______ u h which soRd passes, in the Coromonwealt.h of Pennsylvania -subject only to the prior liens of Twventy-Four sand iDollars; of which1=t thEgof $900,000, - e Jag 1st, 1STI, is -d by a Mortgage, executed to Samuel Marsh and Daniel S. Miller, trustees, ant the sm.50,, j aipri IS, is secured tor ecuted to Iavl L. A. Von I, trstees. nb saf inpaip hereby agi e t the tler'3o- d transfer the t pl. either in pe by y, only upooo s of the Company, at thei 0c in the City of New York, such tracesfer t1o be endos-et-eot y tl-he 1 ~5tbrer -ptinrg when tllV~ge ha kpreviousl ferred~laid books t4o-_rew, and so enldorseri hereone by the fTreasurer, in which case it will be transferable by nij~verT trill tdffidler sl trlhtll ave th, transi on the bo the Coel, to some or persons namrsed in such transfer: also, that said holder of this Bond shall have the priv r the fiiLE of April ils conve princi ileSto he Company, at par, on surrendering the Bond with the coupons not then due, to their Tre' r e the city 7 - - = - ZfF irrrof, tlIe sold G(Iaused this Box in their behalf b dent and Treasurer, and their corporate Seal affixed, at titir Of1ce in Scranton, Pennsylvania, the first day of April, in the year of our Lord one thousated eight hundred and fifty-six. -----------—.. —.. —------------------------------------------------------------------- ------------- ------------------- 9:rea,5urmr -------------------------------------------------------------- ------------------------------ ----------. ~ ~~~~. * t0 - c.k~coteaeac~ ~ eeno ~c THE DELAWARE LACKAW NINA & WESTERN 2 < THE DEITAiAR' LACKAWVANNA & WESTERN THE DELAIWAIRE LACKAVANINTA & WKESTERN | 2 RaiC^^nzr. S W RaadpanSr. Rny. 1 - a paty.Rall r. Will pan the'nearer I fit zIof'March, iS1,0 SEV EN'- Will pay the bearerhtri- rue r 1 3. of September, tS80, SEVEN- n - Will pay the bearer hereof ie fii y -of March, 1851, SEVENTEEN y'a?,y DO)LL XP., O *riinoCitN a art, for rFPN- l)OuLfNe tel riie City of Now York, for bTEEeN C Ne DOLLAR YIork,tireTCitEofNewYork, interest *lue thnwtda; on tih30lta || intervst dule tha~t da2v flbliNb or inlterest *lue that day rtrdlt I$7 7 17YiiF6 " $17 - COtF THE $T7.rZF1 t 7 —OOL Tt'O TROOSOKRO.; j 1vv vi vlhvee nravz-vzv vtewvr-t-w1 FOREIGN BILLS. NOTEM.-Foreign Bills of Exchange are usually drawn in sets of three; one of which being honored;, the others become void. This precaution is used to guard against the contingencies of transmission; the separate bills being sent by different routes, or at different, times.-A single bill is called a'Isola." We. give below examples of the first and second bills of a set, and also one of a sola. Foreign Bills are usually drawn in the currency of the country where payable, instead of that where drawn CZo l~j ~Ie JdA fi FIRST/ ~vaxe Ia 6 1d'ecanall anall //a/ Vaf// 4 2. aide-i ELIHU~ BU'RRITT, One Thousand Pounds Sterling, valve -ieceicieal c% zt. v BRYANT, STRATTON & PACKARD. 411 5,1 1M 11z 11 f eon,,1%(/1 vci~~~~~e, ~ ~ ~ / /ze 7SCN ~ ~ ai~i /B IHU BURRITT, One Thousand Pounds Sterling, 1aV~~'e'iecezited,' anal 6-a~ye/a 4 ewco'eml ~~ ~4~' i~~/~~e5~, BRYANT,' STRATTON & PACKARD. aldy p/le//4 (V SOLA/ ax /Aa4Ilel eai ae,/ V CIIESTER PACKARD fr~ Aemen, One Thousand Bremen Rix Thalerss, Vtadle -iecee~ea$, a~nal BRYANT, STRATTON & PACKARD. 23 353 COMMERCIAL CALCULATIONS. COMMERCIAL CALCULATIONS. COMMERCIAL CALCULATIONS. IT will, of course, be impossible to do more than hint at a few of the most prominent questions properly embraced under this general subject; and it shall be our earnest aim to make these of the most practical kind. The very idea of accountantship is inseparable from a thorough knowledge of calculations; and all theoretical abstractions which lie at the basis of the science of accounts, will be found of little avail without tie practical results which come alone through the almost magical power of figures. ADDITION. The simple process of addition would seem to need no enforcement or illustration; and yet there is no part of the science of numbers more important to accountants, or in which they are more apt to be deficient. We mean, of course, the process as applied to the addition of long columns of figures, which should be done with facility and correctness. Authors and teachers have shown both ability and ingenuity in their various suggestions and aids, but nothing can be of so much service to the student as continued practice. The most ap. proved method of testing the correctness of addition is to add the columns in both directions, first upward and then downward, or the reverse. The philosophy of this is, that the combinations are thus varied, and the chance of committing the same error twice is avoided. Three very simple processes of retaining the figure to be carried to the next column-a very important consideration with beginners-are shown below. The first is the usual method of writing the figure to be carried, small, under the unit amount of the column which produced it. The second requires the addition of each separate column to be written down on a waste space, commencing with the right-hand column, and carrying to the next column, as in the usual method; these separate amounts placed in their order one under the other, will present in their unit figures, counting upward, the general result. The third method consists of the proper arrangement of the independent sum of each column, so that being again added, the proper re. sult is secured. EXAMPLES. First Process. Second Process. Third Process. 1829.25 1st. column 50 5 0 743.18 2d. " 29 2 42532.28 3d. " 34 3 2 ~ - 145.19 4th. " 39 3 6 ~ - 2823.25 5th. 39 3 6. 7574.28 6th. " 19994.90 1 6 - 4291.83 25.64 19994.90 19994.90 333.25 When the student becomes more accurate and self-reliant, he may feel justified in dispensing with all such aids; and particularly if his memory is sufficient to retain the carrying figure; but until he arrives at this desirable state of perfection, it becomes him to guard himself on every hand. Great proficiency in this regard may be readily acquired by practice, some accountants being able, very readily to cast up three and four columns of figures at once. INTEREST. Interest, in the accountant's vocabulary, means the tse of moley. The amount received or paid for interest is usually a percentage on the sum used, and is fixed either by contract or statute. Per cent. signifies by the hundred, and implies, in interest, so many cents on the hundred cents, so many dollars on the hundred dollars, etc. It is usual to reckon interest by the year; but it is always proper to express the time, as it is not necessarily understood. In calculating-per annum interest, it is customary to reckon 360 days to the year, and 30 days to the month; although in some states the whole number, 365 days, is reckoned to the year, and any number of (lays as a proportion of 365. In the State of New York the basis of 360 days to the year is fixed by law. The section reads thus: " For the purpose of calculating interest, a month shall be considered a twelfth part of a year, and as consisting of thirty days; and interest for any number of days less than a month shall be esti COMMERCIAL CALCULATIONS. mated by the proportion which such number of days shall bear to thirty." There are those, however, who consider interest reckoned on this basis as usurious, it being — 1 more than by the basis of 365 days to the year. In the illustrations which follow we shall adopt the usual standard of 360 days. The rate, or per centage of interest is established by law in most countries and states. Any excess over this rate is termed usury, for the exaction of which various penalties are prescribed. The rate of interest in Pennsylvania, New Jersey, (except in Jersey City and Hoboken,) Delaware, Mary land, Virginia, North Carolina, South Carolina, Tennessee, Kentucky, Ohio, Indiana, Illinois, Iowa, Missouri, Arkansas, Mississippi, Florida, the six Eastern States, the District of Colarnbia, and on debts due the United States, is 6 per cent. per annum. In New York. Michigan, Wisconsin, and Georgia, it is 7 per cent. In Alabama, 8 per cent. In California, 10 per cent. In Louisiana, 5 per cent. In most of the states the law permits a higher than the established rate, in cases of special contract. In reckoning interest, at whatever rate, it is most convenient first to obtain it, for the given time, at 6 per cent., and then add or subtract for the difference. Particularly is this the case, where 360 days are reckoned to the year; 6 being an aliquot part both of 360, the number of days in the year, and 12, the number of wZonL/bs. There are many processes of reckoning interest, all more or less worthy of thought; but we shall confine our practice to the one which, under all circumstances, we consider the best. Taking as a basis 360 days to a year, 30 days to a month, and 6 per cent. per annum, we are easily led to the following conclusion: If 12 months produce 6 per cent., 1 month will produce one-twelfth of 6, or one-half of I per cent., and two months, 1 per cent. One per cent. of any amount, therefore, is the interest on that amount for 2 months, or 60 days, at the rate of 6 per cent. per annum. One per cent. being the one hundredth part of any amount, is easily obtained by dividing by 100, or, what is the same, cutting off two right-hand figures. EXAMPLE 1.-Required the interest on $3750, for 2 months, at 6 per cent. per annum. Solutionz: 37 1 50; or $37.50 Having this starting point, the process of obtaining the interest for any given number of months or days becomes extremely simple. EXAMPLE 2.-Find the interest on $4675 for 3 months, 15 days, at 6 per cent. Solution: 2)46'75 = 2 months. 2)23 375 = I month. 