m MHKAKY Me Lru be UNIVERSITY OF CALIFORNIA. KV < >K Accessions Class No. OF TROY, :TROIT. XY, June 9, 1863. of Book-keeping, and! :ie learner all that ean| > fours respectfully, i, Albany. -S Bank, Albany my. y- r- .. _, ,.. ^vA.-.o.gii^u, li.ivmy caiuiuiiy examined tno prool-slieets of the Banking Set prepared for Bryant 1 : Strut mi s Book-keeping, are prepared to gay, without hesitation, that we deem it in all respects the most; thorough and complete treatise on Bank Book-keeping which we have ever seen. The general plan is admir-j able, and the fullness of detail with which the transactions are carried out through the various books, renders it] an invaluable work for such as desire to acquaint themselves with Banking as it is done in the great majoritv of \ Banks in the country. We unhesitatingly commend this work to the public. S. K. STOW, Vico-Fresident Troy City Bank. G. F. SIMS, Cashier Troy City Bunk. F. SIMS, Cashier Mechanics and Merchants Bank, Troy. GEO. A. STONE, Cashier Mutual Bank, Troy. C. M. WELLINGTON, Cashier Manufacturers Bank, Troy. T. TAYLOR, Cashier Bank of Troy. WILL ARD GAY, Cashier State Bank, Troy. J. H. NEHER, Cashier Market Bank, Troy. L. CLARK, Vice-President State Bank of Michigan. KMKRY WIXDHLL, Cashier State Bank of Michigan. M. . DOW, Acting-Cashier Peninsular Dank of Michigan. H. P. PULLING, President Peninsular Bank of Michigan. C. M. DAVISOX, late Cashier Farmers and Mechanics Bank, Detroit. L. M. MASON, Vice- President Farmers and Mechanics Bank, Detroit A. II. ADAMS, Cashier Savings Bank, Detroit. II. N. WALKER, Vice- President Detroit Savings Bank. J. OWEN, President Michigan Insurance Bank. J. B. M Kill AM, formerly Cashier City Bank of Cleveland. H. B. HURLBUT, President Bank of Commerce. T. P. HANDY, President Merchants Bank of Cleveland. DAX. P. EELLS, Cashier Commercial" Branch Bank of Cleveland. K. P. GEN LSI!. Cashier Casco Bank, Portland, Maine. C. G. BALLAUD, Book-keeper New York & Erie Bank, Buffalo. GEO. II. DUXBAK. Teller Now York A, Erie Bank, Buffalo JAMES SWEENEY, Cashier New York & Erie Bank, Buffalo. TUOY, N. T., May 18, 1863. BBYAXI, STRATI ox & Co.: Gents : I have examined your work on Bank Book-keeping, and am pleased with it. Your suggestions with reference to Bank Officers and Clerks, their duties and responsibilities, and the general conduct of the business of a { link, are all instructive and useful. The Narrative of Transactions is very natural and proper, and affords a. very good preparation for the entries of actual business. Your system is a good one, and, if carefully studied, vour students will become acquainted with principles which they can apply in practice to the varied operation f Banks and Banking, either in the city or the country. I cheerfully commend the work to all persons desirous of becoming acquainted with Bank Book-keeping. Yours, CHARLES P. 1IAHTT, Cashier Farmers Bank, Troy. PORTLAND, May 28, 18G3. I Lave examined the plan of Bank Book-keeping which is taugrrt by Messrs. Bryant, Stratton & Co., and I am very much pleased with it. The system corresponds very nearly to that used by the Banks of New England, and the entries cover about all that are in use between a merchant and his banker. WILLIAM E. GOULD Cashier International Bank, Portland, Main/3 ^r BRYANT & STRATTON S COUNTING HOUSE BOOK-KEEPING: CONTAINING A COMPLETE EXPOSITION OF THE SCIENCE OF ACCOUNTS, IN ITS APPLICATION TO THE VARIOUS DEPARTMENTS OF BUSINESS; INCLUDING SETS OF BOOKIS WHOLESALE AND EETAIL MERCHANDISING, FARMING, SETTLEMENT OF ESTATES BANKING, EXCHANGE, STOCK BROKERAGE, ETC. WITH FULL EXPLANATIONS AND APPROPRIATE REMARKS ON THE CUSTOMS OF TRADE ; ANI EXAMPLES OF THE MOST IMPORTANT BUSINESS FORMS IN USE. BY H. B. BRYANT, AND H. D. STRATTON, FOUNDERS AND PROPRIETORS OP TUB " INTERNATIONAL CHAIN Of COMMERCIAL COLLKOKS," LOCATED IN NEW YORK, BP.OOKLTS , PROVIDENCE, PORTLAND, ALBANY, TROY, BUFFALO, TORONTO, CLEVELA: o, DETROIT, CHICAGO, AND ST. LOUIS. AND S. S. PACKARD, BK8TDENT PRINCIPAL OK THB NEW YORK O1TY COMMERCIAL COLI.EOK. NEW YOKK: IVISON , PHINNEY, BLAKEMAN & COMPANY, Nos. 47 & 49 GREENE STREET. CHICAGO: S. C. GRIGGS & CO., 30 & 41 LAKE ST. 1867. THB UFIVBRSITT 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. CONTENTS. PREFACE SIIOKT ADDRESS PAC.?:. 5 7 INTRODUCTION. Description of Principal Books. 11 Forms of Principal Books 12 Mercantile Terms 13 General Principles 16 Questions for Review 17 General Plan of the Work.. . 18 SET I Single Proprietor, Instructions 20 Day Book 22 Journal 23 Lodger 25 General Statement 27 Questions for Review 32 Closing the Ledger 33 Order of Closing. 34 Ledger Closed 35 General Remarks. 37 Exercises for the Learner (First Series) 39 Questions for Review 41 Ii.dux to Ledger B 42 SET II. Continuation of Set I, Daly Book 44 Journal 46 Leilg.-r 48 General Statement 50 Exercises for the Learner (Second Series) 52 Au xiliary Books 54 Qu estious for Review 56 SET III. Continuation of Set II. Da; Joi Trii Sta Clo Cor, Ex Qui Jou Led Tria Book. 58 C2 1 Balance and Inventory l>7 ement G8 ing II. B. Bryant s Business 09 mission Business Exemplified 70 rcises for the Learner (Third Series) 74 stions for Review 76 SET IV. Partnership Business. Remarks. .................................. 78 rnal Day Book ........................... 80 ................................... 91 1 Balance and Inventory .................. 09 Balance Sheets Explained Forms of Balance Sheets Auxiliaries to Set IV. explained Commission Sales Book Accounts Sales Outward Invoice Book Banking Auxiliaries Notes, Drafts, &c Letter Book Exercises for the Learner (Fourth Series) 102 104 113 \]i\ 1 1 3 119 124 SET V. Jobbing and Importing. Remarks. i J8 Routine ] ;>o Domestic Invoice Book i;v> Foreign Invoice Book 135 Sales Book i;;7 Cash Book 142 Bill Book 144 Inventory Book 145 Journal 14 ( ; Balance Sheet ] 4 3 Questions for Review . l , y Changing Single to Double Entry. Remarks 152 Cash Book ] :,i Day Book 1 ">< Ledger : 153 Process of changing. 160 Continued in Double Entry 1 1;-2 Statements 10 1 Exercises for the Learner (Filth Series) 165 Farm Accounts. Remarks 170 Cash Memorandum 171 History of Transactions 172 Explanation of Six-Column Journal 175 Journal, Practical Form 176 Trial Balance and Inventory 181 Statement 182 Practical Hints for Fanners 182 Questions for Review 184 Agencies Administrator s Books. Agencies 1 S6 Administrator s Books 187 Day Book 188 Journal Ul Ledger 1 9*i Cash Statement I . J Exercises for the Lear. ier.. . . 20U CONTENTS. Comm ssion. PAGE. Explanations 202 Narrative of Transactions 204 Memoranda for the StmieiH 207 Journal 210 Receiving B<:.>k 211 Sales Book 214 Cash Book 220 Ledger 224 Accounts Sales. 229 Forwarding. Explanations 232 Delivery to Vessels 234 Warehouse- Delivery 235 Delivery to Railroads 236 Narrative 237 Receiving Book 238 Cash Book 240 Ledger 242 Banking. The Sphere of Banks 246 Organization 249 Operation 249 The Daily Routine 251 Principal Books 252 Auxiliary Books 253 Directions for Writing up 255 Narrative January 258 February 259 March 260 April 261 May 263 June 265 July 268 August 270 September 271 October 273 November 274 Decembc-r 275 Explanatory Notes 278 Debit Journal 283 Credit Journal 289 General Ledger 295 Trial Balance 302 Deposit Ledger 303 Discount Register 310 Collection Register 314 Domestic Tickler Foreign Tickler Passed Collections Individual Liabilities Cash Book Stock Ledger Transfer Book Offering Book Statement Book Certilicate of Stock Certificate of Deposit Certified Check Bank Draft Negotiable Note Accepted Draft Collateral Note Notice to Drawer or Endorser. Notice of Protest. . . PAGE. 313 322 326 328 329 329 329 330 330 331 331 331 332 332 33-2 333 333 334 Brokerage and Exchange. Currency 336 Stocks 31 J 7 Stock Brokerage 338 Narrative 341 Blotter 343 Cash Book 344 General Ledger 346 Stock Ledger 318 United States Five-Twenty Coupon Bund 350 United States Registered Bond 351 Rail Road Shares 351 Rail Road Bond 352 Foreign Exchange 353 Commercial Calculations. Addition 356 Interest 356 Discount 358 Equation of Payments 358 Averaging Accounts Current 359 Account Current and Interest 362 Partnership Settlements 364 Miscellaneous. Hints as to Dividends 370 Vocabulary of Mercantile Terms 371 Abbreviations and Characters J374 Time Table .. 1375 UNIVERSITY E IN 1 859, the authors of the present treatise perfected arrangements for the publication of a series O> 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 I860, the intermediate book of the series, known aa the " High School" edition, which embraced, with other matter, the first 185 pages of the present treatise ; and ia the year following, the primary, or "Common School" edition, comprising 192 pages 12mo, and adapted lo 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 friends, 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 sym metrical proportions, which will both please the eye, 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 o\vii 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 experience in this special department of instruction, but from the oft- repeated 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 likrly to bo 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 tlm 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 tears as to their truthfulness or consistency, but as to tho 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 tiiese general propositions were made public was then admiss- able, the thorough test which a three years use of the book iu the hands of teachers, who are iu the habit of thinking for themselves, has afforded, would render any farther lu-sitancy or special pleading, not only uncalled for but puerile. This satisfactory ordeal has afforded us np occasion for changing any of our positions, or even of qualifying the deductions which seemed naturally to grow out of them. And so wo have embodied them in the present treatise as affording the best possible preparation for a clear understanding of the more practical features pivs Mited in tho last half of the work, and which constitute its chief characteristics. 5 PREFACE. These sets have been carefully prepared with a view, not only to illustrate the features of the various depart ments of busiuess, 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 bo 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 secnre as great a variety of record as possible, while we have had direct reference to the probable future 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, wo 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 arid worthy class of young men who are willing to undergo the neces sary 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 respon sible 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 \ve are constantly in need of some impelling force which shall develop the dormant faculties, and enable us to realize the true idea 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 distinc tions. To understand it at all, the student must think for himself; 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 ho 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, STRATTOX, & PACKARD. NETV TOKK, July 1, 1863. 6 A SHORT ADDRESS, RESPECTFULLY DEDICATED TO THE YOUNG MEN OF THE COUNTRY. EVERT 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 ap plication 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 accom plish it? Do you desire riches 1 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 ns sep arately 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 clear est case, would still fail in convincing himself that a "reasonable" share of this world s goods would neces sarily disqualify him for the highest state of human enjoyment. Even the Prophet, speaking through in spiration, res 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 de nounce 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 w thin his power almost limitless opportunities to do good. There is not an enterprise, having for its object the bet tering 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 thous and, 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-dealer-!, wlir 7 A SHORT ADDRESS. nlind the eyes of willing victims to the nlmost 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 Hiiruvstions 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, iiidunli-i/, 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. \Ye 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 o brood of extravagant desires, is "comfortably rich." He who has more than this, is, to that extent, wi nlth>>. 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 en- joyment, 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 con- titigeijcy of wcidth, 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 posi- ti in attainable in this life. How shall it be reached? Everybody has heard that "honesty is the best p!icy;" and the truth of the maxim is substantiated in every phase of human history: but if no higher moral ;.,-; >:md than this were possible, we should despair of ever witnessing a correct standard of honor. Honesty u i.ich springs from motives of polici/, deserves not the name. It is akin to that bustard 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 posi tion that correct principle* alone can produce that " noblest work of God" an honest man. But how is one t<> judge of correct principles? We might answer as most moral instructors would: Go to the Bible. The an- MV!-r would not be amiss; and yet, there is planted within every human breast a little monitor, the pure in- ptincts of which are as unerring as truth itself. An appeal to conscience will invariably settle the little pei 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 fmt step in a wrong direction is always the most difficult. One such step, unrepented of, is a sure precursor to a course of infamy. Mo 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. Occa eionally one such, in his swift descent toward the awful chasm, may strike upon a friendly rock, as did poor A very ; but, as in his case, the relief will be but temporary, and the wild hopes of rescue will only add pnnga to the certainty of destruction. Honesty is the best policy; and better than that, it is as the right hand <>{ God, a " present help in every time of need" 3. FAME. This is an empty bubble, at best, though men have willingly yielded up 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 hist 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 relauve distance above the level of society. He who would court B A SHORT ADDRESS. Fame, then, must not be content to do (is well as others. Negative virtues count us nought in such a contest and no one who has not the positive qualities of energy and perseverance can hope fur success in this endeavor. 4. FRIENDS. 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 " 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 710 abiding-place, and love, the sum of all the virtues, would be with- cut 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 SUD 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 under- mine 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 arc 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 df nerve by a life and character which must force them into the ranks. One friend thus secured is worth a thousand flatterers w>ho 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 tru3 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 regard. 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 bo 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 general ion, 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 rerdization of this fond dream than any other who failed has left on record a sentiment which does him more honor than would the office lie coveted. It is appropriate here : " I would rather be /////// than president." If this be the ruling ambition in life, the accident of place for it is, at best, but ;sn accident will be valued only as it can be made best to subserve the higher purposes of existence. " I was once called upon," s;fid a popular divine, "by a conscien tious member of my church who confided to me the secret wish of his heart to become a preacher of the Oos- B y A SHORT ADDEESS. pel. He was a banker, able, consistent, nnd prosperous, and he desired my advice as to (he 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 thu common transactions oi life have efficacy sucn 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, ydung 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 n shrewd busi ness man to us, "to employing graduates of Commercial Colleges. They are apt to think when their prelim- inary 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 maybe 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 es sential 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 the 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 arc 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 made 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 her.rt- qualitics, 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 frienda you may still have the consciousness of a life well spent, and an eternal reward. 10 INTRODUCTION". 1 BOOK-KEEPING is the faithful and systematic record of business transactions. All business transactions consist in an exchange of values; and hence, 8 Book-keeping is the science by which these exchanges are recorded and their results shown. 4 There are two methods of Book-keeping in general use, distinguished as Single and Dmible Entry. Both of these methods may be made to show the same general results, but B thc 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. 6 The characteristic feature of Double Entry may be inferred from its distinctive title. Each transaction must be entered to two or more Ledger accounts, as two or more persona or things are affected thereby. 8 The three main books used in Double Entry are the Day Book, Journal and Ledger. *The Day Book and Journal arc sometimes combined in one. 10 The nun i her 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. 11 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. 14 It should be plain, concise, and unequivocal in its state ments ; neither confusing the mind by redundancy of language, nor leaving room for improper inferences from lack of sufficient explanation. I3 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 on account of its being the basis of all the results shown by the other books, 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 fac-t 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 p;irty, however remote; writing out all contracts in full, and even preserving the figures upon which all agreements nre 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 Badily avoided by reference to all the circumstances affecting agreements; and particularly if these circumstance!; re written do\vu at, Hit time ot such agreements. 11 INTKOELTCTION. "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. "It is sometimes combined with the Day Book, and sometimes omitted entirely, "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. 19 THE LEDGER Is the merchant s encyclopedia. All other books of the series are subservient and tribu tary 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 gov erned by well-defined conditions, and showing certain important facts bearing upon the gen eral 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 : 1. Day Book. NEW YORK, JANUARY 1, 1859. y Bought of James Monroe, on account, 500 Bbls. Flour @ $10 2 Sold Andrew Jackson, for cash, 100 Bbls. Flour @ $10.50 Slutement of transaction. 5000 1050 2. Journal. NEW YORK, JANUARY 1, 1859. Dr. Cr. I Merchandise Dr. 5000 2 To James Monroe 5000 2 Cash Dr 1050 1 To Merchandise 10 r )0 N a . V lo !p ^ 50 g n 1" Ledger Titles. O <s S 12 Date Dr. INTRODUCTION. 3. Ledger. MERCHANDISE. Or. 1859 r/U /t. 1 To James Monroe 1 5000 1859 Jan. 2 By Cash 1 1050 o 4 sf f i *j 1 Explanation or Opposite Ledger Title 1 o 1 1 1 Explanation or Opposite Ledycr Title ^ * c> JAMES MONROE. 1859 Jan. 1 By Mdse. 1 5000 CASH. 1859 Jan. 2 To Mdse. 1 1050 MERCANTILE TERMS. LEDGER ACCOUNTS. w >.very person, species of property or cause, which enters into the transaction, producing a debit or credit, is designated by a name, whic .1 appears upon the Ledger, and is known as an Account. Each account has two sides,- one of which ( 23 the left-hand side) is called Debtor, and the other, ( 24 the right-hand side,) Creditor. DEBITS AND CREDITS. * 5 These terms are contradistinctive, and are used to denote the relation in which persons, property and causes stand to the business. 26 In 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 com posed " 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 ap plication to the various objects and causes which enter into each transaction. "Each Ledger account, by the use of these terms, is made to show an iinporlantjjx ^lt of jtselt. 13 >* OP THE URI7ERSIT7] INTRODUCTION. RESOUKCES AND LIABILITIES. 98 Any kind of value belonging to the concern is a Resource, and M any debt owing bj the concern is a Liability. BO CASH Is the title to designate money. S1 The Cash account in the Ledger is debited with all re ceipts of cash, and 3J credited with all disbursements. 33 The difference between the two sides must, at any time, exhibit a resource of the exact amount of cash on hand. w It will be evi dent that the credit side of Cash account cannot exceed the debit, as more cash cannot be paid out than has been received. BILLS RECEIVABLE. 85 By this title is meant all written obligations of whatever form,* in our possession, for which a certain specified amount is to be received. S6 The Bills Receivable account is debited with notes received, and 31 credited with those disposed of, or in any manner canceled. "The excess, if any, must be on the debit side, and will indicate that portion of cur re sources consisting in notes. BILLS PAYABLE. 89 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, 41 such of them as have been redeemed. 42 The difference, if there be any, must exhibit our outstanding notes, or our liability on unredeemed paper. MERCHANDISE. <3 This 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 draft, or acceptance. They are precisely similar in their legal effect and value, differing only iu 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. li. BKYANT. A Draft originates with tlie person on whose account the payment is to be made, being in the form of a request, thus : DRAFT. I LOGO. NEW YORK, July 1, 1359. Sixty Days after date pay to H. D. Stratton, or order, one thousand dollars, value received, and charge to the account of S. S. PACKARD. To H. 13. BRYANT, 18 COOPER INSTITUTE, New 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. properly, ** unless the merchant, being curious to know his gains or losses on a particular opens a, separate account with that particular kind, under its own special title. 45 This act or any of its correlative titles, is debited with the cost of the property represented ** credited with its returns. As this kind of property has no standard or stipulated like cash and notes, but is usually bought at one price and sold at another, it will !> that the difference between its sides cannot represent an exact resource ; but, nther, debit showing its cost, and the credit its proceeds, the difference must be a gain < *" 9 This is the case, provided we reckon with the proceeds from sales the real valiu which remains unsold. REAL ESTATE. 60 This relates to such property as houses and lands, and "the account is sin ilar objects and teachings to that of Merchandise. BANK STOCK, RAILROAD STOCK, ETC.* 52 Accounts of this kind are not dissimilar to Merchandise and Real Estate, in stocks of all kinds are bought and sold at their market value, rather than the vali. ; wi on their face. SHIPMENT OR ADVENTURE. 53 When property is sent away to be sold by an agent for us we should distinguis i it our merchandise in store by giving it a significant name, such as "Shipment to Bi.Jalo "Shipment to A," our agent, or "Adventure" to the place sent. All such account debited with their entire cost, and credited with their proceeds, the difference being a g;i loss. Should we desire to show the result of our business, before receiving advice f ron agent, it is proper to reckon this property as a resource at its cost. M This is bt t an name for Merchandise, and is used to distinguish between property in store and out of & PERSONAL ACCOUNTS. 85 Accounts representing personal indebtedness, and designated by the proper namt such persons as sustain relations of debtor and creditor to the concern, are capable of sho either resources or liabilities. 56 They are debited with such sums as, from time to persons may become indebted to the concern, or the concern has paid them, and 5 ere with what they have paid the concern, or the concern may have become indebted 58 An excess of debits in a personal account will thus show a resource, and M an e credits, a liability. STOCK. Beginners arc apt to misapprehend the term " Stock," supposing it to relate to si of property, or rather to property in general. Such is its common signification, bu \ used as a Ledger title, it means simply the proprietor of the business, or the stoc H There would be no valid objection to using the proprietor s name instead ; M but a * For a full description of Stocks, please refer to page 185. INTRODUCTION. \ould 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 :. iit. It is generally credited with the whole investment, and debited with such liabil ities as the concern assumes to pay for the proprietor. The difference is the net investment, or what the concern owes the proprietor. M It is not customary to use this account during the . except for the purpose of recording subsequent investments ; but it will appear evident to any studious mind that 65 it would be philosophically correct to credit the account with an y increase of resources, either from actual investment, or from the gains of the business, jt^t ay often as such increase occurs ; as also to debit it with amounts drawn out by the pro- prieter for his private purposes. 66 Such a course, however, would be attended with many difficult ies, 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 si i : re. II. sh 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, nnder 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 INTRODUCTION. VII. All expenses, of whatever name, should be debited with the outlay, and all causes, of whatever kind, producing us value, should be credited, under some name, for the amount thus produced. The foregoing principles are all embraced in the following simple Formula. DEBIT WHAT COSTS THE CONCERN VALUE, AND CREDIT WHAT PRODUCES THE CONCKUN VALUE. QUESTIONS FOK REVIEW. Appropriate answers to all the following 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 him self 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 distin guished? 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 num ber and character of auxiliary books depend? 11. Describe the Day Book. 12. What should be the char acter of Day Book expressions? 13. Why is the Day Book alone produced in court? 14. What orher 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. Ho\v many sides has each account, and what are they? 22. What is an account ? 23. Which is the debit side of an account?* 24. Which the credit? 25. How 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. What 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 Pay able? 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 thif 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 Es tate? 51. IIow is the account kept? 52. Wherein are accounts with Bank Stock, Railroad Stock, etc., simi lar 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 ? 69. An excess of credits? 60. What is meant by the term Stock r 31. Would there be any valid objection to using the pro- prietor s name instead ? 62. Why is not this done? 63. What does Stock account show? 64. Is it custom ary 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 teael>r that he fully understands them. It is impossible that he should be able to proceed without the knowledge which they convey. o 17 PLAN OF THE WORK. THE 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 exigen cies of business. The practical series commences with Set V., which illustrates an Importing and Job- bino- business, the transactions and most of the forms of which were obtained from one O 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 thor oughly understood and appreciated. The Farmer s Set introduces a new form of Journal and Ledger, which may be u. c od 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 transac tions 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 Avith great care, and meets the approval of the first bankers in the country, as affording the best exposition of Banking, as it is conducted in our inland cities, which has ever been made public. It is scarcely possible that any person should write up the transactions of this Set understanding!} , without obtaining a fair knowledge of the business. Tliis 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. .-^JOV-4 DAY-BOOK, JOURNAL, AND LEDGER: REPRESENTING THE BUSINESS OF A SINGLE PROPRIETOR. BUSINESS PROSPEROUS. INSTRUCTIONS. 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 upwards, and then prove the result by adding downwards. Careful accountants usually write the amount in pencil and carry forward. This is to avoul 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 de cision 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-murk (/) be made opposite the Day Book entry, * immedi ately vpon its being journalized never before. Transferring to the Ledger is called ""posting." If the transactions are propeily jour nalized, the labor of posting is simply mechanical. It requires great care, however, and con stant watchfulness, and nothing is more common with new beginners than errors in posting. 4 As 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, 5 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 eien the bock-keeper has no access. In such cases the books are kept as Stock books, with but one account to represent tL capital. 20 1-NSTHUCriO.NS, SET I. on the corresponding side in the Ledger, using as an expression the opposite jo;un<tl 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 th 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, 8 the 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 pa ye of the Ledger to which the amount is posted, 9 immediately 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 en forced 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, there fore, that his success in life will depend, in a great measure, upon his habits of order, and K-t him be as careful in observing the minute essentials in these exercises, as though his reputa tion depended upon it. Learners are too apt to think that in these initiatory steps no impor tance 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 con sidered 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/act of posting by un additional post-mark. In this case, of course, the check mark and not the Ledger page, is subject to the abov restriction 21 DAY BOOK, SET I. NEW YORK, JANUARY 1, 1859. II. B. Bryant invests in business this day Cash amounting to lie also owes Peter Cooper on , which is to be paid from the business 5000 500 Bought of Wilson G. Hunt, for Cash, 400 yds. English Broadcloths @ $3 200 yds. Domestic Cassimei-es @ $1 5 Sold Digby V. Bell, for Cash, 200 yds. Broadcloth @ $4 $1200 200 1400 _ 6 Sold H. D. Stratton, on % 10 yds. Broadcloth 800 40 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. II. Beebe | 500 12 Sold S. S. Packard, on his note at 60 days, 10 reams Foolscap @ $4.00 5 do Letter @ 3.50 14 Bought, on our note at 40 days, 250 yds. Black French Cloths @ $4 // Paid Cash for Set of Books for use of store . $40.00 17.50 Sold Pi.. C. Spencer, for Cash, 5 reams Foolscap @ $3.75 18 Sold E. G. Folsom, on % 20 reams Foolscap @ $4.00 10 do Letter @ 3.50 22 Keceived Cash of II. D. Stratton, on % 35 23 57 1000 20 18 115 20 75 Paid our acceptance, favor of W. II. Beebe, in Cash 500 Sold J. T. Calkins, for Cash, 150 yds. Black French Cloths @ $4.50 28 Bought of J. D. Comstock, on <fi 4 dozen Soft Hats . . @ $24 31 Paid Cash as follows : For Clerk Hire $00 For Rent of Store, one month 100 For Gas Bill 4 22 675 96 1(54 11141 25 JOURNAL, SET I. NEW YORK, JANUARY 1, 1859. />. 6V. j CASH Dr 5000 To STOCK . s "Stock" ia the title chosen to represent the person investing; in this case, II. B. Bryunt. It is credited with the investment according to Principle 1. Cash is here received by the concern, and is made Dr., according to Principle 2. // I STOCK Dr 500 To PETER COOPER 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 | MERCHANDISE Dr To CASH Merchandise cost $1,400, and is debited, Prin. 3. Cash was paid for merchandise, and is credited, Prin. 2. 5 I CxsnDr 800 To MERCHANDISE Cash is debited for its receipts, Prin. 2. Merchandise is credited for its proceeds, Prin. 3. // 1 H. D. STRATTON Dr I 40 To MERCHANDISE H. D. Stratton Dr., Prin. 6. Merchandise Cr., Prin. 3. 9 MERCHANDISE Dr 235 To BILLS PAYABLE I Merchandise Dr., Prin. 3. Bills Payable Cr., Prin. 5. - 10 . PETER COOPER Dr 500 o To BILLS PAYABLE Peter Cooper is here made Dr. because we have canceled our indebt edness to him by promising to pay the- amount to another person whom he has authorized to receive it, Prin. 6. Bills Payable ia 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. BILLS RECEIVABLE Dr. 12 To MERCHANDISE . .. . Bills Receivable Dr., Prin. 4. Merchandise Cr., Prin. 3. 23 5000 500 1400 800 40 235 57 8532 50 50 57 50 50 JOURNAL, SET I. NEW YORK, JANUARY 14, 1859. /> r . CV. 8530 r.A _ 00 1000 100ft Merchandise Dr., Prin. 3. Bills Payable Cr., Prin. 5. 1* 20 90 Expenses Dr., Prin. 7. Cash Cr., Prin. 2. Ifi CASH Dr 18 75 18 Cash Dr., Prin. 2. Merchandise Cr., Prin. 3. . 18 E G FOLSOM Dr 115 lie E. G. Folsom Dr., Prin. 6. Merchandise Cr., Prw. 3. CASH Dr 20 20 Cash Dr., Prin. 2. H. D. Stratton Cr., Prin. 6. 23 rnrv To CASH 500 Bills Payable Dr. Prin. 5. Cash Cr., Prin. 2. 25 CASH Dr 675 675 Cash Dr., Prin. 2. Merchandise Cr., Prin. 3. 98 Ofi Oli 96 Merchandise Dr., Prin. 3. J. D. Comstock Cr., Prin. 6. - 31 I 164 To CASH . 1 Expense Dr., Prin. 7. Cash Cr., Prin. 2. 164 11141 25 111-11 24 LEDGER SET I. i ( Lialiilitit.* assumed for the Proprietor \ , + . -i , . V und Amount* drawn out. ) fc>"LOC-K. ( Capital invested by the Proprietor. I \L I 1859 "1869 1 Jan. 1 To Peter Cooper 1 600 Jaii. 1 By Cash 1 5000 - fn tt fit if &MW> J*r*wM4 x:a*~ KI^ : Dr. (Money received.) C^SLSil. (Money dispcsed /) tr. 1853 Jan. 1 To Stock 1 1 6000 1859 Jan. 3 By Mdse. 1 1400 " 6 Mdse. 1 800 " 15 1 Expense. 2 20 " 16 " 2 18 76 " 23 Bills Payable 2 600 " 22 H. D. Stratton 2 20 " 31 Expense 2 104 " 25 Mdse. 2 675 KM fiv:W M!J 75 Out M A.IMJ IS Dr. (Our % against him.) F > G teT OOOpSr. (Hi* % again* v*.) (r. 1858 n 1859 Jan 10 To Bills Payable 1 600 Jan. 1 By Slock 1 500 Canceled Canceled i Dr. (JP/MZ* #</. MS cost.) 3& eroli sun clise. (Wh<n .vase. ha* proffcerr.) Cr. 1859 III 1859 I /arc. 3 To Cash 1 1400 i Jan. 5 By Cash 1 800 " 10 Bills Payable 1 235 " 6 11. D. Stratton 1 40 " 14 " " 2 1000 " 12 i Bills Ri-c ble 1 67 60 H 28 J. D. Coiustock 2 96 " 16 Cash 2 18 75 " 20 E. G. Folsom 2 115 Oat 8781 25 Cash 2 675 t-rxttit 1J04 55 AW tt* !!>* 76 Dr. (Our % against Mm.) . ID. S tPSL t tOIl. % against us.) 1859 Jan, 6 To Mdse. 1 40 1 1859 Jaii, 22 By Cash ft 20 40 Dt nni ut #*) * 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 n 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 co.it us this dilference. If tins amount should express the cost over proceeds, with the property all ditpoud of, it would represent u 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. 25 LEDGER SET I. Dr. (Our Note* Redeemed.) Bills UPSiya/blS. (Our Notes Issued.} OTt. 1859 Jan. 1859 To Cash 2 500 Jan. 9 By Mdse. 1 235 " 10 Peter Cooper 1 500 " 14 Mdse. 2 1000 7..W JT AMMu4 600 Our jTgttt MMm<fi0 t ISM Dr. ( Others Vote* received.) Bills . (Others Notes disposed of) (It. 1859 I Jan. 12 To Mdse. 1 57 50 $47 ISO Dr. (Outlay.) Expense. is. ,9 ~ Jun. 15 To Cash 2 20 " 31 " 2 104 Itutdttlel BL^irct S1H Dr. (Ovr a /c against him.) O". F olSOXIl. (His % against us.) Iff 20 To Mdse. 2 115 //, rv u flit Dr. (Our % again* Mm.) J. ID . COm.S"tOO!k:. (His % against w>.) t. 1859 Jan. 28 By Mdse. 2 9P > w tin W 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. Face of Ledger. cv. 500 G513 500 2731 40 500 57 184 115 75: 50 Assumed by the Concern , STOCK .... Invested as capital. . Paid out . . . 5000 2084 500 1706 20 1735 96 25 CASH .... PETER COOPER . MERCHANDISE II. D. STRATTON . BILLS PAYABLE . BILLS RECEIVABLE, EXPENSE . E. G. EOLSOM, . Our o/ against him . Cost His % against us . JZeturns from sales . His % against us . . Our notes issued . . Others notes disposed of We owe him . . . Our % against him . Our notes redeemed Others notes received . He owes us .... J. D. CoMSTOCK . 11141 25 11141 25 1 . The above statement is called a "Trial Balance," for the reason most apparent; 10 it is a trial to ascertain if the debits and credits of the Ledger are equal, or balance. u 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. 1J This form of Trial Balance, how ever, is so nearly a test, that, under ordinary circumstances, it may be considered satisfactory. 13 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 ; 14 and 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. 15 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. w lt will be seen that, in order to afford this additional test, we have found it necessary to Mirry into the Trial Balance the total footings of the Ledger. 17 If we desired only to test the balance of our Ledger, this would not be necessary, as will be seen from the following example : "Trial Balance.- -Bifferences of Ledger Accounts. .Dr. STOCK Net investment .... 4500 Amount on hand . . . 4429 75 MERCHANDISE Net cost 1024 75 II. D. STRATTON He owes us 20 BILLS PAYABLE . BILLS RECEIVABLE . . Our outstanding notes . Others notes on hand . Incidental expenses . 57 184 50 1235 E. G. EOLSOM . 115 J. D. COMSTOCK . . We owe him 96 Equilibrium ^31 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, 19 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 * 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. 51 The important consideration with the business man, is to keep his resources and liabilities constantly in view. 22 He is thus enabled to estimate, not only theoretically, but practically, the degree of his prosperity. 23 A 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, o however, that cannot be determined from the Ledger. M This embraces all property purchased on speculation or subject to fluctuation in price. 25 The real value of such property can be as certained only by actual appraisal. S6 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, 27 the difference between the sides would show the value cf that remaining unsold, reckoning it at the cost price ; or had we credited Mer chandise 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, 28 the 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 know ing what this discrepancy is, 29 our only method of ascertaining the value of unsold merchan dise, is to go to our shelves and estimate by actual inspection. 