11 6875 = 15 days. 81 8125 REMARKS.-We first find the interest for 2 months by the process already given, which is $46.75. Dividing this amount by 2, will give us the interest for 1 month, $23.375; and this by 2 will give the interest for one-half a month, or 15 days, $11.6875. By adding these results together, we get the grand result, $81.81 +. Should the number of days be no equal part of 60, nor of any other number for which the result is shown, it will be necessary to use such component parts as are equal parts of 60. Thus, if the number of days he 13, we can take 1 and 12, or 3 and 10; 1 being the sixtieth part, 12 the fifth; 3 the twentieth, and 10 the sixth of 60. If the number of days be 18, take 6 and 12, or 3 and 15, and so on. From these remarks and illustrations, we are prepared to submit the following rule for reckoning interest on any given amount for any given time, at 6 per cent. per annum. RULE.-Cut off twofigures from the right of dollars in the principal, by a perpendicular line; the result will be the interestfor 60 days, the dollars being on the left, and the cents and mills on the right of the line..Multip/! this result by one-half the number of months required, to which add, for days, that proportion of the interest for 60 days which the given number of days is of 60. The using of a perpendicular line for the separatrix is of more consequence than will appear at first view. All necessity for pointing'tf in the product is thus happily dispensed with, and the work is brought with:u 357 COMMERCIAL CALCULATIONS. the smallest possible compass. For universal use, we do not know of a better rule for computing interest than the foregoing. If the rate of interest be any other than 6 per cent., the proper proportions added to, or deducted from, 6 per cent., will, of course, produce the result. If 5 per cent., deduct I; if I per cent., add a; if 8 per cent., add a, or i; if 9 per cent., add i, etc. DISCOUNT DISCOUNT is an allowance made for the payment of a debt before it is due. The present worth of such a debt is that sum which being put at interest for the given time, would at the end of that time amount to the face of the debt. Thus, if I owe $106 due in one year, without interest, and money is worth 6 per cent. per annum, the present worth of the debt is $100; because $100 at 6 per cent. will amount in one year to $106. The discount would, in such case, be $6; which is the difference between the present value of the debt, and its value one year hence. To find the present worth of any sum due at any given time and rate, it is only necessary to divide the sum by the amount of $1 at the given rate and time. To find the discount, subtract the present, worth from the given sum. EXAMPLE 1.-What is the present worth of a note for $750, due in 4 months, without interest, if the use of money is worth 6 per cent. per annum? Solution.-The amount of $1 for 4 months at 6 per cent. per annum is $1.02; therefore, $750 divided by $1.02, will be the present worth: 750 - $1.02 = 385.29 +preselt worth. The discount on the above note can be obtained by subtracting the present worth from the note, viz.: 750 - 735.29 - $14.71. The rule and process above will obtain the true discount; but business custom varies firom this standard. Business discount, as it is called, is simply interest on the face of the debt, taken in advance. Thus, if I owe $106, due in one year without interest, when money is worth 6 per cent. per annum, and I wish to discount the debt, or pay it now, business custom warrants me in computing the interest on $106 for the time, which interest is deducted from the debt, leaving the present worth, or the sum I am to pay. The interest for one year at 6 % on $106, is $6.36, which deducted from $106, leaves as present worth $99.64, instead of $100, which, as before shown, is the true worth. By this method I gain 86 cents, which, it will be seen, is the interest on the truee discount, $6 for 1 year. The difference between these two methods then, is, that by true discount the interest is considered due when the debt is due; while by business discount it is considered due when the debt is discounted. EXAMPLE 2.-What is the present worth of a note for $1500, due in 60 days without interest, when money is worth 6 % per annum; discount reckoned by the business standard? Solution.-The interest on $1500 for 60 days at 6 %, is $15; which deducted from the face of the note, $1500, leaves the present worth, $1485. There are various and conflicting opinions as to the legality of this mode of reckoning discount, but as it is almost universally used, both in banks and business houses, we must concede its practical authority. EQUATION OF PAYMENTS. EQUATION OF PAYMENTS, or AVERAGE, asit is more frequently called, is the finding of an average or mean time for the payment of several amounts, due at different times; and also, when the balance of an account having both debit and credit amounts, will average due, that no loss may be sustained by either party. The philosophy of equation is based upon the compound relation of money and time; or upon a recognition of the fact that the value of the use of money is in proportion to the amount used, and the tirme for which it is used. As a simple illustration:: if the use of $100 is worth a certain sum for one month- it is worth twice that sum for two months; or, if $100 is worth a certain sum for one month, $200 for the same time is worth twice as much. 358 COMlIERCIAL CALCULATIONS. EXAMPLE 1. —A owes B $1200, payable as follows: $100, in 30 days; $400, in 60 days; and $700 in 90 days. When will the entire debt average due-? Solution. —The question is, how long may $1200 be used, to be equivalent to the use of $100, for 30 days; $400, for 60 days; and $700 for 90 days-? The use of $100 for 30 days is equal to the use of $1 for 3000 days. " $400 " 60 " " " $1" 24000 " " $700 " 90 " " " $1 " 63000 $1200 90000 Therefore, the use of $1 for 90000 days would be equivalent to the time to which A is entitled on his debt of $1200. We have, then, this statement: The use of $1 for 90000 days is equal to that of $1200 for 75 days. The average time for the payment of A's entire debt, is 75 days hence. We are thus enabled to give a general rule for finding the average time of payment of several amounts, due at different times. RULE. —l'fultiply each payment by the number of days before it is due, and divide the sum of the PRODUCTS by the sum of the payments. Thle quotient will be the number of days (to be countedforward from the date of reckon. ing), to the average time ofpayment. EXAMPLE 2.-Abram Jones purchased of Samuel Lincoln the following bills of merchandise: Jan. 1, 1860, a bill amounting $175.34 Apr. 15, " " " $538.25 Apr. 30, " " " $180.60 June 9, " " " $400.00 The term of credit on each purchase is 4 months. If Mr. Jones should propose to give his note for the full amount, due in 4 months from date, when should the note be dated? NOTE.-To apply the foregoing, or any other adequate rule to a statement of this kind, it will be necessary first, to settle upon some date from which the time on each payment is to be reckoned. It is usually best to select the date, either of the first or last amount, and reckon backwards or forwards, counting the average time accordingly. As the purchases are all made on 4 months' time, and the note is to be drawn at 4 months, it will not be necessary to take either fact into consideration. If, in this case, we select the first date from which to count, we shall have the following'solution: Amnounts. Days before due. Products. 175.34 x 0 = 0 538.25 x 104 - 559'78.00 180.60 x 119 = 21541.40 400.00 x 159 = 63600.00 $1294.19 ) 141119.40 ( 108+ days. The average is 108 days; which is the number to be counted forward from the date selected, Jan. 1. The note must be dated Apr. 19. AVERAGING ACCOUNTS CURRENT. AN ACCOUNT CURRENT is a statement of the transactions between two parties, showing dates, items, and amounts, both debit and credit, during a certain period. The balance of an Account Current is the difference between the debits and credits; or what one party is owing the other, as indicated by the items. To average an Account Current is to fix the date when the balance is due. The adjustment is called " Compound Equation," or "Compound Average." The usual process is, first to average each side of the account; and then multiply the amount earliest due' by the number of days between the average dates, and divide the product by the balance of the account. The quotient will be the number of days from the latest date, when the balance will average due; to be counted FORWARD if the amount latest due is the larger, and BAcawaD if the amount latest duee is the smaller. 359 COMMERCIAL CALCULATIONS. A better process than this, we think, because more easily comprehended and practical, is the averaging by interest. Not having space to exemplify more than one method, we shall choose the latter. EXAMPLE 1.-The following account is found on my Ledger. The amounts on each side are supposed to be due at their several dates. When is the balance due? Dr. JoiiN ANDERSON. Cr. Jan. 15 To Mdse..... 275 Feb. 1 By Cash.. 500 Apr. 10 650 Balance. 425 925 925 Solution.-First assume the date of settlement to be the latest date on which any amount, debit or credit, falls due, and reckon interest on the debit and credit items to that date, viz.: Credit.-The interest on $500 from Feb. 1 to Apr. 10, @ 6 %, is $5.75. Debit.-The interest on $275 from Jan. 15 to Apr. 10, @ 6 %, is 3.90. Excess of credit interest, $1.85. It will thus appear that on the assumed date of settlement, April 10, Mr. Anderson owed me $925 of account, and $3.90 interest; while I owed him $500 of account, and $5.75 interest. In other words: he owed me the balance of the account ($425) less the balance of interest ($1.85). It would be very easy to settle the account at this date, provided the rate of interest was satisfactory, by deducting the balance of interest from the balance of account; but, instead of this, it is proposed that Mr. Anderson pay me the exact balance shown to be due by his account, at such time as will secure an equitable adjustment of the interest. It will be evident that were he to pay me the balance of account on the assumed day of settlement, April 10, he would be the loser of the balance of interest due him at that date. The simple question then, is, how long may he retain the balance of account ($425), to accumulate the balance of interest ($1.85)? First ascertain how much the balance of account will accumulate in one day, and divide the balance of interest by it; the quotient will be the number of days which the balance may be held. The interest on $425 for one day, at 6 % per annum, is $.0708. Then, $1.85 -.0'708 = 26+ - the number of days. In 26 days from April 10, then, which will be May 6, Mr. Anderson will owe me, by average, the balance of his account, $425. EXAMPLE 2.-When will the balance of the following account average due, assuming the different items to be due at their several dates? _Dr. ALONZO MITCHELL. Cr, Slay 1 To Mdse. 185 Junle 1 By Cash.. 400 1 l 5.... 7 50.".15 " 200 ulyI it. 4-75 B Balance. 810 1410' 1410 Solution. —Assuming the date of settlement to be July 1, we have: Debit Interest. $185 from May 1, to July 1-2 mo., $1.85 $750 " " 15, " "-1 mo. 15 da., $5.63 $7.48 Credit Interest. $400 from June 1 to July 1 — 1 mo.. $2.00 $200 " " " " "-15 da... $0.50 $2.50 Leaving the excess of debit interest, $4.98 On July 1, the assumed date of settlement, therefore, Mr. Mitchell owes, not only his balance of account, ($810) but a balance of interest, ($4.98.) It is evident, then, that the balance of account has been due long 360 CO::MMERCIAL CALCULATIONS. enough to accumulate this interest. What is the time required? By the process already shown, we ascertain the time to be 37 days; which reckoned back from July 1, will, make the average date May 25. From the foregoing examples, we adduce the following rule for obtaining the date when the balance of an account will average due: RmLE. —Assume as the date of settlement the latest date at which any amount, debit or credit, falls due: ascertain the balance of interest due at that date, at any given rate, and how long it will take the balance of account to accumulate this interest, at the same rate. The answer will be the time before or after the average date. If the balance of interest, and the balance of account are on the same side, reckon BACKWARD; if on opposite sides, reckon FORWARD. NOTE.-Although to average an account is to obtain a date when no interest is due from either side, yet the important principle recognized is, that the use of money is valuable to the user, in the compound ratid of time and amount; and the real achievement of any correct process of average, is to make the value thus determined, on one side, balance that on the other. For this reason, the rate of interest is unimportant, so long as the same rate is used on both sides. We have chosen 6 %, because it is more easily obtained. Any other time may be assumed for the date of settlement, as well as " the latest date at which any amount falls due," but, for evident reasons, this date is preferable. We will now apply the foregoing rule in averaging the time for the payment of net proceeds in a few of the Consignment and Mdse. Co. accounts in the body of the work. ExAMPLE 3.-Account Sales of Flour and Wheat sold on % and risk of J. R. Wheeler & Co. (Page 71.) Dale. Article. Amount. Time. Interest. Date. Article. Amotunt. Time. Interest. Mar. 2 To Cash... 100 66 da 1 10 Mar. 6 By Cash... 7500 62 da|'7 50 6* Storage, etc.. 325 62 da 3 36 May 7t 4500 Net proceeds. 1175 Bal. lnterest. 11575 73 04 _d _ 12000 77 ___ _ _ _ 12000'77 50 Balance of account ($11575); and balance of interest ($73.04) on the same side. Ascertain the time it will take $11575 to accumulate $73.04, and count backward. Ans. 38 days before May 7, or March 30. EXA1WPLE 4. —Account Sales of Nails and Lead, sold on joint %b of Logan, Wilson & Co., and ourselves, each i. (Page 110.) Date." Article. Amount. Time. Interest. Date. Article. Amount. Time. Interest. Apr. 3 To Cash... 100 36 da i60 Apr. 5 By Cash... 1400 34 da 7193 6 Storage, adv. May 9 "... 3300 Com. and Gainl 463 75 33 da 2155 Net proceeds. 4136125 Bal. of Interest 478 400'793 4 1 1100 11 19 Balance of account, $4136.25; balance of interest, $4.'78. Time from date of settlement, (May 9,) reckoned backward, 7 days. Equated time, May 2. * The Commission, Storage, etc., is assumed to be due when the account is rendered. t This is the assumed date of settlement, as the note given March 5, falls due at this time.-See Account Sales. $ It must not be forgotten, that although the consignee is, in this case, a partner, his account is rendered sinlply as an agent, or consignee. In this view, his own share of the net gain is as much a part of the " charges" as is his claim for commission. In all these statements of Company sales, we have considered the invoice furnished by the consignor as subject to the same time of settlement as the average sales. Thefact in all such matters should properly be stated in the partnership contract. If the consignee's share of the invoice is considered due when the property is shipped, it will, of course, vary the time of equation. 361 COMMERCIA L CALCULAT-IO NS. ExAMrPLE 5.-Account Sales of Vinegar, Linseed Oil, and White Lead, sold on joint % of W. K. Sadler rnd ourselves, each i. (Page 111.) Date. Arstcle. Amount. Time. Interest. Date. Article. Amount. Time. Interest. Mfay 1 To Cash... 50 (42 da 52 May 3 By Cash... 750 60 da 7 i50 t 3 Storage, Adv. July 8 "... 2370 Com. and Gain 189 60 da 1 89 Net proceeds. 2881 Bal. of Jnt... l5 09 3120 1 7 50 3120 7 I 56 Balance of Account, $2881; balance of interest, $5.09. Time from date of settlement, (July 3,) 13 days, reckoned backward 13 days. Equated time, June 20. EXA1TPLE 6.-Account Sales of Sugar, sold on joint % of F. A. Boyle & Co., N. O., Campbell & Strong, and ourselves, each i. (Page 111.) Date. Article. Amount. Time. Interest. |I Date. Article. Amount. Time. Interest. Mfay 6 To Cash, paid Fret -5001- 2 da 17 May 8 ByCash,Note, etc. 750 00 l |t 8 Storage, Ad. etc. 23'750 Bal of Int. " 8 Our net gain. 254 171 Net proceeds. 6508133 _I I ___I_ I_______oo__ || 1'500 -70 750000 17 Balance of account, $6508.33; balance of interest, $0.17. The time it would take for the balance of account to accumulate this interest would be much less than one day. Equated time, May 8. NOTE.-It must be borne in mind that the net proceeds above comprise the amount due to both of the other parties. In equating time on an Account Sales-whether the consignee is a partner or not-the net proceeds, or "balance of account" should be the difference between the charges (including the consignee's share of the gain, when he is a partner,) and the gross proceeds. This is upon the supposition that the consignee's share is subject to the same terms of payment as the net proceeds. ACCOUNT CURRENT, AND INTEREST ACCOUNT. The following illustrations are based upon an understanding between the parties that all amounts, debit and credit, shall draw interest after due, at a specified rate. The settlement may be effected at any time and interest adjusted as per agreement. This method is preferred by some to that of averaging payments. The form will be sufficient without specific instruction: Dr. P. R. SPENCER, rN ACCOUNT CURRENT AND INTEREST WITH B. S. & P., April 10, 1860. Gr. 1860 Amount. Days. Interest. 1860 Amount. Days. Interest. Jan. 1 To Mdse... 500| 100 3 33 Feb. 1 By Cash.. 675 69''76 " 110 "... 475 91 246 15 "1 "... 400 5 368 15l... 700 86 10103 Bal. of Int. 10120 Mar. 1 ".. 870 40 80 Bal. Due. 1480 20 Bal. of Int.. 10 20 2555 20 21 62 I___ 2555 20 21 62 Apr. 10 To Balance.. 1480120 NoTE.-The rate of interest taken in the above is 6 %. The debit interest exceeds the credit interest on the day of settlement, $10.20, which amount is brought forward to increase the debit side of the account. The statement on the following page is somewhat more complex, owing to the necessity of both debit and credit interest columns on each side. We think this form altogether preferable to the one used by most au 3hors, necessitating the frequent transfer of interest from one side of the account to the other. 362 J. W. Lusx, fi ACCOUNT CURRENT AND INTEREST WITH IVISON, PnnnMYY & Co., SEPT. 1, 1860. 1860. Amounts. Due. Days. Dr. mnt. Cr. Int. 1860. Amounts. Due. Days. Dr. mt. Cr It. May l Mdse.@ 6 months 400 Nov. 1 61 4 07 June 1 Cash on.800 June 1 121792 7 15 "as Cash 500 May 15 109 9 08 July 1 Draftat33days 400 Aug 8 29 200 June10 " @4 months.. 475 Oct. 10 40 3 16 Augol5I" "63 ".500 Oct. 1'7 47.92 July 25 ~ 3 900 25' 54 8 10 20lCash on 375 Aug 20 12 15 Aug 1 as Cash.325 Aug 1 31 1 68 Bal. Cr. Junt 11 10 Sep. 1 @ 3 months... 500 Dec. 1 91 7 58 Int. from Dr.. 12 15 Bal. Cr. 4t. t 12 15 " Cr.. 1110 Bal. Due.... 10011 3100 22 91 22 91 3100,00 15 02 15 02 Sep. 1 To Balance.1002 20 As the settlement takes place before several amounts on either side are due, interest must be dedected from, instead of added to, such amounts. This is effected by the double interest columns on each side, showing the debit interest on the credit side of the account, and the credit interest on the debit side. The excess of credit interest from both sides is carried to the credit of the account, showing the real balance due at settlement. Ca~ 0~5 Dr. SAMS ACCOUNT AVERAGED. Cr. 1860. Amounts. Due. Days.] Interest. 