30 This 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 Broadcloths 200 do Domestic Cassimeres .... . . @ $3 . . . @ $1 . . . 570 200 100 do Black French Cloths .... . . @ 84 ... 400 4 dozen Soft Hats . . . . @ $24 . . . 96 j 15 reams Extra Foolscap . . @$3.5() . . 52 50 15 i l , IttiS 50 We have now sufficient, data to enable us to ascertain the exact condition of our afThirs 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 HESOURCES AND LIABILITIES. Statement of Resources. 1. Taken from the Ledger. ( Amount received (5513 75 CASH < Amount paid out 2084 ( balance on hand . . {Our account against him . . . His account against us .... 40 20 4429 75 He owes us BILLS RECEIVABLE Others notes received, and ou hand E. G. IfoLsoM . He owes us 20 57 115 50 2. Taken from Inventory. MERCHANDISE . Value of that unsold 1333 50 Total Resources . . .5955. _75 Statement of Liabilities. Taken from the Ledger, BILLS PAYABLE .T. D. COMSTOCK STOCK Our Notes issued, . . " redeemed, . " outstanding, We owe him. 1735 500 ( Amount invested for the proprietor, j ; 5000 " assumed for " 500 ( Net investment Total Liabilities, (leas unappropriated gaint>) 1235 06 4500 5831 $5055 75 from these statements it appears that the Total Resources of the 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 dif ference 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 re sults. This will be more plainly seen in the following schedules : 29 STATEMENT OF RESOURCES AND LIABILITIES. At the Commencement of Business. Resources. Cash 5000 Liabilities. Peter Cooper .... 500 4500 5000 5000 f On the 31st of January. Resources. Cash 4429 75 Liabilities. T. T) Comstock 96 57 50 Bills Payable 1235 H. D. Stratton 20 Stock 4624 7 r . E. G. Folsom 115 1353 50 5955 75 5955 75 It will now be evident that 31 when the real condition of any concern can be ascertained, i must exhibit equal resources and liabilities ; and that, if at any time during the business thi; fact ts not apparent, it is only from some temporary cause or convenience. Let us see if thi cause can be ascertained. By reference to the statement showing the resources and liabilities of the concern on thi 31st of January, it will be seen that all the open Ledger accounts are there represented ex cept Merchandise and Expense. It is true that the amount of merchandise on hand, as showi by the inventory, is reckoned among the resources, but this had nothing whatever to do witl the Merchandise account in the Ledger. Why were these two accounts omitted? 82 Evi dently because they were not necessary in showing the resources and liabilities. What thei do they show? ^The debit of Merchandise account shows the cost of merchandise, and th< credit the proceeds from sales. If to these proceeds we add the anticipated proceeds of tha remaining unsold, we shall have the total in value of what has been produced by merchan dise. 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 81706 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 2731 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 sue! 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 to record our business transactions, and the balance, $164, for store rent and clerk hire. w It is reasonable to suppose that all these expenses were incurred to facilitate the purcliase and sale of merchandise, as that is the only property we have dealt in ; and, sir:h b*ing the case, would it not have been proper to debit Merchandise account with these items, instead i Expense ? Had this method been pursued, our gains on merchandise would appear to }>. $184 less than they now show. Our gains in business would thus be reduced t<> $1 24.7,">. which, it will be seen, exactly agrees with the excess of resources already shown. ** Inasmuch, therefore, as we choose to exhibit our contingent expenses under special titles, such as " Ex pense," we must not forget that the amounts thus taken from the legitimate accounts for whicii 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. MERCHANDISE Returns from Sales ^ 1700 Anticipated returns (mdse. unsold) . . jj 1333 Total Returns ; 3030 Cost j, 2731 Gain on Merchandise . . EXPENSE Outlay No Returns Loss on Expenses Net Gain 184 308 ;75 184 124 From the foregoing schedules, it will be readily seen that "there are two classes of ac counts,* " from one of which can be ascertained the resources and liabilities trf the. concern, and from the other, the unappropriated gains and louses. We learn, moreover, that whenever the resources and liabilities of a concern can all be shown they must fie eyunl ; and that, M if at any time these are not apparent on the Ledger, it is from the use of certain temporarv 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 applica tion to be thoroughly understood, we will denominate them REAL and REPRESENTATIVE, \\ith the simple definition that ^Keal accounts are such as exhibit, from an excess of debits or credits, real resources or liabilities, and * Representative 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. 41 When 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 thref classes, under various titles So far as we know to the contrary, the credit of first reducing this number to tiro, and of giving substantial reasons for the division in clear and satisfactory analyses, belongs to THOMAS JONES, author of " Book-keeping and Account antship," published in 1853. Mr. Jones distinguishes by the appellative terms " Primary" aud " Secondary," chi ifying "Stuck" or Partners accounts with those which </ > not show resources or liabilities. 31 QUESTIONS FOR REVIEW. We will now make a practical applica tion of these lessons, in restoring our Ledger to its proper condition. By referring to the Stock account, you will see that it has remained un changed since the commencement of the business; while we know, from the foregoing state ments, that the business itself has changed in a material sense. You may remember that "Stock account was opened for the purpose of showing the net capital or investment. 43 It 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 "with a view to re storing Stock account to its normal condition, that we " close up" the Ledger accounts, ex hibiting 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 demon strated. QUESTIONS FOR REVIEW. GENERAL INSTRUCTIONS. 1. "Why should the student koep the Ledger in view when journalizing ? 2. When should the check-mark ( y/) be made in the Day Book, and where ? 3. What is transferring to the Ledger called ? 4. "Why is it neces sary 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 cor rect? 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 therefor errors which may escape the Trial Balance test? 1(5. What must be the condition of the Trial Balance which affords these tests? 17. Would it be necessary to carry the total footing* into the Trial Balance did we not desire this additional security? 18. Can a correct Trial Balance be had which will contain simply the Imlnncex 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 ? ^4. 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? 2 J. When the account is so kept what is our only method of ascertaining the value of merchandise unsold ? 30. What is the process called ? 81. 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 Mer chandise 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 Ex pense? 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 (railed Real ? 40. What Representative ? 41. How is it shown that these two classes of accounts run exactly rmrallel ? 42. For what purpose is Stock account opened ? 43. Why does not Stock account perpetually represent the net investment? 44. For what purpose is it necessary to close up certain of the Ledger iccounts V 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 greut 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. 8 To " close up" an account in the Ledger is to put an end to its current condition. This ma) be for a temporary purpose only, or it may be final. 3 In closing a Real account, if the sides oe 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; 8 if unequal, the excess will be entered on the smaller side in red ink, and will re present 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 8 just as soon as the invested capital begins to fluctuate or change in value, Stock account ceases to represent the real interest of the proprietor. This is simply because the gains and losses are not carried to Stock account when they occur, but are allowed to remain in the Repre sentative accounts. 8 As often, there fore, 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 arid losses from his Representative accounts, and carry them to the Stock account. We do this by " closing up" the accounts, and transferring their balances. 9 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. 10 This enables us to get the net gain or the net loss in one amount, which we carry to Stock; 11 if it be a net gain, it will go to the credit side of the account, increasing the investment ; ls if a loss, to the debit side, decreasing the investment. 13 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 Heal accounts into it. 15 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. 16 The object, then, of closing the Ledger accounts is to restore the proprietor s account tc 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. " An entry in red ink on the Ledger, denotes that the amount thus written is to be trans ferred, 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 pre liminary books of entry. 18 Red ink entries are always transferred to the opposite side from where they first appear, 19 for the reason that they indicate an excess of that side. E 33 OEDER OF CLOSING. ORDER OP 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 * 2 the latter the resources and liabilities. 2. 93 Ascertain 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. 24 The Ledger accounts will each show, now, one of the four following results, viz : a Resource, a Liability, a Gain, or a Loss. 3. K 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 ac cordingly. 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. 26 The 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 differ ence being the real interest or present investment of the proprietor or proprietors. 4. 48 Take a "Second Trial Balance," or a Trial Balance of the remaining open accounts: Stock or Partners , Loss and Gain, and Balance. 92 If the balances have been properly trans ferred 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. 81 The 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. 32 As the Balance account shows the^ same thing, they must, of course, agree. 6. 83 Close Stock account (or Partners accounts) into Balance account, which must equalize that account, it showing now, M 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 w,hich 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. Stock. 1859 1859 Jan. 1 31 To Peter Cooper Balance 1 2 500 75 Jan. 1 31 By Cash Loss and Gain 1 5000 ; 4 |L_124 75 5124 75 5124 75 Feb. 1 By Balance 4624 75 Cash.. ( r , 1859 1859 Jan. 1 To Stock 1 5000 Jan. 3 Bv Mdse. 1 1400 " 5 Mdse. 1 800 " 15 Expense 2 ?0 M 16 22 Mdse. H. D. Stratton 2 2 18 20 75 |; " 23 31 Bills Payable 2 2 500 " 25 Mdsc. 2 675 31 Ju f nice 75 H4 6513 75 6513 75_ Feb. 1 To Balance | 4429 75 P*eter Cooper. Cr. 1859 Jan. 10 To Bills Payable 1 500 . 1859 Jan. 1 By Stock 1 j 500 f i] Meroh.andise. 1859 . 1859 Jan. 3 To Cash 1 1400 Jan. 5 By Cash 1 800 " 10 Bills Payable 1 235 " 6 H. I). Stratton 2 40 14 " " 2 1000 it 12 Bills Receivable 2 57 5ft " 28 J, D. Conistock - 1 11 2 96, ^ I tt 16 Cash 3 18 7~i 3L J.oss ami bain 3UB tt 20 E. G. Folsom 3 115 tt 25 Qwknce Q^LVJ , 3 675 3039 75 S019 75 3039 7 r > Feb. 1 To Balance 1333 50 H. D. Stratton. 1859 ~ 1859 Jan. 6 To Mdse. 1 40 Jan. 22 By Cash 40 * 6 40 Feb. 1 To Balance 20 2 20 40 1859 ./an. 23 To Bills Payable. 2 500 1735 1859 Jn. 9 By Mdse. j " 10 " Peter Cooper " 14 Mdse. Feb. 1 By Balance 1 235 1 500 2 1000 1735 1235 35 LEDGER, SET I. CLOSED. Bills Receiva/ble. 1859 Jan. 12 To Mdse. To Balance ^ 57 50 1859 Jan. 81 -By lialantt. 6T 50 57 50 for. Expense. <Tr. 1859 Jan. u 15 SI To Cash 2 2 20 164 1859 Jan. 81 By Lots and Gain. 164 184 184 tor E. Gr. Folsom. <tr. 1859 Jan. 20 To Mdse. To Balance 2 115 1859 Jan. 81 By Balance 116 Feb. 1 115 tor. J. ID. Oomstook. CTr. J859 Jan. 81 To Balance 96 1859 Jan. 28 By Mdse. By Balance , 2 96 Feb. 1 96 tor. Loss and. O-ain. &r. 1859 JfeM. I 1 To^xpense 184 194 751 1859 Jan. 31 By Mdse. 808 78 808 J 808 76 tor. Balance. r. 1859 Jaw. w < N 81 81 81 11 To Mdse. Cash H. D. Stratton Bills Receivable E. G. Folsom 1333 4429 20 57 115 50 75 50 1859 Jan. u 81 31 81 By Bills Payable J. D. Comstock Stock 1235 96 4624 76 5955 _al 6955 75 GENERAL REMARKS. GENERAL REMARKS. By referring to the Balance account in the preceding Ledger, we shall find 85 a full state ment 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, B8 we have all the necessary information for that purpose ; or we can represent the state of our affairs in our present Ledger, " 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 evi dent that 89 there 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. 41 In practice, this account is rarely ever exhibited on the Ledger, but 48 its 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 mo ment 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 ac count with the same amount, and vice versa. In " closing up" the Ledger, we call this process " transferring ;" but it is exactly ** equivalent to posting. Let us see if this is not so. 45 The first entry of this kind was to credit Merchandise and debit Balance with the prop erty 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 dif ference 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 of " 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. 46 The balances which we transfer to Loss and Gain account might, with equal propriety, be carried directly to Stock account, but that 47 it 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 ac count is simply 48 upon the principle of cancellation. The account is made to "balance" only ** by taking away the excess. But that excess appears 60 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 gain^ and losses, and in the latter all the resources and liabilities. This leaves, except the Stock ac count, but these two accounts open, which, taken together, must have equal debits and credits, "as we have never failed in each step to produce this result. The Stock account, as it now stands., shows "the capital at commencing, and the Balance account 63 the capital at closing. There must, of course, be a discrepancy between these two accounts, "exactly equal to the gain or loss in business. Now as the gains and losses are all shown in the Loss and Gain account, "the difference between the sides being the net gain or loss, it follows that this differ fiice 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, "first, the capital at commencing, and next, the gain or loss during business, which, together, must equal the 37 GEKEIIAL KEMAlvKS. capital at closing. "The Balance account showing all the resources, and all the outside liabili ties 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 dis tinction 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 strik ingly apparent in the first entry upon our books, which was to credit Stock with the invest ment. 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 con struct 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 M the concern, and not the proprietor, and the account opened with " Stock" is precisely M 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, 80 it is as much a liability as Peter Cooper s account, and must eventually be canceled by pay ment 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. Sup pose he has, also, a mill, wherein he has invested $10,000 ; and a tannery where he has in vested $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, accord ing 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 reasou 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 em anate 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 h rst person, either expressed o 1 understood, cannot properly represent two separate and distinct parties in the same sentence, or the same dis cussion. 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 imre this position is studied, the more apparent will be its truthfulness. 38 EXE11CISES FOR THE LEARNER. care to pay from his private funds. Tie 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 thi> capital upon the condition that this liability be paid by the concern when it matures. Th concern accepts this proposition, and first credits Stock with his investment, and next debit* 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 stu dent 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 1. 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 be tween 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. Memoranda. Jan. 1st. 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, @ 88.50. 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. Oth, Paid cash for set cf 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, 83. 10th, Sold Hiram A. Pry or on his note @ 30 days, 100 bbls. Genesee Flour, @ $9.50. 12th, Sold W. II. 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 Mernmac Prints. @ $5.35. 20th, Sold R. W. Hoadley, for cash, 50 bbls. Genesee Flour, @ $9.50. 21st, Re ceived Cash, in full, of W. E. Crocker s %. 22d, Paid J. D. Williams Cash on %, $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. UHI7ERSITT EXERCISES FOR THE LEARNER. INVENTORY* Mdse. remaining unsold Jan. 31st. 50 hbls. Flour, @ $10 10 pieces Calico, @ 3 25 do Merrimac Prints, . @ 5 10 do figured Silks, . . @ 9 $500 30 125 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 2883 3003 . . . . Merchandise . . . Bills Payable .... 2513 150 75 180 950 100 . . . . Bills Receivable .... . J D Williams .... 250 170 . . . . W. E. Crocker .... 170 133 75 500 . . . . E. B. Rockwell .... 250 12216 75 12216 75 rri> K Balance Account. Resources. Pnsh . 1 . . r~v- . . 497 Liabilities. Bills Parable 150 Merchandise 745 J. D. Williams .... 150 Bills Receivable . 950 ^ Stock 6075 7ft R. C. Spencer 133 7.1 E. B. Rockwell 250 6375 75 1 1 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 np" an account ? 8. How is a Jteal account closed when the sides are equal ? 4. Huw, when unequal ? 6. 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? 1 2. 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 the 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 ittk 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 tlie third step? 26. When the balances hare been properly transferred, what will the "Loss and Gain" account show? 27. What the "Balance" account? 28. What is the fourth step? 2i>. 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. 86 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. Why 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 account 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 pur port 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 pre ceding the Ledger, because it best answers our purpose so to do. Index. A. N. Bryant, H. B. B. 1 0. Bills Receivable . 1 Billd Payable . 1 Cash C. 1 P. Packard, S. S. . . . 3 2 Dawson, Warren & D. Iljde 2 Q- E. 2 R. Real Estate <* Folsom, E. G. F. 1 S. Stratton II D | Gantz, Jno. W. G. T. H. U. Union Bank Stock % Uiiiou Bank 2 ivison <fe Phinnev 1. J. V. K. W. L. X. Y. Merchandise . . M. z Mortgage Payable 42 SET II. DAY-BOOK, JOURNAL, LEDGER, CASH-BOOK, BILL-BOOK. [Continuation of Set Z] BUSINESS PROSPEROUS. DAY-BOOK, SET II. NEW YORK, FEBRUARY 1, 1859. The following Resources and Liabilities with which we commence busi ness this day, are taken from the Balance Account of H. B. Bryant s Ledger A.* Resources. Cash in hand $4429 75 y Notes on hand 57 50 Merchandise per Inventory 1333 50 E. G. Folsom owes on % 115 00 H. D. Stratton owes on % 20 00 59o5 75 Liabilities. , Notes outstanding $1235 00 / Balance due J. D. Com stock 96 00 V H. B. Bryant s net Capital . 4624 75 -^$5955 75 Sold S. S. Packard 2 Doz. Soft Hats. . . @ $36 72 y Received in Payment, CflSh $*iv 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 . $11250 100 Copies Bryant & Stratton s Book-keeping $1 . 100 00 Paid them, Cash 50 CO 212 50 Order on E. G. Folsom 50 00 Balance on % 112 50212 50 5 Bought of Dawson, Warren & Hyde, on % I 50 " Tip Top " Gold Pens, first quality . . . @ $1.25 .... 62 50 7 Exchanged Notes with Digby V. Bell for our mutual accommodation, yeach drawn at 30 days 500 8 Sold J. TT. Goldsmith, for Cash, y50 Sets Spencerian Writing Books @ 85c. . 42 50 25 do Bryant and Stratton s Book-keeping . . @ $1.12 . 28 00 5 Reams Let-tor Paper @ $3 . . 1 5 00 1 Doz. Gold Pens @ $1.50 . 18 00 ]0 3 50 >92fr 2T Set I. DAY-BOOKSET II. NEW YORK, FEBRUARY 1O, 1850. y y y y y y y y y y y Amount brought Forward 6926 10000 200 1600 412 5 6250 2160 575 65 150 * 150 25 50 75 10 Boujrht of Wm. B. Astor, Store and Fixtures, at 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 14 Bought of S. S. Guthrie, Buffalo, on our acceptance A. M. Clapp, 200 Bbls. Flour at 60 days favor of @ $8 15 Sold D. L. Wing, Albany, for Cash, 50 Bbls. Flour @ $8.25 . . . . 16 Paid Drayman s Charges in full to date 18 H. B. Bryant has made the following additional sources bequeathed him by a deceased uncle, 50 Shares Union Bank Stock valued at $105 . . investment of Re- . . . $5250 00 20 Sold for Cash to B. McGann, 20 Shares Union Bank Stock @ $108 24 Sold John W. Gantz, 100 yds. Black French Cloth @ *5.75 . . . . Received in Payment, Cash . . . $200 . . . J37S=-f575 25 Paid for repairing store, per order on E. G. Folsom 27 Rec d Cash for 5 per cent, dividend on 30 Shares Union Bank Stock 28 $50 100 28403 45 JOURNAL SET II. NEW YORK, FEBRUARY 1, 1859. Dr. Or. Sundries Cash . . . Bills Receivable Merchandise . E. G. Folsom H. D. Stratton Dr. To Sundries,* 4429 75 57 ^0 1333 50 115 20 To Bills Payable . . . 1235 " J. D. Comstock ... 96 " H. B. Bryant . . . 4624 75 Sundries Dr. To Merchandise .... 72 Cash 20 2 S. S. Packard 52 2 ! Cash Dr 20 To H. D. Stratton ... 20 3 Merchandise Dr. To Sundries 212 50 To Cash 50 j " E. G. Folsom ... 50 " Ivison & Phinney . . 112 50 5 1 Merchandise Dr 62 50 To Dawson, Warren & Hyde, || 62 |50 7 Bills Receivable Dr 500 To Bills Payable .... 500 Cash Dr 103 50 To Merchandise . . . . || ! 103 6926 25 C92C> 25 * The 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 ;" out, 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 com prehended 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 oareful attention will make the student sufficiently acquainted with their characteristics. 46 JOURNAL SET II. NEW YORK, FEBRUARY 1C, 1859. CV. Amount brought Forward fiQ9l -, fiOOfl M i() 2 Real Estate Dr. To Sundries 10000 1 To Cash 1000 2 " Mortgage Payable* . . 1 9000 1 Bills Receivable Dr 200 1 To Merchandise .... 200 T! Meivtiandise Dr 1600 1 To Bills Payable .... 15 1<?00 1 Cash Dr 1 To Merchandise .... WM.W II inn 1 ^ 412 50 412 50 Expense Dr 5 I To Cash 18 5 I Sundries Dr. To II. B. Bryant .... 6250 % 5OU 1UUU \ Cash Dr ... O1 Kf\ 2 To Union Bank Stock 24 - 2160 1 Sundries Dr. To Merchandise ciyc 1 Cash 0/D John \V. Gantz 200 // 375 1 PJxpense Dr of To E. G. Folsom .... 07 DO 65 i Cash Dr i >n 3 To Union Bank Stock . . OQ 150 Expense Dr 150 To Cash i ^n i 28193 75 28493 7.-i - 1 * The term " Mortgage Pnyable" is but another name for Bills Parable: the accounts may be kept separate or toorther. We have adopted the former method, for the purpose of illustrating the principle, and to express our preference. There in 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. Dr. LEDGER SET II. . B. Bryant. 18fJ9 Feb. 1859 Feb. I 18 By Sundries 10*74 TS 1 8 4624 6250 ? Dr. Cash.. Dr. Bills Receivable. Dr. "ML er oh.and.ise . (Er. 1859 | 1859 J*6. 1 To Sundries 1 4429 75 Feb. 3 By Mdse. 1 50 " 1 Mdse. 1 20 " 10 Real Estate 2 1000 " 1 H. D. Stratton 1 20 " id Expense 2 5 M 8 Mdse. 2 103 BO a 28 M V 60 " 15 " 2 412 60 1395 20 Union Bank 2 2160 < 24 Mdse. 2 200 M 27 Union Bank Stock 3 150 OTr. 1859 Feb. 1 To Sundries 1 57 50 " 7 Bills Payable 2 600 " 12 Mdse. 3 200 WT M i Cr. 1859 1859 Feb. 1 To Sundries 1 1333 60 Feb. 1 By Sundries 2 72 8 " 2 212 60 8 Cash i 103 1 7 Dawson, W. <fe Hyde 2 62 60 < 12 Bills Receivable 3 200 >< 14 Bills Payable 3 1600 15 Cash 3 412 6 SX BO < 24 Sundries 4 575 IMS Dr. . ID. Strsutton. <r. 1859 Feb. 1 To Sundries 1 20 1859 Feb. 2 By Cash. 1 20 Er. E. Gr. Folsom. &r. 1859 #& 1 To Sundries 1 115 1859 Feb. 3 25 By Mdse. Expense 115 1 3 60 65 Dr. Bills Payable. r. 1859 Feb. 1 7 14 By Sundries Bills Receivable Mdse. 1 2 8 1235 500 1600 Dr. LEDGER SET II. J~. 3D. Oomstock. <Tr. 1859 Feb. 1 By Sundries 96 Dr. S. S. Faokard. Cr. 1859 Feb. 1 To Mdse. 1 52 Dr. Ivison <Sz> 3Pni: tiney. Cr. 1859 Feb. 8 By Mdse. 1 || 112 50 Cr. Dr. H)awson 3 "Warren & Hyde. 1859 i \ Feb 5 By Mdse. i 62 60 Dr. IF 2 Lea 10000 LJ Ss1 :a - te. r. 1859 Feb. 10 To Sundries Dr. ^Miortgage __F 1859 Jife6. ayafole. Cr. 10 By Real Estate 2 9000 Dr. Expense. Cr. 1859 16 25 28 To Cash E. G. Folsom Cash 8 3 4 5 65 160 Dr. Union Bank Stock. Cr. 1859 18 H. B. Bryant 8 i j 6250 1859 Feb. 20 " 27 By Cash 4 2160 150 Dr. Unic || 2 | 1000 >n Bi I i =LD .k. Cr 1859 Feb. 18 To H. B. Bryant Dr. Jonn "V7". Oantz. Cr. 1859 24 To Mdse. 4 875 GENERAL STATEMENT, SET II. GENERAL STATEMENT. In the preceding Ledger (Set II.,) we have the current condition of II. 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 connec tion, 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 com prehended, as herein lies the key to much that at first seems mysterious and incompre hensible. It will be seen that this statement differs from the previous one (Set 1.,) only in form and arrangement. Trial Balance. I ijferences. Face of Ledger. Ledger Accounts. Face of Ledger. Differences. (5290 757 1845 52 10000 220 2! 40 1000 375 75 50 50 1 7495 757 3208 20 115 52 10000 220 5250 1000 375 75 50 50 H. B. Bryant .... 10874 1205 1303 20 115 3335 90 112 02 9000 2310 75 50 50 10874 3335 96 112 62 9000 75 50 50 . Caah . Bills Receivable Merchandise . H. D. Stratton .... . E. G. Folsom Bills Payable J. D. Comstock .... . S. S. Packard Tvison & Phinney .... Dawson, Warren & Hyde . . Real Estate Mortgage Payable . . Expense Union Bank Stock . . Union Bank . John W. Gantz Equilibrium S3480 i < 28493 75 28493 75 23480 75 i il Inventory of Unsold Property. 140 yds. English Broadcloth . . @ $3.00 . . 200 do Domestic Cassimere. . @ 1.00 . . 2 do/en Soft Hats @ 24.00 . . 420 200 48 1 5 reams Foolscap Paper . . . @ 3.50 . . 100 sets Spencerian Writing Books @ 75 .. 38 Gold Pens @ 1.25 . . 52 75 47 50 50 150 Bbls. Flour @ 8.50 . . 1275 1 IS ou onares Union JJ.ink otock . . (fs Lvov Store and Fixtures valued at 3100 i - U 17218 . . 50 GENERAL STATEMENT, SET II. Statement of Losses and Gains. Representative Accounts. MERCHANDISE, REAL ESTATE, EXPENSE, UNION BANK STOCK, Proceeds from sales 1363 00 Value of that unsold (per Invoice) 2118 00 Total proceeds 3481 00 Cost . . 3208 60 Gain 272 60 Value of property unsold ... 1 2000 00 Cost . . 10000 00 Gain 2000 00 Outlay Proceeds sales and dividend . . 2310 00 Value of unsold 310000 Total proceeds 6410 00 Cost . , 6250 00 Gain 160 00 (Jain Losses. 220 Qaint 272 50 2000 160 2432 50 2432 50 Statement of Resources and Liabilities. Real Accounts and Inventories 1st. From Inventories of Unsold Property. MERCHANDISE UNION BANK STOCK REAL ESTATE CASH, "2d. from Ledyer Accounts. Amount Received 7495 75 " Disbursed 1205 00 Balance on hand . , 6290 75 BILLS RECEIVABLE, BILLS PAYABLE, ; J. D. COMSTOCK, i S. S. PACKARD, IVISON & PHINNEY, DAWSON,WARREN & HYDE We owe them Notes received, and on hand Notes issued and unredeemed We owe him . . . , ( . He owes us We owe them UNION BANK, JOHN W. GANTZ, MORTGAGE PAYABLE, IT. B. BRYANT, Deposits in our favor He owes us Mortgage issued and outstanding .... His net investment 10874 75 " " gain 2212_60 His present interest .... 13087 25 Resources. Liabilities. 2118 3100 12000 6290 75 757 50 52 1000 375 3335 96 112 50 62 50 9000 13087 25 25693 25 25693 25 51 EXEKCISES FOR THE LEARNER 2n 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 substantiated 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 I. 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 Ibs. @ 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, $15. Sold to J. A. .Harper for cash, 200 bbls. Flour, @ $8.25. 5th, Received cash of Hiram A. Pryor, in full for his note of $950. 6th, 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. H. Bell on %, 10 pieces Calico, @ $3.75. 15th, Received from the executors of my deceased father s estate, in cash, $*200. 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 a / c , 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. . . . Stock Face of Ledger. Differences 3437 3547 2650 165 37 16 50 50 8897 8435 3600 133 250 2666 150 550 165 37 75 25 50 7275 5459 4887 950 133 250 2666 150 550 2520 41 75 84 50 75 25 \ 41 7275 2520 41 75 41 . . . Cash . . . Merchandise .... Bills Receivable . . . . . . R. C. Spencer .... . . . E. B. Rockwell . . . . . . Bills Payable .... . . . J. D. Williams . . . . . . J. D Hinde .... . . . J. H. Bell ! . . . J. Buchanan .... 9837 16 24S84 50 248S4 50 9837 10 i * This is, of course, the Ledger connected with the First Series, the result of which the student is supposed to have shown according to directions. 52 EXERCISES FOE THE LEARNER 2o SEEIES. Inventory of Property Unsold. 25 pieces Merrimac Prints @ $5 200 sacks Coffee, 13000 Ibs. ..... @ 6 pipes Wine, 720 gals @ 3.50 . ...1 125 )9 . . . 1170 30 ... 2520 3*15 Balance. Resources. Cash 3437 16 Liabilities. J. Buchanan .... 2520 Merchandise .... Bills Receivable . . . J. H. Bell 3815 2650 37 50 II. B. Bryant .... 7419 66 9939 66 9939 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 We 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 emissions, and one which we shall more fully exemplify hereafter. Csush. Book. CASH RECEIVED. Feh 1 4429 75 u U Mdse, .... Sold 8. 8. Packard 20 M 2 II. D. Stratton, . Rec d on% 20 M 8 Mdse,, .... Sold J. H. Goldsmith 103 50 <t 15 " .... Sold D. L. Wing 412 50 > <>0 Union Bank Stock, Sold B. McGann 2160 M 04 Mdse., . . . Sold J. W. Gantz 200 K 27 Union Bank Stock, Rec d for Dividend ..... 150 7495 75 7405 75 To Balance . . From old% 6290 75 Bill Book. Ko When Rec d. Drawer or Endorser. Drawee or Maker. In Whose Favor. For What Rec d. Where Payable. 1 2 Feb. 1 7 B. McGann. H. B. Bryant. S. S. Packard. Digby V. Bell. H. B. Bryant, do do Investment. Accommodat n. Our Office, do do 8 M 12 H. B. Bryant. J. T. Calkins. do do Merchandise. do do Bill Book:. When Issued Drawer or Endorser. Draioee or MaTcer. IK. Whose Favor. For What Given. Where Payab 1 * 1 Jan. 9 Francis & Loutrel H. B. Bryant. F. & Loutrel Merchandise. College Bant 2 11 14 Smith & Co. do do Smith & Co. do do do O " 10 Peter Cooper. do do W. H. Beebe. j To Balance <%. i do do 4 Feb. 7 ,! Digby V. Bell. do do ! Digby V. Bell. ! Accommodat n. do do 5 M 14 ! S. S. Guthrie. do do I A. M. Clapp. Merchandise. do do 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 ol 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. Oa,sli Book. CASH DISBURSED. Feb. 3 Bv Mdse., .... fin t of Ivhon d PJiinney so a M U 10 16 28 " Real Estate, . . Paid <ni Store and Fixtures . . . " Expense, . . . Paid Drat/man in full .... . . Paid Clerk s salary and Store rent . 1000 5 150 1205 K " Ez.iJ.ncc . . . A?nou:iiox .*w:i ...... 6290 75 ^-""" 74!*;) 75 i Receivable. Date. TV** When Due. When and how 7,or. MmlA. Year. \J*n Ftb War Apr to, Jun J ll [tug &f Oct A-o DM disposed of. 1859 Jan. 12 60 d s. 1859 IB 57.50 j Feb. T 30 d s. 1859 A 500 * M !* SO d s. 1859 14 n 200 3Psiya/ble. Date. Time. When Due. J7 n<. } r hen and how redeemed. 1859 tfmtk. rar. Jan Ftb tfar \Apr May JM Jul Juy &p Ocl y o. Jan. 9 90 d s. 1859 9 T2 235 1859 14 40 d s. 1859 23 1000 1859 M 10 10 d s. 1859 is 500 ij Jan. 1859 Feb. 7 80 d s. 1859 9 500 1859 " 14 60 d s. 1859 1 5 1 .1 1600 55 QUESTIONS FOR REVIEW. QUESTIONS FOR REVIEW, S ET II IN the previous questions under this head, we have referred, by number, to the written 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 which instructions have not been previously given. 1. Where 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. How many kinds of Journal entries are there, and what are they ? 13. What is meant by the term Mortgage Payable?" 14. What is the difference in 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. Which 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 gain or a /oss / 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. What Ledger account in Set II. corresponds with Stock account in Set I. ? 30. What does II. B. 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 jrot the amounts which will make up the difference ? 33. Is it necessary that a " Loss and Ga.n" 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 1C 36. Is it necessary to open a Balance account ? 37. If a Balance account is no1 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 auxiliary books given in connection with this set? 41. For what purpose is the Casli Book used? 42. How often is the Cash Book closed? 43. With what must the difference in the sides agree ? 44. What is the advantage of the daily test ? 45. For what purpose is the Bill Book 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, sc 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. YV heu both dates are specified, it LH d me io the form of a fraction, similar to the example shown. 56 * SET III. 1 > i DAY-BOOK, JOURNAL, COMMISSION SALES BOOK, ACCOUNTS SALES. [Continuation of Set JIJ] BUSINESS ADVERSE. DAY-BOOKSET III. NEW YORK, MARCH 1, 1859. The following Resources and Liabilities are from IT. B. Bryant s Ledger B. The business to be continued under his name. Resources. Merchandise as per Inventory 2118 00 Union Bank Stock, real value 3100 00 Real Estate, estimated at 12000 00 Cash on hand 6290 75 Bills Receivable, notes on hand 757 50 S. S. Packard owes on % 52 00 John W. Gantz do 375 00 ; Union Bank, amount on deposit 1000 00 Liabilities.* Bills Payable, outstanding notes 3335 00 J. D. Comstock, balance due him 96 00 Ivison & Phinney " " them 11250 Dawson, Warren & Hyde, balance due them 62 50 Mortgage Payable 9000 00 Shipped per Peoples Line, and consigned to Sheldon & Co., Albany, to be sold on our % and risk, 140 yds. English Broadcloth . . . @ $3 50 . . 490 00 200 do Domestic Cassimere ... @ 1 25 .. 250 00740 00 Paid drayage on same in cash 1 00 741 2 Sold James Monroe, for cash, 2 doz. Soft Hats, @ $26 52 Received per N. Y. and E. R. R., from J. R. Wheeler & Co., Buffalo, to be sold on their ^ and risk, 500 bbls Flour, invoiced @ $8 00 5000 bush. Wheat @ $1 25 Paid transportation charges, in cash : 100 3 Sold S. R. Gray, Albany, 50 Sets Spencerian Writing Books @ 88c. 44 00 15 Reams Foolscap Paper @ $3 70 55 50 38 Gold Pens @ $1 50 57 00 Received in Payment Ivison & Phinney s Draft on us for $112 50 Cash for balance 44 00156 50 . 4 Received Cash for rent of offices in second story 39848 75 * We have varied this statement from the former, for the purpose of illustrating the different methods of open ing books. The Liafiilitif-s here enumerated are simply those amounts owing outs ule the concern. The amount owing to the proprietor is, of course, the difference between the sum of these outside liabilities and the sum of all the resources, and, instead of being shown in one amount, as in Set II., will be indicated by the difference between the debit and credit of the Stock, or H. B. Bryant s account. 58 DAY-BOOKSET III. NEW YORK, MARCH 4, 1859. Amount brought Forward 39848 75 Paid J. D. Comstock Cash, in full of % I QQ 5 Sold Wm. H. Crocker, on his note @ sixty days, 500 bbls. Flour, (J. R. W. & Co. s Consignment) @ $9 .... 4500 Received per Steamer New World, from M. B. Scott, Cleveland, to be sold on his % and risk, 800 bush. Corn, invoiced @ 75c 2000 do Oats, " @ 60c 500 do Wheat, " @ $1 38 i Paid Freight and Insurance, in cash ! 175 / Sold J. C. Bryant, for cash, 5000 bush/Wheat, (J. R. 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, 8 25 00 Our Commission on Sales, 300 00 J. R. Wheeler & Co. s net proceeds 11575 00 A 1 1/ \J\J Shipped per Steamer Swiftsure, and Consigned to Cobb & Co., New Haven, to be sold on our % and risk, 100 bbls. Flour from Store, valued at $9 900 00 800 bush. Corn, (M. B. S. s Consignment) @ 80c. . . . 640 00 Paid Cash for Insurance premium and policy 8 70 1548 70 Paid Dawson, Warren & Hyde Cash to balance % 62 50 / Received Cash of S. S. Packard in full of % 9 Sold Charles Claghorn, for Cash, / 2000 bush. Oats, (M. B. S. s Consignment) @ 75c. . . . 1500 00 500 bush. Wheat, do do @ $1 50 . . 750 00 2250 // I Closed M. 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 i ! M. B. Scott s net proceeds, remitted in cash 2602 75 2715 70(547 59 DAY BOOK, SETHI NEW YOKK, MARCH 1O, 1859. 70647 O r in / 375 / v/ The steamer on which we shipped goods to Sheldon & Co., Albany, was sunk by collision, and our goods, which were rescued in a damaged con dition, and upon which there was no insurance, were sold at auction 1 150 v 7 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, QAA IP oUU v/ Sold E. R. Felton, at thirty days, on <%;, 500 bbls Superfine Flour, (C. S. D. & Co. s Consignment, @ $8 00 // 4000 y D. V. Bell has returned our note issued Feb. 7, and we have surrendered KAA v IK Paid Cash for Taxes on Real Estate 150 00 Also for Clerks Salary to date 125 00 IB 275 / H. B. Bryant has drawn Cash for private use 500 V // / Received Cash of S. S. Packard for his note now due 57 ^n v/ / Received Cash of J. T. Calkins in full for his note OAA / // V Received advice from Cobb & Co., New II<iven, of the sale of 150 bbls. Flour and 800 bush. Corn, shipped them on the 7th inst., Net proceeds remitted in Cash 1200 78205 45 60 DAY BOOK, SET III. NEW YORK, MARCH 3O, 1859. y y y y y y y y Amount brought forward 20 Sold John R. Penn, for cash, 500 bbls Extra Superfine Flour, (C. S. D. & Co. s Consignment) 22 Sold for Cash, to E. H. Bender, Albany, 30 Shares Union Bank Stock @ $100 25 Paid our Note in Cash, favor of Smith & Co., due Feb. 26 . 1000 00 Interest due on same to date 5 83 Paid Cash for our Note of the 14th ult., at five months, favor of A. M. Clapp, Face of Note ................... Cash paid ................ 1565 57 78205 45 4500 3000 1005 i 83 1600 Discount off to July 18 34 43 1GOO 00 Sold J. H. Goldsmith, for Cash 500 bbls. Superfine Flour, (C. S. D. & Co. s Consignment) @ $8 50 . Accepted J. R. "Wheeler & Co. s Draft on us @ three days sight 4250 11575 27 Closed C. S. Dole & Co. s Consignment, and rendered them an Account Sales 3000 bushels Rye remaining unsold, Our charges for Storage and Advertising 50 00 Our Commission on Sales 318 75 C. S. Dole & Co. s net proceeds . 12081 25 Paid our Note favor of Francis & Loutrel, in Cash Remitted C. S. Dole & Co. Cash to balance % 31 Paid sundry Expenses this month, in Cash 61 12450 235 12081 75 128977 JOURNAL SET III. NEW YORK, MARCH 1, 1859. Dr. Cr. Sundries Dr. To H. B. Bryant .... 25693 25 !llo olUU Cash izOOO 75 , vZvO 50 S S Packard 7o7 0:5 37o // 1(JUU II. B. Bryant Dr. To Sundries Bills Payable .... J. D. Comstock . . . Ivison & Phinney . . . Dawson, Warren & Hyde Mortgage Payable . . // IzoUb 3335 96 112 62 9000 50 50 Shipment to Albany Dr. To Sundries 7J.1 " Merchandise .... Cash 740 i " Shipment to Albany" is a new account, opened to represent a particular enterprise, and although it relates to merchandise, it is distinct from the 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. Cash Dr To Merchandise ....... // 52 52 J. R. Wheeler & Co. s Consignment To Cash 100 The account here opened J. R. "Wheeler it Co. s Consignment is pre cisely the same, in effect, as would be an account with J. R. Wheeler & Co., although it really represents the property of that firm, which we re ceive, as commission merchants, to sell. Instead, therefore, of debiting the Consignment account with the value of the property, we debit it only with what it has cost us. 3 100 Sundries Dr. To Merchandise 156 50 Cash 112 50 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 or pay the draft, we must, of course, debit them, which will close their account. 4 . 44 Cash Dr To Real Estate .... 500 500 398.18 2L 39848 75 ^= 62 JOURNAL, SET III. NEW YORK, Cr Amount brought Forward . . 30848 7^ -JGQ/IO A *. J. D. Comstock Dr To Cash. 96 Ql\ y/ Bills Receivable Dr To J. R. Wheeler & Co. s ) Consignment . . . . j 4500 4500 M. B. Scott s Con- ) _ To Cash Cash Dr tyr Art To J. R. Wheeler s Con-) signment J /oUU 7500 J. R. Wheeler & Co. s) rv.vc.;,,.,, r ^Jr. lo Sundries. i ionn To Storage and Advertising " Commission 25 QA.A " J. R. Wheeler & Co. . The entry above is made for the purpose of exhibiting on our books the net amount owing to J. R. Wheeler & Co., as the result, of our business with them so far ; and as their Consignment account was used to show the facts connected with the sale of their property, we can ascertain from this account how much they are entitled to, as net proceeds, which must be the difference between the sides of that account, when its entire cost and proceeds are properly 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. R. Wheeler & Co. oUU 11575 Shipment to New Haven Dr. To Sundries To Merchandise .... " M. B. Scott s Consignment " Cash 1548 70 900 640 ro Dawson, Warren ) -^ &IT i r Dr. Hyde J To Cash ! 62 50 AO -. ,1 O .Ml Cash Dr CO To S. S. Packard .... OSa 52 Cash Dr. . f)i)r.{\ To M. B. Scott s Consignment 2250 M. B. Scott s Consignment Dr. To Sundries OT1 ^ To Storage and Advertising " Commission 4,1 1O 40 " Cash 72 1 J-> 2602 /.) 70047 95 70647 9.-I 1 63 JOURNAL SET III. NEW YORK, MARCH 1O, 1859. Cr. Amount brought Forward 70647 95 i 70647 95 10 Cash Dr 375 ToJ. W. Gantz .... 375 11 Cash Dr 150 To Shipment to Albany . . 150 Shipment to Albany is treated precisely as any property or representative 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 Consignment f : To Cash 300 13 E. R. Felton Dr. 4000 To C. S. Dole & Co. s Con- ) 40 oo signment J Bills Payable Dr 500 To Bills Receivable . . . jj 500 15 Sundries Dr. To Cash 275 Real Estate j 150 Expense j 125 16 - Private Account Dr : 500 To Cash ....... 500 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 H. B. Bryant s, or Stock Account, and should, eventually, be closed into this account.* Cash Dr , 57 50 To Bills Receivable , . . 57 50 Cash Dr. 200 To Bills Receivable ... I 200 77005 45 77005 45 "Some authors teach the propriety of opening a " Private Expense" account for transactions of this kind, c.osing 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 adversity 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 debiting 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 rulea for journalizing both " infallible," one for stock books, and another, aad different one, for partnership books, 64 JOURNAL SET III. NEW YORK, MARCH 18, 1859. Or. Amount brought Forward 77005 45 77005 43 18 Cash Dr | 1200 To Shipment to New Haven 1200 20 Cash Cash Dr. Dr. To C. S. Dole & Co. s Con signment 22 To Union Bank Stock . . . 25 4500 3000 Sundries Dr. To Cash Bills Payable 1000 Interest 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 mu.st 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, in order to cancel it. We therefore debit Bills Payable with the face of the note, and Interest with the amount we pay for Interest. 4500 3000 1005 83 Bills Payable Dr. To Sundries To Cash . " Interest 1600 In this case, the note is really worth few than its expressed value, as we are obliged to pay for it only $1565.57, which is 34.43 less than its face. We here debit Bills Payable with the face of the note, ac cording to principles laid down, and credit Cash for the amount of 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 Dr. To C. S. Dole & Co. s Consignment . I J. R. Wheeler & Co. Dr. To Bills Payable 4250 11575 1565 57 34 43 4250 11575 104136 28 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 apply ing 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 ofmonei/ 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, paysyor the ttse: 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 JOURNAL SET III. NEW YORK, MARCH 27, 1859. 104136 12450 235 12081 75 28 25 10413G 50 318 12081 235 12081 75 28 75 25 25 27 C S Dole & Co s ) Dr To Sundries Consignment j " Storage and Advertising . " Commission .... " C. S. Dole & Co. . . 30 Bills Payable Dr To Cash C S Dole & Co Dr To Cash 31 To Cash 128977 5!5 128977 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 (II. B. Bryant s) account. Before attempting to show the result of the business, by closing the Ledger or making a Statement, the student must not forget to close " Private Account" into H. B. Bryant s (Stock) account, it having already been explained that Private Account was merely a subdivision of Stock ac count. This might have been done, and very properly, too, by a regular Journal 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 shall exemplify in the succeeding Set the manner of producing all the results through the Journal. This latter method is practised to considerable extent ir business houses, and particularly in joint stock concerns. We 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 busi ness 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 rqust be shown. The student will please make his Ledger conform to the following Trial Balance, and cl >se it in accordance with the Statement which follows. TRIAL BALANCE INVENTORY. Trial Balance. Balances. Total Footings. Ledger Accounts. Total Footing*. Bala>ux. 209 100 11:>0 11337 4500 1000 591 348 4000 200 500 50 05 70 12006 2118 3100 12150 30421 5257 52 375 1000 3335 96 112 62 741 12000 2890 1548 12750 4000 5 11575 200 500 12081 25 50 50 50 70 88 25 53~ H. B. Bryant 25693 25 Merchandise 1848 50 13087 11575 9000 28 115 691 2r 00 Union Bank Stock ! 3000 Real Estate 500 Cash 19083 60 Bills Receivable 757 50 S. S. Packard 52 J. W. Gantz 375 Union Bank Bills Payable 14910 J. D. Comstock 96 Ivison & Phinney , 112 50 Dawson, Warren & Hyde .... 62 50 Mortgage Payable 9000 Shipment to Albany < 150 J. R. Wheeler & Co. s Consignment i 12000 M. B. Scott s Consignment .... 2890 Shipment to New Haven .... 1200 C. S. Dole & Co. s Consignment . . \ 12750 E. R. Felton Interest 34 43 Storage and advertising 115 J. R. Wheeler & Co 11575 i Expense Private Accoimt C. S. Dole & Co < 12081 25 J1-19G 85 128977 128977 53 34496 95 II 1 INVENTORY. Property Remaining Unsold, March 31. 50 sets Spt ncorian Writing Books Real Estate, valued at .... 37 12000 50 Liabilities not shown on Ledger. Interest Payable. Due on Mortgage 84 67 STATEMENT, SET III. Losses and Gains. Losse i. Gain K MERCHANDISE, Cost 2118 00 Proceeds from Kales . 1848 50 Mdse. unsold (per Inv.) 37 50 1886 00 Loss 232 00 232 UNION BANK STOCK, Cost 8100 00 Proceeds 3000 00 1 C\C\ REAL ESTATE, Proceeds from rent . 500 00 Value of u?isold . . 12000 00 12500 00 Cost ~ ; 12150 00 Gain 350 00 SHIPMENT TO ALBANY, Cost 741 oo 350 Proceeds 150 00 Loss 591 00 INTEREST, Cost . . 89 83 591 Proceeds . 34 43 STORAGE & ADVERTISING, Proceeds 55 40 115 COMMISSION, " 691 200 SHIPMENT TO NEW HA YEN, Cost 1548 70 Proceeds 1200 00 Loss 348 70 O AQ TA o4o 7U 1527 10 1527 iu 10 ___ Resources and Liabilities. 1st. Property Unsold. Resource*. Liabilities 37 12000 11337 4500 1000 4000 50 65 "15 H 11575 9000 84 12216 32875 I ._ tn 15 15 2d. Ledger Accounts. BILLS PAYABLE, Outstanding Notes H. B. BRYANT, Capital Invested .(net) .... 13087 25 Drawn out (Private %) . 500 00 Net loss 371 10 871 10 Present interest in the concern . .12216 15 32875 [===== 68 H. B. 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 pre ceding sets is, that the business has been a losing instead of a prosperous one, and that, conse quently, the net resources of the concern are diminished. Mr. Bryant now proposes to change his business, and to take in a partner, Mr. H. 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 leava Mr. Bryant to close up his old business in hi* own bocks. The Memoranda below are for that purpose, and the student is requi7-ed 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 H. 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. Memoranda H. B. Bryant s Books Continued. April 1. The following is a statement of the Resources and Liabilities of H. 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 Re ceivable, $4500 ; Union Bank, $1000; E. R. Fel ton s indebtedness, $4000. LIABILITIES. Bills Payable outstanding, $11575; Mortgage Payable, $9000; Interest due on same, $84; Bryant s net investment, $12216.15. 1. Invested in the concern of Bryant and Stratton, Cash, $10000,* 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. IT. 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 Bank, 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 II. B. Bryant s books the same as any personal ar- count. Mr. Bryant has, in reality, lent this money to Bryant & Stratton. He, therefore, should debit them and credit cash. Sec 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, wo pay for our not*, $11575, and for the discount on W. H. Crocker s note, $2H.7o. Our entry, then, is, Debit* : Bills Payable, $11.375; Interest, $29.75 Credits: Bills Receivable, $4500; Cash, 7104.75. 69 COMMISSION BUSINESS. Trial Balance. Difference*. Footings. Footings. DifferenfM. \\ 37 12000 18793 4500 50 65 . . H. B. Bryant .... . . Merchandise .... 12216 40 12500 18793 4500 15 65 12216 2 500 15 50 . . Cash . . Bills Receivable . . . 2688 90 . . Union Bank .... 2088 90 11575 9000 4000 . . Bills Payable . . . . 11575 . . Mortgage Payable . . 9000 . . E. R. Felton .... 4000 12688 90 20 75 12688 29 90 75 . . Bryant & Stratton . . 75313 70 12718 05 7531:} 70 1 12718 65 1 ! Balance Account. Resources. Bryant & Stratton . . . 12688 90 Liabilities. II. B. Bryant 12688 90 The above Balance account shows the final result of the three months business of II. 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 in quire 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. Having, 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 connect ed with the three consignments which comprise a large share of our business in Set III., and the Accounts Sales on the opposite page are simply abstracts of those special sales, such as the com mission merchant sends to his principal upon the "closing cut" 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 among business men. 70 ACCOUNTS SALES, SET III. Account Sales of { 50 5 o on and risk of J. R. Wheeler & Co. Mar. 5 Sold Win. II. Crocker, on his Note @ sixty days, i 6 ! Sold J. C. Bryant, for Cash, 5000 bush. Wheat, @ $1.50 ........ 7500 00 Charges. 2 i Paid Freight, in Cash ........... 100 00 Q I Storage and Advertising .......... 25 00 Commission, 2 % on 812000 ......... 300 00 J. R. W. & Co. s net proceeds Due by Equation, March 30. NEW YORK, March 6, 1859. II. B. BRYANT, per Packard. 12000 11575 M. B. Scott In Account Sales with H. B. Bryant. 1859 j i 1859 Mar. 1 To Cash paid Freight and Ins. . . 175 Mar H 7 By 800 bush. Corn, @ 80 c. . . . 640 4 " Storage and Advertising . . . 4fl Taken to our account. Commission 2* % on $2390. 72 4 9 By Cash, Sold C. Claghorn, " M. B. Scott s net proceeds . . ; 260-2 78 2000 bush. Oats @ 75 c. $1500 Remitted herewith. 500 bush. Wheat @ $1 50 750 22.-.0 E. E. ; "2890 H. B. BRYANT, 2851 j- per Packard. rf (500 bbls. Extra Superfine Flour, ) or \ 1000 do Superfine f do ? [ cj TWIa K, f*n . b. uoie &, t/o. Bv II. B. BRYANT. P>firrelx FUmr. Ear r eh Fljur. Mar. *- 13 E. R. Felton, @ thirty days 500 @ f 8 00 4000 @ 9 00 4500 500 @ 8 50 4250 1"00 1-J7.-.0 20 Cash 500 25 Cash Charges. 12 Paid Freight in Gush Net proceeds to Cr. as cash, March UD * 318 75 fiHS 75 ionai o? 11. B. BRYANT, per Packard. 71 AUXILIARY BOOKS, C omrnission 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. 1S59 J. R. Wheeler & Co. s Afar. 2 600 5000 To CASH, Paid Transpt n Charges 100 6 STORAGE & ADVERTISING, 25 COMMISSION, ^\ % on $12000. . . . 300 49ft J. R. WHEELER <Ss Co., Net Proceeds .... 11575 600 6000 Due by Equation Mar. 30* 12000 I860 ////// M. B. Scott s tfav. 5 800 2000 600 Per Steamer New World. To CASH, Paid Freight and Ins. . 175 " 9 STORAGE & ADVERTISING, 40 72 25 287 25 CASH, Net Proceeds remitted . 2602 75 800 2000 600 2890 ! 1 7 * y / <* Cp / . 1 / 1859 i /$ C. S. Dole & Co. s Mar. 12 600 1000 3000 Per People s Line. To CASH, Paid Freight. . . 800 " 27 STORAGE & ADVERTISING, 50 COMMISSION, On $12750 @ 2} # . 318 76 668 75 C. S. DOLE & Co., Net Proceeds . . . 12081 25 Due by Equation Mar. 29 600 1000 3000 12750 * The metlod of equating time is fully explained in that portion of the work devoted to " Commercial Calcula tions." 72 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. 1859 Consignment. Mar. 6 By BILLS KECEIVABLK, Sold W. H. Crocker on his Note @ 60 days, 600 @ $9 00 .... 4500 " 6 By CASH, Sold J. O. Bryant, 5000 @ $1 60 .... 75uO 12000 600 6000 12000 Consignment. Mar. 7 By SHIP T. TO N.H., Assumed and Ship d Cobb & Co. 800 @ 80 cts. .... 640 9 By CASH, Sold C. Claghorn, 2000 @ 76 cts. . . . . 1500 600 @$1 63 . . . . 750 2250 800 2000 600 2890 1859 f f f Afar. 13 600 By E. R. FELTON, Sold him @ 80 days, @ $8 00 . . . . 4000 " 20 600 CASH, Sold Jno. R. Penn, @ $9 00 . . . . 4500 28 600 3000 CASH, Sold J. H. Goldsmith, @ $8 60 . . . . Untold. 4250 12760 600 1000 3000 12760 78 EXERCISES FOR THE LEARNER. THIRD SERIES. EXERCISES FOR THE LEARNER. 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 Gary, Albany, to be sold on his % and risk, 200 bbls. Flour, invoiced at $8; 10,000 Ibs. 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, 13,000 Ibs. @ 9 c. ; 6 pipes Wine, 720 gals., @ $3.50 ; paid cash for Insurance on same, $50. 5th, Sold W. H. Hollister, on his note at 60 days, 200 bbls. Flour, (Gary s Consignment,) @ $9. Re ceived cash in full of John Brown s acceptance, dated Feb. 20, at 10 days, $100. 7th, Ship ped per steamer Isaac Newton, and consigned to J. G. Deshler & Co., Buffalo, to be sold on our % and risk, 102 boxes Sugar, each 500 Ibs. @ 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 %, 10,000 Ibs. canvassed Hams, (Gary s Consignment,) @ 11 c. 12th, Closed Gary s Consignment, and rendered him an Account Sales of the same. Our charges for storage and advertising, $25 ; commission 2| % on $2,900, $72.50. Joseph Gary s net proceeds, $2702.50. Due by equation April 23. 14th, Received of L. S. Paine, Tonawancla, to be sold on his % and risk, 2000 bush. Corn, invoiced at 80 c. ; 1000 bush. Wheat, invoiced at $1.75 ; 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. Deshler, 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- 3eived cash of John J. Cape, in full of his indebtedness. 26th, Closed our % with Joseph Gary, due by equation, April 23 ; amount due him $2702.50 ; discount off, in our favor $ 14.70. Paid him W. H. Hollister s note, due May 7th, for $1800, less discount for 42 days. Cash for balance, $902.50. f 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. \ Tn cces cf 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. Balai 6378 1240 175 .ces. 41 Total Footings. j Total Footings. Halanoet. 3815 7150 13718 37 2520 2 ( .)00 3740 2550 1100 2702 3700 14 175 41 50 50 70 . . Stock. ...... ) 7419 3833 7150 7340 37 2520 2900 2500 2700 1100 40 165 2702 3700 14 66 75 50 50 70 7419 18 150 40 105 66 "5 . . Merchandise . . . . . . Bills Receivable . . . . . J. II. Bell . J. Buchanan Gary s Consignment . . . . Shipment to Cleveland . . . Shipment to Buffalo . . . John J. Cape .... . . Storage and Advertising . ; Commission .... Joseph Gary . . L. S. Paine s Consignment : . . Expense .... . : 7703 41 41103 11 41103 11 7793 41 Balance Account. Resources. 6378 41 Liabilities. Stock . . . 1 6378 41 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 neces sary 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 ex press, 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 journalising 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 REYIEW. QUESTIONS FOR RE VI E W, S ET 1 1 1 1. In what particular does the statement on opening the books in this set differ from previous statements 1 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 <fe Co. s Consignment Y" 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 II. 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 eame 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. 83. 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 out-tide liabilities ? 35. Does Stock account in an individual busi ness always represent tke invested capital ? 36. When does it not? 37. Will Stock account and the Repre sentative accounts, taken together, always represent the invested capital ? 38. Why are the Representative accounts so called ? 89. Are they less real 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 be tween 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 Repre sentative 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 Representative 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 Real 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 u tion of the business a necessary, Real accounts form the essential matter of all such exhibits. 76 SET IV. 1 <^> i JOURNAL DAY BOOK, COMMISSION SALES BOOK, INVOICE BOOK, FORMS OF NOTES, DRAFTS, LETTERS, ETC. LEDGER CLOSED WITHOUT BALANCE ACCOUNT; ALSO, BY JOURNAL ENTRIES. PARTNERSHIP BUSINESS: PROSPEROUS. REMAKES Oft SET IV. REMAKES 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 diffi culty of making the entry intelligible, as well as symmetrical. As there can exist no transac tions 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 ex isting between the consignor and consignee, having reference to the sale of particular consign ments of merchandise. The nature of this species of copartnership differs from that of a gen eral copartnership only in its duration, and the manner 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 in voice 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 tho 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 dis2)osed 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 knowl edge 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 " Exercises" which follow, he will have ample opportunity to test his proficiency. We need hardly say, that, so far as abso lute 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 ihejirst method is, that the "Mdse. 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 down re sources and liabilities is : " Old account, Dr. To New account," and the reverse. The " Bal ance" account is precisely the same as " New account." FOURTH. A larger 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 con tain 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 unneces sary 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 Book keeper may himself prefer to keep these special books separate, and at the same time avoid unnecessary repetitions of the same entry. 79 JOURNAL DAT BOOK SET IV. NEW YORK, APRIL 1, 1859. H. B. Bryant and H. D. Stratton have this day entered into copartnership, under the style and firm of " Bryant & Strat ton," in the prosecution of a general Commission and Groce ry Business ; to invest in equal amounts, and participate alike in gains and losses. : CASH Dr. 10000 To. H. B. BRYANT . . 10000 For amount of his investment. . i _________ EAST EIVER BANK Dr 10000 To H. D. STRATTON . . 10000 For amount of his investment. // STORE AND FIXTURES Dr. To SUNDRIES 12500 Bo t of H. B. Bryant Ids store and fixtures. To MORTGAGE PAYABLE Assumed mortgage on the property . . 9000 " INTEREST Due on mortgage to date 84 " CASH For balance 3416 3 MERCHANDISE Dr 3900 To HOPE & Co 3900 Bo t on %, 5 casks Brandy, 300 gals. @ $2 . $ 600 200 bbls. Mess Pork, @ $9 . . 1800 i 30,000 Ibs. Bacon Sides, @ 5c. . _Jj>00 _ __ // EXPENSE, Dr 75 To CASH 75 Paid for set of Books. // MDSE. Co. A. Dr. To SUNDRIES 3900 Received from Logan, "Wilson & Co., Pitts- !! burgh, to be sold on our joint % and risk, each , 800 kegs Nails, @ $3 . . . . 2400 20,000 Ibs. Lead, @ 7 c. . . . 1400 To LOGAN, WILSF N & Co. Their invoice as above 3800 " CASH, Paid freight 4 MDSE. Co. B. Dr 4000 To NlLES & KlNNE, Received from N. & K., Buffalo, to be sold on our joint a / c and risk, each -J-, 600 bbls. Flour, @ $8 4000 5 , CASH Dr 1400 To MDSE. Co. A., Sold Win. H. Woodbury, 400 kegs Nails, @ $3 50 1400 45775 45775 80 JOURNAL DAT BOOK SET IV. NEW YOKK, APRIL 6, 1859. Amounts brought forward 45775 G BILLS RECEIVABLE Dr 3300 To MDSK. Co. A. Sold Robert Uaywood, on his note, @ thirty days, 20,000 Ibs. Lead, @ 9 c. . . . 1800 400 kegs Nails, @ $3 75 . . . 1500 4 j MDSE. Co. A. Dr. To SUNDRIES 800 Closed company sales with Logan, Wilson <fe Co., and rendered them an account of the same. To STORAGE &; ADVER " COMMISSION Our charges @ 2| % on $4700 .... LOGAN & WILSON Their net gain, 4 " Loss AND GAIN Our " " NILES & KINNB Dr. To SUNDRIES 2915 Shipped them to be sold on our joint %, each \, 20 hhds. Sugar, 24,000 Ibs. @ 5 c. 1200 100 bags Coffee, 14,000 Ibs. @ 10 c. 1400 100 boxes Raisins, @ $3 .... 300 Bo t of Acker, Merrall & Co., on our note at ninety days, To BILLS PAYABLE For above note, " CASH Paid insurance $ % on $3000 .... g CHARLES STETSON Dr 4500 To MDSE. Co. B. Sold him @ thirty days, 600 bbls. Flour, @ $9, MDSE. Co. B. Dr. To SUNDRIES 500 Closed sales in company with Niles <t Kinne, of Buffalo, and rendered them an Ac count Sales. To STORAGE & ADVER. Our charges " COMMISSION 2 % on $1500 \ " NILES & KINNB Their ^ net gain " Loss AND GAIN Our " " 9 SUNDRIES Dr. To MERCHANDISE, Sold Austin Packard, 80,000 Ibs. Bacon, @ 6 c CASH Received 800 j 5 BILLS RECEIVABLE His note @ thirty days, for balance . . 1000 45775 3300 10 117 50 336 25 336 25 2900 15 4500 59590 20 112 50 183 75 183 7? 1800 59590 81 JOURNAL DAY BOOK SET IV. NEW YORK, APKIL 9, 1859. 59590 59590 Amounts brought forward LOGAN, WILSON & Co. Dr. To BILLS PAYABLE . . Accepted their draft on us @ thirty days sight, favor Geo. K. Chase <fe Co. in full of their . 4136 25 4136 25 MDSE. Co. C. Dr. To SUNDRIES .... Received per Merchants Line, from Pliny Moore, Troy, to be sold on joint % of himself, S. G. Payn, Albany, and our selves, each -J-, as per contract, 1000 bbls. Flour, @ $8 50 . . For his and our $ above invoice 8700 To PLINY MoORE For his and our above invoice . . . 5666 67 " S. G. PAYN fc ... 2833 33 CASH Paid Freight 200 STEAMER EMPIRE STOCK Dr. To SUNDRIES Bo t of Daniel Drew, Steamer Empire, for 10000 To CASH Paid in hand 5000 " BILLS PAYABLE Gave our note @ ninety days, for . . . 5000 13 SUNDRIES Dr. To MDSE. Co. C. Sold "Warren P. Spencer, Buffalo, 1000 bbls Flour, @ $10 10000 BILLS EECEIVABLE His note @ forty days, for 7000 CASH For Balance 3000 MDSE Co. C. Dr. To SUNDRIES .... 1300 Closed sales in company with Moore & Payn, and rendered them each an Account of the same. To STORAGE & ADVER. Our charges 30 " COMMISSION 2 % on $10000 250 " PLINY MOORE His \ net gain 040 "S.G. PAYN 340 Loss AND GAIN Our " " 340 15 CASH Dr | 900 To MERCHANDISE, Sold J. W. Lusk, Cleveland, 6 casks Brandy, 300 gals., @ $3 . . 900 16 MERCHANDISE Dr. To SUNDRIES, Bo t of Acker, Merrall & Co. 30 hhds. Sugar, 30,000 Ibs., @ 6 c. To CASH Paid in hand ACKER, MER. & Co. Balance on % 1000 96426 25 96426 25 82 JOURNAL DAY BOOK SET IV. NEW YOEK, APRIL 18, 1859. 2 3 7 5 2 3 3 4 6 rt 3 2 7 2 Amounts brought forward 18 SUNDRIES EXPENSE H. D. STRATTON Dr. To CASH .... Paid Clerk hire to 15th , Priv. Paid him on % . . . 20 SUNDRIES INTEREST Dr. To BILLS RECEIVABLE . Austin Packard has discounted his note in our favor, due May 12th. Proceeds of note Discount off, 22 days ...... /t NlLES & KlNNE Dr. To Loss AND GAIN . . Received an Account Sales of the Mdse. sent them to be sold on joint account, on the 7th inst. Our -J net gain as above. 22 SUNDRIES S. G. PAYN FLINT MOORE Dr. To SUNDRIES Shipped S. G. Payn, Albany, to be sold on joint % of S. G. Payn, Pliny Moore of Troy, and ourselves, each . 30 hhds. Sugar, 30,000 Ibs. @ 6 c. $1950 Freight on same ..... 60 $2000 For his and our f- above invoice ... For his A- . To MERCHANDISE As above " CASH Paid Freight 25 H. B. BRTANT, 1 To EAST RIVER BANK . Drew on private %. To EAST RIVER BANK . Paid their draft on us favor of R. Courter. 28 CASH 96426 25 96426 25 50 150 995 73 4 27 300 1333 34 666 66 200 968 75 Dr - 1500 To STORE AND FIXTURES Received rent for upper apartments, to date. 200 1000 300 10259 1950 50 200 968 -75 1500 102595 83 JOURNAL DAY BOOK SET IV. NEW YORK, APRIL 28, 1859. Amounts brought forward 102595 102595 28 STEAMER EMPIRE Dr 250 To STEAMER EMPIRE STOCK 250 For our share of earnings of last trip, as per statement rendered this day. 29 EXPENSK Dr 159 To CASFI 159 Sundry expenses to date, as per Expense Book. 30 Loss AND GAIK Dr 115 To S. G. PAYN ... 115 For our J- net loss on shipment of Sugar for joint % of Payn, Moore and ourselves, of the 2:id inst., as per Account Sales this day received. // CASH Dr 2688 90 To IT. B. BRYANT . . . 2G88 90 Amount invested this day. 105807 90 105807 90 NEW YORK, MAY 1, 1859. MDSE Co. D. Dr. To SUNDRIES .... Received from \Vm. K. Sadler, Philadelphia, to be sold on our joint % each , 100 bbls. Cider Vinegar, fat $7 $ 700 60 do. Linseed Oil. (g) $40 . 2000 40 h f kegs White Lead, @ $3 120 $2820 To WM. K. SADLER. For our | above invoice " EAST RIVER BANK Paid freight per check 1400 EAST RIVEH BANK Dr. Deposited. To CASH 8500 9960 1410 50 8500 9960 84 JOURNAL DAY BOOK SET IV. NEW YORK, MAY 3, 1859. Amounts brought forward 2 9960 9960 SUNDRIES Dr. To SUNDRIES Shipped R. W. Hoadley, Philadelphia, to be sold on joint a /c , each ^, 200 bbls. Mess Pork, @ $9 . . $1800 Dray age charges ...... 18 $1818 R. W. IToADLET For his | above invoice 909 SHIPMENT IN Co. 1 " our J . . QQQ To MERCHANDISE As above 1800 " CASH Paid dray age .... ... 18 3 CASH Dr 750 To MDSE. Co. D 750 Sold J. R. Bigelow, 100 bbls. Cider Vinegar, @ $7 50. // INSURANCE, Dr 37 50 To CASH 37 50 Effected insurance for $5000 on any property that may be in our warehouse. // HANNA, BEASER & Co. Dr 2370 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. // MDSE. Co. D. Dr. To SUNDRIES 1660 Closed sales in company with "Wm. K. Sadler, and rendered him an Account Sales. To CHARGES Storage, Advertising and Insurance ... 50 " COMMISSION 2^ % on $3120 73 " WM. K. SADLER. For his Invoice $1410, and net gain $61 . 1471 " Loss & GAIN, " our \ net gain 5 EXPENSE Dr 150 To EAST RIVER BANK . . 150 Paid advertising bills of New York Herald per check. 6 MDSE. Co. E. Dr. To SUNDRIES 2500 Received of F. A. Boyle <fe Co., New Orleans, to be sold on joint % of themselves, Camp bell <fc Strong, and ourselves, each \. TOO hhds. Sugar @ $60 ... $6000 To F. A. BOTLE & Co. For our \ invoice " EAST RIVER BANK Paid freight per check - 500 19245 50 19245 50 85 JOURNAL DAY BOOKLET IV. NEW YORK, MAY 6, 1859. Amounts brought forward 19245 50 19245 50 MDSE. Co. F. Dr. To SUNDRIES 4000 Received from H. D. Van Syckel, St. Louis, to be sold on our joint % , each -J-, 500 bbla. Pork, @ $9 $4500 250 do Lard, 50,000 Ibs., @ 5 c. . 2500 $7000 To H. D. VAN SYCKEL Our | above invoice 3500 " EAST RIVER BANK Freight per check 500 Q SUNDRIES Dr. To MDSE. Co. E. Sold Win. A. Holley, Fort Edward, 100 hhds. Sugar, @ $75 ...... "7500 BlLLS RECEIVABLE Received in payment, Erastus Corning 8 note, dated January 1, 1859, due one day after date, 5000 INTEREST Due to date on above note 123 47 CASH, For balance 2376 53 ______.. _ // MDSE. Co. E. Dr. To SUNDRIES 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 50 COMMISSION 2i % 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 CASH Dr 3300 To BILLS RECEIVABLE . . 3300 R. Haywood has paid his note, due this day. EAST RIVER BANK Dr 4000 To CASH 4000 Deposited. 12 SUNDRIES Dr. To EAST RIVER BANK . . 4657 50 Paid on mortgage, favor of Wm. B. Astor. MORTGAGE PAYABLE Amount applied on mortgage 4500 INTEREST In full to date 157 50 ___ 10 Io BILLS PAYABLE Dr 4136 25 To EAST RIVER BANK . . 4136 25 Paid our acceptance, favor Logan, Wilaon <fc Co., due this day. 51839 25 51839 86 JOURNAL DAY BOOK SET IV. NEW YORK, MAY 13, 1859. Amounts brought forward . . . . . 51839 25 51839 25 HOPE & Co. Dr 3900 To BILLS PAYABLE . . . 3900 Accepted their draft on us payable @ ten days sight. 1 J. i~* CASH Dr 4750 To MDSE Co. F. Sold E. A. Charlton, 500 bbls. Pork, @ $9.50 4750 i F: Lv HANNA, BEASER & Co. Dr 275 To Loss AND GAIN .... 275 Received advice from H. B. <fe 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. // SUNDRIES Dr. To HANNA, BEASER & Co. . 2645 Sold our draft on them @ thirty days sight. CASH Net proceeds 2GOO 05 INTEREST Discount and Exchange off 44 95 CASH Dr 2000 To MDSE. Co. F 2000 Sold Theron W. Woolson 250 bols. 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. MDSE. Co. F. To close % 2750 Loss AND GAIN. Our \ net loss 434 To CHARGES Storage, Cooperage, etc " COMMISSION 2* % on sales " II. D. VAN SYCKEL His | invoice $3500 Less net loss 484 38 Leaves net proceeds . II. D. VAN SYCKEL Dr 6515 62 To CASH 65.5 62 Remitted him in full of %. CASH 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 JOURNAL DAY BOOK SET IV. NEW YOKK, MAY SO, 1859. Amounts brought forward 23 EAST RIVER BANK Dr. To CASH K. W. HoADLEY Deposited. 25 Dr. WM. K. SADLER To SHIPMENT IN Co. 1 Received an Account Sales of 200 bbls. Mess Pork, shipped him on the 2d inst. Our net proceeds as above. 26 Dr To BILLS PAYABLE . . Accepted his draft on us @ thirty days sight, favor of B. McGann, for amount his due. 82159 10000 800 BILLS PAYABLE CASH Dr. To CASH Paid our acceptance favor of Hope <fe Co., due this day. ou <o Dr To CHARLES STETSON To Balance %. 30 ACKER, MERRALL& Co. Dr. . H. B. BRYANT To CASH To Balance %. 01 01 Dr. To H. B. BRYANT, Private For amount charged to H. B. B. s private account, now carried to his Stock ac count. H. D. STRATTON Dr. To H. D. STRATTON, Private For amount charged to Private account, now carried to Stock account. INTEREST Dr. To H. B. BRYANT . . Allowed 7 % on his additional investment of April 30. 2881 3900 4500 1000 200 24 15 105605 82159 10000 800 24 2881 3900 4500 1000 200 92 150 15 68 105605 92 88 JOURNAL DAY BOOK, SET IV. NEW YORK, MAY 81. 1859. 8 8 f> CLOSING ENTRIES. 15000 2500 4500 09 4575 50 21337 37 18 82 146 15 213 150 5000 25 434 10781 18 64656 09 50 37 82 15 25 18" BALANCE Dr 15000 To STORE AND FIXTURES . Valuation of property. // STORE AND FIXTURES Dr 2500 To Loss AND GAIN . . For increase in value of property. // MORTGAGE PAYABLE To BALANCE .... Amount due on mortgage. // BALANCE Dr. 4575 To CASH Amount on band. // BALANCE To EAST RIVER BANK Balance on deposit. // INTEREST Dr. IQ To BALANCE .... Amount due from us to date on mortgage. // Dr J4g BALANCE To INTEREST .... Amount due us to date on E. Coming s note. // Loss AND GAIN Dr. 91 Q To INTEREST .... Cost over proceeds of Interest. // Loss AND GAIN Dr -if-f) To EXPENSE .... Balance of Expense account. // BALANCE Dr. ^ftftA To BILLS RECEIVABLE . . Note on hand, (E. Coming s). // COMMISSION m T n 434 lo Loss AND GAIN . . Gain on Commission. // BILLS PAYABLE To BALANCE Our outstanding notes. 64656 II i M 89 JOURNAL DAY BOOK, SET IV. NEW YORK, MAY 81, 1859. fl 8 6 8 8 7 ? 4 7 4 7 8 4 8 8 8 8 4 1 1 1 8 1 8 Amo 64656 5340 1954 10000 250 1709 109 37 150 4254 2254 2680 15785 13130 18 01 99 50 16 17 40 14 57 PLINY MOORE DP Amount due him. S. G. PAYN Dr To BALANCE Amount due him. BALANCE Dr To STEAMER EMPIRE STOCK Valuation of our interest in Steamer Empire. . /x BALANCE Dr To STEAMER EMPIRE . . Amount due us. BALANCE Dr To E. W. HOADLEY . . Balance due us. /r Loss AND GAIN Dr To SHIPMENT IN Co. 1 . Our loss on shipment. Loss AND GAIK Dr. . . To INSURANCE .... Cost of insurance. CHARGES n Dr To Loss AND GAIN . . Gain on storage, advertising, etc. F. A. BOYLE & Co. Dr To BALANCE .... Amount due them. // CAMPBELL & STRONG Dr To BALANCE .... Amount due them. Loss AND GAIN To II. B. BRYANT * II. D. STRATTON Dr. To SUNDRIES .... Net gain carried to Partners %. ,, H. B. BRYANT Dr To BALANCE .... For amount his net capital. II. D. STRATTON Dr To BALANCE .... For amount his net capital. 12231 1 12 I 64656 18 5340 J01 1954 99 10000 250 1709 109 37 50 150 4254 2254 16 17 1340 20 1340 20 15785 14 13130 57 122311 12 EJr. LEDGER SET IV. H. B. Bryant. rffr. j 81 7b EalaKca May 31 To H. B. B. private " 31 Balance Ll 14629 8 1859 Apr. H It 1 30 80 1 31 81 By Cash Loss and Gain By Balance Interest Loss and Gain 1 10000 6 2088 L4 1940 14629 Ll 14629 9 15 11 1S40 15985 00 86 k 26 68 20 14 i 14629 1 28 9 200 11 15785 14 15985 14 Ji = May Br. H. ID. Stratton. CTr. 1 ss^ j ^^r. i >0 i To llal&noe Ll 11949 SI 1859 Apr. 1 80 By East River Bank Loss and Gain By Balance Loss and Gain 1 10000 1.4 1940 37 11940 37 11940 11 11940 11 1340 37 S7 20 May 31 To H. D. S. private Balance 9 150 11 13130 67 May 1 81 13280 57 13280 t j r. Store and. Fixtures. <r. 1859 4;>r. 3 To Sundries 1 12500 U 11500 14000 1859 Apr. 1 28 30 By Cash /-o:.iijoe By Balance 6 1500 ll 18500 14000 May 1 " 8] To Balance Loss and Gain 1 "J Ll 12500 11 2500 May S tl 8 15000 15000 . 15000 i [ &r. !M!ortgage Playable. Cr. 1859 .J% 12 To East River Bank " 31 Balance 7 4500 8 4500 1859 Apr. 3 By Store Fixtures 1 9000 9000 9000 i 91 LEDGER SET IV. Dr. QTr. .859 : - -- j 1 1859 i - Apr. I To H. B. Bryant 1 10000 Apr. 3 By Store and Fixtures ! 1 8416 " 6 Mdse. Co. A ; 1 1400 " " Expense 1 75 " 9 Mdse. 2 800 " 4 Mdse Co. A. i 100 " 13 Mdse. Co. C. 3 3000 a 7 Kiles & Kinne 2 15 " 15 Mdse. 3 900 " 9 Mdse. Co. C. 3 200 " 20 Bills Receivable 4 995 |73 " : 12 Steamer Empire Stock 3 6000 28 Store and Fixtures 4 1500 " 16 Mdse. 3 800 " 80 H. B. Bryant 5 2688 90 i " 18 Sundries 4 200 tt 22 " 4 50 " 29 Expense 5 159 u g J5<siac< 21284 68 j 21284 6? May I To Balance L2 11269 68 May 1 By East River Bank 5 8500 " 3 Mdse. Co. D. fi 750 " 2 Sundries 6 18 " 8 M*se. Co. E. 7 2376 63 3 Insurance 6 37 60 " 9 Bills Receivable Y ! 3300 10 East River Bank 7 4000 " 14 Mdse. Co. F. 8 4750 u 17 11. D. Van Syckel 8 6515 02 " 15 Hanna, Beaser & Co. 8 2600 05 " 23 East River Bank 9 100(10 " 17 Mdse. Co. F. 8 2000 " 27 Bills Payable 9 8900 " 17 Bills Receivable 8 7000 tt 30 Acker, Merrall & Co, 9 1000 H 27 Chas. Stetson 9 4500 " 31 Balance 10 4575 09 38546 21 88546 21 Dr. East River Bank. 1859 Ajir. 1 To H. D. Stratton May 1 To Balance 1 Cash 10 23 10000 10000 81331 25 25 QTr. 1859 Apr. 25 By II. B. Bryant Niles & Kinne 4 4 200 968 75 " 80 Balanct 8881 88 10000 00 May 1 5 By Mdsp Co. D. Expense 5 6 50 150 " 6 Mdse. Co. E. 600 7 Mdse. Co. F. 7 500 H 12 Sundries 7 4C.57 50 H 13 Bills Payable 7 4136 25 " 31 Balance 10 21337 50 1 31331 25 LEDGER, SET IV. Dr. 4 L4 In te 27 78 res 1859 Apr. t. 8 Tr. 1859 Apr. 20 8 To Bills Receivable Loss and Gain To Mdse. Co. E. East River Bank 11 anna, B. & Co. 11. B. Bryant Balance By Store and Fixtures By Balance Loss and Gain 1 84 84 146 213 859 83 L5 84 ^fay M 8 12 5 81 81 7 7 8 9 10 123 157 44 15 18 47 60 95 68 87 97 1 May 31 10 10 S59 Dr. Expense. Cr. 1859 Apr. u 3 18 29 To Cash M To East River Bank 1 4 5 75 50 169 1859 By Loss and Gain By Loss and Gain u 98 284 284 Man I 5 Dr. 9 150 May 81 = 150 ISTiles <Sz . 1* 1859 Apr. Linne, Cr. 1859 <!//. 6 " 20 " 25 To Sundries Loss and Gain East River Bank 2 4 ! 2915 800 968 75 4 8 By Mdse. Co. B. U II 2 8 4000 j 183 ! 78 4183 75! 4183 75 ~ I 1859 Apr. Dr. 8 1ft 80 To Sundries Loss ami Gain To Balance ^ j 3 Eerc 8900 1800 T50 3ll anc 1859 Apr. iis 9 15 22 80 se. By Sund es Cash Sundries Salanc. By Sundries 2 8 4 L6 Cr. 1800 9(K> 1950 6450 6450 * 1 1800 1 = May \ 2 .! 1800 93 JDr. Loss and. Grain. Qlr. 1859 1859 1 Apr. 30 ToS. G. Payn " i Expense 5 Lt 115 284 Apr. 6 By Mdse. Co. A. 2 8 Mdse. Co. B. 2 836 183 25 75 " //. B. Brvant T 1 194- " 13 Mdse. Co. C. 8 340 u " H. JD. titratton 1940 37 -I! 20 Niles <fe Kinne 4 800 30 Store and Fixtures LI 1500 Interest L3 79 73 | Mdse. L 3 750 : 1 Storage and Adver. L 5 60 Commission i,5 480 Steamer Empire Stock L 6 250 4279 78 ii 4279 73 Mar, 17 To Mdse. Co. F. " 31 Interest 12 484 37 May 10 213 15 3 ^y Mdse. Co. D. 6 8 Mdse. Co. E. 7 61 254 17 " " Expense " " 1 Shipment in Co, 1 " i " ! Insurance 10 150 11 109 11 87 50 " 15 Hanna, Beaser & Co. 8 275 31 Store and Fixtures 10 2500 " Commission 10 434 25 H Sundries 11 2680 40 " Charges 1 L 16<) 3674 42 8674 42 Hope <3z> Oo. 1859 May 13 To Bills Payable 8 8900 1859 Apr. 3 -**=: By Mdse. 1 3900 Dr. iMIdse. Oo. Qlr. 1859 Apr, 4 6 To Sundries i> 2 2 8900 800 1859 Apr. 5 6 By Cash Bills Receivable 1 2 1400 3300 4700 4700 1 1 Dr. Logan, "Wilson <Sz> Oo. 1859 Apr. 9 To Bills Payable 1859 8 4136 25 Apr. 4 By Mdse. Co. A. 6 QTr. 1 . 8800 2 336 25 4136 25 _L_ T LEDGER SET IV. Cir JX- i 2 adse. 4000 600 c< 185S Apr D. T 8 B. Cr 1859 Apr. 4 8 To Miles <t Kinne Sundries By Chas. Stetson 2 4500 4500 4600 &r. Bills Receivable. <r. 1859 Apr. I 5 9 13 To Mdse. Co. A. Mdse. Mdse. Co. C. Balance Mdse. Co. E. 2 2 3 8300 1000 7000 1859 Apr. 20 80 By Sundries Balance By Cash Balance 4 1000 1.0. 10800 11300 11300 May 1 8 * 10300 6000 May M 9 22 31 7! 3300 8 7000 6000 15300 15300 j ^ 1859 Apr. a <3c 6 8 18 Hr. Storage and vertising. <r. SO To IMS and <7u;i L4 By Mdse. Co. A. Mdse. Co. B. Mdse. Co. C. 2 10 2 20 3 30 60 60 EJr. Commission. <r. Apr. 30 To Js*s and Gain Loss and Gain L4 490 1859 Apr. 6 8 14 By Mdse. Co. A. Mdse. Co. B. Mdse. Co. C. By Mdse. Co. D. Mdse. Co. E. Mdse. Co. F. 2 117 2 112 3 250 480 50 50 50 75 25 480 May 81 434 25 May 8 8 17 6 ?8 7 187 8 168 434 434 25 CDr Bills Bayable. Cr. 13 27 81 To East River Bank Cash Balance L5 12080 36 25 1859 Apr. 6 9 12 1 13 26 By Niles <fe Kinne Logan, Wilson <fe Co. Steamer Empire Stk. By Balance Hope <fe Co. Wm. K Sadler 2 2900 8 4136 3 6000 12036 18 12036 8 3900 2881 25 25 12036 11 14 4136 25 8900 10781 May u II 25 2ft 18817 28 18817 1 I 95 HDr. LEDGER SET IV. Ch.a,rles Stetson. 1859 Apr. 8 To Mdse. Co. B. 2 4500 1859 28 By Cash 9 4500 Dr. IMidse. Co. C. <Cr 1859 10 13 To Sundries M 8 8 8700 1300 1859 Apr. 13 By Sundries 8 10000 10000 10000 Dr. IFliny Ivloore. <r. 1859 22 30 To Sundries Balance To Balance 4 L6 666 0840 66 01 i 1859 10 14 By Mdse. Co. C. By Balance 3 3 5666 67 340 6006 6006 67 5340 01 May 31 6340 01 May ~*~ L6 Dr. e L G 1333 19C-1 3-. !3Pa 1859 34 Apr. f sT yn. r. 1859 Apr. 22 80 To Sundries Balance To Balance 1 10 By Mdse. Co. C. 80 Loss and Gain 8 3 6 2833 33 840 115 3288 3288 33 May 31 15 1954 99 May 1 By Balance L6 1954 99 j iii Or. Steamer Empire Stock. <Er. 1859 .4/yr. 12 To Sundries To Balance 3 4 10000 950 i 1859 Apr. 28 *0 By Steamer Empire By Balance 6 1 260 10000 10250 10250 4% 31 10000 May 81 18 ji 10000 i 1 Dr. -A-oker, Ivdlerrall <Sz> Co. r. 1859 May 30 To Cash 1 9 1000 1859 16 By Mdse. 8 1000 Dr. H. ID . StrattOIl PRIVATE. <r. 1859 ^jyr. 18 To Cash 1859 4 1 160 May 81 By H. D. S., Stock 9 160 1 LEDGER SET IV. B. Bryant I K 1859 Apr. } 25 To East River Bank 200 1859 | May 31 By II. B. B., Stock Dr. Steamer Empire. Cr. 200 Cr. 1859 Apt: 28 To Steamer Empire Stk. 5 250 1859 May 31 By Balance 11 250 Dr. Co. ID. Cr. 1859 i li 1859 - : May 1 To Sundries 5 1460 May 3 By Cash 6 750 b 1660 " 4 Haiiua, B. fe Co. 6 2370 3120 8120 _ ! l! Dr. "Wm. K. Sadler. Cr. 1859 May 26 To Bills Payable 9 2881 I 1859 May 1 4 By Mdse. Co. D. 1 6 1 6 1410 1-171 281 2881 l! Dr. Hrloaclley. Cr. 1859 May To Sundries 25 Shipment in Co. 1 i 1859 6 ! 