1860. Amounts. Due. Days. S Intrt., May 1 Mdse. ~ 6 months.. 400 Nov. 1 30 2 Jan. 1 Cash on %.. 800 June 1 1831 24140 15 as Cash.. 500 May 15 199 16 58 July 1 Draft @ 33 days. 400 Aug 3 120 8 June 1 0 " @4 months 475 Oct. 10 51 4 04 Aug 15 " @ 63 ".... 500 Oct. 17 45 3 7.5 July 25 ".3 900 " 25 37 555 " 20Cashon%. 375 Aug20 103 644 Aug 1 as Cash.325 Aug 1 122 6 61 Sep. 1 " 3 months.500 Dec. 1 Dec. 1 Bal. Cr. It.____ 7 81 Dec. 1 Balance of Account. 1025 3100 42 59 3100 42159 Balance of Account... 1025 I Balance Cr. Interest 78 The balance of account and balance of interest being on opposite sides, the balance of account must be held until it accumulates the balance of interest, which is 46 days, nearly. The account will, then, average due in 46 days from December 1 or January 16, 1860. To make these two processes prove each other, it is only necessary to ascertain what would have been due had the account been paid, as in the previous supposition, on September 1. Deduct the interest on $1025 for 137 days, from $1025. The result will be within a fraction of the amount shown to be due! at that date on the former account, $1001.76. COMMERCIAL CALCULATIONS. PARTNERSHIP SETTLEMENTS. The adjustment of accounts between partners involves, often, the nicest discriminations, and ti e most thorough appreciation of the various bearings of different entries. The basis of all such settlements is, of course, the original agreement or contract between the parties; the terms of which should always be of the most plain and unequivocal nature. A few points, only, need be expressed in a partnership contract; among which are: First. The amount to be invested by each partner. Second. The services to be rendered by each, and the compensation to be allowed therefor. Third. The basis of gain or loss, and the proportion to be shared by each partner. It is frequently the case that partners, desiring to have everything expressed in the contract, and not appreciating the full bearing of certain conditions, defeat their own purposes, by making the terms themselves incompatible. In such cases, the construction should be in accordance with the evident intent of the parties. The difficulties existing in partnership settlements are so irregular, that any attempt at supplying competent rules to meet every case, would be preposterous. It is, however, possible to give such general hints and illustrations as will apply in the majority of cases; a thorough knowledge of the principles of accounts, with sufficient common sense to apply them, must do the rest. The following general statements, although many of them are self-evident, will serve a purpose in the solutions under this head: 1. The present worth of a concern is its net resources; or the excess of its resources over its outside lia bilities. To find the present worth, subtract the liabilities from the resources; or, ascertain the original investment, to which add the net gain, or from which subtract the net loss. NoTE. —If the liabilities exceed the resources, the difference is the net insolvency. 2. The net investnment, in business, is the amount invested, less the amount drawn out by the partners. 3. The average investment is a sum which being kept in the business during the specified time, would be equivalent to the actual investments, in the compound ratio of time and amount. To ascertain the average investment, multiply each investment by the time of its continuance in the business, and divide the sum of the products by the time for which the average is wanted. The most satisfactory proof is to compute the interest on each investment for the time of its continuance, which must be equal to that on the average investment for the specified time of average. 4. The gain or loss during a certain period of business is measured by the increase or diminution of the net resources for that time. To ascertain the net gain or loss, get the difference between the net investment and the present worth. If the present worth is the larger, the difference is a gain; if smaller, a loss. ExAPLErn 1.-A and B are partners, commencing with a joint capital of $10,000. The terms of the con. tract are that A shall receive I and B j- of the net gain. At the close of the year, when the division is to be made, the resources and liabilities stand thus: Resources. Liabilities. Cash..... $5.793.2B5 Bills Payable,........ $3000:Merchandise,... 3500.00 Personal Accounts,. 1500 Bills Receivable,.. 1500.00 $4500 Personal Accounts,. 5500.00 $16293.25 What proportion of the net resources belongs to each partner? Solution.-First ascertain the net gain, by subtracting the investment from the present worth, viz.: Total Resources,............ $16293.25 Less Total Liabilities,....... 4500 Leaves Present Worth,...... $11793.25 From which subtract investment,.10000 Leaving Net Gain,........ $1793.25 364 COMMERCIAL CALCULATIONS. Then add each partner's share of the gain to his share of the investment, viz.: i of $1793.25 =$ 448.31, B's share of gain. ft ". " =_ 1344.94, A's A's Investment,.......... $5000 Plus his Gain,,........ 1344.94 Equals his Present worth,........... $6344.94 B's Investment,... $5000 Plus his Gain,..... 448.31 Equals his Present Worth,....... 5448.31 Total Present Worth, as before shown,.. $11793.25 EXAMrPL 2.-C, D and E invested as follows: C put in $4000, and drew out $'700 D " 6000, " 825 E " 4500, " 1000 The gain in business is $1500, of which each is to share J. What is the interest of each in the business at closing? Ans. C's, $3800; D's, $4675; E's, $4000. EXAMPLE 3.-F, G and H are partners. They invest in equal amounts. At.the close of the year their resources exceed their liabilities $27000; and their gains have been $4000, of which F is to share I; G, 2; and H, J. What was the capital of each at commencing? What, at closing? NOTE.-The capital at commencing, subtracted from the capital at closing, will equal the net gain; and, consequently, the net gain subtracted from the capital at closing, or present worth, will equal the capital at commencing, or the net investment. Ans. to the above: F's capital at commencement, $7666.66 +; G's and H's the same. F's capital at closing, $8333.33; G's, $9000; H's, $9666.67. EXAMPLE 4.-A and B are partners, investing equally, and sharing equally in gains or losses. At commencing business, their resources and liabilities are as follows: Resources. Liabilities. Cash,........ $5000 Bills Payable........ $2000 Mdse........... 1475 Personal accounts...... 125 Bills Receivable,....'750 $212 $7225'At closing, as follows: Resources. Liabilities. Cash.........).. $7000 Personal accounts,...... $1500 Bills Receivable,..... 2000 Bills Payable,...... 3000 $9000 $4500 What is the whole gain or loss? What each man's net capital at closing? ExaMPLE 5.-K and L enter into copartnership, with the understanding that the gain or loss shall be divided in proportion to the average investment. They remain in business one year, during which time they have invested and drawn out as follows: K. L. Drawn out. Invested. Drawn out. Investe. Jan. 15,.. $500 Jan. 1,... $7000 Jan. 31,... $400 Jan. 1,.. $8000 July 1,.. 650 Mar. 1,... 6000 Apr. 15,.. 2000 July 1,. 4000 Aug. 31,.. 3000 Sept. 15,... 500 365 COMIMERCIAL CALCULATION S. At the close of the year their resources and liabilities are as follows: Resources. Liabilities. Cash............ $5100 Bills Payable......1. $1500 Bank Stock......... 6000 Personal accounts,..... 1750 Real Estate........ 7500 Bills Receivable...... 4000 Personal accounts,..... 2000 What is each man's share of the gain? What each man's capital at closing? NoTE.-There are two methods of obtaining a basis for the division of gains or losses under such an arrangement as the preceding: one, to ascertain, according to previous suggestions, the exact average capital of each partner; and the other, to compute the interest on the investments, which assume as relative capital. The latter is preferable, when the only object is a basis for division; first, because interest is more easily obtained than the average capital, and next, because it is more easily used when obtained. We shall briefly illustrate both methods. First Solution.-Multiply each investment by the time of its continuance, and divide the sum of these pro. ducts by the time for which the average is wanted: K's Investments. $7000 from January 1, to January 15, I month = $3500 6500 " " 15, " March 1, 1+ " = 9750 12500 " March 1, " July 1, 4 " = 50000 11850 " July 1, " August 31, 2 " = 23700 8850 " August 31, " December 31, 4 " = 35400 $122350 $122350 12=$10195.83, K's average investment. L's Investments. $8000 from January 1, to January 31, 1 month = $8000 7600 " " 31, " April 15, 2j " = 19000 5600 " April 15, " July 1, 21 " = 14000 9600 " July 1, " September 15, 21 " = 24000 9100 " September 15, " December 31, 38 " = 31850 $96850 $96850 + 12 - $8070.83, L's average investment. E's average investment,...... $10195.83 L's " " 8070.83 Total "....... $18266.66 We have, then, the familiar formula: "As the whole investment is to each man's investment, so is the whole gain or loss to each man's share of the same." Operation. $18266.66: $10195.83:: $3400: $1897.76 K's share. 