909 May 31 By Balance 9 1 SIM. 1709 -. 1 IJ ~~ 11 1709 1709 Dr. Shipment in Co. 1. Cr. 1859 May 2 To Sundries jj 1859 1 1 6 909 May 25 By R. W. Iloadley 9 800 | " 31 Loss and Gain 11 10 ." 909- =- 909 ~ Dr. 1859 May 8 To Cash Dr. Insurance. Cr. 1859 6 37 50 May 31 By Loss and Gain 11 87 tft Irlanna, Beaser &z Co Cr. 1859 May 4 To Mdse. Co. D. 15 Loss and Gain 6 8 2870 275 \ 1859 May 15 By Sundries 8 2*4ft 2645 j 2645 97 dr. LEDGER SET IV. Oh. surges. CTr. 1859 May 31 To Loss and Gain 11 150 1859 May 4 8 18 By Mdse. Co. D. Mdse. Co. E. Mdse. Co. F. 6 7 8 50 60 60 1 150 150 [1 dr. ^ 6 7 Cds 2500 5000 Oo. E. QTr. 1859 May 6 8 . i To Sundries 1859 May 8 By Sundries 7 7500 . 7500 7500 ii II &r. F. J. Boyle c 5z> Oo. r. 1859 May 31 To Balance 11 4254 16 16 1859 May 6 8 By Mdse. Co. E. 6 7 2000 2254 4254 10 1C 4264 dr. I^Edse Oo. !F\ OTr. 1859 7 IS To Sundries 7 8 4000 2750 1859 May 15 18 By Cash 8 8 4750 2000 6750 6750 dr. H. T>. Van Syokel. tr. 1859 A/ay 17 To Cash 8 J 6515 62 j 1859 May 7 18 By Mdse. Co. F. i 8500 3015 62 02 6515 62 6516 - dr. Campbell <3z> Strong. r. 1859 May i 31 To Balance 16 2254 17 1859 May 8 By Mdse. Co. E. sj 2245 17 i il dr. B; 15000 4575 21337 146 5000 10000 250 1709 68018 3l 09 50 82 i 41 =tnc 1859 May H If e. 81 Cr. May H H X 31 To Store and Fixtures Cash EatJt River Bank Interest Receivable Bills Receivable Steamer Empire Stk. Steamer Empire R. W. Hoadley 10 10 10 10 10 11 11 11 By Mortgage Payable Interest Payable Bills Payable Pliny Moore S. G. Payri F. A. Boyle Campbell & Strong H. B. Bryant H. D. Stratton 10 i 10 i 10 11 11 11 11 4500 18 10781 5340 1954 4254 2254 15785 13130 68018 37 01 99 16 17 14 57 41 j 98 IT " TRIAL BALANCE INVENTORY. Trial Balance April. Balani. 11000 11209 8831 284 1050 10300 4500 9750 150 200 250 Mft 63 25 Total Fuotin. 12500 21284 ( 10000 4 $ 284 4183 1 5700 115 4700 4136 S 4500 11300 4500 10000 666 ( 1333 i 10000 150 200 250 7. . . IT. B. Bryant (Stock) . . 1 . . II. D. Stratton (Stock) . . j . . Store and Fixtures . . . . . Mortgage Payable ... J3 . . Cash Total Foo 12688 10000 1500 9000 10015 1168 84 4183 4650 1160 3900 4700 4136 4500 1000 60 480 12036 10000 6006 3288 250 1000 ings. 90 75 75 25 25 67 33 Palanc 12688 10000 9000 79 1045 3900 60 480 12036 5340 1954 1000 es. 90 73 25 01 99 . . East River Bank .... fa . . Niles & Kinne . . Loss and Gain .... . . Mdse. Co. A ga . . Logan, Wilson & Co. . . . . Mdse. Co. B Bills Receivable .... . . Storage and Advertising . . Bills Payable . . Charles Stetson .... . . Mdse. Co. C ,1; . . Pliny Moore 54 S. G. Payn . . . Steamer Empire Stock . . . Acker, Merrall & Co. . . . . II. D. Stratton (Private) . . . H. B. Bryant (Private) . . . . Steamer Empire .... 57584 88 105807 90 105807 90 57584 88 INVENTORY. Property Unsold April 30. Store and Fixtures, valued at cost Mdse. on hand Steamer Empire Stock, at cost. . 12500 1800 10000 99 TTCTAL BALANCE INVENTORY. Trial Balance May. Balances. Footings.* 200 . . H. B. Bryant 150 . . H. D. Stratton 12500 12500 Store and Fixtures 4500 . . Mortgage Payable . . . 4575 09 , 3S546 21 ". . Cash 21337 50 31331 25 . . East River Bank .... 341 60 341 GO 150 150 Expense . 484 37 Loss and Gain 5000 15300 . . Bills Receivable .... Commission 8036 25 . . Bills Payable . . Pliny Moore 250 250 . . Steamer Empire .... 1709 1709 . . R. W. Hoadley .... 109 909 Shipment in Co. 1 .... 37 r>o 37 50 Insurance Charges . F. A. Boyle . . . Campbell & Strong . . . . . S. G. Pavn 10000 10000 . . Steamer Empire Stock . . 56009 69 124445 18 , Footings. 14644 04 11940 ;37 !i I i 9000 33971 12 ji 0993 75 590 10300 434 18817 5340 800 150 4254 1C, 2254 .17 1954 99 Balances. 14444 94 11790 37 4500 105 80 434 25 10781 5340 01 150 4254 16 2254 17 1954 99 124445 18 56009 INVENTORY. Resources and Liabilities not shown in Ledger Accounts. Store and Fixtures, valued at Steamer Empire Stock Interest due us on Notes $146.82 Less, interest due from us 18.37 15000 10000 128 45 * The amounts in this column do not comprise, like those in the preceding balances, the footings ot at the 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 iu use with accountants, but does not afford so sure a test of the correctness ol the Ledger. 100 SALES BOOK. Sales. 1859 May 3 By Cash " Hamia, Beaser &; Co. Sold J. R. 100 bbls. Cider Vinegar, @ $7.50 Shipped them to Detroit, per their order, 60 bbls. Linseed Oil, @ $45 . . . . 40 h f kegs White Lead, @ $3 . . . Payable at eixty days. $2250 120 750 2370 3120 1859 May 8 By Bills Receivable " Interest " Cash Sales. Sold Win. A, Holley, Fort Edward, 100 hhds. Sugar, @ $75 Received in payment a note against Erastus Corning for 5QQO Interest due on same to date .... . 103 47 For balance 2376 ! f>3 7500 Sales. 1859 May 14 By Cash 17 Cash " Loss and Gain Sold E. A. Charlton, 600 bbls. Pork, @ $9.50 . . Sold Theron W. Woolson, 250 bbls. Lard, 60,000 Ibs., @ 4 c. Our net loss . , . 4750 2000 484 7234 109 ACCOUNTS SALES, SET IY. Account Sales of { 20000 , 3 } on joint % of Logan, Wilson & Co., and ourselves, each . 1859 Apr. 5 Sold for Cash, 400 kegs Nails, @ $3.50 1400 6 Sold R. Haywood, on his note @ 30 days, 20,000 Ibs. Lead, @ 9 cents $1800 400 kegs Nails, @ $3.75 1500 33QO 4700 Charges. 3 Paid Cash for Freight 100 ** 6 ; Storage and Advertising 10 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 Ibs. Lead, @ 7 cents . . . 1400 % net gain 336.25 Net proceeds as above .... $4136.25 K B. Due by Equation, May 2. BRYANT & STRATTON, NEW YORK, April 6, 1859. per Packard. _i_ 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 % on $4500 112.50 Our i net gain 183.75 316 25 4183 75 Invoice, 500 bbls. Flour, @ $8 .... 4000 net gain 183.75 Net proceeds as above Due by Equation, May 6. $4183.75 NEW YORK, April 8, 1859. 110 ACCOUNTS SALES, SET IV. Sales of 1000 bbls. Flour, on joint % of Pliny Moore, Troy, S. G. Payn, Albany, and ourselves, each J. 1859 Apr. u u 13 10 13 Sold Warren P. Spencer, 1000 bbls. Flour, @ $10 10000 3993 6006 33 67 Cash, 13000 Note @ forty days, $7000. .... $200 . . . . 30 Commission 2 % on $10000 .... 250 . . 317333 . 040 P. Moore s net proceeds* Invoice 1000 bbls. Flour @ $8.50 Your and our - of above . ft -,00 .... 5066 67 . . . . 340 Net proceeds as above . . . . $6006 67 Due by Equation BRYANT NEW YORK, April 13, 1859. , May 14. & STRATTON, per Packard. _ ( 100 bbls. Cider Vinegar, ) Sales of so do Linseed oil, \ on joint % of W. K. Sadler and ourselves, each 4. ( 40 h f kegs White Lead, ) 1859 May Sold J. R. Bigelow, for cash, 750 100 bbls. Cider Vinegar, @ $7.50 3 | Assumed and shipped on our own %, @ sixty days, 50 bbls. Linseed Oil, @ $45 $2250 40 h f kegs White Lead, @ $3 120 2370 Charges. 3 Freight per check 50 Storage, Advertising and Insurance 50 Commission 2 % on $3120 78 Our \ net gain 61 W. K. Sadler s net proceeds Invoice 100 bbls. Cider Vinegar, @ $7 . . . . 700 50 do Linseed Oil, @ 40 .... 2000 40 h f kegs White Lead, @ $3 . . . 120 2820 Net gain 61 Net proceeds as above $2881 Due by Equation, June 20. 3120 239 2881 NEW YORK, May 3, 1859. BRYANT & STRATTON, per Packard. A duplicate of this statement is sent to S. G. Payn. Ill ACCOUNTS SALES, SET I V. Sales of 100 hhds. Sugar on joint % of F. A. Eoyle & Co., N. O., Campbell & Strong, and ourselves, each \. 1859 May 8 Sold Wm. A. Hoi ley, Fort Edward, 100 hhds. Sugarj @ $75 7500 -- Charge*. 6 Paid Freight $500 u i 8 i Storage, Advertising, etc 50 Commission 2$ % on $7500 187.50 Campbell & Strong s net proceeds 2254.17 Our i net gain 254.17 3245 84 F. A. Boyle & Co. s net proceeds* 4254 16 Invoice, 100 hhds. Sugar, @ $60 . . . $6000 Your and our f invoice 4000 Your i net gain 254.16 Net proceeds as above $4254.16 Due by Equation, May 8. BRYANT & STRATTON. NEW YORK, May 8, 1859. Bales of { HI b s - K; } on joint % of H. D. Van Syckel, St. Louis, and o; selves, each . 1859 May 14 Sold for cash, 500 bbls. Pork, @ $9.50 47f " 17 Sold for cash, 250 bbls. Lard, 50,000 Ibs., @ 4 c 2000 rj 6750 (Jharqes. u 6 Paid Freight $500 " 17 Storage and Cooperage 50 Commission 2 % on $6750 168.75 718.75 Less our \ net loss 484.37 234 38 H. D. Van Syckel s net proceeds 6515 62 Invoice 500 bbls. Pork, @ $9 4500 250 do Lard 2500 7000 Less your net loss 484.38 Net proceeds as above $6515.62 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. THIS 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 Uiles & Kinne, Buffalo, and themselves, eacii J- A A 20 hhds. Sugar, 24000 Ibs., @ 5 c .......... 1200 100 bags Coffee, 14000 Ibs., @ 10 c ........ 1400 10 boxes Raisins, @ $3 . Charges. 400 Insurance </ on 83000 NEW YORK, May 6, 1859. BRYANT & STRATTON, per Packard. 2900 15 2915 Invoice of Mdse. shipped S. G. Payn, Alt any, by Bryant & Stratton, to be sold on joint % of S. G. Payn, Pliny Moore, and themselves, each J. 30 hhds. Sugar, 30,000 Ibs., @ 6 c ........... 1950 _ Charges. Freight on same 50 2000 NEW YORK, April 22, 1859. E. E. BRYANT & STRATTON per J tf nkcrd, 113 INVOICE BOOK, SET IT. Invoice of Merchandise shipped R. W. Hoadley, Philadelphia, to be sold on joint %, each . 200 bbls. Mess Pork, @ $9 Paid Drayage NEW YORK, May 2, 1859. Charges. BRYANT & STRATTON, per Packard. 18 1818 Invoice of Merchandise shipped Hanna, Beaser & Co., as per their order. 50 bbls. Linseed Oil, @ $45 2250 40 h f kegs White Lead, @ $3 120 Payable @ sixty days. NEW YORK, May 3, 1859. BRYANT & STRATTON, per Packard, i 2370 KINSEY & HINDE, Cincinnati. Terms : 4 Months. Invoice of Tea. Bought of STEPHEN V. ALBRO & Co. 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 no 104 108 117 119 119 117 111 109 102 117 115 115 111 112 115 104 117 119 108 114 112 102 109 106 115 118 108 112 109 120 112 120 107 120 108 104 100 119 105 100 112 100 109 107 1318 1353 1332 1 321 1847 1346 8017 Tare 20 % off . 1(503 C414@30c. 1924 20 . Charges. Drayage 5 Insurance 10 15 1939 2G NEW YORK , Jan. 13, 1860. 114 INVOICE BOOK, SET IV. Straw Goods.* Messrs. JOHN CALDWELL & Co. Terms : 8 Months. Note to your own order. NEW YORK, February 13, I860. Bought of "T. J. G. CLARK. ; -. : 7i rrrr No. 33 Cases assorted goods. 345 51( 27] 40? 23? 45? 421 54? 60c 321 214 218 311 o7-, 412 415 425 54<J 629 456 327 454 517 612 4512 3857 3672 2887 2850 3756 4289 2432 3162 I 36 Fine English split Straw Bonnets . . @ $2.37 fc 85 84 116 28 32 36 31 68 81 94 26 92 68 78 19 23 60 82 117 122 150 215 48 98 234 99 84 68 96 38 139 63 4 50 25 75 50 25 50 35 50 ?:. 75 25 8 i 94 50 72 50 83 75 50 25 50 50 04 > 42 " " " . . 2.00 62 Embroidered Hair and Lace Bonnets .... . . 1.87J ! 16 Neapolitan Bonnets .... . . 1 75 5 16 Pamela " . . 2.00 } 42 15 End Braid " . . 87 ( 42 1 1 " . . 0.75 I 42 Tulip and Coburg Braid Bonnets . . 1.62 I 36 Hair " " " . . 2.25 42 " Rustic " " . . 2.25 | 62 Pedal Braid Bonnets . . 0.42 1 50 Florence " " . . 1.85 22 Fancy Lace Braid Bonnets . . 3.12 42 " " over Frame Braid Bonnets. . . 1.87$ 3 doz. Canton Braid Riding Hats . . 5.50 3^ " Pedal Braid Bloomers . . 6.50 3^% " Hair and Fine split Straw Riding Hats . . 5 " Open Hair Lace Riding Hats . . 18.75 . . 16.50 6 Coburg and Hair " . . 10.62 5 Fine split Straw R. H. (trimmed) .... . . 24.50 5 Pamela and Tulip " " oO 00 6vW " Coburg " " . . 35.00 StV Fine Pedal " " .... . . 15.00 4 T V " Brown Lace " " .... . . 21.00 Sy^j Men s English Dunstable Hats . . 42.00 6 " Mixed Sennets " " . . 16.50 4.^ Colored " " " . . 18.00 3^ White Leghorn " " . . 21.00 4 " Assorted " " " 2400 3 T 8 -j " Canton R. Brim Hats . . 1050 SVH " Maracaibo Hats . . ... . . 27 00 3 " Carracao " . . 21.00 4A " Palm Leaf " . . . . . . 0.95 $2690 a i & &. * This and the preceding Invoice are not connected with the transactions ot this Set, but are submitted, in this connecUot, for the purpose of exhibiting a greater variety w BANKING AUXILIARIES. All Banks of Deposit furnish their dealers with the necessary blanks for keeping a Bank Account. These are, mainly, a Check-Book, a Pass-Book, and Deposit-Checks, all of which are here exhibited. THE CHECK-BOOK, As will be seen, is a book of blank-checks, with a margin for memoranda, containing, in brief, the Bank Account. The checks are filled and torn off, leaving the memoranda. By adding deposits and deducting checks, the balance in bank is always apparent. Many houses keep no other bank account than this, in which case, the balance in bank is always included in the Cash Account. THE PASS-BOOK, Exhibited below, is a simple memorandum of depos its, in which the receiving teller of the bank enters the date and amounts deposited, and as often as required the checks drawn are entered up, showing the bal ance in bank. This is our Receipt-Book with the bank. The following example is intended to illustrate a folio, or two pages : East Dr. EAST RIVER BANK IN % WITH BRYANT <fc SRATTON. Cr. 1^59 1859 Apr 1 To Cash S 10000 AJJ. 25 By Cash. Ok. 1 200 My\ " S 85UO " 25 " .Ck. 2 90S 75 " 10 " S 4000 May I " .Ck. 8 50 23 " S IOOOO " 5 " .Ck. 4 150 " 6 " .Ck. 5 500 " T " .Ck. 6 500 " 12 " .Ck. T 4G57 50 " 13 " .Ck. 8 4186 25 "18 Baianct 82500 82500 Balance 21337 50 DEPOSIT-CHECKS Accompany the deposits, and contain a memoran dum of the kind of funds and the total of each de posit. The receiving teller compares these items, and if correct, enters the amount in the Pass-Book. ill EkST RIVER BANK, By Jftlyant tfi New York, Gd/U. 1, 1859. Bank Bills. Specie Checks... 950 550 1001)0 116 1859 *- ^* <s^k I gByuxdect IOOOO " 25 ;/<sy/i , 20O 9800 " 25 <&&**&&. 2 968 75 8831 2? <^% I tg&otQtfo. 3 5 8 7 8l 5 I po<;t SjOO 17281 25 " 5 */&/! 4 1 5 17131 25 6 ^4e^&Vo. 5 500 16631 2 5 7 <$&eeM>. 6 500 16131 25 " 10 <&</twt 4OOO 20I3I 25 " I 2 ^t,:ct &&. 7 4657 5 15473 75 " 3 <%4*6te4 g *.% 4136 25 II337 50 23 IOOOO 21337 CHECK-BOOK. No. 1. Swvafo 25, 1859. 2OO No. 2. M. No. 3. fin No. 4. fo* -u 6. 968 150 500 75 No. 1. New York, ^5^/25, 1859. EAST RIVER BANK, Pay to 2V. J%. ^ftyant. or Jlcarcr, ?u>o Ztfundttd -^ Dollars. 200. Jftlant No. 2. New York, G-fyitS 25, 1859. EAST RIVER BANK, Pay to J?. ^(xn/et, or Bearer and (^/ix/u-S i^f -^-^ Dollars No 3. Neiv York, G*/fay i, 1859. EAST RIVER BANK, Pay to cyf. M fine*. or Bearer, Dollars. No. 4. New York, Gsfay 5, 1859. EAST RIVER BANK, Pay to GA^fuf fyct c%cia/ct, or Bearer, One. ffKmdutt and (^/ i/ty ..... $150. Jjftlyanf ( Dollars. No. 5. Neio York, &//ay 6, 1859. EAST RIVER BANK, Pay to ty/tit/tin oTlatufic-iJafion ^o. or Bearer, & f t-ve. erCundted, Tt> ij Dollars. $500. J&H No. New York,- 18 EAST RIVER BANK, Pay to - or Bearer, 117 NOTES, DRAFTS, ETC. SET IV. NOTES, DRAFTS, ETC., SET IV. Receivable. 13300. NEW YORK, April 6, 1850. Thirty days after date, for value received, I promise to pay Bryant & Stratton, or ordr, Thirty -three Hundred Dollars, at the East River Bank. ROBERT HAYWOOD. $5000. ALBANY, January 1, 1859. One day after date, I promise to pay to William A. Holley, at the Bank of the Capitol, Five Thousand Dollars, value received. ERASTUS CORNING. $1000. NEW YORK, April 9, 1859. Thirty days after date, I promise to pay to the order of Bryant & Stratton, at my office, No. 79 Cedar street, One Thousand Dollars, value received. AUSTIN PACKARD. $7000. BUFFALO, April 13, 1859. Forty days from date, I promise to pay Bryant & Stratton, or order, at the International Bank of Buffalo, Seven Thousand Dollars, value received. WARREN P. SPENCER. Payable. 2900. NEW YORK, April 6, 1859. For value received, ninety days from date, we promise to pay to the order of Acker, Merrall & Co., Twenty-nine Hundred Dollars, at the East River Bank. BRYANT & STRATTON. $5000. NEW YORK, April 12, 1859. Ninety days from date, we promise to pay Daniel Drew, or order, Five Thousand Dollars, value received. BRYANT & STRATTON. 4 1 36 -flfr. PITTSBURG-, April 7, 1 859. At thirty days sigjhfy pay to the order of Geo. K. Chase & Co., at their Banking House, 13 Cooper Institute, Forty-one Hundred Thirty -six *f Dollars, value received, and charge to account of LOGAN, WILSON & Co. To Bryant <& .Stratton, New York. 118 NOTES, DRAFTS, ETC. SET IV. ,-Q. $3900. NEW YORK, May 13, 1859. I ji At ton days sigjit, pay to the order of George A. Crocker Thirty -nine Hundred Dollars, ana charge to account of .- HOPE & Co. To Brya-nt <t Slratlon, New York. 82881. PHILADELPHIA, May 25, 1859. At thirty days sight, pay to the order of B. McGann, Twenty-eight Hundred Eighty-one Dollars, at the Metropolitan Bank, value received, and charge to account of To Bryant <t Sttrafton, New York. WM. K. SADLER. &<f I -iv LETTER BOOK. Messrs. Bryant & Stratton, PTTTSBURG, April 1st, 1859. New York : GENTLEMEN : As per our agreement of the 30th ult., we ship you this day, (Invoice enclosed), 800 kegs Nails and 20,000 Ibs. Lead, to be sold on our joint %. We shall leave it entirely at your option to push them upon the market, or to await better prices. Your reputation and experience afford sufficient guarantee that whatever course you may see fit to pursue will be the best. Very truly, yours, LOGAN, WILSON & Co. Messrs. Bryant & Stratton, BUFFALO, April 2d, 1850. New York: GENTLEMEN: Enclosed you will find Invoice of 500 bbls. Flour, which we ship you this day on joint %. You will, perhaps, find it best to take advantage of the present demand in your city to close out the sales at an early day. However, we leave that matter to your own good judgment; Please keep us advised as to the indications. Yours, NILES & KINNE. Logan, Wilson & Co., NEW YORK, April 6th, 1859. Pittsburg : GENTLEMEN : We enclose you Account Sales of the Nails and Lead shipped us on the 1st inst. Your net gain, as shown, is $336.23. We think the present a favorable time for this class of sales, and shall be happy to join you in any reasonable amount. Let us hear from you soon. Respectfully, BRYANT & STRATTON. 119 LETTEE BOOK. Messrs. Niles & Kinne, NEW YORK, April 1th, 1859. Buffalo : GENTLEMEN : You will please find, enclosed, Invoice of 20 hhds. S igar, 100 bags Coffee, and 100 boxes Raisins, to be sold, as per our agreement, on joint %. We have an excellent opportunity, in prospect, of purchasing, to advantage, in this line, and shall be happy to learn from you that the demand will warrant a fair investment We await your farther advices. Respectfully, BRYANT & STRATTON. Afenars. Wiles & Kinne, NEW YORK, April 8th, 1859. Bu/alo : GENTS : Enclosed please find Account Sales of the Flour shipped us on the 2d inst. We feel satisfied with the returns, particularly as since our sales were effected, prices have materially declined. The uncertainty of European affairs renders the provision market extremely unstable, and all prognostications, at this time, unreliable. We have no doubt, however, that the ultimate tendency will be favorable to investments, and do not hesi tate to advise you to secure any good bargains which the present seeming depression may throw in your way. Truly, yours, BRYANT & STRATTON. Messrs. Bryant & Stratton, TROY, April }0th, 1859. New York : GENTS: 1 ship you to-day, as per Invoice enclosed, 1000 bids. Flour, to be sold on joint % of yourselves, S. G. Payn, Albany, and myself, each one-third. You will please open an account with Mr. Payn, and render him an Account Sales of his one- third, as per our agreement. I have charged you for your one-third invoice. Please keep me advised. Yours, PLINY MOORE. Pliny Moore, Esq., NEW YORK, April 13th, 1859. Troy : SIR : We send you, enclosed, Account Sales of Flour shipped us on the 10th, having effected the sale in less time than we had anticipated. We trust the result will be satisfactory. You now stand credited on our Books $6,006.67. We have communicated with Mr. Payn. We think the present a favorable time to invest in Flour, and shall be hupf^ to join you in speculation, or to sell for you on commission. We await your further orders. Respectfully, BRYANT & STRATTON. S. G. Payn, NEW YORK, April 13th, 1859. Albany : SIR : Enclosed please find Account Sales of Flour, shipped us by Pliny Moore of Troy, as per our understanding. Your one-third net gain is $340, which gives you a total credit on our books of $3,173.33. Respectfully, yours, BRYANT & STRATTUN. o 120 LETTER BOOK. Messrs. Bryant & Stratton, BUFFALO, April 18, 185D. Nfio York : GENTS: We enclose you Account Sales of the Sugar, Coffee and Raisins, shipped us on the 7th inst. Your net proceeds from Sales, including Invoice and Gain, is $8*215, which we have entered to your credit. We shall be happy to hear from you. Respectfully, NILES & KIXNE. S. G. Payn, Esq., NEW YORK, April 22, 1859. Albany : SIR We ship you this day, per Merchants Line, 30 hhds. Sugar as per enclosed Invoice, to be sold on joint % of yourself, Pliny Moore, Troy, and ourselves, each \. We have advised Mr. Moore, and he will look to you for an account of the sales. Please write to us. Truly yours, BRYANT & STRATTON. Pliny Moore, NEW YORK, April 2*2, 1850. Troy : DEAR SIR We enclose you Invoice of 30 hhds. Sugar, shipped this day to S. G. Payn, Albany, to be sold on joint % as per arrangement. We have charged you with your i Invoice, and advised Mr. Payn to account to you for HIP sales. Very respectfully, BRYANT & STRATTON. Messrs. Bryant & Stratton, ALBANY, April 20, 1850. New York : GENTLEMEN I send you enclosed an account of the sales of Sugar shipped by you on the 22d inst. Your 1 loss on sales as per statement, is $115, which reduces your net proceeds to 61218.34. I regret the result, but have done the best I could, un.iei the circumstances. The rapid decline in Sugar could not have been foreseen, and had I delayed the sales another day the result would have been far less satisfactory. Respectfully yours, S. G. PAYN. Messrs. Bryant & Stratton, PHILADELPHIA, April 30, 1850. New York : GENTS. I ship you this day, as per arrangement, 100 bbls. Cider Vinegar, 50 do. Linseed Oil, and 40 h f kegs White Lead, to be sold on joint %. \ have charged you the enclosed invoice, according to agreement. Please exercise your own judg inent in the matter of sales. Respectfully yours, WM. K. SADLER. R. W. Hoadley, Exq., NEW YORK, May 2, 1850. Philadelphia : DEAR SIR We enclose you Invoice of 200 bbls. Pork, shipped you this clay, to be sold on our joint y c . Your Invoice (charged) is 8000. We shall trust entirely to your judgment in effecting sales. Truly yours, BRYANT & STRATTON Q 121 LETTEK BOOK. //f/wwri, Denser d Co., NEW YORK, May 3, 1859. Detroit : GENTS. Enclosed we send you Invoice of Oil and Load, shipped you this day, as per your order of the 28th ult. We possess extraordinary facilities for pur chasing to advantage in this line, and shall be happy to merit your patronage. We trust w need not assure you that your orders shall receive the most prompt attention. Your ob t serv ts, . * BRYANT & STRATTON Wm. K. Sadler, Esq., NEW YORK, May 3, 1850. Philadelphia : DEAR SIR We enclose you Account Sales of Vinegar, Oil and Lead shipped us on the 1st inst. We think we were fortunate in effecting the sales, and have no doubt, in the present state of the market, that, should you invest pretty heavily at your for mer figures you would not regret it. We will join you in any amount, or sell for ^ou or. commission. Truly yours, BRYANT & STRATTON. Bryant & Stratton, NEW ORLEANS, April 2G, 1850. New York : GENTLEMEN Your favor of the 18th is just at hand. Your proposition for a special copartnership strikes us favorably, and we have, without delay, shipped you as per Invoice enclosed, 100 hhds. Sugar, to be sold on joint % of yourselves, Campbell <Ss Strong of this city, and ourselves, each 1. Campbell & Strong are advised of the arrangement, and you will please communicate with them. We send you their card, and beg to say that you will find them, in all respects, first-class business men. Your references are unexceptionable, and it shall not be our fault if our mutual interests cease with this experiment. You will please exercise your own judgment in conducting sales, and have no delicacy in indicating how we may be of service to you in any direction. We are, With much respect, Yours, F. A. BOYLE & Co. Messrs. Bryant & Stratton, ST. Louis, May 1, 1.50. New York : GENTLEMEN Your Mr. Stratton called on me to-day, and eft^cted arrangements for a special partnership in the purchase and sale of provisions. I have for merly consigned on my own account to John J. Cape of your city, but shall be glad to join you in speculation. I have accordingly shipped, as per enclosed Invoice, 500 bbls Pork, and 200 bbls. of Lard, one-half of which I have charged to your account. Hoping that the result of this small adventure may be such as to encourage a more ex tensive and permanent arrangement, I bog to subscribe myself, Very truly yours, II. D. VAN SYCKEL. 122 LETTEE BOOK. F. A. Boyle d- Co., NEW YORK, May 8, 1850. New Orleans : GENTLEMEN We enclose you Account Sales of the Sugar shipped us on the 20th ult. There can be no trouble in disposing of such a grade at fair rates, and, if ac ceptable to you, we should like the experiment and risk of a much larger Invoice- Very truly yours, BRYANT & STRATTOV. Messrs. Bryant & Stratton, DETROIT, May 13, 1850. New York : GENTLEMEN We send you enclosed Account Sales of the Oil and Lead, shipped us the 3d inst. Your net proceeds, as per statement, has been carried to your credit. Respectfully yours, HANNA, BEASER & Co. H. D. Van SycJcel, NEW YORK, May 17, 1859. St. Louis: DEAR SIR Enclosed please find Account Sales of the Pork and Lard shipped us on the 1st inst. The result has been, greatly to our regret, unfavorable, but we cannot attribute it to any fault of our own. Had we had, from indications, any reason to expect a more favorable turn of the market, we should, of course, have held on ; but we chose to secure both ourselves and you against a greater sacrifice, by submitting to a lesser. You will see from the present quotations that we did not err in judgment. Yours to command, BRYANT & STRATTON. Mesars. Bryant & Stratton, PUTI.ADKLPHM, May 24, 1850. New York : GENTS. I send you enclosed Account Sales of the Pork shipped me on the 2d inst. Hoping you will find the result satisfactory, I remain, Yours truly, R. W. ITOADLEY. GENERAL LETTER OF INTRODUCTION. BRYANT, STRATTOX A PACKARD S MERCANTILE COLLEGE, To Wliom it may Concern: IS COOPKR INSTITUTE, NEW YORK, May 81, 1859. ) The bearer, Mr. John F. Simmons, is well known to us as a most estimable young man, and one possessing qualifications which will render him serviceable in any position of trust. He is a thorough accountant, and unusually expert and correct in cal culations. We have no hesitation in recommending him to the public. Very respectfully, S. S. PACKARD, Resident Principal. 123 EXERCISES FOR THE LEARNER. FOU RTQ SERIES. EXERCISES FOR THE LEARNER. FOURTH SERIES. In the following transactions \ve have endeavored to present the prominent features of the preceding Set, leaving the student to apply the principles without any special instruction The two months business will represent two years as in Set. IV., bringing down the balances at the end of the first year and closing finally by Journal entries. As in Set IV. also, the two methods of keeping Mdse. Co. Accounts are represented, to which the attention of the student is particularly called. Memoranda for April. April 1. J. H. Goldsmith and ,* have this day entered into co-partnership, each investing $8000 Cash. The firm assumes to pay for J. II. Goldsmith, a note in favor of II. W. Ellsworth, dated Jan. 15, with interest @ % from date; face of note $300; interest due to date, $3.75. 9. Paid Cash for Store Fixtures, $1500, and for rent, six months in advance, $750. 3. Bo t of H. G. Reeve & Co., 8 bags Rio Coffee, 1280 Ibs., @ 10 c. ; G chests Young Ilyson Tea, 297 Ibs., @ 65 c. ; 10 boxes Virginia Tobacco, 350 Ibs., @ 40 c. Ac cepted their draft, @ GO days, favor of Chas. Strong, for the amount. 4. Received from James Atwater, Lockport, to be sold on his and our joint %, each ^, 500 bbls. Flour, @ $8 ; 1000 bush. Wheat, @ $1.50; paid freight on same, in cash, $400. 5. Received from D. L. Wing, Albany, to be sold on joint % of himself, J. Walker, Schenectady, and ourselves, each J, 1000 bbls., "Julian Mills" Flour, @ $8.50; paid Freight, in cash, $100. 6. Sold W. H. Beebe, for cash, 1000 bush. Wheat, (Mdse. Co. A. Atwater s Consignment,) @ $1.83. 7. Sold J. W. Lusk, on %, @ 60 days, 2 chests Young Hyson Tea, 100 Ibs., @ 75 c. ; Sold J. C. Beale, on his note @ 10 days, 500 bbls. Flour, (Mdse. Co. A.,) @ $9; Closed Mdse. Co. A., and rendered James Atwater an Account Sales. Our charges for Storage, Advertising and Cooperage, $75 ; Commission 2| % on sales $ ; our net gain, $98.37 ; James Atwater s do. $98.38. 8. Shipped John R. Penn, Green Ray, Wis., to be sold on our joint %, each , the following merchandise, bought on our note, @ 4 months, of H. G. Reeve & Co., 30 hhds. N. O. Sugar, 32,000 Ibs., @ (i J c. ; 40 bbls. N. O. Molasses, 1442 gals., @ 40 c. ; charges for Drayage and Insurance, paid in cash, $75. 1O. Deposited with Geo. K. Chase & Co., Bank ers, cash $10,000. 12. Sold for cash, to J. & J. Wynkoop, 1000 bbls. "Julian Mills" Flour, (Mdse. Co. B.,) @ $9.50; Closed Mdse. Co. B., and rendered Account Sales of the same to D. L. Wing, Albany, and J. Walker, Schenectady. Our Charges, $75 ; Commission on Sales, 2 %. D. L. Wing s \ net gain, $195.83 ; J. Walker s do. $195.83 ; our do. $195.84. 15. Paid cash for James Atwater s draft on us, at sight, $1000. 1 O. Shipped Robt. C. Spencer, St. Louis, to be sold on joint % of himself, John Atwater, Chicago, and ourselves, each ^, the following Invoice of Merchandise, bought of A. T. Stewart & Co., for cash: 20 pieces daik blue Circassian, @ $12; 50 pieces green do. @ $10; 10 pieces Satinet, 300 yds., @ 90 c.; 15 pieces Jeans, 450 yds., @ $1.25. Deposited cash, $10,000. 17. Shipped Stephen A. Douglas, Chicago, pursuant to his order, 8 bags Coffee, 1280 Ibs., @ 11 c. 2O. Received * Let tht student use his own name. 12* EXERCISES FOR THE LEARNER. cash in full for J. C. Scale s note of the 7th inst. 21. Paid J. Walker s Draft @ sight, ih full of his %, per check on Geo. K. Chase & Co. 25. Received Account Sales from John It. Penn, Green Bay, of the Mdse. shipped him on the 8th inst. Our \ net gain, $250. *IO. Received from R. C. Spencer, St. Louis, Account Sales of the Mdse. shipped him on the 16th inst. Our \ net loss, $125. Paid cash in full for J. II. Goldsmith s note and interest face of note $300, interest due to date, $5.25 Memoranda for May. 1. Received from John R. Penn, Green Bay, to be sold on his and onr joint %, each , 3000 bush. Wheat, invoiced @ 1 ; paid Freight per check, $350. 2. Bought on our note at sixty days, of Claflin, Mellen & Co., 10 pieces Broadcloth, 1000 yds, @ $4.50 ; 20 pieces Cassimere, 1500 yds, @ $2. 3. Shipped T. W. Woolson, Mt. Pleasant, Iowa, to be sold on our joint /, each , 10 pieces Broadcloth, 1000 yds, @ $4.75, 10 pieces Cassimere, 750 yds, @ $2.25 ; paid charges per check, $75. Received Cash of John Atwater, in full of %. 4. Sold J. C. Bryant, on his note @ ten days, 3000 bush. Wheat, (Mdse. Co. C Penn s Consignment), @ 8 1.50. Closed Mdse. Co. C., and rendered J. R. Penn an Account Sales of the same: Our charges for Storage, Advertising, etc., $150; our Commission, 24 % on Sales, 8 . J. R. Penn s net proceeds, $1043.75. Our | net gain, $ . 5. Discounted our acceptance favor of II. G. Reeve & Co., due June 5th. ; discount off thirty-one days, @ 7 %. Paid Cash for the face of the note, less the interest for the above time, $ . O. Shipped Chester Packard, Milwaukee, to be sold on joint % of himself, D. V. Bell, Chicago, and our selves, each ^, 4 chests Young Hyson Tea, 197 Ibs., @ 75 c. ; 10 boxes Virginia Tobacco, 350 Ibs., @ 50 c. ; 100 sacks Rio Coffee, 1(5,000 Ibs., @ 10 c. The Tea and Tobacco were from our store ; the Coffee was purchased of Acker, Merrall & Co., on our acceptance @ ten days Our \ the above Invoice, $040.91; C. Packard s do., $640.92; D. V. Bell s do., $640.1)2. 7. Received from H. B. Tuttle, Cleveland, to be sold on joint % of himself, N. C. Winslow, and ourselves, each 1, 1000 bbls. Flour, invoiced @ $7 ; paid Transportation charges per check, $450. Our \ invoice, $2333.33. 1O. Paid James Atwater in full of % per check, $ . 12. Sold Chas. E. Carryl 10 pieces Cassimere, 750 yds, @ 82.50. Received in payment James Hill s Note, dated Jan. 1, 1859, with interest at 7 % from date, $1500. Interest on same to date, $38.21. Cash for balance, $ . 15. Sold W. II. Clark for cash, 1000 bbls. Flour, (Mdse. Co. D.), @ $8.50. Closed Mdse. Co. D, and rendered II. B. Tuttle and N. C. Winslow each an account of the sales. Our charges for Storage, Advertising, etc., $150; onr Commission 2 % on sales, $ . H. B. Turtle s net proceeds, $2562.50 ; N. C. Wins- low s, $2562.50; our net gain, $229.17. 16. Remitted H. B. Tuttle cash in full of %, $; deposited in Bank $9000. 17. Received cash of Stephen A. Douglas, in full of %, $ Received cash of J. C. Bryant, for his note of May 4th, due this day, $ . 19. Paid our acceptance of the 6th inst., favor of Acker, Merrall & Co., due this day, in cash, $ . 2O. Received from T. W. Woolson, Mt. Pleasant, an Account Sales of the Mdse. shipped him the 3d inst., to be sold on our joint %. Our net proceeds, remitted in cash, $4000. 2">. Received from Chester Packard, Milwaukee, an Account Sales of the Mdse. shipped him the 6lh inst, for % and risk of himself, D. V. Bell, Chicago, and ourselves, each ^. Our net pro ceeds $750. 2H. Paid N. C. Winslow s draft on us, in full of his %, $ ; our draft <m D. V. Bell, for $640.92 ; Cash for balance. $ . 3. Received Cash of R. C. Spen.vr, in full of %, $ ; paid John R. Penn cash, in full of %, $ ; paid D. L. Wing cash, in full of %, $ . 125 EXEKCISES FOE THE LEARNEK. Inventory of Property on hand, April 30. 4 Chests of Young Hyson Tea, 200 Ibs. @ 03 c 10 Boxes Virginia Tobacco, 350 Ibs., @ 40 c Store Fixtures, $1400; unexpired Rent, $625, (charged to Expense) . 126 140 2025 2291 Inventory, May 31. Store and Fixtures, $1400 Unexpired Rent, 500 Interest due on J. Hill s note . 1000 43 1943 75 75 Resources and Liabilities, April 30. Merchandise 266 Bills Payable 3117 8 Expense* 2025 James Atwater 4598 3 Cash 6127 <>* D L Win<* 5862 51 J. W. Lusk 75 J II Goldsmith .... 8075 SI r. R. Penn . 00ft] 80 8379 (>( Geo. K. Chase & Co. R. C. Spencer j 10970 923 84 33 John Atwater 524 17 Stephen A. Douglas .... 140 80 30034 19 30034 It i Resources and Liabilities, May 31. Expense 1900 i Bills Payable 10156 80 Interest 43 75 J. H. Goldsmith .... 9527 53 Cash ... 852 4 >1 9831 6 J. W. Lusk 75 Geo. K. Chase & Co. ... T. W. Woolson 20497 3256 46 95 Chester Packard 1390 99, Bills Receivable 1500 29515 59 29515 59 * Fixtures and nnexpired rent. 120 SET V. JOBBING AND IMPORTING BUSINESS, KMURACIXG AS PRINCIPAL BOOKS, CASH BOOK, DOMESTIC AND FOREIGN INVOICE BOOKS, SALES BOOK AND JOURNAL; AS AUXILIARIES, INVENTORY BOOK AND BILL BOOK, WITH A KMTTINK OF TRANSACTIONS TAKEN FIMM ONE OF TUB MOST EXTENSIVE ucssixESb UOVSES IX NKW YOKK. REMARKS ON SET V. REMARKS ON SET V. IN the following set we have illustrated a practical method of keeping the accounts of an Importing and Jobbing business. The particular feature in this set consists of tlie manner and form of original entries, which are made in separate books, elsewhere used as auxil iaries, from which they are either journalized, or passed directly to the Ledger at stated periods. This method has many advantages over consecutive entries in the Day Book, and,v in one form or other, is adopted generally in all large establishments. The labors of the Book-keeper are thus divided up, and the separate departments of the business receive such special record as to present all the facts in their clearest light. Thus, if any particular infor mation is desired respecting purchases, all the facts can be shown at once from the Invoice Book ; and, in the same manner, the fact and condition of the sales can be shown from the Sales B^ok. the receipts and disbursements of cash from the Cash Book, etc. In the previous sets these books are represented, but they are used only as auxiliaries, the entries of the business being made in the other books without reference to them. This plan, it will be evident, although possessing some merits, involves a large amount of unnecessary labor, which w r ould prove a great objection in extensive houses. The special books them selves, however, are so essential to every well-regulated business, that they would receive vor, even at the expense of this additional labor. If, therefore, they can be used without additional labor, and even at a reduction of labor, it would seem that no farther argument would be needed to secure their adoption. The only difficulty in the way of using special books for original entries lies in the danger of making the entries in the different books conflict with each other upon the Ledger. For example: if a Cash Book is used, it should be competent to show all receipts and disburse ments of cash. This purpose is very easily effected by placing the receipts on one side, and the disbursements on the other the difference, of course, being, at any time, the amount on hand. But this does not cover the entire utility of the Cash Book. At the same time that cash received is entered upon the debi side of the Cash Book, the object or cause for which it is received may also be stated; in which case a double entry is effected, although but one amount shown. The same principle Will hold in entering the disbursements of cash ; as, when cash is paid, the object or cause for which it is paid is properly expressed. The appropriate caption for the debit side of the Casn Book, then, would be " Cash Dr. To Sundries ;" the debit of cash being the total amount received at any specified time, and the credit of sundries being the separate amounts produced by the different causes represented ; and, on the other hand, the caption for the credit side wv.uld be "Sundries Dr. To Cash," cash being credited for the total disbursement as shown, and che sundry causes for which cash was paid debited lor their separate amounts. It will thus be seen that the debit side of the Cash Book con tains the credits of all accounts producing cash ; and the credit side, the debits of all accounts costing cash. Upon the same principle the Invoice Book, which sustains the same relation to merchan dise that the debit side of the Cash Book does to cash, while it shows, in total, the entire cost of merchandise, will also exhibit the separate credits producing merchandise; and the Sales Book, which sustains the same relatior to merchandise that the credit side of the Cash Book does to cash, while it shows, in total, the proceeds of merchandise, exhibits also the separate debits produced by the sales. The difficulty of which we have spoken will now be apparent ; as, in every case involving any two of ^.hese books, the tendency will be to debit and credit the same accounts twice effecting thus a double entry not contemplated by projectors of the 128 REMARKS ON SET Y. science, and of course not warranted by the facts in the case. Tims, all cash receipts being entered, at specified periods, in total, from the debit side of the Cash Book, and all cash dis bursements from the credit side, it would be erroneous to enter cash from any other book ; and the same theory will apply with equal force to the Invoice and Sales Books. If, therefore, the peculiar rights of each of these books be respected, viz. : permitting all cash entries to be taken to the Ledger from the Cash Book, and all purchases and sales of merchandise from the Invoice and Sales Book, it would preclude the entering of cash in the Invoice or Sales Book, and also of merchandise in the Cash Book. Take a single example : Suppose the entry to be " Cash Dr. To Merchandise." All cash receipts must appear on th debit side of the Cash Book, and the entry on that book would be "To Merchandise," extend ing the amount into the debit column. When the Cash Book is posted, this amount will, of course, be included in the total cash debit, and must comprise one of the opposite, or credit entries. So cash would be debited and merchandise credited both frr>m the Cash Book. Again, all sales of merchandise must be entered in the Sales Book, an " "when entered the cor responding debit in this case, cash must also be expressed. When the Sales Book is posted, the total for which merchandise is credited will include this amount (already entered and posted from the Cash Book), to correspond with which, and to secure the necessary con dition of equal debits and credits, cash must again be debited. According to this standard, therefore, in every case where merchandise is either bought or sold for cash, and the fact ex pressed through these special books, this error of duplicating debits and credits would occur. To avoid this difficulty the only one which stands in the way of classified original entries two methods have been successfully used ; one of which places the books upon an equality, using " neutralizing" accounts for the conflicting entries, and the other acknowledges the su premacy of some one or more books, to which, in all matters of conflict, the others must yield. To be more explicit: In the case before instanced, "Cash Dr. To Merchandise." If the Cash Book and Sales Book were upon an equality, the one claiming to furnish all cash entries for the Ledger and the other all merchandise sales, it would be improper to write Cash as a Ledger title in the Sales Book or Merchandise in the Cash Book, for the reasons adduced ; but a neutralizing account might be opened, to take the place of cash in the Sales Book and merchandise in the Cash Book, thus receiving a debit and credit of the same amount, which would, of course, cancel it. Suppose the merchandise to be sold to A, for cash : In the Sales Book the entry would be " A" Dr., and in the Cash Book, " A" Cr. The result would be the same as if A had purchased on account, and subsequently paid the amount in cash, thus closing his account. But suppose we acknowledge the supremacy of the Cash Book in all cases where the two are concerned. When merchandise is sold for cash, the entry in the Cash Book will be " Cash Dr. To Merchandise," both of which the debit of cash and the credit of merchandise will go to the Ledger from the Cash Book. The same entry can be made in the Sales Book, but not posted. For this purpose a special column may be used as in the following examples which, at such times as the general result may need to be shown, can be extended into the other column, which in the total footing will embrace all the sales. Each of the above methods has its advantages ; the latter, however, is generally preferred as oeing more brief and direct, if not more in keeping with the spirit of the times. The Invoice Books, and the Sales Book which follow, contain all purchases and sales of merchandise, with the conditions thereof. All sales and purchases not made for cash pass from these books to the Ledger ; all others, from the Cash Book. The transactions of this - u, and most of the forms, are taken from one of the largest Im poiting and Jobbing Houses n New York, and may be relied upon as eminently practical. K 129 ROUTINE AND EXPLANATIONS. ROUTINE AND EXPLANATIONS. THAT the student may get the full advantage of this Set, it will be necessary that he pay strict attention to the routine of transactions as indicated below. Let him make the entries in the different books precise!} in the order given. Let the invoices be copied with care, and all the calculations and extensions made by himself. It is thus alone that the design of the Set will be carried out. The exercises connected with the Foreign Invoice Book, involving compound numbers, and reduction of currencies, are highly essential In reducing sterling to federal currency, we have taken the Custom House standard of $4.84 to the sterling. We have also added to each foreign invoice, the duties, which being paid in cash, are not extended with the invoice, but posted from the Cash Book. In most importing houses, the duties are not extended in the In voice Book, but only in the Cash Book. For strong reasons, we prefer the method here adopted. ROUTINE FOR JULY. I. The books are opened, as per first Journal entry. (Inventory Book copied Cash Book commenciAl with balance on hand Bill Book written up to show the notes, receivable and payable, as indicated in Journal entry.). . . .Bought of C. F. Spalding, on note @ 4 months, Invoice of Sheeting, $553.57, (Dom. I. B. B. B.) . . . .Received per steamer Edinburgh, Invoice of Jaconets from S. B. Higgins & Co., $1,252.55 ; Paid duties in cash, $300 61, (For. I. B. C. B.) Bought of B. S. Olmstead for cash, Invoice of Prints, etc., $1,303.70, (Dom. L B. C. B.). . . .Sold Gordon Bailey, Buffalo, on note @ 8 months, Invoice of Jaconets, $891.35, (S. B. B. B.). . . .Sold Ira Packard, Peru, Ind., on note @ 6 months, ^nvoice of Hose and Gloves, $273.52, ( S B. B. B.) Sold Mdse. this day, per Petty Cash Book, $97.50, (C. B.) Received cash on % of John Lewis, $500, (C. B.) 3. Paid Francis & Loutrel for Stationery, $16.75, (C. B.) Lent J. E. Jenkins, for one day, $1,000, (C. B.) Sold Mdse. per Petty Cash Book,, $125, (C. B.) 5. Sold Hiram Newell, Tonawanda, on his note @ 6 months, Invoice of Sheetings, $697.54, (S. B. B. B.) . . . .Received of J. E. Jenkins, return loan, $1,000, (C. B.). . . .Paid cash for Postage Stamps, etc., $S,(C. B.) Paid S. S. Packard, on private %, $100, (C. B.) 6. Received cash of J. H. Lewis, in full of %, $1,200, (C. B.) 7. Paid Richard Beal cash, in full of %, $185, (C. B.) 8. Sold Mdse. per Petty Cash Book, $157, (C.B.) 1O. Bought of John Walker & Co., on our note @ 8 months, Invoice of Cotton, $1,006.64, (Dom. I. B. B. B.). . . .Received per steamer Manchester, from Johnson, Quigley & Co., Manchester, Invoice of Cotton and Silk Goods, $221.11 ; Paid duties in cash, $44.21, (For. I. B. C. B.) Bought of Clafflin, Mellen & Co., for cash, Invoice of Prints, $2,312.52, (Dom. I. B. C. B.) . . Sold W. P. Pratt, Cincinnati, for cash, Invoice of Jaconets, 714.28, (S. B. C.B.) Sold Baldwin, Laundon <fe Co., Elyria, 0., on their note @ 8 months. Invoice of Shirting, $869.38, (S. B. B. B.) II. Received cash of W. Fennel, in full of %, $483.50, (C. B.). 12. Sold Charles Claghorn, Homer, 111., Invoice of Cloths, $433.12, (S. B. C. B.) Paid cash for Drayage and Porterage, $55, (C. B.) 14. Received cash in full of John Gundry s note, 1,580, (C. B. B B.) 15. Received per steamer J2tna, from A. <fc J. Bailey, Bradford, Invoice of Goods, $246.38 ; Paid duties in cash, $46.80, (For. I. B. C. B.). . . .Sold E. Mussey <fe Co., Amherst, O., on their note @ 6 months, Invoice of Shirting, $923.25, (S. B. B. B.) Sold Mdse. for cash, as per Petty Cash Book, $115.75, (C. B.) 18. S. S. Pomroy s note discounted, $1,000; Discount off, $16.92, (C. B. B. B.) 2O. Bought of E. Lambert & Co.. on our note @ 8 months, Invoice of Bleached Shirtings, $660.73, (Dom. 1. ft. B. B.) Sold Starr & Co., Elyria, O., on their note, @ 6 months, Invoice of Prints, $1,425.48, (S. B. _B. B.) Paid J. T. Calkins on private %, $150, (C. B.) "2 1 . Sold Mdse. for cash, per Petty Cash Book, $127.50, (C. B.) 22. Sold M. Shipley & Co., Cincinnati, on his note @ 8 months, Invoice of Bleached Shirting, $1,460.14, (S. B. B. B.) 23. Paul cash in full of note, favor of H. G. Smith, $4.000, (C. B. B. B.) 25. Sold Bidwell & Co., Adrian, Michigan, for cash, Invoice of Goods, $400, (S. B. C. B.) Starr Co. s note discounted; Face of note, $1,425.48. Discount off, $50.44, (C. B. B. B.). .. .Received per 130 ROUTINE AND EXPLANATIONS. Bteamer Halifax, from S. T. Horton, Glasgow, Invoice of Goods, $440.14 ; Paid duties in cash, $105.63. (For I. B. C. B.) . . .Bought of A. T. Stewart <fe Co., for cash, Invoice of Prints, $893.63, (D. I. B. C. B.). .Paid clerk hire in cash, $65, (C. B.) 27. Sold Mdse. for cash, as per Petty Cash Book, $275, (C. B.) 2. Sold E. C. Packard, Crystal Lake, Wis., on his note @ 8 months, Invoice of Goods, $171. 04, (3. B -B. B.) 29. Paid D. Y. Bell, on private %, $175, (C. B.) 30. Sold Mdse. as per Petty Cash Book. $83, (C. B.) 31. Received cash of 11. Barker, in full of %, $1000. ROUTINE FOR AUGUST. 1. Sold O. C. & E. C. Wright, Lockport, N. Y.,on their note @ 6 months, Invoice of Goods, $1432.89, (S. B. B. B.) Paid cash for Drayage and Porterage, $17.60, (C. B.) 2. Lent J. II. Tobitt, $500, (C. B.) 3. Sold C. R. Caulkins, Delaware, 0., for cash, Invoice of Prints, $739.63, (S. B. C. B.) Sold Mdse. a per Petty Cash Book, $89.27, (C. B.) 5. Discounted our Note, favor of Geo. A. Crocker; face of note $1426. Discount off, $19.41, (C. B. B. B.) . . .Sold D. S. Hoadley, Berlin. 0., on his note @ 8 mos., Invoice of Goods, $527, (S. B. B. B.) G. 0. C. & E. C. Wright s note discounted; face of note, $1432.89. Discount off, $49.60-, (C. B.) 7. Sold Mdse. as per Petty Cash Book, $150, (C. B.) 8. Sold J. D. Hinde & Co., Cincinnati, on their note @ 8 months, Invoice of Mdse. $752.P7, (S. B B B.) 1O. Received per steamer Australia, from Wm. Thornton & Co., Bradford, Invoice of Goods, $1454.^4. Duties paid in cash, $276.38, (For. I. B. C. B.). . . .Sold Geo. A. Crocker, Rochester, for cash, Invoice of Prints, $912.75, (S. B. C. B.) Bought of Wilson G. Hunt, on our note @ 8 mouths, Invoice of Cloths, $708.40, (D. I. B. B. B.) 12. Sold Mdse as per Petty Cash Book, $218.50, (C. B.) Paid cash for Drayage, $100, (C. B.) 15. Sold W. H. Woodbury, Chicago, 111., on his note @ 8 months, Invoice of Goods, $908.29, (S. B. B. B.) Paid J. C. Bryant cash on private %, $150. 17. Sold C. C. Jones, Peoria, 111., on his note @ 6 months, Invoice of Goods, $945.94, (S. B. B. B.). . . Sold Mdse. as per Petty Cash Book, $375, (C. B.) 2O. Received per steamer Lebanon, from J. Muir & Sons, Manchester, Invoice of Goods, $188.62. Paid duties in cash, $45.27, (For. I. B. C. B.). . .Bought of Arnold <fc Constable, on our note @ 8 months, Invoice of Cloths, $1926.14, (Dom. L B. B. B.) Bought of Grinnell & Minturn, for cash, Invoice of Goods, $1492.58, (Dom. I. B. C. B.) Sold Paul Roberts, Buffalo, for cash, Invoice of Goods, $923.40, (S. B. C. B.) 23. Sold Mdse. as per Petty Cash Book, $175, (C. B.) 25. Sold M. Tompkins <fe Co., Lasalle, 111., for cash, Invoice of Gloves, $460.?l,( S. B. C. B.) C. C. Jones note discounted; face of note, $945.94. Discount off, $32.19, (C. B.). . . .Paid Postage, Porterage, etc., in cash, $13, (C. B.) Sold C. J. Dietrich, Bellefontaine, Ind., on his note @ 8 months, Invoice of Goods, $402.50, (S. B. B. B.)...Sold Baldwin <fc Co., Cleveland, on their note @ 8 months, Invoice of Prints, $7 17.4 7, (S. B. B. B.) 27. Sold Ubsdell Pierson & Co., St. Louis, on their note @ 8 months, Invoice of Mixtures, $3303.71, (S. B. C. B.) 28. Sold Raymond <t Co., Cleveland, on 8 months note, Invoice of Goods, $641.72, (S. B. B. B.) 30. Sold .lonas Stratton, Amherst, O., on note @ 8 months. Invoice of Goods, $457, (S. B. B. B.) 31. Sold Mdse. per Potty Cash Book, $115, (C. B.) Paid cash iu full ol Druyago %, $50.76, (C. B.) 131 DOMESTIC INVOICE BOOK. DOMESTIC INVOICE BOOK. Tins book contains copies of all invoices of merchandise purchased from importers and others in this country, with the conditions of all such purchases. Each lot and package i? distinguished fay some peculiar mark, which is transferred to the invoice, thus serving an important purpose in checking the articles, adjusting disputes, etc. The purchases on time, for which notes are given, are passed to the Ledger from this book : those for cash, from the Cash Book. JULY 1, I860. C. F. Spalding & Co., 4 months. 18 2 ps. 10-4 Sheeting, 92 3 @ 55e. 61.01 14 2 " 92 3 60 65.65 16 2 91* 65 59.64 18 2 92 1 70 64.58 20 1 " 45" 75 34.12 14 1 " 46 3 65 30.39 16 1 " 46 1 70 32.38 18 1 " 44 75 33.19 20 1 " 45* 80 86.40 16 1 46 75 34.50 18 1 " 45 3 80 86.60 20 1 " 45" 90 40.95 22 1 " 46 96 44.16 653 67 Note @ 4 months from July 5. B. S. Olmstead, 6 months. 5 Cases Columbian Prints, A. T 596 2137" A. S 687 1913 s X. 351 1935 341 1886 3 A. C. 411 1742 9615 yds. @8c. less % c. 721.13 1 Bale 2lb. Black Wadding 30 yds. @ 40c. 12.00 2 Bales Brown Globe Drills, 1141 1032 3 1147 1029 2061 s @ 7| 157.21 4 Cases Harop Prints, M. 481 246 1331 3 C. 491 1262 1581 s M. 609 1108 1222 M. 97 1276 1715" 6851 @ 8^c less 2 % 482.91 1873 25 Less 6 % 68.67 1304.68 M. 971276, short 34 yds. 2.82 1301.76 Add error in extending Harop Prints, 2.00 C. 8. 1303.76 1303 1L Amounts forward, 1803 1L 668 -51 132 DOMESTIC INVOICE BOOK. JULY 10, 18GO. ^> 794 800 834 704 Amounts forward, John Walker & Co., 8 months. 40 ps. Duck Drilling, 1411" @ I7c. 239.96 40 " " 1389" 18 250.11 86 Brown " 1415" 25 853.88 42 W. B. Diaper, 21(59 7i 162.69 1 1303 76 663 1006 67 C4 Note @ 8 months from July 10. // 0355 9500 8615 9424 9737 9024 7906 8168 QAOQ Clafflin. Mellen & Co., 8 months. 60 ps. Prints, # 875 1782 62 " 813 1831 8613 yds. @ lOc. 861.37 65 " 812 "184~5 T 62 " 817 1803 64 " 814 1870" 6519 " 9c. 624.30 61 " 816 TTT2 1 " 69 " 822 2033* 67 " 879 1996 6142* " 9c. 652.83 199 288 493 888 9095 66 " 818 1945 1 " 9c. 175.07 63 " 820 2249" 60 " 821 2140 4389 s " 7-Jc. 329.21 60 " 824 Itm* 69 " 823 2059 1 4223* " 7|c. 816.76 68 " 825 1970 s " 9c. 177.37 2436.91 Deduct 5f c 121.84 2315.07 Less 1 ps. short 35 s @ 7|e. 6^ off 2.56 > j 2312.52 2312 52 20 750 761 753 764 Edward Lambert & Co., 8 months. 4 Cases 4-4 Bleached Shirting, 40 1732" 40 1736 40 1756 40 1731* 6955 yds @ 9|. Note @ 8 months from July 20. 9ft 660 11 1 M. E. A. E. A. :>. C. E. N. E.O. 8892 6788 6202 4187 6630 6685 A. T. Stewart & Co., 62 Prints, # 973 1858 62 " 965 1834 63 " 967 1895 1 6687 1 yds @ 8c. 446.98 81 " 972 1924 49 " 968 1954* 49 " 971 1929 6808 @ 8$c. 493.68 940.66 Discount off 6^ 47.03 Qfc 893.63 893 63 Purchases on time (taken to Ledger), Cash Purchases (entered from C. B.), 2220 4509 94 91 Total for the month, 6730 U 133 DOMESTIC INVOICE BOOK, SET V. NEW YORK, AUGUST 1O, I860. Wilson G. Hunt, 8 months, 22 ps. 3-4 Doeskin, #163 728 28$ #163 899} 22$ 870 29 748 29 754 28} 894 28$ 84 28-| 835 28f 860 29| 834 28$ 755 29$ 7:i9 28} 759 28} 861 28 750 27-f 233 28i 822 29$ 716 27$ # 162 554 28} 805 29} 163 833 28$ 899} 2l|=616 yds. @ $1.15 708 J40 Note @ 8 months from Aug. 10. Arnold & Constable, 10 months, 1877 30 Belgian Cass. 1091 1881 30 " H78 a 1896 30 " 1137 1915 28 " 1094* 1903 30 " 1151* 1737 33 World s Fair 1268 1775 30 " U68 1823 33 " 1279 s 1834 33 " 1261" 1845 SO " 1147 1906 30 Sebastopol Checks 1168" 1913 27 " " 1245 2 =14191 yds.@13$c.!915.78 Cooperage, 3.00 1918.78 i Add 77 yds. @ 13$c. 10.39 Less Freight, 3.03 7.36 Note @ 8 months. 1926 14 Grinnell & Minturn, 8 months, 5. M. A. 733 1240 s ! 734 1239" " Springfield," 735 1234 3 M.C. A. 539 1208 540 1233 5 Cases 4-4 Bleached Sheeting, 6156 yds. @ 10|c. 646.88 5. M. 1202 2 D. 169 170 1197 1 171 1223 s 172 1171 1 173 1212 a I. M. 1239 X D 49^ 600 1254 601 1234 8 Cases 33 in Bleached Sheeting, 9734 1 yds. @ 9ic. 924.75 1571.13 Discount off 5^ 78.55 1402 58 Purchases on time (taken to Ledger), Cash purchases (posted from Cash-Book), 2634 154 14<>2 58 Total for the month, 4127 12 !J : 134 FOREIGN INVOICE BOOK FOREIGN INVOICE BOOK/ NEW YOHK, JULY 1. 18GO. Sterling Currency. Frderal < nrrency g d. jr ._ d. :ts $ cti S. B. Higgins & Co., Glasgow, x/ per Steamer " Edinburgh June 3, 1 SfiO. 205 50 ps. 9-8 printed Jaconets, 2572 yds. @ At<L Making up, Casing, etc. 50 1 18 11 1 52 9 I 206 50 ps. 9-8 printed Jaconets, 2540" yds. @ 4t^. Making up, Casing, etc. 50" 1 T" 11 T" 51 16 1 207 50 ps. 9-8 printed Jaconets, 25t51 2 yds. @ 4H. Making up, Casing, etc. W 1 TF 10 iT 9 52 4 8 208 60 ps. 9-8 10 B. and W. Jaconets @ 5*. d. nr IT 11132844 941 21 22* 23 24 24* 25 25* 26 26* 27 Making up, Casing, etc. i 4 17 9 209 58 ps. 9-8 10 B. and W. Jaconets @ 5s. 5d. p- 14" 2~ 2 2 42 S 6 1 2:3* 24 25 25* 26 26* Making up, Casing, etc. i 3 S 16 17 10 210 56 ps. 9-2 12 B. and W. Jaconets @ 7*. Sd. w T" 1 1 4 88 11 1 18* _ 23 24 25 25* 26 Making up, Casing, etc. i 3 4 21 9 4 211 56 ps. 9-2 12 B. and W. Jaconets (8) 7. 3d. IT T" Making up, Casing, etc. i 3 4 21 9 4 212 54 ps. 9-8 14 printed Jaconets @ Ps. 9d. 23 12 6 1 1 8 3 34 9 111 14* 23 24 24* 25 25* 26 27 83 Making up, Casing, etc. 1 3 24 15 6 -~" "" " 25T IT" 4 Discount off 1* % 3 17 7 254 IJT ~9~ Cartage 2 9 B. L., etc. 5 Commission 1* % 3 14 4 4 2 1 258 15 10 1252 "5 Duties 24 % Paid in Cash. 300 61 10 > TJ _ Johnson, Qnigley & Co., Manchester, ..". A V o. per Str. " Manchester" June 4, I860. 71 25 doz. Ladies white Cotton Hose @ 2s. $d. 3 8 20 " " 8s. 3 29 " " 2s. I0d. 4 2 2 46 1 doz. Ladies Pearl Spun Silk Hose, 8* 20s. 1 46 1 " " 9 20. 1 1 4 " black 9 19. 16 6 2 " pearl 9 53. 5 6 6 * doz. Men s S ovi Silk Shirts 8 ( .*. 19 6 62 1 " " " 50*. 2 10 120 1 " " " 55*. 2 15 66 1 " " " 62*. 8 2 68 8 doz. Ladies Lisle Gauntlets lls. 6d. 12 100 5 " " " 12*. 6</. 3 2 6 101 5 " " " 22*. 5 10 103* " Inland Carriage 2 .0 Cases, Oil Cloth, etc. 13 6 Commission 1* % 15 13 5 45 13 8 221 11 Duties, 24 % on Cotton and 15 % on Silk 44 21 Paid in Cash. Amounts forward MA S3 478 56 * Copies of Foreign Invoices, with Import Duties added. 135 FOKEIGN INVOICE BOOK SET V. NEW YORK, JULY 15, I860. Sterling Currency. Federal Currency. . d. . d. $ eta $ Amounts forward 344 82 1473 A. & J. Bailey, Bradford, P. B. per Steamer "Etna? June 15, 1860. & Co. 54 60J Lavellas assorted, 3028" @ 3f 48 17 11 Making up, Casing, etc. 2 6 10 "51 ~4 9 Discount \\ % 12 9 "50 T - Carriage to Liverpool (j ^ Duties 19 % Paid in Cash. 6 50 18 46 80 246 25 PT> S. T. Horton, Glasgow, . a. & Co. per Steamer "Halifax? June 20, 1860. 520 70 400 9-8 .4 Robes a Les, 10 yds. each 4*. 6<f. 90 Off 36 ps. No 1, 9*., and 1* % 1 Is. 1 16 88 ~~4 ~o Card 4*., Box 17*., Com. etc., 1 12*. 2 13 90 17 Cartage 1 9 Duties 24 % Paid in Cash "W 18 T 105 63 440 Total Imports for the month Duties on the same 497 85 2160 497 2657 .Align at JO ..._ , P. B. ^ Co. "William Thornton & Co., Bradford, 29 per Str. "Australia? July 1, 1860. COf Mohair Mixtures, 2996 @ 3M. 39 2 Case, Pkg, etc., 14*., Com. ID*. 6</. 1 13 6 40 13 8 80 60* Bye Cloths assorted, 2969 @ 3d. 37~ ~Z ~B Case, Pkg, etc., 13*., Com. 18*. 6rf. 1 11 6 88 13 9 31 60t Bye Cloths assorted, 2973 @ 3d. 37 T T Case, Pkg, etc., 13*., Com. 18*. Id. 1 11 7 88 14 10 82 60f Bye Cloths assorted, 2965 @ 3d. IT T ~3~ Case, Pkg, etc., 13*., Com. 18*. 6d. i 11 6 88 12 9 33 CO* Bye Cloths assorted, 2966 @ 3d. W T IT Case, Pkg, etc., 13*., Com. 18*. 6d. i 11 6 88 13 84 60t Bye Cloths assorted, 2965 a @ 3d. 87~ T T * Case, Pkg, etc., 13*., Com. 18*. 6cf. 1 11 6 88 12 10 85 60f Fine Mohair Mixtures, 2877* 5fcf. 65~ IT i<r Case, Pkg, etc., 12*. 6d. Com. 32*. lid. 2 5 5 68 4 8 302~ 5 T Ij % discount 3 15 7 298~ 9 6 Carriage to Liverpool 2 1 5 800 10 ii~ 1454 (^ B. Duties 19 % Paid in Cash 276 38 20 P. B. James Muir & Sons, Manchester, &Co. per Str. " Lebanon" July 10, 1860. 674 25 ps. White Piques, 324 @ 2*. 4rf. 37 16 Discount off 9 2 B~ T iT Charges, Commission, etc. 1 12 7 38 19 5 188 0. B. Duties 24 % Paid in Cash 40 27 Total imports for the month Duties on same 1043 321 Total costs of imports 1964 etc M 41 64 12 136 SALES BOOK. SALES BOOK. THIS book contains all the regular sales, either for cash or on time ; the cash sales being extended in the inner column, are, of course, not included in the amount for which merchan dise is credited from the Sales Book. These sales, together with the petty sales not entered on the Sales Book, are posted from the Cash Book. The total credit of the merchandise account for the month will agree, in amount, with the monthly recapitulation in the Sales Book. NEW YORK, JULY 1, 18GO. ^> 205 208 209 210 Gordon Bailey, Buffalo, N. Y. 60 ps. 9-8 Printed Jaconets, 2572 yds. @ 15c. $885.80 60 ps. 9-8 10 B.&W. " 160!) " lOe. 150.95 58 ps. " " 1455 " lOc. 145.50 66 ps. " " 1394 " 15c. 209.10 Note @ 8 months from July 1. // 891 . 5;-) L P. 71 46 46 1 6 100 101 15 [ra Packard, Peru, Ind. 25 doz. Ladies White Cotton Hose, @ f 1 $25.00 20 " " 1.25 25.00 29 " " 1.18 82.77 1 doz. Pearl Spun Silk Hose, 8| 8.00 1 " 9 8.00 4 doz. Black " 9 $7.50 30.00 2 doz. Pearl " 20.00 40.00 8 doz. Ladies Lisle Gauntlets, 4.50 86.00 5 " " 4.75 23.75 5 " " 9.00 45.00 273 52 Note @ 6 months from July 1. ^^ 13 14 16 18 20 14 16 18 20 16 18 20 22 Hiram Newell, Tonawanda, N. Y. 2 ps. 10-4 Sheeting, 92J yds. @ 70e. $64.93 2 " " 92J " 75c. 69.66 2 " " 91J " 80e. 73.40 2 " " 92i " 85c. 78.41 1 " " 46| " 90c. 40.95 1 11-4 " 50^ " 84c. 42.17 1 " " 46 " 90c. 41.62 1 " " 44 " 95c. 42.04 1 " " 45i " $1 45.50 1 12-4 " 46 " 95c. 43.70 1 " " 45J " $1 45.75 1 " " 45f $1.15 62.32 1 " " 45f " $1.25 57.19 697 54 Note @ 6 months from July 6. in 206 207 W. P. Pratt <k Co., Cincinnati, 60 ps. Printed Jaconets, 2540| yds. @ 14c. $355.67 60 " " 266 H " 14c. 858.61 714 28 Received Cash. Amounts forward, 714 28 1862 41 137 SALES BOOK SET V. NEW YORK, JULY 1O, I860. Amounts forward, 714 28 1SG2 41 B.L.&CO Baldwin, Laundon & Co., Elyria, O. 4 Cases Bleached Shirting, #750 40 1732 1 751 40 1736 753 1745 754 40 1741" 6955 yds. @ 12Jc. 809 39 Note @ 8 months from July 10. 12 Charles Claghorn & Co., Homer, 111. 10 ps. Black Doeskin, #163 728 281 870 29 754 28f 864 28J 860 28-i- 755 281 759 29| 750 2H 822 28f 833 2H 288|- yds. @ $1.50 ; 433 12 Received Cash. 15 E. Mussey & Co. Ainherst, O. 5 cases Bleached Shirting, 733 1240 1 734 1239 735 1234 s 53!) 1208 540 1233 6155 yds. @ 15c. 923 25 Note @ 8 months. 20 Starr & Co., Elyria, O. C. M 3892 52 Prints, 973 1858 E. A 5788 52 " 9H5 1834 E. A. 0202 53 " 967 1895 5587 yds. @ 12c. $67044 I). C. 4187 5t " 972 "1924* E. N. 5030 49 " 968 1954 E 0. 5085 49 " 971 19-29 2 5808 yds. @ 13c. 755.04 1425 4* Note @ 6 months. Murray Shipley & Co., Cincinnati, O 8 cases 38in Bleached Shirting, 109 1202" 1212" 170 1)97 1239 171 12-J3 3 1254 1 172 11 71 12b4 9734^ yds. @ loc. 1400 14 Note @ 8 montlis. ! ... Amounts forward, 1147 40 0510 GO 520 674 11 K) 17 H. M. R. X. 62 231 0355 9500 9095 231 19 B. 1066 SALES BOOK, SET A 7 . NEW YORK, JULY 25, 18GO. Amounts forward, Bidwell & Co., Adrian, Mich. 200 9-8 14 Robes a Les (10 yds.) @ $2.00 Received Cash. i OQ 1147 400 40 6540 66 ^O Edwin C. Packard, Crystal Lake, Wis. 6 White Piques, 119 @ 75e. $89.44 2 " 37 3 @ 80c. 80.20 4 " 64 1 @ 80c. 51.40 171 04 Note @ 8 months from date. Sales on time, Sales for Cash, entered herein but posted from C. B. Petty sales, entered alone on C. B. 1547 J)80 40 75 6711 2.V2s 70 15 Total sales for the month, 9-20!) 85 August 1 O. C. & E. C. Wright, Lockport, N. Y. 1 bale Brown Sheeting, 563 yds. @ 14c. $78.89 50 doz. Gent s Linen Hdkfs. @ $5. 250.00 : 1 case Cotton Damask, 540 yds. @ 20c. 108.00 16 pcs. Blk Bombasin, 568 yds. @ $1.25 710.00 1 case Silccia, 2200 yds. @ 13c. 286.00 1432 89 Note @ 6 months. ... o C. R. Caulkins, Delaware, O. 50 pa. Prints, 875 1782 50 " 813 1831 3 3613 yds. @ 15c. $542.06 58 " 825 1970 3 " 12c. 236.49 778.55 5 % off, 38.92 739 G3 Received Cash, p O David S. Iloadley, Berlin, 0. 10 pcs. Black Bombasin, 350 yds. @ $1.10 $385.00 20 pcs. Duck, 710 " 20c. 142.00 Note @ 8 months. 8 527 J. D. ITinde & Co., Cincinnati. 1 bale Stark Brown Sheetings, 829 yds. @ lOc. $82.90 1 bale 4-4 Shaker Flannel, 337" " 60c. 168.75 12 pcs. Green Veil Barege, 200 " 35r. 70.00 1 case Solid Check Ginghams, 2394 " 18c. 430.92 752 57 Note @ 8 months. Amounts forward, 731> 63 271-2 4* "I 139 SALES BOOK, SET. V. NEW YORK AUGUST 1O, 18OO. A.T. A. S. X. A.C. 596 587 351 341 411 Amounts forward, Geo. A. Crocker, Rochester, 5 cases Columbian Prints, 958 2130 959 1913* 1935 1886 s 1742 9608yds. @ lOe. $960.80 B % off, 48.05 Received Cash. 15 739 912 G3 75 1 2712 46 M. C. M. M. 481 491 509 97 Win. II. Woodbury, Chicago, 111. 4 cases Harop Prints, 246 1331 1 1262 1581* 1108 1222 1276 1715" 8851 yds. @ 12c. $702.12 2 bales Brown Globe Drills, 1141 1032 1147 1029 2061 yds. @ lOc. 206.17 908 29 Note @ 8 months. 17 LP A.B. 8 197 19 C. C. Jones, Peoria, 111. 1 case Paper Cambrics, 2000 yds. @ lOc. $200.00 21 pairs White Blankets, @ $3.63 76.23 17 pcs. Black Satinet, 469 yds. @ 75c. 851.75 17 pcs. Duck, 662 @ 20c. 132.40 1 case Cottonades, 687 1 @ 27c. 185.56 Note @ 6 months 945 94 20 Paul Roberts, Buffalo, N. Y. cases Cotton Damask, 4860 yds. @ 20c. $972.00 6 % off, 48.60 Received Cash 923 40 25 M. Tompkins & Co., Lasalle, 111. 90 doz. Ladies Lisle Gauntlets, @ $5 $450.00 B " Kid Gloves, @ $7 85.00 485.00 5 % off, 24.25 Received Cash, 460 75 // C. J. Dietrich, Bellefontaine, Ind. 1 case Linseys, 1266 yds. @ 20c. $253.20 1 case Corset Jeans, 1493 " lOc. 149.30 Note @ 8 months 402 50 Amounts forward, 3036 53 4969 19 I 140 SALES BOOK SET V. NEW YORK, AUGUST 25, I860. Amounts forward, 3036 53 4969 19 Baldwin & Co., Cleveland, O. 239 8615 65 ps. Prints, 812 1845 1 9426 62 " 817 1803 1 9737 64 " 814 1870" 5519 yds. @ 13e. 717 47 Note @ 8 months. "7 U P.&Co 29 id I Ubsdell, Pierson & Co., St. Louis, tiOf pa. Mohair Mixtures, 2996 @ 15c. $449.40 30 602- " " 2969 @ 14c. 415.66 31 60f " 2973 @ 14c. 416.22 32 60f. " " 2965 @ Uc. 415.10 33 60| " " 2966 @ 14c. 415.24 34 50f " " 29fi5 3 @ 14c. 416.17 35 60f ps. Fine M. Mixtures, 2877 @ 27c. 776.92 3303 71 Note @ 8 months. Raymond & Co., Cleveland, 674 13 4 pa. White Piques, 75 @ $1.00 $75.25 19 1 " 15 @ $1.25 18.75 20 8 ps. Welts, 158 @ .40<?. 63.20 54 60J ps. Lavelles, 3028 @ .16c. 484.52 641 72 Note @ 8 months. Jonas Stratton, Amherst, O. 62 i doz. Men s Novi Silk Shirts, @ $20 $10 120 1 " " 25 25 <HJ 1 " " RO 30 68 1 " " 85 35 211 56 Printed Jaconets." 3 168 212 54 " 8.50 IfS .i 457 Note @ 8 months. Sales on time, 10089 09 Sales for cash, entered here and posted from C. B. 3036 53 Petty sales entered alone on 0. B., 1 1 22 77 4159 3Q. Total sales for the month. 14218 5L 141 CASH BOOK, Tins is the most convenient form for a Cash-Book to be kept in connection with a general merchandise business ; the feature of special columns 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- Dr. Oeisli. \ Nfae. Sundries. balance*. I860 July 1 Amount on hand . . . . : 6725 20 1 Mdse. Sales, per petty Cash-Book . i 97 50 I t/ 500 3 Mdse. Sales, per petty Cash-Book . 125 5 V/ Loan Return from J. E. Jenkina . ; 1000 J. H. Lewis Received in full of % . . . 1200 8 Mdse. Sales, per petty Cash-Book . j 157 10 Mdse. Sold W. P. Pratt, Cin ti, (S. B.) 714 28 1 i v / W. Pennel In full of % 483 50 12 Mdse. Sold C. Claghorn, Illinois, (S.B.) 433 12 14 V Bills Rec ble John Gundry s note due . . 1580 15 Mdse. Sales, per petty Cash-Book . 1 1 5 75 18 V Bills Rec ble S. S. Pomroy s note discounted 1000 21 Mdse. Sales, per petty Cash-Book . 127 50 25 V Bills Rec ble Starr & Co. s note discounted 1425 48 25 Mdse. Sold Bidwell <t Co., Adrian(S.B.) 400 27 Mdse. Sales, per petty Cash-Book . 275 ,10 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 10717 13 10717 13 17442 "33 Aaig 1 Balance on hand .... G613 06 3 Mdse. Sold C. R. Caulkins, Del., (S. B.) 739 03 3 Mdse. Sales, per petty Cash-Book . 89 27 5 V Interest Discount on note favor G. A. C. 19 41 / ./ Bills Rec ble I>isc. 0. C. & E. C. Wright s note 1 4jio S9 7 Mdse. Sales, per petty Cash-Book . 150 10 Mdse. Sold Geo. A. Crocker, per S. B. <ji*> 75 12 Mdse. Sales, per petty Cash-Book . o]g 50 17 Mdse. Sales, per petty Cash-Book . 375 2( Mdse. Sold Paul Roberts, per S. B. . 903 40 2: Mdse. Sales, per petty Cash-Book . 175 25 v/ Bills Rec ble Discounted C. C. Jones s note . 945 94 25 Mdse. Sold M. Tompkins, per S. B. . 4(50 75 31 Mdse. Sales, per petty Cash-Book . 115 4159 30 2398 24 Mdse. Sales for Cash . . . 4159 30 G557 54 Total Cash rec d during mouth G557 54 13170J 60 t M - - - -n i i ll 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 whieli it is used. The Check marks, in the column following dates, are made to indicate that the amounts opposite in the "Sundries" column have been journalized. Were these amounts posted direeilj to the Ledger, the Ledger-page would be written instead of the Check-marks. Osusli. <r. I860 July Aug 1 1 3 r> 5 5 7 10 10 12 15 18 20 23 25 25 25 25 29 V/ V/ V v/ V V V V v/ y y Mdse. Paid duties, per Foreign T. B. .... Mdse. Olmstead s Invoice, per Dom. I. B. . . Expense Francis & Loutrel s Stationery Bill . . . *,, 01 76! 21 52 SO G3 Sundries. 300 1303 44 2312 46 105 893 16 1000 8 100 185 55 16 150 4000 65 50 17. ) 75 92 44 Expense Postage Stamps, $3 ; Drayage, ^5 ... S. S. Packard Paid him on Private % liichard Beale Paid him in full of % Mdse. Duties as per Foreign I. B Mdse. Clafflin, Mellen & Co. s Inv., per Dom. I. B. Interest Discount on Pomeroy s note ..... J. T. Calkins On Private % Bills Pavable Note favor H. G. Smith due . t/ Mdse. A. T. Stewart fe Co. s Invoice, per Dom. I. B. ; Expense Clerk hire &40 - &25 Interest Discount on Starr & Co. s note .... D. V. Bell On private % 5007 16 **>.-> 5007 11 Hi Total Cash paid out during the month . . 10829 61S 1711-2 27 06 33 1 2 5 6 10 12 15 20 20 25 25 31 \/ \/ V/ V/ v/ v/ v/ V Expense Paid Drayage, $10; Porterage, $7.50 . . 276 45 1492 38 27 58 17 500 1406 49 100 150 13 3-2 50 50 60 19 75 Bills Payable Discounted Note favor Geo. A. Crocker . Interest Discount on 0. C. <fc E. C. W. s note . . Mdse. Duties, as per Foreign I. B Expense Paid Drayage, on a /c Mdse. Bot. of Grinnell, M. & Co., per Dom. I. B. Expense Porterage, $5 ; Postage, $3 ; Charity, $5 . 1814 23 2339 0-4 23 Total Cash paid for the month .... 4153 9017 27 S3 13170 60 i i 143 BILL BOOK SET V. . THE Bill Book can never, with advantage, be made a principal book, from which to post; although some authors have attempted so to use it. The form presented below is the best tor general purposes, although the arrangement in the former example is more comprehensive Bills Receivable. Ao. 1 TF/fra Kec ed. Dniwtr or Endomtr. Drawee or Jlulcer. ~ Time W>HM but,. A mo n lit. When <in<r ffmo July 1 II. W. Ellsworth John Gundry . . Jan. 11 fi mo. July 14 * 15(10 cts 00 July 14 Paid. 2 " 1 Daniel Atwood . S. S. Pomroy. . . Mar. 12 8 mo. Nov. 15 lot 10 M 13 DutffeL 3 " 1 P. B. & Co. . . Gordon Bailey . . July 1 8 mo. Mar. 4 8!<1 35 4 ** I II. 15. Bryant . . Ira Packard . . . " 1 t5 mo. Jan. 4 273 r.2 5 " 5 Paul Roberts . . Hiram Newell . . " 5 ti mo. " 8 67 54 6 " 10 H. D. St nil ton Baldwin, L. & Co. . " 10 8 mo. Mar. 13 8411 33 7 " 15 I . B. A Co. . . . E. Mussey & Co. " 15 8 mo. " 18 923 25 8 " 20 d. G. K.-id . . . Starr & Co. . . . " 20 6 mo. Jan. 23 1425 48 Jlj 5 Dirfit .i " aa Jno. U. Itinde Murray, S. & Co. . " 22 8 mo. " 25 14HO 14 10 " 28 WTII. P. Eaiou E. C. Packard . . " 28 8 mo. Mar. 31 171 04 11 Aug. 1 James Atwuter . O.C.AE. C.Wright Aug. 1 t> mo. Feb. 4 1432 89 Asf. e DitttA 12 13 14 15 " 5 " 8 " 15 " 17 P. B. A Co. . . . do David S. Huadley . J D llinde & Co " 5 " 8 " 15 " 17 8 mo. 8 mo. 8 mo. mo. April 8 " 11 " IS Feb. 20 527 752 908 !i45 00 29 94 85 J. 0. Kut on . . P. B. & Co. . . W. H. Woodbury . C. C. Jones . . . u; " 25 do ... C. J. Dietrich . . " 25 8 mo. Apr. 28 402 50 17 " 25 do . . . Baldwin & Co. . . " 25 b mo. " 28 717 47 U " 27 do ... Ubsdell, P. & Co. . " 27 8 mo. " 80 3303 71 in "C3 uo ... Raymond & Co. . . " J8 S i no May 1 C11 72 20 " 30 do ... Jonas Siration . . " 30 8 uio. " 3 457 00 13 ills Fay able. Vo. 1 Wl,en Jan. 20 r>f<nrer or bruwee <>r Maker. Date. Time. Wli en Amount. n fim miff how H. G. Smith & Co. P. B. & Co. ... Jan. 20 6 mo. 1 Sl ,0 July 23 4000 cts 00 July 28 Faid. 2 Mar. 1 A. S. Preutiss . . do ... Feb. 26 8 mo. Oct. 29 3500 00 8 Apr. 12 Geo. A. Crocker . do ... Apr. 12 6 mo. Oct. 15 1420 00 Ang. 5 Diac to. 4 5 July 5 " 10 C. F. Spalding . J. Walker . . . do ... do ... July 5 " 10 4 mo. 8 mo. Nov. 8 IStU Mar. 13 553 lOOtJ 57 64 9 " 20 E. Lambert h, Co. do ... " 20 8 mo. " 23 660 78 T Aug. W. G. Hunt . . do ... Aug. 10 8 mo. Apr. 13 708 40 8 ** Arnold & Co. . . do ... " 20 8 mo. " S3 1926 14 144 INVENTORY BOOK. INVENTORY BOOK. THIS bonk is used to enumerate the different articles of unsold mere-hand se, at such turn*, as may be deemed desirable. It is, in this instance, purely an auxiliary, the amount <! 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. Marks. Not. Mdse. on hand, July 1, 1860. Price. Amount. <S> R. 49 1 case Prints 1905 10 iqn ^0 60 pieces Doeskin IR4.O i \ 21 m"; 7O II. M. 1 bale Brown Sheetings fj({ }2 1 1 fti <ls 192 1 case Black Tabby Velvet . 7Qf> 9 ft 3 010 QO . <$>B. 1 J 1 case Paper Cambrics 2000 06" 10^ 8 21 pairs White Blankets Q 4.Q 79 n i B 1 bale Denims 5(iQ 10" )=LQ 74 1072 1()60 41 pcs. Blk and Wht Tweeds .... 3 pcs. Blk Doeskin 1369 2 70 .25 noa 342 ftj. 37 7^ 10S5 21 " Fancy Cassimeres r,7, .i 60 >/c 71 197 17 " Blk Satinet 4ft ( ) 59* o4D 9J.fi 00 .<> W. 1 case Printed Jaconets 1 12* 9M i 9^ <A>F. 1 " Woolen Shawls (50 480 9m 40 231 26 pcs. Blk Bombasin 900 87 2 7^7 ^0 itf 37 " Duck 1 *<>> 1 ^ OAsi ! oi) 1289 2 bales Blk Wadding .... doz. 110 Robes 80 .22 1 r iO 17 i i\ r \ 60 fATE| 1 case Cottonades 687 OOS 1 "\4. 63 *. &x. 62 M. 10 cases Cotton Damask 150 doz. Gent s Linen Ilclkfs .... 150 pcs. Diaper ..... 5400 .16 4.50 QO 864 675 1 ^=i 50 -f- Blav Linens 1931 2 17 ^9ft 3^ A. S. 1 case Delaines 1300 05 QO^ . 190 4 1 " Blk Alpacas 1 " Opera Flannel 910 7~)0 .27* 37* 250 9s 1 25 25 3024 1 " D. Bege H( )4 O^i (U 100 doz. Men s Gloves 2 "iO 9^0 140 " Ladies Lisle Gauntlets . . . 5 " " Kid Gloves 4.46 6 o^ 624 ^1 40 9 1 * 130 1 bale Stark Brown Sheetings . . . 1 u 4-4 Shaker Flannel 829 337* .08* 4T 70 1 ">1 46 88 12 pes. Green Veil Barege 9()o OQ r i8 1066 1 case Solid Check Ginghams 25 pcs. Coburgs 2394 525 .14 50 335 2(52 16 50 1 case Silecia . 9->00 (i(ii O<V- *>n 4595 1 " Linseys l Op.fV 2 17 2 00] 64 ) E. S. Corset Jeans 1 bale Eagle Ticks 1725 1 700 .06 .11* 103 80 51 50 11432- 84 1 L. Y.< 145 JOURNAL SET V. NEW YORK, JULY 1, I860. 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 <fe Co.," doing a general Jobbing and Import ing business in the City of New York ; as taken from the Balance Sheet of their last Ledger : /"i i. Cash Amount on hand, per Cash Book . . . I (J725 20 Merchandise " " Inventory Book . M 1432 1 4 Bills Receivable Notes on hand, per Bill Book .... 2580 Store Rent Advance payment for rent 2000 John Lewis Balance of % 1700 Robert Barker " 1000 William Pennel " \ 4 gg To Bills Payable Notes outstanding, per Bill Book . . . 8926 R P. Beale Balance of % . S. S. Packard Net Investment 4202 63 D. V. Bell " 4202 63 T rp r, f, . 4202 64 J. T. Calkins 42 Q 2 31 Merchandise To Sundries 4381 10 To Bills Payable For the following Invoices per Com. 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. B. ~ : I 1252 55 " Johnson,Q.&Co. " 10, " ... 221 11 " A. & J. Bailey " 15, ... 246 " S. T. Horton " 25, " ... 440 u 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 Mdse. " John II. Lewis " Loan " Wm. Pennel " Bills Rec ble " Robert Barker To Sundries 10717 Receipts per Cash Book : Total Sales for Cash Rec don %, $500; $1200 Return from J. E. Jenkins In full of % Rec d on Notes, $1580 ; $1000 ; $1425.48 In full of % 13 2528 15 1700 1000 483 j 50 4005 ;48 1000 47731 47 47731 47 146 JOURNAL SET V. NEW YORK, JULY 31, I860. Sundries To Cnsh 10829 27 Disbursements per Cash Book: Mdse. Purchases, etc., for Cash ; 5007 16 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 J. T. Calkins Paid on private % 150 Bills Payable Redeemed note favor J. H. Smith . . 4000 L>. V. Bell Paid on private % 175 Aug. 31 Mdse. To Sundries 4277 80 To Bills Payable Invoices per Dom. I. B. From Wilson G. Hunt, Aug. 10, $708.40 " Arnold & G. " 20, 1926.14 2634 54 " Wm. Thornton Invoice of Aug. 10, per F. I. B. ... 1454 64 " >. Muir&Sons " " 20, " ... 188 62 // Bill* Re- ble To Mdse 10089 09 Sales for the month, as per Sales Book : O. C. <fc E. C. Wright, Aug. 1, $1432.89 David S. Hoadley, " 5, 527.00 J. D. Hinde <fe Co., " 8, 752.57 Wm. H. Woodbury, " 15, 908.29 C. C. Jones, " 17, 945.94 C. J. Deitrich, " 30, 402.50 Baldwin <fc Co., " 25, 717.47 Ubsdell, Pierson & Co. " 27, 8303.71 Raymond & Co., " 28, 641.72 Jonas Stratton, " 30, 457.00 10089 09 Cash To Mdse. " Interest " Bills Rec ble Sundries Mdse. Expense Loan Bills Payable Interest J. C. Bryant To Sundries 6557 Receipts, per Cash Book : Total Sales for Cash Discount on note favor G. A. C. . . . Received on notes, $1432.89 ; $945.94 . To Cash Disbursements, per Cash Book: Purchases, etc., for Cash Per Items, $17.50; $100; $13; $50.75 Lent J. H. Tobitt Discounted note favor G. A. C. . . . Per Items, $49.60; $32.19 Paid on private % 51 4159 30 19 41 2378 83 4153 27 1814 23 181 25 500 1420 81 79 150 35906 97 35906 97 147 S3 Is 3 *1 pq o :Si)5o!3 : : : : i 10 r"" 1 j"""^ ; ; r o S o :I = r <M<N<N"tCO ^^ MT ^OO. O4 "^CJQ OOOQO /> /> *CjO*O^-r-fO . *r-t . .OOO ; (N MM NCi ;?*t !l NOlfM ^O . ! , 1 ^ - . ***"*-}. -oMiurH r-i:: ;:^- : ^ "* T Lfol. =ll I ^I ; i5ili 148 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 co partnerships? 6. Wherein do the two methods of keeping Mclse. Co. accounts, as shown in this set differ? 7. What is the principle recognized in the _/??* method? 8. What in the second method? 9. Give an illus tration 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 %1 11. What the consignor upon shipping the property? 12. What the other parties? 13. By the second method when three or more parties are inter ested, what entry will the consignee make on receiving property to be sold on joint / c t 14. What the <wi- signor? 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 sec ond ? 19. Which method is absolutely correct? 20. What advantage has the other? 21. Are Mdse. Co. % a to be classified as Real or Representative ? 22. How may they be made Real ? 23. How Representative ? 24. What different method of closing the Ledger is shown in Set IV ? 25. Is there any necessity for a Jifilance 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. Cau 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 ob jection 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 en tries 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 double entry? 4(>. 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 thefiret? 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 Mer chandise account for the month agree? 65. Will you explain the characteristics and use of the Cash-Book ? f)ti. Are all the debits and credits appearing on the Cash-Book posted? 67. Wb*t 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 tho check-marks were the amounts posted Jircctly from the Cash-Book ? 