18266.66: 8090.82:: 3400: 1502.24-UL's " Second Solution. —Compute the interest on each investment for the time of its continuance, and take the Interest due each partner as his relative investment; and proceed as with the average investment. E's Interest Account. Interest on $7000 from January 1, to January 15, ~ month = $17.50 6500 " " 15, " March 1, 1 " = 48.75 " 12500 " March 1, " July 1, 4 " = 250.00 r" 11850 " July 1, " August 31, 2 " = 118.50 r"c~ 8850 " August 31, " December 81, 4 " - 177.00 $611.75 866 COMMEIRCIAL CALCULATIONS. L's Interest Account. Interest on $8000 from January 1, to January 31, 1 month= $40.00 l" 7600 "." 31, " April 15, 2~ " = 95.00 5600 " April 15, " July 1, 2~ " = 70.00 9600 " July 1, " September 15, 21 " = 120.00 c" 9100 " September 15, " December 31, 38 " - 159.25 $484.25 Taking these amounts of interest due, as relative capital, we have statement as before, viz.: $1096: $611.75:: $3400: $1897.76 = K's gain. 1096: 484.25:: 3400: 1502.24 = L's " K's net investment is,....... $8850.00 " " gain....... 1897.76 " " capital at closing,........ $10747.76 L's net investment is,....... $9100.00 " " gain "....... 1502.24 " " capital at closing,.......... $10602.24 Present worth of firm,..... $21350.00 NoTE. —In computing the interest above, as also, in multiplying the investments by the time of their con. tinuance, we have taken the common method of using the exact amount of capital, from one date to another. The same purpose may be effected by getting the value of each investiment from the time invested till the end of the year; and also of each amount withdrawn from the time withdrawn to the end of the year, subtracting the latter from the former. This latter method is preferred by some, and is identical in its results, with the method shown. The plan of dividing gains and losses in proportion to investment is not adopted, to any great extent, in general copartnerships, but is peculiar to joint-stock concerns, where it is estimated as a percentage, the result being precisely the same as by the above method. It is much more easy to declare a percentage dividend in joint-stock concerns, for two especial reasons: first, the capital does not fluctuate-the amount of stock which a man holds being always his average investment-and next the gains are not usually all divided; so that an exact percentage may be divided, leaving the balance of gain as a sinking, or accumulating fund. The precise distinction between a general copartnership and a joint-stock association, so far as keeping the accounts is concerned, has chief reference to the basis of dividends. In all joint-stock concerns the gains are divided according to the capital held, while in general copartnerships the usual method is first to equalize the capital by allowing interest on net investments, and then to divide the gain or loss equally. It is also customary in copartnerships, for the partners to draw regular salaries for services the same as employes. The more usual basis of a partnership contract is, first, to equalize the capital by allowing each partner interest on his average investment, and then to divide the net gain or loss in certain proportions independent of capital. The following examples will illustrate this point. EXAmPLE 7.-A, B & C are partners under a contract providing that each man shall receive interest on his average capital, at the rate of 6% per annum, and the net gain be divided equally. They invest, and draw out as follows: A. B. C. Drawn out. Invested. Drawn out. lnvestedc Drawn out. Invested. May 1,. $300 Jan. 1,. $4000 Jan. 15,. $150 Jan. 1, $5000 Jan. 1, $10000 Mar. 1,.'000. Apr. 1,. 200 April 1, 5000 At the end of six months, July 1, they ascertain that the business has gained $1500, not reckoning the interest due on capital. To how much of the $1500 is each man entitled? and what is each man's interest in the business on the first of July? Solution.-Ascertain the interest due each on his investment, which deduct from the gain, leaving the amount to be divided equally. Add each man's interest to his i net gain to obtain his share of the $1500. Add each man's share thus found to his net investment, to obtain his interest in the business on the first -of July 367 COM:MERCIAL Ca LCULATIONS. Operation. A's credit interest, $4000, for 6 months $120.00 7000," 4 \" - 140.00 $260.00 -" debit " 300, " 2 "..... 3.00 A's net interest,...... $257.00 B's credit interest, $5000, for 6 months $150.00 5000, " 8 "' 75.00 $225.00 " debit " 150, " 5 1 " 4.13 200, " 8 " 3.00 7.13 B's net interest,....... 217.87 C's credit interest, $10000 for 6 months....... 300.00 Total interest due partners,... $774.87 $1500 - $7'74.87 =$725.13, net gain to be divided equally; viz.: $725.13 + 3=$241.71. A's net interest,...$257.00 B's net interest,.. $217.8'7 C's net interest,... $300.00 " inet gain,... 241.71 " rnet gain,... 241.71 " i net gain,... 241.71 " share of total gain, 498.71 " share of totalgain, 459.58 " share of total gain, 541.71 " net investment,. 10700.00 " net investment,. 9650.00 " net investment,. 10000.00 "capital, July 1,. $11198.71 " capital, July, 1,. $10109.58 " capital, July 1,.. $10541.71 NoTE.-In a set of Double-Entry Books, a settlement like the above would be easily effected, by carrying the interest allowed the first partners directly to the debit of Loss and Gain account, the same as any other expense which would leave in the Loss and Gain account the net gain to be divided. If we take into account the fact that the investment is borrowed from the partners, who receive interest thereon, the same as on money loaned to other parties, the proposition is simple enough. It is always proper, whether practiced or not, to deduct the interest on investment, as well as the salaries of the partners-if they are entitled to any-from the gains, before attempting to decide upon the prosperity of the business. EXAMPLE 8.-A, B, C, and D are partners. The contract provides that A and B are to furnish the capital, and C and D to defray the expenses. The gain is to be divided as follows: A, J; B, i; C, J; and D, 1-. The net gain, besides expenses, is $4000; the expenses, which have been paid from the business, are $500. How much of the net gain is each partner entitled to? Solution.-It would seem at first view, that there is a hopeless incompatibility in the terms of this contract. It is true that if $4000 be assumed as the gain, to be divided among the four partners, injustice would be done to A and B, as they were not to participate in the expenses; and it will readily appear that if C and D had paid the expenses from their own pockets, instead of firom the avails of the concern, the gain would appear $500 more. So far, then, as A and B are concerned, the net gain is $4500. ~ of $4500 = $1500, A's share of the gain. " 4500= 1125, B's "C " " s " 4500= 1125, C's " " " " 400- 750, D's " " " C and D are each to be charged with one half the expenses, $500, which deducted from their share of the gain as above, will leave the result: $1125-$250 - $875, C's share of the $4000.'750- 250= 500, D's " " " NoTE. —There are, in reality, two distinct contracts to be regarded in the above adjustment; one for the payment of the expenses, and the other for the division of gain; and they should by no means be made to conflict. The difficulty which the tyro would be apt to encounter, would be the attempt to divide what seems to be the net gain-$4000. The fact is, C and D had no right to charge the expenses to a general account of the concern, thereby reducing the gains, but should have charged their own personal accounts, the same as for money drawn for any private purpose. The net gain is really $4500, and each partner should receive his appropriate share. As C and D have already received each $250, it should be deducted'from their gain. 368 COMMERCIAL CALCULATIONS. EXAMPLE 9.-Three methods of adjusting interest between partners.-X, Y, and Z enter into equal copart. nership with unequal capital, each man to receive interest on his average investment. X's interest amounts to $300; Y's, to $250; and Z's to $180. How can the adjustment be made? First. —The total amount of interest may be charged to Loss and Gain account, which being divided equally between the three partners, each of whom are credited for their respective portions, will produce the following results Dr. X. Cr. Dr. Y Cr. Dr. Z Cr. 243.33 1 300 243.33 I 250 243.34 180 Second.-X's and Y's excess of interest over Z's may be charged to Loss and Gain account, and they credited with the same; the Loss and Gain account to be shared equally as before, viz.: Dr. X Cr. Dr. Y Cr. Dr. Z Cr. 63.33 120 63.33 70 63.34 1 Third.-A Journal entry may be made direct, without taking the amount to the Loss and Gain account, vMz. Dr. Dxr. CDr. Dr. Z Cr. 156.67 6.6'7 63.34 1 It will be seen that the net debits and credits are the same in each of the three methods, clearly proving the essential identity of the different results. The former method is, perhaps, preferable, because more readily understood and applied. EXAMPLE 10.-A, B and C enter into copartnership with equal capital, upon the following conditions: A to receive as a salary $1500; B, $1200; and C, $1000; the gain to be divided equally. At the close of the year, the net gain, exclusive of salaries, proves to be $3000. To how much of this amount is each partner entitled? Solution.-It will be plainly seen that had the partners received their stipulated salaries and the tota, been carried to Expense %., instead of a gain of $3000 there would have appeared a loss of $700. The provisions of the contract are that the "gains shall be divided equally;" and it may be proper to suggest, that if there be losses instead of gains, the proportion must be the same. We have, then, the following result: A's salary,.... $1500 A's i net loss, $233.33; B's, $233.83; C's, $233.34. B's "...... 1200 Therefore, $1500-$233.33 = $1266.67, A's share. C's "....... 1000 $3700 1200- 233.33 966.67, B's " From which deduct gain,.. 