71. Can the Bill Book be used to advantage as a principal book ? SINGLE ENTRY CHANGED TO DOUBLE ENTRY, WITH AMPLE ILLUSTRATIONS AND EXPLANATIONS, EMBRACING 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. IN TtTB LATTER SET A DISSOLUTION OF COPARTNERSHIP TAKES PLACE, ANT) THE STUDENT IS TO WHITE 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 consid erations 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 DouMe 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 perfeetness ; and we are. therefore, quite ready t> 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 \ve seek its solution by any standard afforded in actual business. While all scientific accountants bv Double Eutrv must agree as to the necessity tt m ti of equal debits and credits no mutter through what forms expressed, Single Entry account ants differ m 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 olserve, find an advantage in dealing in the same manner with the other various kinds i-f resources and liabilities. This is, sometimes, carried so tar by intelligent accountants that, although without any suspicion on their part, their l>ooks will be found to contain nearly all the requisites of Double Entry. It is from this fact that we find it difficult adequately to define Single Entry. Tlte term " Single Entry," as distinct from " Double Entry," has reference more particu larly 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 re; J information contain, has never yet been decided by authors, teachers, or business men. It is tonally understood, however, that the difference in the two systems consists mainly in the fact Uuit 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 u 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 EXTRY BOOKS, open such additional accounts in the Ledyer 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 Tarry 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 nil 1 be shown in the succeeding statement. 152 CHANGING SINGLE, TO DOUBLE ENTRY. It will thus bp seen that Double Enry is hut 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. Tin use 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 credit as practised in Single Entry, evidently do not know of what thev speak. In changing a set of books from Single to Double Entry, it is not necessary to disturb any account already opt- ned in the Ledger, nor to keep any such account differently thereafter. This tact will be clearly shown in the illustrations given. hi the exercises which follow, we have, first, a set of Single Entry Books, comprising :i Cash B_>ok, Day Book, and Ledger. The Cash B.x>k is for the same purpose, and kept some what upon the same principle as the Double Entry Cash Book, the only difference being ic the form of recording entries. As we neither journalize nor post from the Single Entry Cash Book, it is not ntcessary to specify Ledger titles, as in Double Entry ; the object of the Single Entry Cash Book being Dimply 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 Bx>k, 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 urdted, 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 chaii<nnjr. should be closelv 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 illustra tion will be necessarv 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 intelligeut accountant to place himself beyond the pale of prejudice, and let him 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 be as well ascertained by Single Entry, provided we have the means of knowing that the work is correct. U 153 1800. CASH BOOK, SINGLE ENTRY. Pteoeipts. Jan. 9 9 10 12 13 15 15 16 16 17 20 22 31 James Mason s Investment Robert Walker s Investment John Simmons, Coat, $20 ; Pants, $9.50 ; Vest, $7 . . Joseph Kinsey, on % Miscellaneous Sales, per tickets W. H. Beebe, Overcoat, $35; Vest, $7.50; Cravat, $1.50 Miscellaneous Sales, per tickets John Mason, Invoice ready-made Clothing Balance on hand . Robert Hall, 6 yards blue Broadcloth, @ $5 .... Wm. H. Joeckel, Business Suit Bill of Goods ordered by P. T. Barnum 1 doz. Hdkfs. $3 ; 3 doz. Cravats, $30 ; 2 doz. Collars, $5 A. B. Butts, Dress Suit Miscellaneous Sales, this week, per tickets Balance on hand Bill of Goods to P. Evans, Cincinnati 3 doz. Cravats, $40 ; 5 doz. standing Collars, $13.50 . Assortment ready-made Clothing, J. Allen, Pittsburg Miscellaneous Sales for the week, per tickets . . . . Balance on hand 2 doz. Cravats, $30 ; 6 Vest patterns, $35 .... 1 pair Pants, $9; 1 dress Coat, $25; 1 Cravat, $1.50 . Bill of ready-made Clothing C. S. Sill, Troy . . . 6 doz. Hdkfs, $20 ; 8 doz. French Yoke Shirts, $170 . Ira Packard, Dress Suit .... 1000 36 58 44 39 175 4368 4156 30 23 350 38 40 450 5087 5003 375 53 500 6311 6175 35 175 190 36 Miscellaneous Sales, this week, per tickets 322 Balance on hand 6999 73 154 1860. CASH BOOK SINGLE ENTRY. H) isbursenients. Jan 3 Stationery, $10 ; Painting and Cleaning, $15 7 Seamstress s wages, $27; Clerk hire, $10 John Jones, on % nce e* nancl 13 i Sundry expenses, per Expense Book 14 Seamstress s wages, $50; Clerk s hire, $18 aLiixe on hand 19 j Sundry expenses, per Expense Book 20 Seamstress s wages, $75; Clerk hire, 21 25 30 30 Office Desk and Chair Balance on hand Sundry expenses, per Expense Book Seamstress s wages and Clerk hire Cutter s wages for the month 25 | 37 150- 5087 38 69D9 73 155 SINGLE ENTRY DAY BOOK. PHILADELPHIA, JAN. 1, I860. James Mason and Robert Walker unite in copartnership in a Gentlemen s Furnishing establishment. They invest equally, and share equally in gains ai.d losses. James Mason, Cr. By Cash invested 83000 " Merchandise, per Inventory 4500 " Sundry Notes, per B. B 750 James Mason, To Balance due John Jones Dr. Robert Walker, Cr. By Cash invested $1000 " Store and Fixtures 0750 ! 7750 8250 500 John Jones, By amount owing him by J. Mason 2 - Cr. William Patterson, To 1 Pair Doeskin Pants .... " 1 Blue Broadcloth Coat . . . " 1 Figured Satin Vest .... " 12 Pocket Handkerchiefs, @ 50 c. 3 Dr. & 9 22 7 50 6 Joseph Kinsey, Dr. To 1 doz. Fancy Neckties 812 " 1 doz. Byron Collars, @ $3 450 " 6 Vest Patterns, assorted 35 " 8 yds. Farmer s Satin 6 " 3 doz. Pairs Gent s Hose . . .... 9 Contrn, Cr. By Cash on % 4 James M. Dooley, Dr. To 1 doz. Fine Shirts $24 " 3 " Lamb s Wool Undershirts, @ $15 .... 45 " 3 " Pairs Flannel Drawers, @ $15 45 Simmer Packard, To 3 yds. Fine French Broadcloth, @ " 12" English -Cassimere, @ $2. 7 John Jones, To Cash Paid on % Dr. 24 Dr. 500 66 15 114 39 150 50 50 156 SINGLE ENTRY DAY BOOK. PHILADELPHIA, JAN. 9, 18GO. Jabcz Dunham, Dr. To Wedding Suit, per contract 10 - James M. Dooley, Cr. By 10 Tons Coal for use of the store @ 5 12 Robert S. Hay ward, Dr. To 1 Frock Overcoat $30 " 1 Dress Coat 25 " I Pair French Cassimere I ants 1Q 14 Erastus Young, Dr. To Making Dress Coat $9 Vest 3 " Repairing Coat 2 16 Robert S. Hay ward, Cr. By his Note @ 30 days to Balance % . . ^ ~ -~_~ . _ _ I >y ___- David T. Fuller, Dr. To 1 Frock Coat $SO " 1 Vest 5 50 " 1 Overcoat for Master Frank 12 18 - Charles Claghorn, Dr. To 6 Shirts, (French Yoke), @ $2.50 $15 " 10 Pairs Socks, @ 25 eta 2 50 " Drawers and Undershirts, 2 each, $1. 25 5 20 Henry Dwight, Dr. To Frock and Pants for Master Silas 21 Schuyler Corbit, Dr. * To 1 Dress Coat $23 " 2 Neck Ties 3 " G Pocket Handkerchiefs ^1 50 25 Wilson G. Hunt & Co. Cr. By Bill of Cloths, per Invoice 575 30 - Henry Shaft, Dr. To 1 Pair Pants $ " 1 Dress Coat . . . 25 157 LEDGER SINGLE ENTRY. James Ivdlason. r. I860 Jan, 1 To Balance Due J. J. 1 500 1860 Jan. 1 By Investment " -J net gain 1 8250 681 61 S3r. Ptobert "Walker. r. 1860 Jan. 1 By Investment " $ net gain 1 7750 681 i 62 ZDr. John Jones. <r. I860 <7at. 7 To Cash 1 150 1860 By Balance due him 600 E)r. "\Vm. Fatter son. OTr. I860 Jan. 2 To Sundries 1 44 50 ... SDr. Joseph. Kinsey. &r. I860 /an. 3 To Sundries 1 r 66 60 1860 Jan. 3 By Cash 1 15 E)r. James IvH. IDooley. Otr. I860 Jan. 4 To Sundries > 114 1860 Jan. 10 By 10 Tons Coal 1 80 dr. Sumner P 3 aokard.. dr. I860 ./an. 5 To Sundries 1 89 HDr, Jabez IDiinliam. (ZTr I860 /art. 9 To Wedding Suit 1 69 158 LEDGER SINGLE ENTRY. Robert S. Kay-ward.. t. 1860 Jan. 12 To Sundries 2 65 1860 Jaii. 16 By Note @ 80 days. 2 65 Er. Erastiis 1830 Jan. 14 To Making and Repairing 2 14 3D avid. T. Filler . Charles Olagliorn. HJr. Henry ID^wiglrt. EDr. Solmy ler O orbit. HJr. Vv^ilson O-. tHr. Henry Shaft. 159 (Cr I860 Jan. 17 To Sundries. 47 50 (dr. I860 Jan. 18 To Sundries 2 22 50 I860 l 20 To Frock and Pants. 1 2 10 (ZTr. I860 Jan. 21 To Sundries 2 27 50 Cr. I860 Jan, 25 By Mdse. 2 675 dr. I860 Jan. I 80 To Sundries 2 84 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 whnt,- ever. In the preceding Ledger we have a systematic record of such of the resources and liabili ties 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 Doable Entry. Resources. Personal Accounts Receivable (already posted) Notes Receivable on hand per Bill Book . . Cash, per Cash Book Merchandise, per Inventory Store and Fixtures, per cost Liabilities. Personal Accounts Payable (already posted) James Mason, Net Investment .... Robert Walker, " .... 413 815 6834 2975 0750 Total net gain in business James Mason s Robert Walker s $681.61 681. (52 925 i 7750 7750 50 73 17788 23 16425 i 1363 23 From this schedule it will be evident that wher. 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 fcelongs, 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 gain, and opening ac 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, very clearly, to show the exact difference in the two systems, so far as the L,euger is concerned. 160 LEDGER, DOUBLE ENTRY. Dr. Bills Pleceiveible. Ctr. I860 Jan. 31 Notes on hand. 815 Dr. Oasli. Ctr. 860 Jan. 21 On hand 6834 73 Dr. !M? er ch.eiiid.ise. J860 Jan. r 81 On hand 2975 Dr. Store and. Fixtures. OTr. I860 Jan. 81 Valuation, 6780 IT 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 BALANCES. Trial Balance. FACE OF LEDGER. Dr Or Df Or S tl fii r.nn cq H fil 8431 ^0 62 . . Robert Walker .... 1^0 8431 ^Ort 62 44 , f >0 r.A - . Wm. Patterson .... 44 fifi 50 *so 1R 64 39 K<) . . James M. Dooley .... Sumner Packard .... 114 39 KQ 50 1 A. 47 22 10 50 50 . . David T. Fuller .... . . Charles Claghorn .... 47 22 10 50 50 1 27 04 50 575 J o . . Schuyler Corbit .... . . Wilson G. Hunt .... . . Henry Shalt 27 ^4. 50 575 815 fiS^d. 70 . . Bills Receivable .... . . Cash 815 fiSS4. 701 907^ X)7^ 7rf| 6750 Store and Fixtures .... 6750 17788 S3| 17788 23 18503 23 18503 23 The books are now to be continued in Double Entry, from the following transactions, v 161 HISTORICAL DAY BOOK DOUBLE ENTRY. PHILADELPHIA, FEBRUARY 1, 18GO. Sold Robert Milburn for Cash, 1 doz. Suspenders $ 4 50 4 " Cravats @ $15 ... 00 3 " French Yoke Shirts (fine) . @ $30 ... 105 10" Standing Collars .... @ $1 80 ... 18 lo O * ____^_________________ o _____________________ 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 7 Sold Wm. Patterson* on %, 3 doz. Vest Patterns (3 $50 . . . $150 10 yds. Blue Broadcloth @ $0 ... CO 20 yds. French Cassimere .... @ $4 ... 80 Received of James M. Dooley, Cash in full of % (j4 Paid the following expenses in Cash : Clerk hire $ 25 Seamstress s wages 115 10 Sold R. C. Davis & Co., Albany, on their Note @ 4 months, Mdse, per Invoice . . ] 500 ______________^_______ i n _^___^______________ I. A ~ Bought of James Dunham, for the private use of Robert Walker, 1 Firkin Butter, 100 Ibs @ 25 cts. . . . $25 1 Bbl. " Seek no Further" Apples <> 1 do Cider Vinegar 8 Paid him per order on Sumner Packard. 13 Received Cash of Joseph Kinsey, in full of % 51 rn - 15 Sold Edwin Forrest, on % 1 Suit Fine Broadcloth 50 17 Paid Advertising Bill in Cash 75 * Be careful not to open thc same account tvricf. 162 HISTORICAL DAY BOOK --DOUBLE EXTRY PHILADELPHIA, FEBRUARY 2O, 18GO. Paid Cash for Insurance on store and contents, f % on ?4000.* (Manhat- j tan Insurance Co.) 30 OK <,D Received Cash of Jabez Dunham, in full of % , 59 Paid Expenses of store to date, per Expense Book ] 50 9ft i&\j Our store and contents were this day consumed by fire: Value of Store and Fixtures $. r iOOOf Mdse on hand 2800 Manhattan Insurance Co. owe us per policy 4000 28 Received Cash in full for R. S. Hayward s Note, due the 18th inst . . Received Cash of the following persons: Erastus Younjr, in full of % . . David T. Fuller " 47 50 Charles Claghorn " 22 50 Henry Dwight " 10 Schuyler Corbit " 27 50 Henry Shaft " 34 J 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 proportionately 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 TKIAL BALANCE INVENTORY. Trial Balance, Feb. 28. James Mason I; 8431 61 8431 61 139 Robert Walker i; 8431 62 8292 02 10397 23 jl 114G7 23 Cash I; 1070 1-21H 60ii 3675! Mdse jj 2463 40 4135J 90 6750 . Store and Fixtures i 2614 10 Bills Payable j 1050 1050 395 395 Expense 334; 50 334 50 i William Patterson 50! 50 Edwin Forrest 1250 1315 Bills Receivable _ 65 17774J 23 24125 73 24125 73 17774 23 _ I ; .__[ Inventory, Feb. 28. Store Lot, valued at $2000.00 LOSSES IN BUSINESS. On Merchandise 1211.60 " Store and Fixtures 2135.90 By Expense _?9.5.00 James Mason s net loss 81871.25 3742.50 Robert Walker s " 1871.25 PRESENT CONDITION OF BUSINESS, 1 Resources. ~~ Cash $10397.23 Store Lot . . . Bills Receivable William Patterson Edwin Forrest Liabilities.""" Bills Payable James Mason, Investment $8431.61 ? net loss .1.871.25 Present Interest Robert Walker, Investment 8431.62 Amount drawn 139.00 i net loss .1871.25., 2010.25 * Present Interest 2000.00 1250.00 334.50 50.00 14031.73 $1050.00 6560.36 6-121.37 14031.73 164 EXEKCISES 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 disburse ments 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 Paya ble. 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 resource* 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 busi ness 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 con cern is equal to his net investment, plus his share of the gain, or minus 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. Tin s principle will, of course, need no enforcement here, as it has already been so frequently ap plied 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 distinc tion 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 in vestment, and the gain or loss to be divided as follows : W. P. Spencer, -^ ; E. R. Felton, /<j- 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 @ 7fo from date, $500 ; Wm. T. Bush s accepted draft, drawn by II. Newell, Nov. 1, 1859, @ 90 d s, for $1500;f 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 snme condi tions as any personal account ; for such it is. + In determining the exact investment, it is necessary to reckon these notes at their real 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. Bank. 3d. Paid laborers cash as per Receipt Book, 8375; 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. II. 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.f 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 ac cepted. J loth. 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. Re ceived 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 is1f .) Therefore, in giving Mr. 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, @ 1%, $11.67, making in all $511.67 ; and the second, at its face, $1500, minus the interest on $1500 for 90 days, @ 1 %, $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 Eutry. 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. I Smith & Sons now owe us $7500, less what they have paid on a / Ct and with which they Lave already been credited. It is therefore proper to charge them this amount. 166 EXEECISES FOR THE LEARNER. Dissolution of Copartnership. The copartnership heretofore existing between W. P. Spencer and E. R. Felton is thi 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 iu six months, with interest from date. The Resources and Liabilities of the Concern at this time are as follows : Resources. Cash on hand, per C. B. . . Balance in Bank Notes on hand Interest due on same .... Balance due on personal ac counts Horse and Dray Tools and Implements . . . Valuation of unfinished con tracts Liabilities. 440 : 8850 [ 7750 14 II 740 250 1000 3500 22545 Balance due on personal ac counts Interest for unexpired time on Bush s acceptance . 17.50 Do. on Smith & Sons note 53.67 W. P. Spencer, net in vestment . . 7500 Int. on same . 44.92f E. R. Felton, net inv. $7000 Int. on same . 43.20 Total net gain .... W. P. Spencer ^ . 1 11 3.72 E. R. Felton . 742.48 6030 71 17* 7544 92 7043 26 1856 20 22545 55 From the above schedule we are enabled to arrive at the exact amount of Mr. 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 cor responding 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 indi- rate, 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 ou 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 Fclton," 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 bill in cash, for sills and lintels for A. II. Tracy s cellar, $50. 5th. Paid workmen to date ir^ 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 %, 10,000 feet pine lumber, @ 15c., $1500. 10th. Roc 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. . . \ Balance in Bank 724 1032 . 55 68 1 Due on personal accounts . . " notes 6355 7329 R9 Tools and Implements . . . . Notes on hand I 1000 7250 E. R. Felton, net investment . net gain . 7785 1542 74 17 Due on personal accounts . . Horse and Dray 8755 250 Value of unfinished contracts . < 4000 1 2:-JUr2 23 2:1012 23 The student is requested to enter up these accounts in the Ledger, according to the exam ples 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 5s necessary, for any purpose, to tnow 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 mate rial for Double Entry Books, or for any purposes of negotiation where partners interests are concerned. 168 FARM ACCOUNTS: INCLUDING PRACTICAL FORM OF JOURNAL, AND 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 applic able 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 pro ductive 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 busi ness 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 " La bor," 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 gen eral principles already advanced ; and even the forms, although exceedingly practical, and con taining 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; n other words, to do as little writing as possible. The " Practical" Journal given in this con nection 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 to any 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 30. 170 CASH MEMOKANDUM BOOK. Cash Memorandum 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 tanner, 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 sta tioners 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 suffi cient to show the use of the form. Riverdale Farm, March 1, 1860. Sec d. Paid. 1 Il20 1 Received for 10 Ibs. Butter, $2; 10 doz. Eggs, $2 .... Paid for Johnny s Boots, $3 ; Cap for Harry, 75c Sold 10 bushels Wheat @ 81 50 4 15 3 75 6 7 Paid for set of Harrow Teeth, 3 ; Shoeing Horse, $1.50 Paid G. F. Wright & Co. s Grocery Bill 4 17 50 50 10 10 Paid hired man for services to date, as per receipt . . 154 00 15 10 19 Sold 2 year old Colt to L S Bliss for 125 13 i ^ Paid premium for Insurance on Farm Buildings .... 12 5 50 16 17 Sold C. S. Clark & Co. 20 bushels Oats, @ 75c. . . 258 25 Shoes for Netty, $1.25; Toys for Harry, 50c. . . . iy.25 balance an hand 239.00 15 1 75 19 19 Paid for one year s subscription to Hampshire Gazette . . " yearly contribution to Poor Fund, $25 ; Pew Rent, 1 1 30 50 20 " Dr. Jones for filling Teeth, $5 ; Bridgman & Childs, for Books $1 6 23 20 24 Received for Poultry sent to market 7.5u 2 150 27 29 Received for Butter, $4 ; Cheese, $2.50 ; Apples, $3.75 . . Paid for repairing Implements 233 75 10 25 3 25 25 . 55 5 320 25 320 25 1 j 171 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. 75 acres cultivated land, $300; 10 do. woods pasture, 350; dwelling-house, out- buildings, 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 caives, 5; 60 chickens, 10; turkeys, 5; 10 geese, 6 ; farming utensils, 250 ; 1 family carriage, $200; household furniture, (500 ; 200 bushels wheat, 350; 500 do. corn, 375 ; 125 Uj. 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 llolyoke Bank, 1200. Liabilities. . . Mortgage on farm, due in five years, from January 1, 1850, with annual interest, @ G;&, $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 Ibs. butter, $2; 10 doz. eggs, $2. 4 . Bo t of Jonathan Dawes, 10 head of stock cattle for feeding and grazing, for 050; Paid him check on llolyoke Bank, 300 ; note @ 30 d s for balance. 5 Paid cash for the following articles : Boots for Johnny, 3 ; Cap for Harry, 75c. G . Sold James Banks for cash, 10 bushels wheat, @ 1.50 per bushel; Paid cash for set ol 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. 10 . Sold C. S. Clark &, Co., for cash, 20 bushels oats, @ 75c. per bushel. 1 17 _ Paid cash for shoes and toys for children, 1.75 ; Bo t of S. C. Parsons, on %, % ton Peru vian guano, for $30. 172 FARM ACCOUNTS, HISTORY OF TRANSACTIONS. Eiverdale 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, $.">. 20 - Paid Dr. Jones cash for tilling teeth, $5; Paid cash to Bridgman & Clrilds, for books ; $1. 23 Sold Hillman & Graves, for cash, 10 sheep, @ 82 per head. 24 Received cash for poultry sent to market, $2. 20 Deposited in Ilolyoke Hank, cash, $150. 27 - "Received cash for butter, cheese, and eggs, $10.25. 20 - Paid E. L. Kingsley, cash, for repairing farm implements, $3.25. 31 Paid Charles Jones, cash, for painting house, $25. April 1 Received cash for marketing, as follows: 25 Ibs. butter, @ 25c. ; 10 bush, potatoes, @ $1. 13 Paid Theo. Rust, cash, for 1 ton plaster, $8. -"aid cash fur wint >r s school bill, books. &.C., $17.50. 20 ~ Bo t, of James Ilubbard, on %, 32 bushels oats for seed, @ GOc. per bushel. 30 - Paid hired hands in full to date, 40. May 1 Received cash for dividend on Conn. Riv. R. R. stock, 5/5 on $5000. 15 ~ 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 Ilolyoke Rank, $75 ; note @ mo s for balance. Paid hired hands to date, $GO. July 1 Sold, for cash, 3 bushels cherries, @ $4 per bushel ; 6 do. currants, at $1. 173 FAHM ACCOUNTS HISTORY OF TRANSACTIONS. Riverdale Farm, Northampton, July 10, 1860. Paid cash for groceries, $4.75 ; dress pattern, $8 ; Stoddard & Lincoln s bill foi 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. 31 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 - Finished 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 Jo. 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, @ 7;>c. 40 do. potatoes, @ 1 ; 35 do. apples, @ 50c. Paid hired hands to date, cash, $75. 15 Received cash for pasturing 15 head of cattle, $75; 10 horses, * 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 be tween 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 same as anj general account. 174 FARM ACCOUNTS, HISTOBY 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. _ ^___ _ _^_^_^_^_^___ __^^^_^^^^_^^^^__ M _^_^____ - OK /<JD " Sold Thayer & Sergeant, 4 fat cattle, for 8350, cash. 28 Sold Alvan N. Claghorn, on %, 5 tons hay, @ $10 per ton. - O/~V OU " From inventory taken, we are prepared to estimate the amount consumed by family ar.d live stock since March 1, which is as follows: FAMILY EXPENSES Mutton, 815; pork, $17; poultry, $18 ; eggs and milk, $10 ; flour, $40 ; potatoes, $10. LIVE STOCK Corn, $50 ; ha.;, $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. THE 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. f 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. Fifth 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, Sep tember 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 the amounts 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 nnd horseshoeing. t This is the case when the form is u^ed in a general merchandise business : in which case (he special columns, debit and credit, would be " Cash," and " Jldse." 175 CO 00 3C :: Tall O O O tO O T}< t~ O o GO CC li: e - a o 1 s D ^ ** Pi r1 o """ ""^ 2 r 1 i g 02 o H 3 o fc p o fc- co o o 10 00 s CO CC 177 C: a s r^l ^ O d H GO O H <1 d a o <1 o ^ 05 ^ ^ 9 ^ H R W 5 > R S O H oo t 00 o C* CO o O i ? C3 o-a EXPEX F E w .j o o < ;: cc o ^ JS e c* O CO -H ta O O irt <N ift l US * to a d -. <2 o r- r 2 Ho < t, 0.2 . . . . Amounts i 17 FAMTI v T^.YPuveira T~)r N a 5 -S g O ; ;_> CO "1* C. t- PS Cl .S CL^ ^* ^"^ IK ^ ^ C 1 ^ C^ ^ ^ ^^ C^ ^t pH ^ M, *-^ " ej-; ^i ci !? R ^^ *^3 .V- *" : 5* :D " fl ^ *^" ^3 **" i" ^*^OJ ir^Ci C ^ U -3 3) UT3 |T M 5 Q ||| fis fia P> fi-s P> Pw o a 11 ^-2 S 1 8, 1 c^^cr 1 t-S o oj as o g J P5 -0-. C 2 P5 O ft, 1 00 00 HIM QQ g g HIM X C- PN ^ i >j M ca Itcj 1 Cd O K W ^ i . . M < n ri ri -* a 2 SS CS C t- * 5 " * ^ < E 1 M4 p^ pt) O O O f^H < -1 1 tf. I t- Cl ITS c-s o O O 10 l,"^ 1" 1 1 f o <N o yt o i w o CO CJ o 179 . 8 * . SSSs; S 1 O I 5 g g <N CO i S CM 5 CO 1 i 05 O >- ) S -^i 1-1 -s * t- ti ift ^r ir^ * O) 33 i * a o cS c5 c > 1 ;: _ 3 I = S ft } i if > iO iO 5 t- (M 8 8 SB r.. ^ GC <J ?oo o rH >A ^ H- H 4 C c ; t^- o rH (M ss S 1 ^ * 1 Tf % r^>n o f h- -< ] ^7 1 1 rH ,*.- s c ^ .jj a S 1 H- c 5 H ?** *** * : : : fi X Or-l m h- 1 < ft ft 1 rH !ASH . . . painting house. -= o MENTS . . . ^ ^ Monthly Footing >i (i By Kaianee . . Lott and Gain H- 3 S 1 o J3 3 ^ . . H . i ^ o WWW *C !Z H M h EH| 1 P V ^ 3 Si ^ ri S Jo ifj CO fe- - <2i - 1 P: J ^ 1 tf -2 3 .1 J ** r~* Sf xi o tn a C i^l ? ^* m o m S fi~ H 3 <1 :> fc \ ^q P | 1 iivisio J H H ^ fa X 5 s 1C l r-< Cl r-i rH W 1 rH W CO # H f <J H Q . H * * i -*:" 0* 1 1 o o o m CM in ot-o ri rH S c,- CJ f * 1 .... i m a h- C c } p3 H 3 H * * 1 H W CO r- (M rH rH S a CO r-l r c -< -j V7 i 8 -< O 15 O * r-c OO CO 3 *- 1 -i S W o O iO O iO (MO iO C* i SO J n 3 a T . iff J-. . -H *-. V S r*- ft * 3 \ 3 iO O rH c f" W rH S CO O > o i CO GO CO CO CO O CO ^f O 00 rH O OD rH i 1 rH CO 2 PL 1-H I 1 f H - 1 2 O >. c 1 O T- -S3 S * 1 1 - I 1 * f 3 S 1 O s 1 ^ p 1 s r-C i-frH co w co = I >- 5 [. o CO T-l I ll 180 TRIAL BALANCE, INVENTORY Trial Balance. Balances. 50 20 70 .... Stock Face of Ledger. 4750 975 2-23 1075 50 31143 60 11 38287 25 03 05 37 "70 33923 4000 40 75 200 30 19 38287 4115 5000 1350 350 223 2208 50 34749 GO 11 25 40 70 37 ^ 38038 250 375 4000 40 75 550 30 1133 3606 19 48117 50 37 65 20 . . . . C. R. R. R. Stock . . . . . . . Ilolyoke Bank .... . . . . Mortgage Payable . . . . . . . Interest Payable .... L. H Bartlett .... Bills Payable . . . . Family Expense. . . . . . . . S. C. Parsons .... Cash . . . . A. N. Claghorn .... . . . . Farm . . . . J. A Hubbard . . . . Graves Brothers .... . . . . Interest 48117 72 Inventory. REAL ESTATE, 85 acres Land, valued at 26000 1 Dwelling-House and Improvements . . . 2500 28500 LIVESTOCK. 4 Horses, 700; 3 cows, $100 .... 1 yoke Oxen, 125; 5 Hogs, $40 .... 12 Sheep, $20; 16 Lambs, $18 .... 2 halves, $20 ; Poultry, $25 800 165 38 45 10 head Stock Cattle 750 1798 FIXTURES AND ) Farming Utensils .... 250 IMPLEMENTS, f 1 Family Carriage, $200 ; 1 two-horse Wagon, $75 275 Household Furniture 800 1325 PRODUCE, 220 bush. Wheat . . @ $1.50 . . . 162 Corn ..." 75 ... 355 Oats ..." 75 ... 50 Rye ..." 60 ... 25 Potatoes . . " 80 ... 65 * Apples . . " 50 ... 67 tons Hay. ..." 11.00 . . . 330 121 266 30 20 32 737 50 25 50 1537 25 Conn. River R. R. Stock 33160 5000 25 $200 181 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. === -^ :- . : Lasses. Gains. Resources. \ Lul/nldl*:*. . . Conn. River R. R. Stock . 250 5000 . . Holyoke Bank .... . . Bills Receivable .... ! 975 350 . . Mortgage Payable . . . . . Interest Payable .... 160 4000 200 . . L. H. Bartlett 75 . . Bills Payable j 1 550 Family Expense . 223 J5 S. C. Parsons i 30 . . Cash 1075 03 . . A. N. Claghorn .... Farm 2017 50 20 33100 25 J. A. Hubbnrd 111 19 20 . . Graves, Brothers .... 00 . . Interest 11 7 it! Net Gain . 1878 53 1 2207 20 2267 20 II 1 Stock, Investment . . $33,923 50 Net Gain . . . 1872 58 ; Present Interest . 35796 08 40670 28 40670,28 I . . . |*i. II 1 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 . 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. 100 x =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 ty one- third 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 oi grain is 8 feet in diameter, and 4 feet high, how man) bushels does it contain 1 Solution. The square of 8 is 64; and G4x .7854 x 1=83.770, the number of cubic feet, Therefore, 83.776 x $=67.02 bushels. Answer. 2. To ASCERTAIN THE QUANTITY OF LUMBER IN A Loo. 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 feel, 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. 36x18=648; 648x10=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] Solution. 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 31 J. 4. To ASCERTAIN THE WEIGHT OF CATTLE BY MEASUREMENT. 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 limn 9 feel in yirtk ; 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 thin 3. EXAMPLE. What is the weight of an ox whose measurements are as follows; girth, 7 feet 5 inches ; length, 5 feet 6 inches ] Solution. 5i x 7 T 5 Y =40f|; 40^x31 = 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 approximate weight. 5. MEASURING LAND. To find the number of acres of land in a rectangular field, multiply t-he 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 1 Solution. 100x75=7500; 7500-M 60=401. 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 CHANGING SINGLE TO DOUBLE ENTRY, PAGE 152. 1. "Why should Double-Entry Book-keeping be distinguished as the " science" of Accounts? 2. Ma_ 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-keepero 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 part ners, what must be done with the gain or loss? 11. Do you consider Double Entry more intricate or labo rious 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 Double- Entry 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 Investment? 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 of 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 diffi cult 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 " F*rm" 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 colunna are sometimes used in jobbing houses ? 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? 63. 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 BOOKS OF AN ADMINISTRATOR: HISTORICAL DAY-BOOK, JOURNAL, LEDGER, EXHIBITING THREE DISTINCT METHODS 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 which would better suit the accountant s purposes, would be "one who acts ;" for, although, the idea of agent presup poses 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 of the case we have fully recognized, and sought to enforce in the preceding lessons, by constantly keeping in view the distinc tion between the proprietor and his business. The analogy between the records of the two classes of agencies if 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, Special and General. A Special Agency consists in a delega tion 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. These 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 permitted 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 each other, and as regards thirl persons, are among the most important in Mercantile Law. We have space only for a few general n i3s: 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, ho may choose cither one, provided no other has been particularly prescribed. 2. He is bound to use all ordinary diligence and care in the execution of his trust. In the absence of specific instructions, he must pursue the accustomed course of the particular business in which he is employed. As ho receives compensation for his services, lie 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 liabto to make good all injuries which his z ,vn act as agent has occasioned to tho property of others, and which the principal lias 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 tho parties. 2. Where tho circumstances are such that a strict compliance is impossible. 3. Where 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 of his own ; or as much as a man of average prudence would bestow in the keeping of his own. 6. He is bound to keep the property of his principal insured while in his possession under the following circumstances : 1. Where tho principal has effects in his hands 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 tho one has been accustomed to send orders to insure, and the other to execute them. He 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 tho 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 tho " Commission " and " Forwarding " sets, hereinafter presented, 186 ADMINISTBATOB 8 BOOKS ADMINISTRATOR S BOOKS. AN ADMINISTRATOR is a person legally appointed to settle the affairs of an intestate or a person dying without a will, His duties, which are specifically prescribed in the statutes, pertain, first, to the liquidation of outstanding 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 the business is, however, essentially different; the one being, in its intent and scope, speculative, and ihe other having refer ence solely to liquidatioa It is not impossible, however, that, in the vigilant and faithful discharge of his duties, an administrator may increase the value of the property held in trust, and by that means realize a gain for the- ultimate owners; and, on the other hand, circumstances over which he has no control may teui to depreciate the property, resulting in a loss. The accounts may be kept in such a manner as to show these fluctuations, or they may show only the general final results. If the gains and losses are shown, the system will not differ in theory from that of a regular mercantile* business, having a single proprietor ; and in the set which follows, we have used this hint to enforce more clearly the relation sustained by the accountant to the business whose continued changes and fluctuations he records. To this end we have suggested three distinct methods of treating the subject, each founded upon a separate theory, yet all resulting alike. Let the student carefully observe the distinctions. The First Method is based upon the general theory pertaining to the business of a single proprietor ; the resources and liabilities being exhibited on the Ledger at the commencement, and all changes shown in appro priate 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 accumulated and been represented under proper heads being finally 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 carefully put forth in the previous lessons. The agent, whose records these are, stands 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 ho acts within the line of his duty, ho is responsible, or liable, to the parties for whom he acts, in just the amount of the property or resources which he has in trust ; so that, at whatever moment he may be called upon to account, the one will exactly offset tho other. In carrying out this theory to the letter, there should be no accumulation of gains or losses; as that would temporarily destroy the equilibrium. Therefore, as fast as gains or losses occur, they are immediately taken to the Estate account ; thus increasing or diminishing tho liability in this direction in the exact proportion of the increase or diminution of resources. This method 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. The 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 all 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 ADMINISTRATOR S DAY BOOK. Jairuary Q 9 I860. I have this day entered upon the duties of Administrator for the Estate of James Park, deceased. As prescribed in the Letters of Administration, I am to assume possession of all the personal property of the Estate, including cash, notes, personal debts, farm implements, live stock, et<i. to pay off all just liabilities and necessary contingencies, and, after con verting the surplus resources into cash, and deducting my commission, to divide the remainder equally among five heirs. The following is a list of such resources and liabilities as are ascertainable at this time : James Monroe owes on % 575 Orlando Warren do. do 400 Peter Dcshong do. do JOQ Edward Gurney do. do gr>0 James Truman do. do 75 SS Robert Paton owes on note $500 E. C. Bradford do. do 700 Charles Pettingill do. do 800 L. S. Bliss, do. do 450 2450 Interest due on Paton s note 815 75 do. do. Bradford s do 27 50 do. do. Pettingill s do 17 25 do. do. Bliss s do 10 17 70 67 Farming Implements, as per schedule 575 Live Stock, as per valuation 3000 Cash in hand 250 do. in Farmers Bank 1500 9G16 50 W. D. Packard, on % 400 E. M. Hale, do ; 375 Charles Williams, do 250 Note favor of S. Willard $3(50 do. do. P. Horton 800 Interest due on note favor of S. Willard 5 75 uo. do. do. P. ilurtun 32 80 oo * = I oo OO 22i23 55 3 Paid the following expenses in cash : Undertaker s Bill 8 75 Livery Bill carriages for funeral 150 Probate Judge s Fees 10 4 Collected the following amounts in cash : James Monroe, in full of % $.~>75 Edward Gurney do. (JOG James Truman do. . 75 83 1250 83 188 ADMINISTRATOR S DAY BOOK. _AJbaiiy, January 5, I860. Sold at public auction the Farming Implements enumerated in schedule, for cash 500 Paid liie following heirs, on %, in wish : Rober: Park $100 James Park, Jr 75 Jennie Park ... 50 225 7 The following amounts due the Estate were not enumerated in theoriginnl list: Abraham Cuyler, on % $123 William Jones, do. 15 20 Alex. Buttre, do 75 213 20 Paid the following liabilities, in cash : VV. D. Packard $400 E. M. Hale 375 Charles Williams 250 1025 10 Sold Live Stock for cash 3500 11 The following notes, with the interest thereon, were this day paid in cash : Robert Paton s $500 Charles Pettingill s 800 $1300 Interest on Paton s to date . , . . . . $16 50 do. Pettingill s to date .... 18 45 $34 95 12 Paid Doct. Benson cash for medical attendance 13 Paid the following notes, with interest due thereon, in cash : Note favor S. Willard $360 do. P. Horton 800 $1160 Interest favor S. Willard s to date . . . $6 50 do. P. Horton s do. ... $34 40 $40 90 14 Pcjter Deshong has compromised for the payment of the amount due us @ 75 %. Received cash $90 Lost the balance 30 16 Received cash in full for the following notes and interest thereon : E. C. Bradford s $700 L. S. Bliss s 450 $1150 Interest on Bradford s $29 25 do. Bliss s 11 30 $40 55 189 ADMINISTRATOR S DAY BOOK. .AJbany, January IT, I860. Received Cash of OrlandD Warren, in full of % 400 18 Received Cash of the following persons it full of % : Abraham Cuyler $123 William Jones 15 20 Alex. Buttre 75 ^13 20 1 ( J 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 am now able to declare a dividend in favor of the heirs. By reference to their representative account, " Park s Estate," I discover their undivided net proceeds to be 7553 63 The dividend to the credit of each heir is as follows : Robert Park . . . $151072 James Park, Jr 1510 72 Jennie Park 1510 73 John Watson, guardian for the heirs of William Park deceased 1510 73 Elizabeth Dewitt 151073 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 Stock account in indi vidual 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 name-s of these separate heirs, as also their respective shares in the pro perty 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 dispensing with the general account, "Park s Estate." This process of reasoning will bring him safely to the right conclusion, viz. : that " Park s Estate" account merely repre sents 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 separate receipt and disbursement for all cash received and paid out, in transacting the business, \s 10. each of the heirs equally. "Park s Estate," in this sense, is precisely similar to "Capital Stock" account in a joint-stock association, representing the heirs precisely as " Capital Stock" account represents the undivided interests of all the separate stockholders; and the distribution which we now propose to make, based upon the net proceeds, ($7553.63), is exactly equivalent to a final dividend to stockholders. An entry might have been made, paying oft the heirs, and thereby closing up the accounts, but it is not deemed necessary, since it can be easily seen that the amount in bank (7323.63) is just sufficient to discharge these liabilities. This would probably be the condition of the Administrator * accounts at the time of rendering his statement to the Probate Judge. The student, should he so desire, may make the necessary entry for closing all the accounts, which would be simply to pay off each heir the h .lauce shown to be due in his or her account, by giving each a check on the Farmers Bank. 190 ADMINISTRATOR S JOURNAL. .Albany, January 2, 18GO. FIRST METHOD. Sundries Dr. To Park s Estate . . . 