3000 1000- 233.34.- 766.66, C)'s " Leaves net loss,....... $700 Total,. $3000.00 A common fallacy with reference to settlements like the above, would be to divide the $3006 in proportion to the salaries. The reasoning would be this: If there had been earned just $3700, A would have received $1500; B, $1200; and C, $1000; therefore, if there be less than enough to pay these amounts, it should be divided in the same proportion. The solution, according to this understanding, would be as follows: $3700: $1500:: $3000: $1216.22, A's share. 8400: 1200:: 3000: 972.97, B's " 3700: 1000:: 3000: 810.81, C's " Total,.....$3000.00 The remedy for all. such misconceptions is to understand the distinction between the separate contracts in the copartnership. The apportionment of salary, in the above case, is absolute, and is not at all contingent upon the gain or loss. To appreciate this fact fully, suppose the salary is to be paid to clerks instead of to the partners; the result would be a loss of $700, as shown in the first statement. The partners act in the double capacity of proprietors and employ6s; as employ6s, they gain each the amount of his stipulated salary; as proprietors, they lose each i of $700. 24 369 GENERAL HINTS AS TO DIVIDENDS. GENERAL HINTS AS TO DIVIDENDS. IT is customary with all establishmentgito declare, periodically, the gains or losses in business. Jointstock companies usually do this twice a year, and all other concerns as often as once a year.. It is well to consider, in all such cases, not only what appears to be the condition of the business with reference to gains and losses, but what that condition really is. It is not impossible that the Representative accounts should make a fair show of prosperity, while the state of available resources would plainly indicate an entirely different state of affairs. For instance, the credit side of Merchandise account may exhibit a commendable preponderance over the debit side, showing thereby a gain; while the resources which that credit produced may have a fictitious value. Suppose the merchandise to have been sold on notes and personal accounts which are not worth more than half what their Ledger titles express. It will be evident that the Merchandise account exhibits a fictitious gain of exactly the amount of such depreciation of resources; and any dividend declared on such a basis would be false to that extent: as it would fail, by so much, of being realized. The question, then, arises, Would it be best to dispose of these doubtful accounts by carrying their deficiency to Loss and Gain? Such a course would doubtless be legitimate, were it possible to determine just how worthless the accounts were, or how much of them it would be safe to retain as absolute resources. This uncertainty would suggest the propriety of permitting them to remain upon the Ledger until their worth could be ascertained; besides, it would scarcely be advisable to close up a personal account so long as any chance remains of realizing it. What, then, is the best method of retaining these doubtful accounts on the Ledger, and yet avoid showing a fictitious gain? The most satisfactory plan of which we have a knowledge, is to open a general account to represent lia. bilities; as, for instance, "Suspense," or "Sinking Fund" to the credit of which carry all doubtful resources, debiting Loss and Gain with the same. It is well understood that a liability will cancel a resource, and vice versa. As the " Suspense" account would thus be considered a liability, it would, of course, offset just so much of what appears elsewhere as resources; and thus permit the dividend to be made from the actual gain. In all cases, however, where resources have been thus canceled, there should be some method of knowing which they are, that if any thing is thereafter realized on them, " Suspense" account may be charged and Loss and Gain credited. The result of this arrangement would be to guard, in the most effectual way, against excessive dividends, and to exhibit perpetually the accounts in " suspense," without exciting the suspicion of the parties from whom we may hope, eventually, to realize a fair proportion, at least, of the amounts shown to be due. Where the object is simply to declare dividends due partners that are to continue in the same relation, it is not necessary to be very exact in these estimates; but if the purpose be to arrive at the actual condition of the business with a view to changing the relations of proprietorship, it will be necessary to estimate the real value of such doubtful resources, or as nearly as possible. The plan usually adopted of closing all doubtful resources into " Suspense" is not only injurious, but utterly useless, as the Suspense account must then represent a resource or a loss. If a resource, the accounts may as well have remained under their proper titles, and if a loss, they should have been carried directly to Loss and Gain. But the chief objection to such a course would be the exhibiting of accounts as closed which are yet owing, and may be paid. If Mr. A., for instance, whom we have thus considered doubtful, should desire to see his account on our Ledger, that he may pay it, it might be awkward to inform him that, having considered his account worthless, we had carried it to Loss and Gain. He might not desire to contribute so directly to our profit. In Joint-stock concerns, particularly, where the settled policy is, under no circumstances to decrease the capital stock, a " Suspense," or " Sinking Fund" account is exceedingly proper; and it is well, under such circumstances, to carry to such account, not only the resources which are doubtful, but a sufficient amount to cover all contingencies. It is quite as easy to estimate the real value of a "Sinking Fund" account as that of any doubtful resource, and in case an exact statement of the condition of the concern is wanted, any excess which may have been transferred hither may be easily restored. 370 VOCABULARY OF MERCANTILE TERMS. A BANDONMENT, the surrendering of a ship or goods Assignment, the act of making over property or trust to insured, to the insurer. an assignee. Abatement, discount allowed on damaged goods, or for Association, the union of persons in company, for the the payment of money before due. transaction of business. Acceptance, the formal agreement to pay a draft or bill Assortment, a variety of sorts or kinds, adapted to various according to its terms. wants. Accommodation, the loan of money or of one's name upon Assurance, a guarantee or indemnity. [See Insurance.] which money may be raised. Attachment, a legal warrant for seizing a man's person Account, a systematic arrangement of debits and credits or goods. under the name of a person, species of property, or Auction, a method of selling goods to the highest bidder. cause. Book-keeping is the science of Accounts. Au.ctioneer, one who sells goods at auction. Account- Current, a running, or unsettled account. Auditor, a person appointed and authorized to examine Accountant, one skilled in Accounts, or engaged in keep- accounts, compare vouchers, etc. ing books. Average, a term used to denote damages or expenses reActuary, the active officer in a Life Insurance company; sulting from accidents at sea; the mean time for the one skilled in the science of annuities. payment of several items due at different times. Ady'ustment, the settlement of a loss incurred by the in- Avoirdupois, the common standard of weight for all comsured; a general settlement. modities except precious metals and drugs. Administrator, one who administers upon an estate, by order of the Probate Court. DALANCE, a term used to denote the difference be-Adulteration, the act of debasing by mixing any spurious U tween the sides of an account, or the sum necessary commodity with a genuine article. to make the account balance; an account in the Led Ad valorem, according to the value; a term used in fix- ger, showing resources and liabilities. ing the rates of duties on imports. Balance of Trade, the difference between the value of imAdventure, a speculation; usually applied to the shipment ports and exports. of goods on account of the shipper. Ballast, a heavy substance placed in the hold of a ship to Advance, increase in price; money paid on goods before keep her steady in the water. they are delivered. Banking, the business of a bank. Advice. Information given with reference to a shipment Bankrupt, one who is unable to pay his debts. or other important matter. Bill, a general name given to a statement in writing. Agent, one whQ acts; usually applied to a person who The following are some of the technical names of bills: does business for, and in the name of another. Bill of Exchange, an order drawn on a person in a Agio, a term used to denote the difference between the distant place, requesting the payment of a sum real and nominal value of money. of money. Allowance, deduction made from weights, etc. [See Tare.] Bill of Entry, a written account of goods entered Amalgamation. The operation of forming amalgam; at the Custom-House. mixing mercury with any metal. il of Right, a form of entry at the CustomAnte-date, to date beforehand. House by which the importer may examine his Appraisal, a value set upon goods or property of any kind. goods. Appraiser, one who appraises. Bill of Lading, a list of goods shipped, having the Aqueduct, a channel or conduit for the conveyance of signature of the master of the vessel, or the water. proper officer of the transportation company..Arbitration, the hearing of a cause between- parties in Bill of Parcels, an account given by the seller to controversy; estimating the value of exchange, nego- the buyer, of articles and prices. tiated through indirect channels. Bill of Sale, a writing given by the seller of perAssay, the trial or proof of the purity of metals. sonal property to the buyer, equivalent to a deed. Assets, resources of any kind; available means. Bill of Health, a certificate from the proper authorAssessment, a valuation of property or profits, for the ities as to the state of health of a ship's company purpose of taxation. on leaving port. Assessor, one who assesses or values property. Bill of Mortality, a certified account of the deaths Assignee, a person properly appointed to transact business, at a certain place, during a certain period. or receive property for, or on account of any person or Bill qf Csredit, a document for raising money on the estate. credit of a state. Assignor, one who makes an assignment or transfers Board of Tr-ade, an association of business men, for the property or interest. general advancement of commercial interests. 