575 400 1-20 000 75 2450 70 575 3000 250 1500 250 2223 235 235 1250 1250 83 67 55 S3 83 0616 250 400 375 250 1100 38 * 235 235 75 000 75 1250 50 55 83 83 C as h SECOND METHOD. ifame as first. THIRD METHOD. Cash Dr. To Park s Estate . . . FIRST METHOD. Park s Estate Dr To Sundries W. D. Packard . . . E. M. Hale . . . Charles Williams . . Bills Payable . . . Interest Payable . . . SECOND METHOD. J$ame as first. THIKD METHOD. No entry 3 FIRST METHOD. SECOND METHOD. Park s Estate Dr. To Cash ...... THIRD METHOD. Same as second. 4 FrasT METHOD. James Monroe . . . Edward Gurney . . . James Truman . . . SECOND METHOD. Same as first. THIRD METHOD. Cash Dr. To Park s Estate . . . 150G1 71 || 15061 71 ii 191 ADMINISTRATOR S JOURNAL. .Albany, January 5, 18GO. FIRST METHOD. Cash Dr. To Farming Implements . SECOND MKTIIOD. Sundries Dr. To Fanning Implements . Cash ... . . 500 Virt 500 575 7 r * THIRD METHOD. Cash Dr. To Park s Estate . . . 6 500 500 FIRST METHOD. Sundries Dr. To Cash . .... 100 225 75 50 SECOND METHOD. Same as first. THIRD METHOD. Same as first. ..,.. ,. 7 FIRST METHOD. Sundries Dr. To Park s Estate . . . *>13 2C j 1 5 >0 7S SECOND METHOD. Same as first. THIRD METHOD. Vo entry. o FIRST METHOD. 109^ W. D. Packard E M Hale 400 "7r; O.\A SECOND METHOD. Same as first. THIRD METHOD. Park s Estate Dr. To Cash mo*; AOR 40(i3 40G3 2 192 ADMINISTRATOR S JOURNAL. Albany, Jaimary 1O 5 18GO. .,...-. . i ; r- -_-. k FIRST METHOD. Cash Dr. To Live Stock .... SECOND METHOD. Cash Dr. To Sundries 3500 Q^OO 3500 Live Stock .... Park s Estate . . . THIRD METHOD. Cash Dr. To Park s Estate . . . 11 3500 3000 500 3500 FIRST METHOD. Cash Dr. To Sundries 1334 95 Bills Receivable Interest Receivable SECOND METHOD. Cash Dr. To Sundries i i^j. <i- 1300 34 9 Bills Receivable . Interest Receivable* Park s Estate TPIED METHOD. Cash Dr. To Park s Estate . . . 12 1334 05 1300 33 1 1334 a & FIRST METHOD. expense Dr. To Cash az. (K SECOND METHOD. Park s Estate Dr. To Cash ft** O fi^ THIRD METHOD. Same as second. 13 FIRST METHOD. Sundries Dr. To Cash 1 OAA ru Bills Payable i i t f\ 1UU V Interest Payable I loll At\ (1, V SECOND METHOD. Sundries Dr. To Cash 4U ;. < 1 OAA < ii Bills Payable IZOO 1M Interest Payablef lloU JQ Park s Estate 03 .>.) oa 17030 Go 17036 ft , _ - , _ -, -.. ! * Tliis account was originally debited with the real value of Interest due on Notes, and is now credited with that value; the excess ($1.05) 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 equixl force to this entry. 13 193 ADMINISTRATOR S JOURNAL. .Albany, Jaimary 13, I860. THIRD MKTHOD. Park s Estate Dr. To Cash ( QO MO 14 FIRST METHOD. Sundries Dr. To Peter Deshong . . . Cash 120 SECOND METHOD. Sundries Dr. To Peter Deshong . . . Cash oV 120 Park s Estate 5*0 THIRD METHOD. Cash Dr. To Park s Estate . . . 16 ou 90 90 FIRST METHOD. Cash Dr. To Sundries I 1 AA re Bills Receivable . Interest Receivable . . SECOND METHOD. Cash Dr. To Sundries 11 JO OO K.K. 11,50 40 55 Bills Receivable . . Interest Receivable Park s Estate . . . THIRD METHOD. Cash Dr. To Park s Estate . . . 17 I IVO 1190 OO 55 ] 1 50 37 2 1190 (57 55 FIRST METHOD. Cash Dr. To Orlando Warren . . SECOND METHOD. Same as first. THIRD METHOD. Cash Dr. To Park s Estate . . is . 400 400 400 400 " FIRST METHOD. Cash Dr. To Sundries Abram Cuyler . . . William Jones . Alex. Buttre . . . 213 20 123 15 75 20 0115 55 6115 M 1 194 ADMINISTRATOR S JOURNAL. -A-lbany, January 18, 18GO. Same as fir at. Cash Expense Park s Estate Same as second. Farmers Bank Snme as first. Same as first. Park s Estate Same as first. Same as first. SECOND METHOD. THIRD METHOD. Dr. To Park s Estate FIRST METHOD. Dr. To Cash SECOND METHOD. Dr. To Cash THIRD METHOD. 20 FIRST METHOD. Dr. To Cash . . . . SECOND METHOD. THIRD METHOD. 2 1 FIRST METHOD. Dr. To Sundries . . . Robert Park . . James Park, Jr. . Jennie Park . . John Watson Elizabeth Dewitt SECOND METHOD. THIRD METHOD. 213 20 213 20 150 150 150 150 5828 G3 5828 3 7553 1510 72 1510 72 1510 73 1510 73 1510 73 13895 46 13895 46 195 ADMINISTRATOR S LEDGER. Dr. PARK S ESTATE. First Or. Blethod. Dr. INTEREST RECEIVABLE. Cr. Jan. 2 20 20 20 20 21 2223 30 450 2 75 7553 55 35 63 Jan. 2 7 20 20 9616 213 4 500 50 20 83 10334 53 10334 53 Dr. CASH. Cr. Jan. i 2 4 5 10 11 14 16; 17 18 250 1250, 500 3500 1334 90 1190 400 213 i 83 95 2d Jan. t t < " 3 6 9 12| 19 20 235 225 1025 65 1200 150 5828 90 63 53 8729 53)1 8729 Dr. JAMES MONROE. Cr. Jan. 2 57H Jan, I 4 575 Dr. ORLANDO WARREN. Cr. Jan. 2 4od Jan. H 40C Dr. PETER DESFIONG. Cr. Jan. 2 120 Jan. 14 120 Dr. EDWARD GURNET. Cr. Jan. 2 60CJ Jan. 4 600 Dr. JAMES TRUMAN. Cr. Jan. 2 7J \ 83 Jan. 4 7i 83 Dr. BILLS RECEIVABLE. Cr. Jan, 2 245( i Jan. H S 130 115 2451 1 245 1 Jan. 2 80 70! 4 67 88 50 Jan. 11 16 34 M 40 55 75 50 Dr. W. D. PACKARD. Cr. Jan. 9 400! Jan. 2 i 400 Dr. E. M. HALE. Cr. Jan. 9 375 Jan. 2 875 1 Dr. CHARLES WILLIAMS. Cr. Jan. 9 250 Jan. 2 250 Dr. FARMING IMPLEMENTS. Cr Jan. 675 Jan. ft 6 30 500 675 "1 Dt. BILLS PAYABLE. Cr. Jan. IS 116CJ Jan. 2 116CJ Dr. ROBERT PARK. Cr Jan. Dr 6 ii Ji 100 Jan. 21 1510 75 JAMES PARK, JR. Cr. Jan. Dt _j_ Jan. STOCK j 1M(| 7< LIVE CV. Jan. 2 80 300C 600 Jan. 1C > 8500 S50( 8500 Dr. EXPENSE. Cr. Jan. u 8 15 n 281 61 15( Jan. 460 460 450 196 ADMINISTRATORS LEDGER First Method Continued. Dr. INTEREST PAYABLE. Cr. Dr. JENNIE PARK. Cr. Jan. 13 -""40" 90 Jan. V *0 38 a 55 fif> 90 - Jan. 6 50 jl Jan. 2 1 ! 1510 73 40 90 | 40 Dr. ABRAM CUTLER. Cr. Dr. WILLIAM JONES. Cr. Jan. 1 123 Jan. 18 123 Jan. 1 15 20 Jan. 18 15 20 Dr. FARMERS BANK. Cr. Dr. ALEX. BUTTRE. Cr. Jail. 2T 20 1500 5828 63 Jan. 7 75 ii Jan. 1 8 i 75 20 Dr. Loss AND GAIN. Cr. Jan. 14 30 ii Jan, 2 Dr. JOHN WATSON. Cr. Dr. ELIZABETH DEWITT. Cr. Jan. _.... 1510 73 |! II Jan. 2 1 1510 73 Second Method. Dr. PARK S ESTATE. Cr. Dr. INTEREST RECEIVABLE. Cr. /07k 2 2223 55 Jan. 2 9616 50 3 235 " 7 213 20 5 75 " 10 500 12 G5 14 11 1 95 13 2 35 " 16 2 88 14 30 19 150 j 21 7553 G3 10334 53 . 10334 53 Ur. CASH. Or. Jan. 2 250 Jan. 3 235 " 4 1250 83 " 6 225 " 5 500 " 9 1025 " 10 3500 12 65 ii 11 1334 95 11 13 1200 90 ii 14 90 M 19 i 150 it 16 1190 55 il 20 j 6828 G3 ti 17 i 400 ii 18 213 20 8729 53 8729 53 1 Dr. JAMES MOXROE. Cr. Jan. 2 575 ii Jan. * 575 197 Jan. 2 70 67 6T Jan. it 11 16 33 37 07 Gl 70 Dr. W. D. PACKARD. Cr. Jan. 9 400 Jan. 2 400 Dr. E. M. HALE. Cr 2 375 1 Jan. 9 || 375 Jan. Dr. CHARLES WILLIAMS. Cr 250 Jan. 9 250 Jan. 2 Dr. FARMING IMPLEMENTS. Cr. Jan. 2 675 Jan. 5 ! 575 ADMINISTRATOR S LEDGER. Second Metkod- Dr. ORLANDO WARREN. Cr. Continued. Dr. BILLS PAYABLE. Or. Jan. 21 j 400 Jan. 400 Dr. PETER DESHONG. Or. Jan. 2 120 1 Jan. 4 120 Dr. EDWARD GURNEY. Cr. Jan. 2 | 600 ! Jan. 4 600 Dr. JAMES TRUMAN. Cr. Jan. 2 75 83 Jan. 41 1 75 83 Dr. BILLS RECEIVABLE. Or. Jan. 2 2450 Jan. u 11 16 1300 1150 2450 2450 Dr. INTEREST PAYABLE. Cr. Jan. 13 38 55 Jan. 2 38 55 Dr. ABRAM CUTLER. Cr. Jan. 1 123 1 Jan. 18 123 Dr. FARMERS BANK. Cr. Jan. 21 1500 20 5828 63 Dr. JOHN WATSON. Cr. Jan. 21 1510 73 Jan. 13 1160 Jan. \ 2 1160 Dr. ROBERT PARK. Cr. Jan. 6 100 Jan. 21 1510 72 Dr. JAMES PARK, JR. Cr. Jan. 6 75 Jan. 21 1510 72 Dr. LIVE STOCK. Cr. Jan. 2 3000 Jan. 10 3000 Dr. JENNIE PARK. Cr. Jan. 6 50 Jan. 21 1510 73 Dr. WILLIAM JONES. Ct Jan. 7 15 20 Jan. 18 15 20 Dr. ALEX. BUTTRE. Or. Jan. 75 Jan. 18 75 Dr. ELIZABETH DEAVITT. Ct. I Jan. 21 1510 1 "(3 198 CASH STATEMENT, INVOLVING ALL THE ENTRIES IN THE "THIRD METHOD. Jan. 2 3 4 5 6 9 10 11 12 13 14 1C 17 18 19 20 250 675 600 "1 83 50 45 25 30 20 75 150 10 100 75 50 400 375 250 65 3G6 834 150 5 e28 5C 40 >>s Livery Bill, Carriages for Funeral . . Roc d ou Persona] Accounts, viz. : James Monroe j 3500 516 818 90 729 461 400 123 18 Jas. Park. Jr E M Hale . .... Chas. Williams Received on Notes, viz. : Robert Paton ..... $500 00 Interest on same . ... 16 . r iO Chas. Pettingill .... $800 00 Interest on same . ... is !,"> Paid the following notes : S. Willard $36000 Interest on same ... (i ;>" P Horton .... $800 00 Interest . M !<> Received on Notes, viz. : E. C. Bradford .... $70000 Interest on same ... 2! 2f> L S Bliss $450 00 Interest on same . ... 11 30 Roc d of Warren, in full of account 75 8729 f 53 8729 53 199 EXERCISES FOE THE LEA E NEB. EXERCISES FOR THE LEARNER. NOTE. The following Narrative comprises a series of transactions in a, regular Produce Business, designed to be written up iu a manner similar to the previous set. In this case the proprietor is, his own agent, and the business is conducted for his owu benelit. He thus occupies a double relation to the business, viz.: us 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 tho 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 Cain account, when it occurs, and from thf-nce 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 losse-, ar.d 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, $10 Bo t of James E. Jenkins, for cash, 700 Hush. Oats, 60* Sold John J. Anderson, on his note 10 ds., 300 Bbls. Flour, $10- r -> Sold Frederick Win tie, for cash, 200 Bush. Oats, 75*. 2. P>o t of W. A. Miller, for cash, 300 Bbls. Toronto Mills Flour, $10 Paid cash for Store Expenses, $75 Sold Thos. C. Latto, on /, 100 Bbls. Gencsee Flour, $11 Bo t of Samuel Martin, for cash, 1000 Bush. Corn, 65*. 3. Sold James E. Day, on %, 300 Bush. Oat<, & 78* Bo t of Edward C. Rice, for cash, 3000 Bush. Milwaukee Club "Wheat, $1 Sold Henry C. Spencer, for cash, 500 Bush. Corn, 73"?. 4. Bo t of John McMullen, on %, 4000 Bush. Chicago Spring Wheat, 85* Sold G. Bailey, for cash, 1500 Bush. Milwaukee Club Wheat, l i Sold II. P. Pen-in, for cash, 200 Bbls. Toronto Mills Floi.r, 811 ^ Received Cash of Thos. C. Latto, in full of %, $ . 5. Paid II. 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, $1 20. 6. Sold Henry Eaton, for cash, 2000 Bush. Chicago Spring Wheat, GO* Sold James Conner, for cash, 200 Bush. Oats, 75*. 7. Sold Philip Kearney, for cash, 100 Bbls. Genesee Flour, $10 ~ s ; 100 Bbls. Toronto Mills Flour, $11. 10. Paid J. MfMullen, cash in full of %, $ Sold J. Simpson, for cash, 2000 Bush. Chicago Spring Wheat, @ 92* ; 500 Bush. Corn, 75*. 12. Sold J. Ilollister, for cash, 2000 Bushe s Rye, GO* Received Cash in full for John J. Anderson s note of the 1st inst., 6 Received Cash of Jas. E. Day in fill of "/c, 8 Paid IT. R. Munger, Cash in full of %, $ . Statement at Closing. Cash on hand . . . . .... 11269 Capital at commencing $10000 Net Gain 1209 11269 | 11269 11269 200 COMMISSION: EMBRACING, AS PRINCIPAL AND AUXILIARY BOOKS, RECEIVING BOOK, SALES BOOK, CASH BOOK, JOURNAL AND LEDGER; TOGETHER WITH THE MOST PRACTICAL, FORMS IN USE. REPRESENTING BUSINESS AS IT OCCURS IN TIRST CLASS COMMISSION HOUSES. COMMISSION. COMMISSION. A COMMISSION MERCHANT is an ageut for the sale of property consigned to nis care, and is expected to care* fully consult the interests of his consignors. He should not be interested in the purchase or sale of articles sim ilar 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, unless the article "5 \ieh os is usually sold on time, or the consignor has authorized time to be given. A departure fr^^ these cstrietions will render the consignee liable for any damage which may result. He may, in fact, require pay ment to be made before delivery of the property sold, and should do so where any doubt exists as to the business integrity ot 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 " Consign ments," "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 Merchants are those illustrated in this set. Then- 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 freight due, and usually the receipts of the Transportation Agent for freights paid. This is a purely auxiliary book, the essential facts which it contains being properly classified in other books, and from thence posted to the Ledger. THE SALES BOOK is the book of principal record for the Commission Merchant. It embraces the 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 the consignment accounts; and although, 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 shown. 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 ditTereut 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 complete, from the fact that some 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 delay 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 fail 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 f a Trial Balance.) We cannot, therefore, as in the Sales Book connected with Set V., foot up the sales at the nd of the month, carrying the amount to the credit of the Sales %, 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 %. 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 entiy, thereby rendering it difficult to check the work iu case the Ledger does not balance. The trouble from this source however, should not discourage the accountant, b -.t 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 uot extended into the regular money column, ia posted to the credit of Sales account, and the difficulty in checking is avoided. 202 COMMISSION. 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 oal, and the entry complete. Sales % is then debited, and the several items making the total, credited ; preserving, thereby, the necessary equilibrium. The entries in the Cash column of the credit side are also made in the Cash Book, and posted from thence at the end of each mouth, being balanced by an equal amount of cash which is included in the cash total. It is uot deemed necessary to have a separate column for Cash on the debit side of the Sales Book, from the fact that there would generally be but one item to enter in it from each consignment, viz.. the amount paid for Transportation. We have therefore made a neutralizing entry of this amount, crediting Transportation from the Sales Book, and debiting it from the Cash Book, after the method indicated in the second paragraph on p. 129. THE CASH BOOK 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 satisfac tory. This feature is one which we would commend to the careful attention of the student. The NARRATIVE OF TRANSACTIONS preceding the books of entry should be carefully studied, and all the entries made therefrom, instead of copying them from the books themselves. We briefly indicate the order of entry. The first regular transaction of the 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 the Bill of Lading the name of the vessel, railroad, or other mode of transportation, and all the essential facts as to the quantity and kind of property, by whom forwarded, at what date, on whose account to be sold, the charges accrued, etc. Careful attention should be given to the quantity and condition of the property, to see that it cor? responds with the Bill of Lading, and if it varies in either particular, the facts should be noted immediately on the Receiving Book, that reference may be had to it in the final settlement Upon paying the freight, a receipt is token (generally in the Receiving Book), and the amount entered to Transportation %. 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, suoh as Storage, Insurance, Commission, etc., will be entered as the} r occur. When the property is all disposed of, these charges, of course, are to be deducted from the gross amount of the sale, and the "net proceeds" placed to the credit, or made subject to the order of the owner. The cash paid for freight ($93.50) must, of course, be entered in the Cash Book, and as "Transportation" % is credited in the Sales Book, it will now be debited iu the Cash Book, the amount being carried to that special column, and included iu the total at the end of the month. It will be readily seen that the entries thus made in the Transportation Account must cancel or neutralize each other. The use of such accounts becomes necessary where conflicting entries are made from different books. Iu this case, the account is something better than a mere necessity, as it shows the amount we have paid ou Transportation. This set is designed to give the student a practical idea of the best method of keeping Commission Books as practised in the first Commission Houses along the great central thoroughfare, extending from the Atlantic to t.ie Mississippi, liiis and the Forwarding t>et which follows are made up iroin transactions, furnished Ly Mr. II. B. TuriLE, of Cleveland, to whom we are indebted for most of the ai rangement, and the practical huiii touching tho customs in this department of trade. The first two months transactions are entered up in detail in the 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 meu. 203 COMMISSION. 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 theu account The brands are as follows: 440 bbls. "Monroe Mills Extra," 85 bbls. "Summit Mills," and 25 bbla. " A. Potter." Paid Canal Freight, lit 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, 1 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, @ 8.12, 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 <f per bbl. in Cash. (R. B.; S. B. ; C. 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<f "Wetmore s Const. (S. B.; C. B.) Sold Gaylord & Co. 30 bbls. Linseed Oil, 1200 gallons, 92<f same Const (S. B.) Received of P. Anderson, Gush for Bill of Flour of 12th inst (C. B.) 15. Sold, for Cash, 100 bbls. "Monroe Extra" Flour, Monroe Mills Co. s Const., $8. (S. B.; C. B.) Also 5 bbls. Linseed Oil H. Wetmore s Const 201 gals. 95 <F. (S. B ; C. B.) 17. Received, per C. C. & C. R. R., from New London Station, for % J. II. Luther, Ashland, 0., 100 bbls. " Ashland Mills" Flour; paid R, R. digs, 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 12lh 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 (% $7.75. (S. B.) - - - - Closed Monroe Mills Co. s Const., and rendered them % sales of the same. Our chnrgea (aside from Transportation, already entered) are as follows : Storage, $13.50; Insurance, $10.72; Commission, 2$-$ on total sales, $107.19; :\et proceeds credited to Monroe Mills Co. (S. B.) \ 18. Rec d Cash of Gaylord & Co. for amount of their bill of 14th inst. (C. B.) - - - - Sold for Cash, 55 bbls. Linseed Oil IT. Wetmore s Const 2200 gals. 90? (S. B. ; C. B.) 19. Paid Cash for II. 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. L;ivinia (J.). 21. Rec d Cash of A. M. Perry & Co., for amt. of bill of 17th inst. (C. B,) Paid Cash for Monroa Mills Co s. sight draft on mo, favor H. B. Hurlbut, Cashr., $2000. (C. B.) 24. Closed H. Wetmore s Consignment, and rendered him an % Sales of the same: Our digs, (aside from Transportation, already entered) are as follows: Storage, $8; Insurance, $9.14; Cooperage, $2.50; Commission, $91.40. Net Proceeds to be credited to H. Wetmore. (S. B.) 25. Rec d, per Boat "Cataract" from Haughcy & Byers, Newark, 0., for % of Consignors, 1915 bush. Wheat. Paid Freight in Cash, SJf per bush. (R. B. ; S. B. ; C. B.) Also per Boat " C. Delano," from same parties, and for their %, 200G 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 largo enough to cover nil 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 aufrequently realizing a small margin of gain in this wny. t Nearly all Cash sales to regular customers are made in this way, the hills 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. J It is proper that a Consignment account In tho S;iles Book be closed immediately upon disposing of the property. In lug case, although the last sale was effected on the 15th, the account is not closed until the 17th, the date of payment of the two hills 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 th unonnt, it being in tho hands of his agent, the consignee. 204 COMMISSION. Cnpt. the market price of $1.20 per bush.;* also paid Freight on the 2000 bush., as per Bill of Lading, (R. B. ; S. B. ; C. B.) Sold C. Iliekox, 1915 bush. Wheat Ilaughey & 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 II. Wctmore s sight draft for K. Comstock, Cashr., $2200. (C. B.) Closed J. IT. 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.f (S. B. ; C. B.) 27. Rco d, per Steamer "Ocean," from C. A. Trowbridge, Detroit, for % of Thos. Paxton, 100 bbls. White Fish ; paid Freight, 124? per bbL (R. B.; S. B. ; C. B.) - - - - Rec d. per Schr. Lavinia, from Ames & Merriain, Oswogo, (May 19) 600 bbls. Water Lime, for % of H. M. Ames. Freight, 18? per bbl., credited Schr. Lavinia. (R. B. ; S. B. ; J.) 29. Ree d. per Str. "Ocean," from C. A. Trowbridge, Detroit, for % of Thos. Paxton, 100 hf. bbls. Fish. Paid Freight, 6]? per hf. bbl. (R. B.; S. B. ; C. B.) Accepted Thos. Puxton s draft, dated 24th hist., 1 month from date, for $10004 (J.) 30. Rec d Casli of C. Iliekox 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 Ilaughey & Byers Consignment, and rendered them an % Sales. Our charges (aside from Transportation already entered) are as follows: Commission, If per bush., $39.21 Net Proceeds to credit of TIaughey k 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; II. Wetmore, $1104; J. H. Luther, $775; Ilaughey & Byers, $4705.20: Total, 9946.70. | June 2. Sold Gordon, McMillan & Co., @ 10 ds., from Paxton s Const., 51 bbls. White Fish, $8 ; 82 hC bbls. do., $4.25. (S. B.) Sold Hubby, Hughes & Co., from Ames Const., 300 bbls. Water Lime, $1.25. (S B.) Drew on H. Wetmore for balance of %, $00.32.[ (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 bills. Flour, " Plienix Mills." Paid Freight, 14? per bbl., $35 ; Drayage, $6.25. (R. B. ; S. B. ; C. B.) Sold Bradburu & Fisher, from Ames Const., 300 bbls. Water Lime, $1.25 (S. B.) 6. Sold Gordon, McMillan & Co., from Paxton s Const., 49 bbls. Inspected Fish, $5, and 19 hf. bbls. same, $2.75. (S. B.) Rec d., per C. C. & C. R, R., for ",{ 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, 2J? per bbl., $12.50. (R. B. ; S. B.; C. B.) * Tin 1 master of a vessel, boat, or other public vehicle, is hold responsible for the safe delivery of goods as entered on hie Hill of 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 .he owners. + In ordinary eases, 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 Hook, 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 "roMi the Sales Rook, and debit him for the remittance from the Cash Book. t Tt is customary fnr consignors to draw against their consignments, making the draft payable far enough ahead to allow tlu> consi^ne/e 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. I If the student will carefully examine his Sales Rook, 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 Lodger at this time, or to post the sepr.ra .e sales when thi ji are closed out, always keeping in mind that, in the latter case, there will be a deficit ncy in his Trial Balance of the amount of credit sales unposted. T Business houses do the most of their collecting through the Bank where their deposits are made. As this is a sight drnft, and will be paid on presentation, we deposit it the same as cash The Bank will of course send it on immediately for collection. Wu keep no Bank account in our Ledger, reckoning the amount on deposit as cash. 205 COMMISSION. 8. Paid Cnsli for Haughey & Byers sight draft, favor of H. B. Hurlbut, Cashr., $2116.07. Also, pei their order, remitted to R. Mead & Co., N. Y., $2198.95. Exchange on above, \% prem., $ 10.99.* (C. B.) Sold for Cash, from J. B. "Wood s Const., 200 bbls. "Phenix Mills" Flour, $8.20; and 50 bbls. do., $8.25. (3. B. ; C. B.) Rec d, per C. C. & C. R. R-, from Baldwin & Payne, Franklin, Ind., 200 bbls. "Pearl Mills" Flour, and 50 do. " Fine" Flour. Paid Freight to Union, 36<f per bbl. ; from Union to Cleveland, 40? per bbl. ; Total Freight, $190; Drayage, 2|?, $G.25. (R. B.; S. B.; C. B.) Rec d, per C. & P. R. R., for % of J. B. Woods, Akron, 0., 50 sacks Wool, 7500 Ibs. Paid Freight, 1 Of per 100 Ibs., $7.50; Drayage, 5 loads, @ 25?, $125. (R. B. ; S. B. ; C. B.) Rec d, from Boat "Tornado," for % of H. Meek, Coshocton, 0., 200 kegs Butter, 22,410 Ibs. Paid Freight, @ 18? per 100 Ibs., $40.34. (R. B. ; S. B. ; C. B.) Sold N. Sack- rider, from Baldwin & Payne s Const., 500 bbls. "Pearl Mills" Flour, $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 : Storage, $7.50; Insurance, $2; Commission, 1\% on $2052.50 $51.31. Net Proceeds to credit of J. 13. Woods. (S. B.) 9. Rec d Cash of Hubby, Hughes & Co. for bill of Water Lime, of 2d inst. (C. B.) - - - - Paid Cooperage, 83. (C. B.) 12. Rec d Cash of Bradburn & Fisher for bill of Water Lime, of 5th inst. (C. B.) Rec d Cash of Gor don, 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. Woods, $1500. (C. B.) Closed Ames Const, and rendered % Sales of same. Our charges, not already entered, are as follows: Storage, 8? per bbl., $48; Insurance, $1.50; Cooperage, $3; Commission, 12|f per bbl. on 600 bbls., $75. Net Proceeds to credit of H. M. Ames. (S. B.) Remitted H. M. Ames, for his net proceeds above, my sight draft on N. Sackrider, Ogdensburg, N. Y. (J.) Closed Baldwin & Payne Const., of June 6, and rendered % Sales of same. Our charges, not already entered, are, for our Comrnia* eions, @ 15? per bbl. on 500 bbls. Flour, $75. Net Proceeds to credit of Baldwin & Payne. (S. B.) Accepted II. Meek s draft of June 9th, 2 months from date, for $1500, payable at Commercial Bank. (J.) 15. Ree d, per Boat "S. Miller," from Monroe Mills Co., for % of Shipper, 544 bbls. Flour, of the following brands: 400 bbls. "Monroe Extra/ 125 bbls. "Summit Mills," and 19 bbls. "A Potter." Paid Freight, 16? per bbl., $87.04. 10 bbls. Wet; Damage appraised and deducted, $10.f (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, Noshport, 0., of June 12, for % of W. Lynn & Co., 120 pieces Bacon, 3204 Ibs. Paid Freight, 18? per 100, $5.76. (R. B. ; S. B. ; C. B.) 18. Rec d, per Schooner "Lavinia," from Ames & Merriam, Oswego, of June 11, for % of H. M. Ames, 500 bbls. Water-Lime ; Freight, 18? per bbl., credited Schr. " Lavinia." (R. B. ; S. B. ; J.) Also, per same vessel from H. C. Wright, Oswego, for % of Shipper, 250 bbls. Coarse Salt, and 1000 bbls. Fine Salt; Freight 15? per bbl., credited Schr. " Lavinia." (R. B. ; S. B. ; J.) 19. Procured cargo for Schr. " Lavinia," freight amounting to $1425, for which we charge her, as per agreement, 5 (J.) Sold for Cash, from J. B. Woods Const., 50 sacks Wool, 7250 Ibs., 35?. (S. B. ; C. B.) Closed J. B. Wood 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. Meeks const., 50 kegs Butter, 5100 Ibs. 18?. (S. B.: C. B.) Received, per Schr. " Mar- quette," from Hinckley & Handy, Chicago, for % of Shippers, 14,000 bush. Oats, stored in Erie Warehouse. Paid Freight, 5? per bushel. (R. B. ; S. B. ; C. B.) Paid J. B. Woods, Cash to balance %< $2892.85. (C. B.) Sold Gordon, McMillan & Co., from H. M. Ames Const., 500 bbls. Water Lime, $1.20. (S. B.) - - - - Sold R. T. Lyou, on his note, 30 ds., from H. C. Wright s Const, 250 bbls. Coarse Salt, $2, and 1000 bbls Fine do., $1.50. (S. B.) 20. Closed II. M. Ames Const, of June 19, and rendered % Sales of the same. Our Charges not already posted are: Commission, 12^? 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 H. C. Wright s Const., and rendered % Sales of the same. Our charges not already entered, are: Commission on 1250 bbls. * Unless otherwise agreed, the net proceeds of sales on commission are payable in the currency of the place where the sales are effected. To send money to New York, which will be current there, we are obli :ed to pay i per ct. premium, and, as this is done at the request of the consignor, the premium is as mnch chargeable to him as the face of the draft. t As the carrier engages to deliver property in "good condition," he is responsible for any damage which m.iy accrue through his neglect. The amount of damuge, 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, Gt, $75. Net Proceeds credited H. 0. 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 Com. Mut. Ins. Co.; Policy No. 3210; paid premium on same, $10.50.f (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 posied are: Inspection, $57.50; Storage, $13.05; Insurance, $2.50; Commission, 1\% 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 $oOOO Paid Premium, $25. (J. ; C. B.) 30. Rec d. of Gordon, McMillan & Co., Cash to balance %. (C. B.) - - - - Paid Warehouseman s wages thia month, $25; also, for extra labor, $6.50. (C. B.) Paid H. G. 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 from Cash Book, as follows: Thos. Paxton, $1053.75; II. M. Ames, $750; do., $COO; Bald win & Payne, $3750 ; II. C. Wright, $2000. Total, $8153.75. MEMORANDA OF TRANSACTIONS TO BE WRITTEN UP BY THE STUDENT. July 2. Rec d, per Boat "Eagle," from R. M. Ashley, Cuyahoga Falls, 100 Bbls. Whiskey, for % of W. Deming & 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 Monroe Mills Co. s Const., 400 Bbls. " Monroe Extra " Flour, <& $8.30; 19 Bbls. A. Potter Fine Flour, & $5: from Baldwin & Payne s Const., 200 Bbls. Pearl Mills Flour, @ $8.00 ; 50 do. Pearl Mills Fine Flour, $4.90. 3. Sold for Cash, from H. Meek s Const., 100 Kegs Butter, 9120^ n*. .... Roc d, per Schooner "Coral." from Randall & Gilbert, Oswego, 8000 Bags Dairy Salt, ea. 20 . ; 5000 do., ea, 14 D>. Paid Freight on same, 1 15 vons, $2.00 per ton. 5. Sold A. M. Perry & Co., from Monroe Mills Co. s Const, 125 Bbls. Summit Mills Flour, @ $7.50. Bo t for H. Meek, per his order, and paid Cash, Invoice of Mdse. amounting to $815.50, for which I charge him Commission @ 2-J- % - - - - Rec d, per C. C. & C. R. R., from New Orleans, via Cincinnati, for % Reynolds, Ely & Co., Chicago, 100 Hilda. Sugar. Paid Freight on same, $825 ; Drayage. $25. - - - - Sold for Cash, from Randall & Gilbert s Const., 3000 Bags 20 Salt, 13? ; 1000 do. 14 Salt, 10*. - - - - Rec d Cash of P. Anderson on % of Bill of Flour of 2d inst., $341 5. 6. Sold for Cash, from Randall & Gilbert s Const, 5000 Bags 20 n> Salt, 12?; 4000 do. 14 H> Salt, 10*. - - - - Rec d Cash of P. Anderson, for balance of BUI of Flour of 2d inst, $1845. - - - - Closed Randall & Gilbert s Const, and rendered them % Sales of same. Our charges not already entered, are Commission on Sales ($1490), 5#. Net proceeds to credit of Randall & Gilbert - - - - Sold Randall & Gilbert, from Hinckley & Handy s Const, 14,000 Bush. Oats, 40*. - - - - Rec d Cash of Randall k Gilbert to balance %, $4414.50. - - - - Closed Hinckley & Handy s Const., and rendered them % Sales. Our Charges, not already posted, are, Interest on Advance Freight, $700, for 17 ds., 6 , $1.98 ; Insurance, $10.50; Storage, Erie Warehouse bill, $140; Commission, 1* per Bush., $140. Net proceeds credited Ilinckley & Handy. * As this sale was made on time, at the Instance of the consignor, he must wait for the net proceeds due him until the not* matures. t The plan of keeping a " Memorandum" account in the Ledger, after the mnnner of the one shown in this connection, is most admirable, and its general adoption in business would go far towards remedying the countless evils which grow out of a tnjacher- ous memory. J There are two ways of making this entry: one, to be made entirely from the Cash Book, crediting Cash for the whole amount ($17:17.50), and debiting it for the Interest ($10.62); and the other to be divided between the Cash Book nnd Journal, debiting the pnrty. nnd crediting Cash from the Cash-IJook with the net amount pnid (^IT^B.S 1 ?), and debiting the party, and crediting Intert from the Journal for the abatement ($10.02). We prefer, and have adopted the former. 207 COMMISSION. 10. Rec d Cash of A. M. Perry & Co., for Bill of Flour of 5th inst., $9?,7.50. .... Sold for Cash from TV. Lynn & Co. s Const., 120 PCS. Bacon, 3190 B>.. @ 9<f. .... Paid Cash for Hinckley s sight draft on us for $4007.52. .... Paid Cash for Erie Warehouse Bill of Storage. $140. - - - - Closed Monroe Mills Co. s Con signment, 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 A Payne s Const., and rendered them % Sales. Our charges not already entered are, Interest on Advance Freight, 79*; Storage, $7.50; Insurance, $4.G1 ; Commission, $37.50. Net Proceeds to Baldwin & Payne s credit, $1598.35. 12. Paid Monroe Mills Co. Cash to balance %, $4139.45. - - - - Closed TV. Lynn & Co. s Const, and ren- ed them % Sales of same. Our charges uot already entered are, Commission, 5. including Storage and Insurance, $14.35. Net proceeds to their credit, $206.99. - - - - Purchased of Bradburn & Fisher, for Baldwin & Payne, as per order of the 10th inst., Invoice of Groceries, amounting to $1260. Charged 2-J- % for my Commission. ---- Sold TV. Lynn & Co., from Reynolds, Ely & Co. s Const., 2 llhds. Selected Sugar, 2160ft., 81 15. Sold Bradburn & Fisher (@ 4 mos.), from Reynolds, Ely & Co. s Const, 50 Hhds. Sugar, 49,500 ft., If. - - - 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 II. Meek s Const., 50 Kegs Butter, 5090 ft., 17 16. Rec d from Bradburu & Fisher, to balance %, their note, dated June 15, 4 mos., for $3465, payable at Merchants Bank. - - - - Closed IT. Meek s Const., and rendered % Sales of same. Our charges not already entered are, Commission (5 # including Storage and Insurance), $107.95. Net proceeds to H. Meek s credit 19. Paid Bradburn & Fisher Cash for Bill of Groceiios of 12th inst., 1260. - - - - Received by Teams from Ethan Allen Twinsburg, on % of Ailing & Co., 119 Boxes Cheese. Transportation Chgs. paid by Consignor. 22. Rec d Cash for R. T. Lyon s note, due this day, $2000. 26. Sold Reynolds, Ely Co., from Ailing & Co. s Const., 119 Boxes Cheese, 4284 ft., 9$ ; also, purchased for them bill of Cheese, amounting to $1982, for Cash; my commission for purchasing, 1\ $, $49.55. - - - - Closed Ailing & Co. s Const, and rendered them % Sales. Our charges are for Commission, 5 , $19.28. Net Proceeds to credit of Ailing & Co. 29. Sold for Cash, from Schr. Marquette and Owner s Const., 250 Bbls. Fine Salt, $1.80. - - - - Paid Cash for Ailing & 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 ft., 7^? ; also, from Schr. Marquette and Owner s Const, 250 Bbls. Salt, $1.80. - - - - Sold Gordon, McM. & Co., from Reynolds, Ely & Co. s Const, 33 Hhds. Sugar, 28,215 ft., 6|t. ..... Rec d, per Schr. Lavinia, from Crawford & Co., Ogdcnsbnrg, for % 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. Marquettc s Const, and rendered % 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 II. 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 duo him on current %.--- Paid Cash for draft on New York, and premium, and remitted same to II. Daw & Son, Buffalo, per order and for a / c of H. Meek. Face of draft, $814.43 ; premium, $11.25. Memorandum. Have this day discontinued business. Disposed of my lease to Colcman & Co., to have- possession Aug. 1, and who take office furniture 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 Marquelte, $450; Allinjr <fe Co., $385.56. Tt is customary for Commission Merchants to advanc.e 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 tho Consignor with interest 208 COMMISSION. August 1. Rec d Cash of Gordon, McMillan & Co., for balance of $, $190-1.51. - - Rec d Cash of J. B. Woods, for Bill of Sundries, 29th ult., $1411.87. - - - - Charged Coleman & Co., for Office Furniture, $2C8, loss 5 %, $254.60; for sundry articles Stationery, $2.80. - - - - Closed Reynolds, Ely & Co. s Const, and rendered a /c Sales of the same. Our charges not already entered are, Interest ou Freight advanced, $3.56; Storage v $37.50; Insurance, $10.84; Commission, $162.60. Net Proceeds 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 .t Co. s Const., 150 Tons Pig Iron, @ $40, for which they are to pay charges already accrued in Cash, balance in six mouths. 4. Rec d Cash for freight, $25, and storage, $10, on 100 Bbls. Whiskey, stored July 2, for W. Doming & Co., and now forwarded by their order to Buffalo. - - - - Rec d Cash of Carpenter, Geary & Co., on % of Pig Metal purchased 3d inst, $758.90 ; also their note, dated Aug. 3, 6 mos., to the order Hammond & Co., for $5241.10. .... Closed Hammond & Co. s Const., and rendered them % 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 a / c 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 %. Face of draft, $2952.31; Premium, $14.76. The following balances are carried to Loss and Gain %, viz. : Delils, Furniture, $13..40; Expense, $291.90 Credits, Insurance, $10.47; Commissions, $1855.30; Storage, $261.87; Interest, $66.75. Statement of Business at Closing. >_, 8424 09 340t> 11889 09 10000 1889 09 11889 09 NOTE. The natural order for the books of this set would be : 1. KECEIVIXG BOOK; 2. SALES BOOK; 3. CASH BOOK; 4. JOURNAL; 5. LEDGER. An economical use of space has made it necessary to plac 3 the Journal Jii-nt. However, as each book is distinct by itself, the Order of preference is a matter of little importance. 14 JOURNAL COMMISSION. Cleveland, May 19, 1861. 24 SCHR. LAVINIA To COMMISSION .... 42 50 7 For procuring Cargo of Freight, of $850 @ 5% 42 50 28 - 4 TRANSPORTATION To SCHR. LAVINIA . . . 108 24 For Freight of 600 Bbls. "Water Lime from Oswego, @ 18 1 ? . 108 29- 15 THOS. PAXTON To BILLS PAYABLE . . . 1000 1 3 For acceptance of dft. of May 24, favor R. Ganson, @ 1 month from date (payable at our office, June 27) ! 1000 The above dft. is made against 100 Bbls. and 100 Hf. Bbls. Fish, received on Consignment. 31 - 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. S. B. Folio 1, $3362.50 H. Wetmore ...... " "2, 1104 J. H. Luther " "3, 775 9 " Kaughey & Byers . . . . " "4, 4705.20 $9946.70 June 12 - 31 II. M. AAIES To N. SACKKIDER . . . 514 50 30 For my draft on Snckrider remitted to Ames for proceeds of Water Lime, as per % Sales 514 50 i H. MEEK To BILLS PAYABLE . || 1500 1 3 For acceptance of draft of June 9, @ 2 months from uate, payable @ Commercial Bk., Aug. 12 1500 I O lo 4 TRANSPORTATION To SCIIR. LAVINIA . . . 277 50 For Frt. of 500 Bbls. "Water Lime, @ 18<f $90 24 " " " 1250 " " " " 187.50 277 50 - 19- 24 SCIIR. LAVINTA To COMMISSION .... 71 25 7 For procuring Freight, of $1425 @ 5% 71 25 n 35 Mem. Procured Insurance on 14000 Bush. Oats stored in Erie "Ware 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 llome Ins. Co. of N. Y. Policy No. 2G41. Mem. The following are the Sales on % for the month : Thos. Paxton S. B. Folio 5, $1053.75 H. M. Ames " "6, 1350 Baldwin & Payne " "8, 3750 9 H. C. Wright " "11, 2000 $8188.75 3513 75 3513 75 RECEIVING BOOK. Cleveland, Ohio, May 12, 1861. 1861 May 12 Canal Boat "S. Miller." From "Monroe Mills Co.," May 10. % MONROE MlLLS Co. ; 440 Bbls. Flour, "Monroe Mills Extra." 85 " " "Summit Mills." Care H. B. TUTTLE, ! 25 " " "A. Potter." 550 Canal Fit. 17$ ^ BbL . . Rec d Frt. May 12, ELI SHERMAN. Cleveland, 0. 13 Canal Boat "Cuyahoga." From R. M. Ashley, CuyaKa falls, May 11. % HENRY WETMORE. 100 Bbls. Linseed Oil . . 35,00on> Frt. 37|f V Bbl. Ovyahoga Falls. Rec d Frt. May 13, ISAAC LEWIS. 93 17 C. C. & C. Bail Koad. From Ifeia London. of J. H. LuTUER. | 100 Bbls. Flour, "Ashland Mills." R. R. charges ...... 22 47 37 Ashland, 0. 