371 VOCABULARY OF MERCANTILE TER1[S. Bona fide, in good, faith. AMAGED GOODS, in the language of Customs, are Bond, a deed by which the party binds himself, his heirs,.L goods subject to duties, that have received injury, executors and assigns to -the performance of certain either in the voyage home, or the bonded warehouse. conditions. Days of Grace, the time allowed by law and usage beBonded Goods, those which remain in the Custom ware- tween the written date of maturity of a note or draft, house until the duties are paid. and the date upon which it must be paid. Bottomr~]y Bond, a mortgage on the bottom of a vessel, Debenture, a certificate. of drawback entitling the imthat is, on the vessel itself, for the repayment of money porter to return duties on goods shipped again. loaned. Debt, an amount owing from one party to another. BBroker, a trader in stocks, moneys, or other commodities. Decimal, from the Latin decem, signifying ten; any sysBrokerage, the commission or percentage charged by a tem of counting by tens. broker for services. Decimal Fractions, fractions having any power of ten for their denominator. CAPITAL, investment in business. Deed, a written contract, sealed and delivered. Carat, the weight which expresses the degree of Defalcation, diminution, deducted from. fineness of gold. Defaulter, one who fails to account for money or valuCargo, the lading or freight of a vessel. ables entrusted to his care. Cashier, one who keeps the cash account; the financial Delivery, the passing of goods or money from one to anofficer of a bank, railroad, or mercantile house. other. Carrier, one who carries goods for another. Demand and Supply, terms used to denote the relations Charter, an instrument bestowed with form and solem- existing between consumption and production. nity, bestowing certain privileges and rights. Demnurrage, forfeit money for detaining a vessel beyond Charter-party, a contract between the owner of a ship her time. and the freighter. Denier, a small French copper coin. Clearance, a certificate from the Custom-House that a Deviation, the departure of a vessel from the course ship has permission to sail. specified in her insurance policy. Clearing, the obtaining of permission for a ship to leave Diplomacy, the art of conducting negotiations. port; the exchanging of drafts and settlement of bal- Discount, consideration allowed for the payment of a ances between different houses. debt before it is due. Clearing-House, the place where the operation of clearing Dividend, division of profits among stockholders. is performed. IDrawback, an amount remitted which has been previously Coasting, the trade carried on between different ports of paid as duties. the same country. Draft, an order for the payment of money. Coin, pieces of metal, usually gold or silver, impressed Drawee, the person on whom a draft is drawn. with a public stamp, and used as money. Drawer, the person who draws a draft. Commerce, the exchange of commodities. Duuplicate, a copy or transcript of any thing. Commission, a percentage for the sale of goods or other Duty, a government tax. service. Company, an association of persons for a common enter- MAFFECTS, property of any kind. prise.A4 Lnmbargo, a prohibition laid by the government on Compound, to settle with a creditor by paying a part only ships to prevent their leaving port. of the debt. -Embezzlement, the illegal appropriation of the funds of a Compromise, an agreement embracing mutual concessions. principal by an agent or employee. Consignee, one to whom goods are consigned. Emporium, a commercial center; a mart. Consignment, goods consigned to be sold on account. Endorse, to subscribe to any thing; to write one's name Consignor, one who consigns goods. on the back of a note. Cbnsols, an abbreviation of the term " Consolidated Engross, to monopolize; to buy up produce for the purFunds," applied to- the chief public stocks of England. pose of affecting the market; to copy in manuscript. Consul, an agent for a government in a foreign land. Exc]hange, the fundamental principle of trade; the species Contraband, an article prohibited from being imported, of paper by which debts are paid without the transexported, bought or sold. mission of money; premium and discount arising Contract, an agreement between two or more parties from the purchase and sale of funds. upon sufficient consideration, to do, or not to do a cer- Exports, goods or produce carried abroad. tain thing. Express, a messenger or vehicle sent on a special errand; Contra, on the opposite side. a regular convenance for packages. Copyright, the secured privilege of monopolizing the publication of any book or work. T'ABRIC, manufactured cloth. Counterfeit, a spurious article resembling the genuine. 0 Face, the amount expressed on a note or draft. Coupon, a French word, signifying cut qff. It is applied Factor, an agent employed to transact business for anto interest warrants, attached to. public stocks, bonds, other. etc. When paid they are cut off from the bond. Factory, a house or place where factors reside; a build~redential, the official warrant of a deleating power, ing for the manufacture of goods. authorizing the holder to act in a specified capacity. Fac simile, an exact' resemblance. Credit, trust given to one who owes. Fcilure, becoming insolvent. Currency, a term used to express the collective amount Fancy Stocks, usually applied to the stocks of joint-comof money used in the business of buying and selling. panies, subject to fluctuation in price. Customs, the tariff charged by law on imports or ex- Favor, the polite term for a letter received; a note or ports. draft is in/Javor of the person to whom it is to be paid. lstom-House, the office where the business connected Fee simple, an estate held by a person in his own right. with customs is transacted. Finatnce, pertaining to money; the public revenue. 372 VOCABULARk OUF MERCANTILE TERMS. Firzancier, an officer of revenue; one skilled in money Licensa, a legal permission to do a certain act such as matters. selling goods, etc. Firm, the general title of a copartnership. Lien, security on land or other property. Firkin, a measure equal to nine ale gallons. Lighter, a large, open, flat-bottomed boat used to carry Foreclose, to cut the mortgager off from the equity of re- goods to or from a vessel when loading or unloaddemption. ing. Forestalling, buying up produce before it gets to market, Lighteraage, a charge or commission for carrying goods in to enhance the price. a lighter. Form, a particular arrangement; a systematic method Liquidate, to pay or satisfy demands. of expressing facts. Loan, that which is lent for a temporary purpose. Forecastle, the part of the upper deck of a ship for- Lucre, gain in money or goods. ward of the mast. Fobio, page of a book; usually applied to the two pages /ANIFEST, a list of the articles comprising a ves. opposite $ach other. _Y sel's cargo. Franc, a French coin, equal to about eighteen cents of Manufacture, the process of converting raw materials American money. into articles of use and sale. Free Trade, the policy of conducting, international com- Manufactory, the place where goods are manufactured. merce, withoutoduties. IfMaine, a general name for the navy of a kingdom or a Freighlt, goods being transported; the price of transpor- state. tation. Maratime Law, law relating to harbors, ships, and seaFund, a stock or capital; a sum of money appropriated men. to some special enterprise; used in the plural to de- Maark, or Maerc, a weight in European countries for estinote wealth, generally. mating gold and silver. Miaturity, the date when a note or draft falls due. G AUGING, the art of measuring the contents of a Maximum, the highest price or rate. cask or other receptacle. flercantile Law, law pertaining to business transactions. Gain, profit; increase in wealth. Merchandise, goods; the common articles of barter. Gratuity, a free gift; a donation..Merchant, one who speculates in merchandise. Guarantee, or Guaranty, an undertaking or engagement Minimum, the lowest price or rate. by a third person that the agreement between two Mint, the place where money is coined. parties shall be observed; a surety. fMonopoly, the sole right to make or use a certain article. Monetary, relating to financial matters. HARBOR, a place where ships may lie at anchorage.oMrtgage, the transfer of property to secure the payment and in safety; a port for loading and w1loading. of a debt..liaswker, an itinerant pedler of merchandise; Mortgagee, the person to whom the transfer is made. Highway, a public road or thoroughfare. MortgaTges, the one who makes the transfer. High Seas, the waters of the ocean, without the boundaries of any country. XTAVIGATION, the science of conducting ships or Hionor, to accept or pay when due. I other vessels from one port to another..?ypothecake, to pledge as security. Net, or fNett, that which remains of a weight or quantity after certain deductions. IMPORT to bring from a foreign country. Nret Proceeds, the amount due a consignor, after deductImpo0rtation, the act of importing; the thing imported. ing charges attending sales. Indemnity, a guaratitee against loss. Nickel, a scarce metal resembling silver; used in the Insolvency, the condition of bankruptcy. composition of the new cent coin of the United States. Insurance, indemnity from loss; the rate paid for indem- Notary Public, an officer whose chief business it is to nity. protest paper for non-payment. Installment, part of a sum of money paid or to be paid Note, an incidental remark made for the purpose of exat a certain time. planation; a written obligation to pay money or goods. Interest, the use of money; commonly defined as a percentage allowed by the borrower to the lender. AR, equalin value. Inventory, a list of goods enumerated in detail. 1 Partnership, an agreement between two or more Investment, the laying out of money in the purchase of persons to share in the profit and loss of any enterproperty. prise. Invoice, a bill of goods bought or sold. Pawnbroker, a person who advances money on goods, having power to dispose of the same if the money is JETTISON, goods thrown overboard to lighten a ship not refunded as per contract. in a storm. Policy of Insurance, contract between the insurer and the Jointure, an estate in lands settled on a woman, in con- insured. sideration of marriage. Portage, the amount paid by a captain in running his vesJoint-stock, property held in common by a company. sel; the price of carrying. Journal, the chief book of the current entries in business. Premium, the sum paid for insurance; the excess of value above par. T EASE, a contract demising the use of property for a Price Current, a list of merchandise, with market value. certain time. Principal, an employer; the head of a commercial house; Ledger, the merchant's book of accounts. the sum loaned upon which interest accrues. Legacy, a bequest; money or property given by will. Protest, a formal notice to the sureties of a note or draft, Letter of Credit, an open letter of request authorizing the stating that the same was not paid at maturity; or to holder to receive money on account of the writer. the drawer of a draft stating that the same was not.dJabitiiy, a debt or claim against a person. accepted upon presentment. 373 ABBREVIATIONS AND CHARACTERS. ( UARANTINE, restraint of intercourse to which a Surety, indemnity against loss; a person bound for the ship is subjected, upon the supposition that she performance of a contract by another. may be infected with disease. TARE, an allowance or discount for the weight of R ATE, price; amount above or below par. JL boxes and other receptacles of merchandise. t Rebate, reduction for prompt payment. Tarif, a list of prices; duties on imports and exReceipt, a written acknowledgment of having received ports. money or other value. Teller, an officer in a bank who receives or pays money. Reprisal, the act of seizing ships or property as indem- Tender, an offer for acceptance; a legal tender is an offer nity for unlawful seizure or detention. of such money as the law prescribes. Resources, effects-property of any kind. Tonnage, the weight of a ship's lading; the capacity of a Revenue, the annual produce of rents, excise, customs vessel. duties, etc., collected by a state or nation. Transfer, to convey from one to another. Trustee, a person trusted;. one to whom some special SALVAGE, an allowance made by law for the saving business or interest is committed. of a ship's cargo from wreck or fire. Sample, a specimen. SANCE, business custom or habit which is generally Seaworthy, in a proper condition to venture to sea. UT conceded and acted upon. Seize, to take possession of by legal process. Ustcry, illegal interest; formerly, any consideration for Shippment, goods shipped; the act of loading a vessel for the use of money. voyage. Sight, the time of presenting a bill to the drawee. ITEND, to sell, or transfer for a consideration. Signature, the name of a person written by himself. V Voucher, a written evidence of an act performed, Solvent, sound; able to pay all liabilities. such as the payment of money. Sounding, trying the depth of the sea, and the nature of the bottom. ITAGES, compensation for services. Stock, capital in trade; the title of the proprietor of a tV Warehouse, a building in which goods are stored. business. Wares, merchandise of any kind. Stocks, shares in joint-stock companies, and negotiable Wharfage, money paid for the use of a wharf. debts of governments and corporations, drawing in- Wreck, the ruins of a ship stranded. terest. Wreckers, persons employed in saving property from a Stock-iobber, one who deals in stocks. wreck. ABBREVIATIONS AND CHARACTERS. -BEB:TEVIATIONS. ac't..... Account. Dec.....December. Fr't......Freight. Oct...... October. Am't....Amount. Dft.....Draft.... B.. Outward Invoice Ans.....Answer. Do...... The same. Ga.Gallon. Book. Apr.....April. Doz.....Dozen. Hhd..... Hogshead.. Page Ass't'd... Assorted. Dr......Debtor. Pay't.....Payment. Aug....August. D's...... Days. I. B.....Invoice Book. P. C. B..Petty Cash Book. Batl... Balance.. ea....... Each. Ins...... Insurance. Pd....... Paid. B. B.... Bill Book. E. E....Errors excepted. Inst. Instant. P....Package. Bbl.....Barrel. E.c0O.E. Errors and omis-....Interest....... B. Pay. Bills Payable. sions excepted. nv t.... Inventory. pr, per.. By. B. Rec... Bills Receivable. Fimnb'd...Embroidered. P.....s Janare....Pieces. Buk.......Black...... Eng.. English. Ehg. JaD. January. Ps........ Pieces. BI'c.....Black. PTng.....English. Bo't....Bought. Lx.......Example. lbs......Pounds. Bec'd.....Received. Bro't....Brought. _ Etxch....Exchange. L..F...Ledger Folio. CEap.....Expenses. S. B.....Sales Book. aP...... Capital..a.......M arch. Sept.....September. 0.-B.... Cash-Book. Fav.... Favor. ldMse.... Merchandise. Ship't.. Shipment. Co...... Company. Feb......February. o...... Month. Sands.... Sundries. Comn..... Commission. F g'd.... Figured. Cons't.... Consignment. Fol......Folio. N.......Number. Yds. Y....ards. Or......Creditor.. For'd.....Forward. Nov.....November. Yr......Year. (..At. 4... Number. x. Sign of multiplication. 11..One and one-fourth. % Account. +4..Sign of addition. —...Sign of division. 12..One and two-fourths. %..Per cent. —..Sign of subtraction. S..Sign of equality. 13. One and three-fmurths. 374 TIME TABLE. SHOWING the time in months or days from any day in one month to the corresponding day in any other month. FROM ofTO Jan. Feb. Mar. I Apr. May June July Aug. Sept Oct. Nov. Dec. JANUARY. Months. 12 1 2 3 4 5 6 7 8 9 10 11 (Days... 365 31 59 90 120 151 181 212 243 273 304 334 Jan. Feb., Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. FEB'UARY. M lonths. 11 12 1 2 3 4 5 6 7 8 9 10 Days...i334 365 28 59 89 120 150 181 212 242 273 303 Jan. Feb. Mar. A May June July ug. Sept Oct. Nov. Dec. MARCH...Months. 10 11121 2 3 4 5 6 7 8 9 Days...1 306 1337 365 31 61 92 122 153 184 214 245 275 Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. APRIL... Months. 9 10 1112 1 2 3 4 5 6 7 8 Days... 275 306 334 365 30 61 91 122 153 183 214 244 Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. MAY... onths. 8 9 10 11 12 1 2 3 4 5 6 7 (Days... 245 276 304 335 365 31 61 92 123 153 184 214 Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. JUNE..... Months. 7 -8 9 10 11 12 1 2 3 4 5 6 Days... 214 245 273 304 334 365 30 \61 92 122 153 183 Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. JULY..... Months. 7j8 9[101112 1 2 3 4 5 (Days... 184 215 1243 1274 1304 335 365 31 62 92 123 153 Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. AUGUST... Months. 5 6 7 8 9 10 11 12 1 2 3 4 Days... 153 184 212 243 273 304 334 365 31 61 92 122 Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. SEPT'BER. Months. 4 5 6 7 8 9 10 11 12 1 2 3 Days... 122 1 53 1 81 1212 242 273 303 334 365 30 61 91 Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. OCTOBER. Months. 3 4 5 6 7 8 9 10 11 12 1 2 Days.. 92 123 151 182 212 243 273 304 335 365 31 61 Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. NOV'MBER Months. 2 3 4 5 6 7 8 9 10 11 12 1I (Days... 61 92 120 151 181 212 242 273 304 334 365 30 Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. DEC'MBER Months. 1 2 3 4 5 6 7 8 9 10 11 12 Days... 31 6 2 90 121 151 182 212 243 2743o04 3351365 MI MIMIX... ~A~as~/1/1- I TO]]q EX~PLA NSA.TIO~S. Suppose the time be required from July 10 to September 10. Find July in the left-hand column, and follow out the line to the right until you come to September; the number of months is 2, of days 62. If the date to which we reckon be either greater or less than the one from which we reckon, the difference should be added or subtracted as the case may be. For example: How many days from February 1 to August 31? By following out the February line to the August column, we find the time from February 1 to August 1 to be 181 days, to which if we add 30, the difference between 1 and 31, the time required will be 211 days. If the time be required between February 28 and.August 1, we find the time from February 28 to August 28, to be 181 days, from which, if we subtract 27, the difference netween 1 and 28, we get for the number of days, 154. The Table is one of quite common use, but is none the less important. It may be used to great advantage in the processes of averaging. 375