25 Chrirm\s paii I per Iliveipt. Canal Boat " Cataract." From Ilaughey & B jers, Newark, 0.,May 19. < HAUGHEY & BYERS, 1915 Bush. Wheat. Freight 8<? V Bush Rec d Frt. May 26, S. S\VEEKART, Capt Newark, 0. 26 % of Shippers. 27 Canal Boat "C. Delano." From Haughey & By era, Newark, 0., JfaylT. 2000 Bush. Wheat Canal Frt. 8<P V Bush. . . . 24 50 ?n!es. Fol. 1. Ful. 2. Fol. 3 170 Fui. -t Rec d in full, W. WILSON, Master. Fi.!. -I. % THOS. PAXTOX, Detroit, Jfich. Steamer "Ocean." From C. A. Trowbridge, Detroit, May 28. 100 Bbla. White Fish. Lake Frt. I2$t BbL ... Rec d Frt. May 27, Y. MCDONALD, Clk. 211 I Fol. 5. 2 RECEIVING BOOK. Cleveland, OMo, May 27, 1861. 18G1 Schooner "Lavinia." May 27 From Ames <t JUerrfam, Oswego, 3Iay 19. % H. M. AMES, 600 Bbls. Water Lime. Frt. 18? IP Bbl ins Sales. Oswego, N. T. Credited Schr. Lavinia, May 28. J.UO 1 ol. 6. u 29 Steamer "Ocean." From C. A. Trowbridge, Detroit, May 2S. % THOS. PAXTON, 100 Hf. Bbls. White Fish. Detroit, Mich, Lake Frt. 6? V Bbl 6 25 Sales, l- ol. 5. Eec d Frt. May 29, V. MCDONALD, Clk. June 5 C. & P. Rail Road. From, Akron, Ohio. % J. B. WOODS, 250 Bbls. Flour, "Phoenix Mills." Frt. 14? Bbl ?5 Akron, 0. G 25 41 or Sales. * *-* Charges paid per Receipt. Fol. 7. M 6 C. C. & C. Rail Road. From Baldwin <fc Payne, Franklin, Ind. - % BALDWIN & PAYNE, 500 Bbls. Flour, "Pearl Mills." FranUin, 2nd. Frt. to Union, 36? 3P Bbl. . . " from " 40? " " . . . 180 200 Drayage, 2^ " " . . . 12 so ; 092 no i Sa!os. i, 1 .. i u Charges paid per Receipt. I 1 O.. o. 8 Same. % of Same. 200 Bbls. Flour, "Poarl Mills." 60 " " "Fine." 250 E. R Frt. to Union, 3G . 90 " " Cleve^ 40? . 100 (5 25 inn )!"; Qnlna iyo .<-> .11 1 vii. Fol. 8. U t( C. & P. Rail Road. From Akron, OMo. % of J. B. WOODS, 50 Sacks Wool, 7600& E, R, Frt. 10? V 100 . . . . 7 50 Akron, 0. 1 25 8 .. Sa e<. ( t) Fol. 7. Paid per Receipt. 212 RECEIVING BOOK. Cleveland, Oliio, Jiane 9, 1861. 1861 June 9 % II. MEEK, Canal Boat "Tornado." From R. W. Thompson^ Itoscoe, June 3. 200 Kogs Butter .... 22,410tt Frt. I8f V 100 40 OosJwcton, 0, Kec d Freight, R. WELSH. j M 15 % of Shippers. Canal Boat " S. Miller." From Alonroe 3Rlls Co., June 13. 400 Bbls. Flour, " Monroe Mills Extra." 125 " " " Summit Mills." 19 " " "A. Potter." 644 Canal Frt. 16<? BbL . . 10 Bbls. vrct; Damngc appraised and deducted . .... 87 10 04 77 Roc d in full, ELI SHERMAN. f( 16 % W. LYNN & Co., Canal Boat "Beacon." From A. F. Claypoole, Nashport, June 13. 120 Pieces Bacon .... 3204tt Frt. 18<? V 100 Rec d Freight, J. M. TEH ETCK. 1C 18 % ofH. M.AMES, Schooner "Lavinia." From Ames <fc Merriam, Oswego, June 10. 600 Bbls. Water Lime. Frt. 18* V BbL on H u % of Shippers. Same Vessel. From H. C. Wriyht, Oswego, June 11. 250 Bbls. Coarse Salt. 1000 " Fine " 1250 Lake Frt 15$ V BbL . . Credited Schr. Lavinia, June 19. C. C. 187 U 19 % of Shippers. Stored with F. fiurnham in Erie Warehouse. Schooner " Marquette." From ninckley A Bandy \ Chicago, June 11. 14,000 Bush. Oats. Lake Frt 5* V Bush. .... Rec d Freight, June 21, E. DAT, Master. ., 700 34 Sales. Fol. a Sales ioi. a Sales. Tol.10 Sales. ri. G. Fol. 12 SALES iMIills Oo (Akron, o.) 1861 May 12 17 June Boat S. Miller 15 Boat S. Miller Bill. EH*, mil. , : Jftxn* Summit \A.Pot r Extra Mil/i Pint flour. flour. flour. 440 85 25 Transp., 17$ BbL 4 93 50 Storage, of 450 Bbla. 8 13 50 Insurance, \% 6 10 72 Commission, 2|- % 7 107 19 224 91 Net Proceeds to Cr. May 17 22 4062 59 440 85 25 9 4287 50 400 125 19 Transp., $87.04; deduct $10 77 04 Henry "Wetmore ( Cuyahoga Falls, 1861 May 13 Boat Cuyahoga " 124; M!,. . - Lin teed Oil. 100 Transp., 37^ f Bbl. 4 37 50 Storage S 8 Insurance G 9 14 Expense (Cooperage) ;! 2 50 Commission, 2 % 7 91 46 148 60 Net Proceeds, averaging as ) cash, May 18, J 21 3509 68 100 9 3058 28 3 J. H. V 1861 May u u u 17 24 it 11 C. C. & C. K R. Bo!,. Atki d Mill, Flour. 100 Transp. Storage, 31 > BbL Insurance, Commission, 2 j jtf Net Proceeds to Cr. May 24 4 8 7 Cj 24 3 1 19 97 94 37 49 725 775 28 72 00 100 4 Heuiigliey <3c- I Byers (Newari k t 0.) 1861 May u u M 25 26 u 30 Boat Cataract " 0. Delano *. Wkeat. 1915 2000 6 over Transp., 8|<P Bush. Do. do. Paid Capt. & chgd. Consgrs. Commission, If ^ Bush. Net Proceeds to Cr. May 31 4 4 2G j 8 162 170 39 78 21 371 4333 99 21 3921 ===== 4705 20 -i 211 BOOK. 3Vonroe Co. BJ i. 3f f telra flour. Bh t. Summit Miflt Fw*r. Bk t. A. rut fin, Flour. LF. On Accc-unt. Oui. r :u.. isci May 12 P. Anderson 300 $8 If) 2400 " A. M. Perry & Co. 40 " Si- Ifi 325 13 H. Steller 85 " 7* 17 637 50 u " Casli 25 " 5 125 n 15 ti 100 " 8 800 440 85 25 3362 50 f J-. 5 4287 50 Henry "Vv^etmore. li:,*eid 1861 Oil. May 14 Cash 10 403 Gala. 95* 382 85 u u Gavlord 4 Co. 30 1200 " 92? 18 1104 " 15 Cash 5 201 " 95* 191 43 1C 18 55 2200 " 90* 1980 100 1104 2554 28 3G58 28 J. H. HiTitner. 3 1861 May 17 A. M. Perry !!!: ,. AiV*d Millt Flour. $7 75 16 775 775 100 100 775 <Sz> Byers. 1861 May 25 C. Fickox Harvey & Witt 1915 2006 $1 20 19 20 3921 2298 2407 20 4705 20 4705 20 215 SALES 5 TllOS. 3Pa,XtOH. (Detroit, Mich) Bbll. Bf.B!,. if. 1861 May 27 Steamer Ocean 100 Transp., 1 2i? V BbL 4 12 50 1 " 29 Do. 100 Do. 6 " 4 6 25 June 3 27 (On Inspection) over 1 Inspection Storage, 8? & 5? 5 8 57 13 50 05 1 Insurance on $1000 6 2 50 u a Commission, 1^% 7 26 34 : 118 14 ^ u Net Proceeds to Cr. June 12 25 :j 935 61 = 100 101 9 1053 75 IVf. .A.mes. (Oswego.N.Y) Water 1861 Lime. llav 27 Schr. Lavinia 600 Transp., 18? IP Bbl. 4 102 June 9 Expense (Cooperage) 3 3 " VI Storage, 8? V Bbl. 8 48 u " Insurance 6 1 50 u u Commission, 12? V BbL 7 75 ! 235 50 u " Net Proceeds to Cr. June 12 31 514 50 COO 9 750 June 18 Schr. Lavinia 500 Transp., 18? V Bbl. 4 90 " 20 Commission, 12^? 3P Bbl. 7 62 50 152 50 it u Net Proceeds to Cr. June 20 31 447 50 9 GOO BV,. Phtnix Sacla i 1861 Flow. June 5 C. & P. R. R. 250 Transp. 4 41 25 u 8 Storage 8 7 50 it u Insurance (> 2 i. u Commission, 1\% 51 31 102 06 u ii Net Proceeds to Cr. June 8 1950 44 14 u Same 50 Transp. 8 75 II 19 Storage 7 50 II u Insurance, \% (> 6 34 j II u Commission. 1 72 50 95 09 U u Net Proceeds to Cr. J une 19 n 2-142 41 250 50 9 4590 216 BOOK. Th.os. JS6/I, fuk. Bf.Blt. I M. LF. OnAtM M* I M. TifcO, 1861 June u u 2 6 Gordon, McM. & Co. u u 51 49 82 19 White F. $8 00 " a a 4 25 Trout " 5 00 " " 2 75 2!) ! 2-J ; 408 348 245 52 50 25 100 101 ! 1053 76 1053 75 c 1861 Kbit, WnttT I.-. . June u 2 6 Hubbj, Htighcs & Co. Bradburn & Fisher 300 300 $1 25 " 1 25 27 23 875 375 600 750 750 Juue 19 Gordon, McM. & Co. 500 Fm ves l, @$1 20 29 600 500 COO 600 L J. B. "Woods. 1861 June 8 Cash Oh. <* flow. ir.,. . 200 @$8 20 16-10 50 " 8 25 412 50 2052 50 50 7250 H> " 35$ 2537 60 2537 50 260 60 4590 4590 217 SALES 8 Bald-win && Fayne. (franklin, J<?.) Bhlt. Pearl fiour. SMi. fin, flour. 1861 June ii 6 12 C. C. & C. R. R. 500 Transp. Commission, 15$ Bbl. i 392 75 50 467 50 Net Proceeds to Cr. June 12 ?,2 3282 50 <! 8 500 9 3750 Juue 8 Same 200 50 Transp. 196 .I _" 25 . Ivdleek:. (Coshocton, 0.) 1861 June 19 Boat Tornado 200 Transp. i -- " 40 34 1 10 "W. Lynn <Sz> Co. (Nashport, 0.) 1861 June 6 Boat Beacon Piece* Bacon. Transp. 6 76 120 11 PI. C. "Weight. (Oswego, N. Y.) 1861 June in, ,. O^r,, 8a,t. r. ,,;. Fi,, Salt, 18 20 Schr. Laviuia 250 1000 Transp., 15f IP BbL Commission 4 7 187 75 50 262 bO Net Proceeds to Cr. June 20 3-1 1737 50 250 1000 As Cash, when note is due 9 2000 la I^inokley && Handy. (Chicago, in) 1 rj^tZ - , 1861 Oat*. June; 19 I Schr. Marquette ! 14000 Transp. 700 i / i 218 BOOK. Baldwin <3c- IPayne. 8 1861 /:,",. f ,irl fluur. m/t. Kn, Flowr. On Account. Caii. Tvtal, June 8 N. Sackridor 500 From Cars, $7 50 30 j 3750 3750 3750 3750 500 1861 June 19 Cash K:,!, Bulttr. 50 5100 ft @ 18^ 918 !! Lynn <Sz> Co. 10 KE. C. < W r right. 11 Shi,. W, .. t ..,- < 1861 &/(. &/<. June 19 Bills Receivable 250 R.T.Lvonn.Jn.19 ii n tt 1000 1 mafia- $2000 250 1000 2000 2000 2000 Hinckley Bittk. Oat. 2i CASH Cleveland, May, 1861. Receipts. 861 LR General. Sales. tfav 1 Cash) Dr To Sundries Capital Stock . . . Amt. Invested 1 10000 13 19*1 14 382 R^ u P. Anderson . . . . Bill of Floor, 12th inst 14 2400 15 ROD a 43 17 A. M. Perry & Co. . Bill of Flour, 12th inst .... 10 325 u H. Steller " " isth " .... 1 7 637 50 18 Gaylord & Co. . . . " Oil, 14th " .... 18 1104 u 1 QMO 21 A. M. Perry & Co. . Bill of Flour, 17th inst. .... 10 775 30 C. Hickox . . . . Wheat, 25th " .... 19 2298 u Harvey & Witt. . . " " 26th" . . 20 2407 20 3479 > 3479 *>8 Total Cash Received . ... 11 23425 98 / / 23425 98 220 BOOK. Cleveland, May, 1861.- -ID isbiirsements. 3(51 LF General Transp. Expenses. ay 1 l J t< Furniture . . . Office Furniture, per Bill . 2 38 3 9 05 a 230 4 Expense. . . . Sundry Items, per P. C. B. . 3 25 12 Transportation . Monroe Mills Co. s Const . 93 50 a Insurance . . . Prem. on $5000 .... 6 75 13 Transportation . H. TVetmore s Const . . . 37 50 17 " . J. II. Luther s " ... 24 97 19 II. Wetmore . . Paid st. dft. fav. A. Gray . 21 1400 21 Monroe Mills Co. " " " " H. B. Hurlbut 22 2000 25 Transportation . Haughey & Byers Const . 162 78 " U ti ( II 170 " Haughey & Byers 6 Bush, over Paid Capt . 26 7 20 u 2 50 26 II. Wetmore . . Paid st dft. fav. E. Comstock 21 2200 u J. II. Luther . . Remitted to Balance % . . 28 725 72 27 Transportation . Paxton s Const. .... 12 50 29 u 6 25 31 Inspection ... " " .... 5 57 50 u Expense. . . . Warehouseman s "Wages . . 25 u EXPENSE . . . Total for the Month . . . 3 40 70 40 70 u TRANSPORTATION. " "... 4 507 50 507 50 Total Cash Paid .... 11 7281 G2 Balance on hand .... 16144 36 23425 98 1 CASH Cleveland, June, 1861. Receipts. 1861 LF. General. Sales. June 2 H. Wetmore .... Dft. on him to Balance % . . . 21 90 32 8 Sales J. B. Woods Const 1640 " U H 412 50 i 9 Hubby, Hughes & Co. Bill of Water Lime, 2d inst . . 27 375 , 1 2 Bradburn & Fisher . sth inst. . . 28 375 " Gordon, McM. & Co. . " Fish, due this day ... 29 1053 75 " 1ST. Sackrider . . . . Dft. on him fav. T. P. Handy, Cash 30 3235 50 1 9 Sales J. B. Woods Const , . . . . 2537 50 30 " H. Meeka " .... 01 ft " Gordon. McM. & Co. .To Balance / n ...... OQ 600 u j Discount on H. C. Wright s %, ( $173750, 10# off at his request 10 10 62 u 5508 r. ,~ A q fin Total Cash received i: 11248 19 Balance on liand from May . . . 16144 36 / V 27392 55 \ BOOK. Cleveland, June, 1861.- -H) is"kmrse:ments. LF. General Transp. Expenses IbO 1 J unc I 5 Monroe Mills Co. . Pd. st. dft for T. P. Handy . 22 2002 59 1C Transportation . J. B. "Woods Const. . . . 41 25 6 " . Baldwin & Payne s do. . . 392 50 8 Haughey & Byers Pd. st. dft. for H. B. Hurlbut 20 2116 07 " . Remitted E. Mead & Co. . . 20 2198 95 u " . Exchange on above \ % . . 20 10 99 it Transportation . Baldwin & Payne s Const. . 196 25 u " . J. B. Woods " 8 75 9 " . H. Hecks " 40 34 it 3 12 J. B. "Woods . . Remitted J. A. Carlton . . 12 1500 15 Transportation . Monroe Mills Co. s Const. . n 04 16 Baldwin & Payne Remitted per Express . . 32 3282 50 u Transportation . W. Lynn & Co. s Const. . . 5 76 19 " . Hinkley & Handy s Const. . 700 u 12 2892 85 20 H. M. Ames . . Remitted dft. to N. T. . . 31 445 28 u " . Exchange on same \% . . 31 2 22 24 Insurance . .On Hinkley & Handy s Oats G 10 50 27 Bills Payable . . Accepted T. Paxton s Dft. . 13 1000 29 Insurance . . . Additional on Prop, in Store C 25 30 Expense . . . Warehouseman s Wages . . 25 u 6 50 (( II. C. Wright . . Amount due July 22 ... 34 1737 50 u EXPENSE . . . Total for the Month . . . 3 34 50 34 50 u TRANSPORTATIONS " "... 4 1461 SO 1461 89 Total Cash Paid .... 11 18780 84 Balance on hand .... 8011 71 27392 65 221 LEDGER, COMMISSION. Oa/pitaJL Stools. 1861 May 1 By Cash invested c. B. 1 10000 2 F nrnifu.re. 1861 May ii 1 3 To Sundries c. a " Safe O.B. 1 1 38 230 966 00 3 Expense. 1861 1861 May June 31 30 To Cash c. a " " O.B. 1 2 40 34 70 i; May 50 ! Juno 24 12 By TI."Wetmore s Const S.B. " H. M. Ames " an. 1 6 2 3 50 15 tO B 50 Transportation. 1861 \ I 1861 May 28 To Schr. Lavinia J. 1 108 May 17 By Monroe Mills Const, s. B. 1 93 no ii 31 " Cash 0. B. 1 607 50 i> 24 " Luther s " s. B. 3 24 97 June 18 " Schr. Lavinia J. 1 277 50 i it " Wetmore s " s. B. 2 37 50 it 30 " Cash O.B. 2 1461 89 " 30 " Haughey&B. s " s. B. 4 170 a 31 " Do. " s. B. 4 162 78 S3M 83 June 8 " J. B. Woods " s. H. 7 41 25 it 12 " H. M. Ames " S. B. 6 108 11 ii Baldwin & P. s " S. B. 892 no it 19 J. B. Woods " s. B. 7 8 75 tt it II. M. Ames " 8. B. Q 90 <i 20 H. C. Writrlit s " 8. B. 11 187 50 H 27 1 T. Paxton s, 12.50;6.25, s. B. 5 18 75 KS5 50 Inspection. 18G1 May 31 To Cash o. B. 1 67 50 1801 June 27 By Paxton s Const. s. B. : 2 ; i 67 5C (3 Insurance. 1861 1861 May 12 To Cash c. B. 1 75 May 17 By Monroe Mills Const. 8. B. 1 10 72 June 24 " " c. B. 2 10 60 H 24 Luther s " 8. B. 3 ! 1 94 it 29 " " o. a 2 25 H ii "Wetmore s " s. B. 2 9 14 June 8 J. B. Woods " s. a 7 2 110 (0 i< 12 H. M. Ames " 8. B. 6 1 50 ii 19 1 J. B. Woods " S. B. 7 6 :;4 ii 27 Paxtou a " 8. a 5 2 60 84 14 224 LEDGER, COMMISSION. ooramission. 7 1861 May 17 By Monroe- Mills Const, s. n. 1 107 151 " 19 " Sclir. Lavinia j. 1 4 -> - > u 24 " J. If. Luther s Const, s. n. 3 1!) :n 11 ii " Wotmore s " s. u. 2 91 , ii 30 " Haulier &B. S " S. 15. 4 39 _ June 8 " J. B Woods " s. B. 7 51 31 12 " H.M.Amos " s.u. 6 7."> u " " Baldwin & IVs " s. u. 8 7(5 II 19 " Sclir. Lavinia j. 1 71 25 ii u " J. B. Woods Const, s. n. 7 72 5 ) II 20 " II. M. Amos " s. it. 6 G2 50 ii " " ILC. Wright s " s u. 11 75 n 27 " Thos. Paxton s " s. B. 5 20 34 80S 3 Storage. 8 18G1 May 17 By Monroe Mills Const s. B. 1 13 50 u 24 " Luther s " s. B. 3 3 M ii " Wctmore s " S. K. 2 8 June 8 " J. B. Woods " s. B. 7 7 50 u 12 " H.M. Amos " s. B. 6 48 / 19 " J. B. Woods " S.B. 7 7 50 M 27 " Thos. Paxion s " S.B. 5 13 u., 100 U 186. May 17 To Monroe Mills Const. S. B. 1 : 42S7 24 J. II. Luther s 8. B. 3 775 11 H. Wetmore s S. B. 2 3G58 28 Haughey&B. s S.B. 4 4705 .Ii 10 12 H. M. Ames S.B. 6 750 u Baldwin & P. s S.B. 8 3750 19 J. B. Woods S. B. 7 4500 20 H. M. Ames S. B. 6 GOO " H. C. Wright s S. B. 11 : 2000 2? Thos. Paxton s S.B. 5 1053 *r.9 13 Sales 1861 50 May June Interest. Cash.. 1861 Mav 31 To Sundries this mo. c. B. 1 23425 98 Juno 30 " " " " C. B. 2 11 248 19 S40I IT 9 31 BvCnsh Sales C. n. 1 3479 28 " " Oilier J. j 9!>4G 70 30 " Cash Salos C. B. 2 5508 u " Other " J. 1 815:5 75 ro7 is 10 1861 June 30 By Cash c. B. 2 10 G2 11 1861 _. May Juno 31 30 By Sundries this ran. c. B. "" " " " C. B. R*I e 1 2 i 7281 18780 ea 81 15 225 LEDGER, COMMISSION. 3. B. "V^oods. 1861 1 1861 ~ June it 12 19 To Cash c. B. C. B. to to 1500 2892 85 | June u 8 19 By Net Proceeds s. B. " " " as. 7 1950 2442 44 41 II C.M 82 13 Bills IPsLya/ble. 1861 1861 . _.,. June 27 To Thos. Paxton s Dft. c. B. 2 1000 May June 29 12 By Thos. Paxton s Dft. j. " H. Meek s " j. 1 1 1000 1500 SK 00 14 Bills !R,eoeivible. 1S61 June To R. T. Lyon snote S.B. 11 2000 15 IP. .Anderson. 861 1 | 1861 May 12 To 300 Bbls. Flour a B. 1 2400 May 14 By Cash c. B. 1 2400 16 . Ivl. Ferry z> Co. 1 - -,, I - , . 18C1 1861 j May 12 To 40 Bbls. Flour S.B. 1 325 May 17 By Cash o. B. j 1 325 17 "100 " " S.B. 3 775 21 " " C.B. ! 1 | 775 j 17 Henry Steller. 18f5l May To 85 Bbls. Flour s. B. 1 637 50 1861 May 17 By Cash O.B. 1 637 18 Gray lord. <Sz> Co. City. 1861 May 14 To 30 Bbls. Li na Oil s. B. n 1861 | 1104 May 18 By Cash C. B. 1 1104 10 O. ISfil May 25 To 1915 Bush. "WTieat s. B. 4 2298 x. city. 1861 May 29 ! By Cash 0. B. 1 2298 LEDGER, COMMISSION. H survey <Sz> "Witt. City. 20 1861 Hay 26 To 200G Bush. Wheat S.B. 2407 1861 20 May By Cash k C.B. 1 2407 Henry "Vv^etmore. -Cuyaiwga Falls, 0. 21 1861 May 19 To paid your draft o. B. 1 1400 " 2G " Cash C.B. 1 2200 1861 May , 24 By Net Proceeds s. B. June 2 " Dft. on you o. B. 2 ,3509 2 90 iMIonroe ^Eills Oo. Akron, 0. 22 1861 May June 21 To paid your Draft o. B. 1861 1 12000 May 2 2062 59 17 : By Net Proceeds s. B. _L 4062 59 J. H. Horther. Ashland, 0. 23 1861 May 26 To Cash O.B. IP! 72 1861 May |24 By Net Proceeds a B. 725 72 Soh.r. 24 1861 May June 19 To Commissions 19 : 1 1861 j! j 1 I 71 125 :! June 18 3y Transportation J. J. SM W I 1 i 108 277 J60 Tlios. IPEixtoii. 25 1861 May 29 1861 To Bills Payable J. \ 1 j 1000 June 27 By Net Proceeds Fish, s. B. 5 935 61 <5c- Byers. Newark, 0. 26 1861 1861 May 26 To 6 Bush. Wheat, O.B. 1 ;! 7 20 May 30 By Net Proceeds a a 4 4333 21 June 18, " paid your draft C. B. 2 2116 07 u u u Cash, $2198.95 ; 10.99 a B. 2 2209 94 H!ii"b"by, IKiigh.es <Sz> Oo. City. 27 1861 June 1861 2 To 300 Bbls. Lime B.B. 6 375 Juno 9 By Cash 227 0.1 2 375 LEDGER, COMMISSION. I8G1 JULIO 5 To 300 Bbls. Lime 6. B. 6 375 1861 j June 12 By Cash c. B. i 2 1 i 375 G-ordon, IvIciMIillsin <Sz> Co. City. 1861 1861 June o To Bill of Fish s. B. 5 756 50 June 12 By Cash c. B. 1 1053 76 6 " " " " s. B. 5 297 25 ii it " " c. B. 2 600 ii 19 " " " Lime s. B. 6 600 1M3 7i 1M3 3O !M. SSLCXkrider. Ogdensburg, N. Y. 1861 1801 I June 8 To 500 Bbls. Flour S.B. 8 3750 June u 12 it By Dfl. fav. II. M. Amos J. " " " Handy c. B. 1 2 514 3235 50 60 3150 00 31 IrL. Oswego, N. T. 1861 1801 1 ; June 12 To Dft. on N. Sackrider J. 1 514 50 June 12 By Net Proceeds s. B. 6 ji 514 > . ,0 " 20 u ii ti X.Y.&Exch. C.B. 2 447 50 ii 20 " " " S.B. 6 1 447 60 i Baldwin <5z> Fsuyne. Franklin, Iml 1861 Juno 16 To Cash c. B. 2 3282 50 1861 June 12 By Net Proceeds s. B. 8 3282 50 33 Ivleek. Coshocton. 1861 June 12 To Bills Payable J. 1 1500 34 C Oswcgo, N. Y. 1861 June 30 To Cash c. B. 2 1737 50 1861 June 20 By Net Proceeds 8. B. 11 1737 50 35 lv emor a,nd.a,. 1861 Nov. 19 Insurance on Oats j. 1 u 29 Do. " Property j. 1 228 ACCOUNTS SALES. The following are presented as among the best forms for Accounts Sales. 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 Monroe Mills Co., Akron, O. Wi. M,mrot Extra. Btlt. Summit Mil/t. Bhlt. A.PPr t int. 1861 May ii it ii <i May 12 a 13 ii 15 12 300 40 100 440 85 85 25 @$8 " 8J " 7* " 5 " 8 2400 325 637 125 800 50 4287 224 50 91 A. M. Perry & Co H. Steller Cash ii 25 93 13 10 107 50 50 72 19 - CJicirges. Transportation, 550 Bbls., 17$ Storage of 450 Bbls., 3<t 40f>2 59 Account Sales of 100 Bbls. and 101 Hf. Bbls. Fish, per Str. " Ocean," for % and risk of Thos. Paxton, Detroit. BMt. Puk. TTf.R t. /*. 1SC1 June ? 51 $8 408 ii ii a ii 82 a 41 348 W) ii 6 ii ii 49 5* 245 ii ii ii ii 19 " 2J 52 25 1053 76 100 101 May 27 C/iarfjes. Transportation, 12J* per Bbl. ; 6|* per HC BbL . . 18 75 ii 57 50 June ?7 13 05 Insurance on $1000 2 50 20 34 118 14 935 eT 229 FOKWAKDING: EMBRACING RECEIVING BOOK, CASH BOOK, AND LEDGER, TOGETHLU WITH THE MOST APPROVE I) FOltMS OF WAREHOUSE RECEIPTS, BILLS OF LADING, ETC., WITH FULL INSTRUCTIONS CONCERNING THE DETAILS OF THE BUSINESS. FORWARDING. FOE WARDING, 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 aro 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, lie must have dockage and warehouse room, where property will be sale while in tranxilu, 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 elivcry to the proper parties in as good order and condition as when received (except for dL-cay of perishable articles, or for acts which their watchfulness could not have prevented), and this must be done without unneces sary 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 con dition delivered. The FORWARDER and the CARRIER has each a lien on the property while in his possession, for all neces- pary 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 br>en induced to part with possession by false and fraudulent representations, such delivery will not amount to a waiver of his lieu. So, also, a lien may be created and retained after deliv ery, 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: RECEIVING BOOK, WAREHOUSE DELIVERY, VESSEL DELIVERY, ) , . I at places where these respective modes KAIL ROAD DELIVERY, > .. I of transportation exist. CANAL DELIVERY. The RECEIVING 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 "bad 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 % ; 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 uot 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. Wo have selected the term " Charges" as being both brief and comprehensive. The credit side of Charges % 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 TV""" "" iV -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, nnd 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 Receiving Book, the Cash Book, and the Ledger. The Cash Book 232 FOEWAKDINO. contains nil tlio 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 present? at a glauce, the result of the business. To give the student as correct an idea ?iS possible of the regular routine of receiving and delivering goods, wo will take one transaction, and follow it carefully through all its entries. Let it be the first in order upon the Receiving Book, relating to the coffee received by the Propeller Cataract. The clerk of the propeller hands us a 3/L, of which the following (except the receipt across its face hi red ink) is an exact copy : Buffalo, N. Y, / 30, i yoacP otaei ancfi ive/i? conc/i/tanea , -6>/, THE AMERICAN TRANS- S <7 -M. -fai a / PORTATION COMPANY, a<f / / y / e-M, /o4. account ana 4i<f/i. of i a . **ye-t, MOW /voia *.n we t^/GiS of Buffalo, a)ic/ frounc/ e<z-ce/i/ea, f mau conce-Ln, Propeller Cataract, Duncan, tn we Cleveland, O., S/e fotfowt nv a-i/e c/cJ, / X / //" / ana tmtntieiect ad in we/ tnalptn, ancv w t/ o we aetivetea -en /t/e <saa(/ oiaei ana concMtan. ///le eumaeid 0/ / navtya*/ian. SikeJ ana * ff / / <S ae/a/y unfa Cleveland, O., they /ta^no Aet<?/&. i (/ i/ # tf ty\\ WttUflSlS Wltfltaf, //^ a<f fie*, maiytn, ai. So their aca / s </ zwe< -iS an on o/^ c/ / / / S /* S S a aec/e, one/ of u-^/uc/i t etnv aecft a> 4tdx of vetJet ancv #7 a<&*ne<6 un/a two s / /" acconi/iftj/te G. McM. & Co. GORDON , MCMILLAN & Co., M o 120 Ba^s Rij Coffee 14.460 Cleveland, 0. 13 c; c^ Freight Cegi N. T? to Cleveland . o . ^^ - P 1 Aw>T&nsp. Co., \* ~f ** ^ * f^per XELSON. 35 61 From this we copy, in our Receiving Book, enough of the exact words to express, and ever afterwards tn 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 men orandum of the quantity and marks is then made in the Tally Book of our dock clerk, who proceeds to note (vvbilo 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 si all preserve a voucher that it has properly delivered the property to us, wo acknowledge its receipt by writ .ng (with red ink generally) across the face of the Bill of Lading) "Rec d, May 1 1SG1, and paid freight, $50.61, L mint & Stratum," and return the B/L to the clerk. 233 FORWARDING. DELIVERY TO VESSELS. The 8 boat-loads of corn, received from Chill icothe, and consigned to H. Daw & Son, Buffalo, N. Y., must bo shipped by vessel For this purpose we bargain with the master of the Schr. Ironsides for freight of same to Buffalo, at 4 cents per bushel "We hand him our order ou the Erie Warehouse (where the corn was stored) for tlie quantity 5761 bushels. When he has received it ou board, we give him a bill of lading, as follows: o, BRYANT & STRATTON, , fa<i / / / y // c-f lAL/iGm ^i c/ S/e Schr. Ironsides, G-rover, jfyina. w we/ tyw/ a/ Cuyahoga, v v <r cie<4, mat/ied/ and/ eztttn.ve ied/ a<f <M we/ maiytn, aiid/ wAtc-n ate/ i/a vet ae*4V d/ CGiiat /tan., //Ae/ aanye-U Of nav-iy.a/tau. I aefau twi/a <&Gn<fty>iee<f aJ /let/ maiatn. oJ/ /& tlieir s </ / . </ BuSalo, they Aau^a /letaA/. /S </ <? S two <%};% / 9^ / ^ / // y / / ; i-SdttiJ G-f c^Caaitig!,, aec G* v/tt<f feno-i/ ana date, Gne/ Gf -i ff f ff ff - // / / / / ffi s / / / / X / / / J, ersie l ro tfifa.no/ vo-ict. C/-io/te-iv//, &n decA OP~, -tcdfi G/ vet<)e( atiO Gw>telJ. 7 / X II. DAW & SON, i 5761 Bushels Corn. Buffalo, N. Y. Freight to Cleveland For a / c of J. Madeira, Our charges Chillicothe, 0. 691 60 57 61 57 61 lade our Dft. at 3 days sight .... 806 82 jake Freight only, 4 1 ? per bush. BRYANT & STKATTON. 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 them. If the captain had been in possession of sufficient funds to have paid the charges on the corn, he might have done so, and collected them with his freights at Buffalo, but this not being the case, we draw on the for ihe charges, and the captain is to collect only his freight. 234 FORWARDING. WAREHOUSE DELIVERY. The party (Gordon, McMillan & Co.) to whom the coffee is destined being city residents, are notified of its arrival, 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. Tho written order of Gordon, McMillan & Co., retained by us, is our vouchci for its having been delivered to them ; but we may also require a more formal receipt, as in a form given below. "We may, if we choose, require payment of all charges accumulated before delivery, which would, in this instance, be the freight $50.61, and " our charges" for receiving, paying freight, storage, (if any,) and delivery, which charges vary in different 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 %, charges of G., McM. & Co ........... $50 61 Charges %, our charges, ................ 7 23 A common form of receipt for property delivered is as follows; , (ftfo, */ BRYANT & STBATTON, w acec/ otc/et, anc/ /lat c/ c/ataeJ S/fe-Uon. v S / </ Marks. Articles. Weight. Charges. G. McM. & Co. 120 Bags Rio Coffee 14.460 50 1 61 23 57 , , .. 84 Freight from N. T GORDON, MCMILLAN & Co. i They also require, from us, a receipt for the payment of the charges, which is usually in a form similar to the following : , bio, GORDON, MCMILLAN & co., < <?*/***&<, ., aiaeJ f Aegean. </ Maries. Articles. Weight. Charges. G. McM. & Co. 120 Bags Rio Coffee 14460 | 50 61 1 7 ?t Rec d in full, May 3, 57 84 BRYANT & STRATTON. i "We then note on the right-hand margin of our Receiving Book, and opposite to the entry of this property, "Warehouse Delivery, May 3," and the entire transaction is completed. Should any dispute hereafter arise relative to it, wo have preserved evidence throughout of our having prop- perly executed our duties. 235 FORWARDING-. DELIVERY TO RAIL ROADS. EXAMPLE. Goods for James Goodwin, Columbus, (see Receiving Book.) Form of Rail Road Bill of Lading. // BRYANT & STRATTON, <^ CLEVELAND, COLUMBUS, AND CINCINNATI RAIL ROAD, 4 /y / - / concttfton ancc ad con&anect. </ , /a fite. so 7300 10 Bales " 3.000 10.300 28 <*,{ 1 5 BRYAST & STEATTON. 35 24 A duplicate, in our book for R. R. delivery, is signed by the Receiving Clerk of the R. R. Co., which is pro- served as our voucher. The R. R. Co. pays the charges, on receipt of the goods, which amount is credited to the respective accounts. FORM FOR CANAL SHIPPING. Cleveland, Ohio,__. BRYANT & STRATTON, on rte /> . .. J // // / >V / / uwna a-teicfeJ, fa ve aettvclea tn f-cA-e/ oooa ctuet t tn oooa otaet, Sn&> // / / S /tcMf cfetau, 2311 FORWARDINO. 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, $5.682. The Propeller Cataract arrived, with B/L from the American Transportation Co., Buffalo dated April 30, of 120 bags Rio Coffee, to our care, for % of Gordon, McMillan & Co. (City), weight 14.460 Ib. Freight from N. Y. to Cleveland, 35? per 100 Ib. = $50.01. 2. The coffee landed in good order. Paid freight. - - - - Canal-boat America arrived with B/L of 1800 buslu corn, from Chillicothe, shipped by J. Madeira, April 24th, on his own %, and consigned to H. Daw & Son, Buf falo. Freight to Cleveland, 12$ per bush. By advices from the consignor, two other boat-loads are on the way, and all aro to arrive before we forward the corn from Cleveland, and special instruction is given to omit procur ing insurance. Ordered the corn into the Erie Warehouse. 3. Delivered Gordon, McMillan & Co. s coffee, and collected the charges thereon, as follows : Transportation, $50.61 ; our charges (credited to " Charges" %\ $7.23. Paid Boat America freight on corn, $216. Canal- boat Nautilus arrived with B/L of 2000 bush, corn from J. Madeira, April 25. Freight at 12? per bush. Ordered to Erie Warehouse. 4. Boat Nautilus unloaded, and falls short 2 bushels. Deducted the value of 2 bush, (at market price of 40? per bush.) from the freight ($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 12? per bush. Ordered to Erie Warehouse. Received this day the last of a lot of 1200 bars of R. R. iron, from Stone, Chis- holm & Jones (City), to be forwarded to the Chicago and North -Western R. R. Co., Chicago. Total weight, 403,200 Ib. 6. Boat Grenada unloaded, and overruns 3 bushels. Paid freight, $235.20, and for the 3 bush., at 40? per bush., $1.20. - - - - Propeller " Gov. Cushman" arrived from Dunkirk (N. Y. & Erie R. R. Co.), and landed goods for Brad bum & Fisher (City); weight, 44,935 Ib. 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. Cashman s freight on goods delivered yesterday, $157.27. Schr. Ironsides being loaded, gavo her B/L 5761 bush, corn, consigned to H. Daw & Sou, Buffalo, N. Y., for % of J. Madeira, Chilli cothe, freight to be collected by captain, at 4? per bushel. Made our draft on H. Daw & Son favor D. P. Eelis, Cashier, 3 days, for charges on the corn, as follows: Transportation (paid on the 3 boat-loads), $691.60; Stor age in Erie Warehouse, 1? per bush., $57.61 ; Do. (our charges), 1? per bush., $57. 61 =$806.82. Drew. Depos ited 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, New York. Paid R. R. freight, 15? ($150), and drayagc from depot, 2? per barrel = $20. 11. Shipped J. B. Woods flour, by Propeller Gov. Cushman, through to NPW York, by N. Y. & Erie R. R. Co., from Dunkirk, at 85? per bbl. Procured Lake Insurance thereon for $4500, in Etna Ins. Co., Carlton a Agency. Paid Insurance prem., $22.50. Received charges on the flour, as follows: Transportation, $170; Insurance, $22.50; Storage, $50. Received of Schr. Fanvell, from Oswego, 5tl. instant, 20 boxes and 10 bales goods for James Goodwin, Columbus, 0.; weight, 10,300 Ib. Freight 28? per 100 Ib. 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 Ib. Freight, N. Y. to Cleveland, 35? = $! 36.50. 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: Trausp., $91.50 ; our chgs., $19 50. 237 RECEIVING- BOOK. -Cleveland, May, 1861. 1 2 3 4 GORDON, MCMILLAN & Co., Cleveland, 0. Propeller " Cataract." From Am. Transp. Co., Buffalo, Apr. 30. 120 Bags Rio Coffee, .... 14,460B> Freight from N. Y. ... 35$ Rec d Freight, May 2, P. RIOHAKDS, Clerk. 60 216 240 61 80 50 216 239 236 For % of Shippers, H. DAW & SON, Buffalo, N. T. Stored in Erie Warehouse. Canal Boat "America." From J. jfadeira, Chillicothe, Apr. 24 1800 Bush. Com. Canal Frt. to Cleveland ... 12$ Ree d May 3, ISAAO LEWIS, Capt. Same as above. Stared in Erie Warehouse. Canal Boat " Nautilus." From J. Madeira, Chillicothe, Apr. 25. 2000 Bush. Corn. 2 Bush, short ; deduct 40? per Bu. Rec d In fall, May 4, JOHN MATTHEWS, Capt. 235 1 20 Same as above. Stored in Erie Warehouse. Canal Boat " G-renada." From J. Madeira, Chillicothe, Apr. 26. 960 Bush. Corn. 3 Rush, over: add 40f por Bu. Rec d In full, May 6, GEO. WATKBO, Capt CHICAGO & NORTH WEST ERN R. R. Co., Chicago. Stone, Chisholm & Jones. Cleveland, (By Team.) 1200 Bare T R. R. Iron . . . 403,200tt OOO 61 Delivered, B /L 127 127 I n /r. 127 , L, 128 RECEIVING BOOK. -Cleveland, May, 1801. 861 Jay 6 BRADBURV & FrsnER, Prop. "Gov. Cushman." N. Y. <L> E. R. R., Dunkirk, May 4. 20 Bbls. Syrup G.500a Cleveland, 0. 10 " Refined Sugar .... 2.600 20 " P R. " .... 2.000 85 Chests Tea 2.520 40 Hf. Chests Tea 1.410 5 Bbls. " 540 44.935B Frt. from N. Y., per Contract . . 35$ Rec d Frt., May 7, D. SCOTT, Master. 157 2t 157 27 Dfl! iV TcAf May :. 14 10 For % J. B. "Wooes, BRYANT, STRATTON & Cleve. & Pitts. B. B. Co. 1000 Bbls. Flour, " Beacon Mills, Extra." R. R. Frt. per Bbl., .... 15$ Pravn"-e frnm Depot 150 20 New York. Paid Chgs. May 10, per Receipts 170 : /L i II n JAMES GOODWIN, Schr. "Farwell." J. Fitzhugh, Oswego, May 5. 10 Bales " 3.000 Columbus, 0. lO.SOOtt Frt from N. Y. to Cleve. . 28$ Eec d, May 12, O. "W. JONES, Owner. 23 84 c. c * r. n. a MW it. M 18 GORDON, MCMILLAN & Co., Prop." Fountain City." Am. Transp. Co., Buffalo, May 16. 300 Bags Coffee 39.000W Cleveland, 0. Frt from N. Y. to Cleve. . . 85$ 13 Bags damn-eel Deduct as n-reed. Rec d in full, CHAS. Burrs, Clk. 136 4.J 50 91 IMivcrvdi May 17. 23* Cleveland, May, 1861. Pteoeipts. 1861 Transp. Charges. General. May 1 Amount on hand from Apr. 562 3 Transportation . Fit. Chgs. on 120 Bags Coffee . 50 ei Charges . . . Our " " " " . . 7 23 7 Transportation . Frt. Chgs. on 5761 Bush. Corn . 691 60 1C Charges . . . Storage paid Erie "Warehouse . . 57 61 (( . . . Our Storage on above Corn . . 57 61 (( Transportation . Frt. on Bradburn & Fisher s Goods 157 27 Charges . . . Our Charges on same .... 22 47 " ..." " " 1200 bars J Rail yc\i aO 11 Transportation . Frt. on 1000 Bbis. Flour . . . 170 u Insurance . . Ins. on same 22 50 (( Charges . . . Our Chgs. on same 50 13 Transportation . Frt. of C. & C. R. R. Co. . . 30 09 Charges . . . Our Chgs. on same . . 6 15 17 Transportation . Frt. on 300 Bags Coffee . . . 91 50 Charges . . . Our Chgs. on sam 19 50 Transportation, Total .... 1191 07 1191 07 Charges, " .... 421 17 421 17 7318 74 - ,. O4A BOOK. V- -!*- V ^J-otJ.ldj JA-Lci/Vj JLOvx-L. -1 x J.fc> UU.JL fcaSIil!! Lfc> 1861 Transp. Charges. General. May 2 Commercial B k Deposited 4500 Transportation . Freight, Prop. Cataract .... 50 61 3 . " Boat America .... 216 4 " . " " Nautilus. . . . 239 20 t) " . " " Grenada .... 236 40 7 Charges . . . Erie Warehouse, 5761 Bu. Corn . 57 61 (t . . . Extra Labor on R. R. Iron . . 21 15 u Transportation . Freight Prop. Gov. Cushman . . 157 27 11 Commercial B k Deposited Dft. on Daw & Son . 806 82 10 Transportation . Freight, Flour, C. <fe P. R. R. . . 150 * . Drayage to " . . 20 11 Insurance . . Prem. on 1000 Bbls. Flour . . . 22 50 rranspuriauon . Freight, Schr. Farwell .... 28 84 13 1 95 17 . Freight Prop. Fountain City . . 91 50 Transportation. Total 1191 07 1191 07 CJiarges, - .... 78 76 78 76 Balance on hand .... 717 5, 7310 74 I 4^, LED GER, FORWARDING. Stock. 1861 May 1 Amount Invested, r 1 K^* 1 5682 . Jjr. Cash.. (% 1861 May 17 Total for the month 1 7316 74 1861 May 17 Total for the month 6599 15 j}v. Transportation. Cr. 07 1861 May 17 Total for the month 1 1191 07 1861 May 17 Total for the month i 17.91 . ty. Cliar^ress. ] i tfr. 1861 May 17 Total for the month 1 78 76 1861 May 17 Total for the month 421 17 |Jf. Insurance. GO 18G1 May 11 Taid on 1000 Bbls Flour 1 22 50 1861 May 11 Refunded i 22 Ur. Commercial B ank. (r. 1861 May it 2 7 Deposited 14 1 1 4500 806 82 BANKING: EMBRACING, A3 PRINCIPAL BOOKS, DEBIT JOURNAL, CREDIT JOURNAL, AND GENERAL LEDGER ; A.N O A3 AUXILIA1UKS. DEPOSIT LEDGER, DISCOUNT REGISTER, COLLECTION REGISTER, DOMESTIC TICKLER, FOREIGN TICKLER, AND PASSED COLLECTIONS; WITH TOKiia OF CASH BOOK, STOCK LEDGER, TRANSFER BOOK, OFFERING BOOK, STATEMENT BOOK, ETC. (Tlje most npprobn) forms of % bnrioxis Junbs of $mrh I^Tjjrr. COMPRISING TWELVE DAYS 5 BUSINESS, REPRESENTING AS MANY MONTHS, AND EMBRACING A SUFFICIENT NUMBER AND VARIETY OF TRANSACTIONS TO FULLY ILLUS TRATE THE BUSINESS OF BANKING AS IT IS CONDUCTED IN THE GREAT MAJORITY OF BANKING INSTITUTIONS IN TIIK COUNTRY. BANKING. BANKING. THE business of BANKING is so inwoven in all our commercial relations, that any attempt to apply the prin ciples of Book-keeping to the specialties of trade which should ignore this department, or fail to make it prom inent, 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 Book keeping ; and after consulting many prominent bankers, and examining carefully the books of various banking institutions in our largo 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 largo 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, each establishment is spe cialized into departments, and the labor so divided as to give to each employe specific and monotonous duties. This can be clone, 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 em bracing 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 asssumo 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 establish ment, 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 BOOK-KEEPING, 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 corre spondence 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 BANK 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 con ducted, 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, b/ the fact that while the law in most states restricts the interest on loans to 6 or 7 per cent, per annum, the yjarly profits of many banking institutions exceed 12 per cent., while the majority of them are able to declaro annual dividends of from 7 to 10 percent. ; 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 t!)3 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 sev- 246 BANKING. eral states in which they aro located, and privileged, under certain restrictions, to receive money on deposit ; to loau 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 cur rency of the country. Private individuals or companies, however, may engage in the business of banking except that of issuing notes with no more restrictions or privileges than thoso 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 onlv the necessity of keeping a strict account with each dealer, but tho responsibility of having always on hand current funds with which to meet the drafts he is bound to pay upon presentation. Tho 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 tho bank to loan a portion of such funds at interest, thereby receiving compensation for tho trouble and responsibility attending depositors accounts. Tho original capital or stock of tho bank is also employed in this manner, tho 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. Tho advantages to a business man of keeping a bank account, can scarcely be overrated. They may be briefly enumerated as follows : 1. If tho bank be, in all respects, responsible, his money is safer than in his own hands. 2. Tho payment of bills by checks on his banker, besides being much more convenient, enables him to keep race 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 tho bank where his deposits are, he is saved the trouble and annoy ance of hunting them up at maturity ; and by depositing his bills receivable, ho throws tho trouble and respon sibility attending their collection upon his banker. 4. By doing his business through a bank, he acquires habits of promptness and order, which will render 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 . EXCHANGE. "Ranks located in tho interior usually keep funds on deposit at tho principal canters of trade, against wh ioh they draw in amounts to suit customers, charging therefor a certain percentage of premium, known as the "rato of exchange" between the two points. The amount of this promiu n is variable, and subject to contingencies which we have not space in this connection to discuss. Suffice to say, that when tho intrinsic value of the cur rency or " money of account" is tho 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 ba tho prepondoranco 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 tho 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 Exchango Brokers.f We have, nevertheless, incorporated tho feature in this set, as we desire to make tho instruction as co.nprehcnsivo as possible. 3. COLLECTION. The compbte system of corrospondenoo w lich banks aro forccl to put in practico and maintain, enables them with tho greatest facility to collect money falling due at various points. This they can afford to do for thoT regular dealers at a small charge independent of tho rate of exchange. For other collections they charge a small additional compensation, usually a porcentago on tho amount collected. * Perhaps OT no one Btibject do Political Economists diffjr mor:> widely th n th^t of Currency; and more pirtienlirly as to tin) causes which lead to flnctirition* in exchange. For a clear statement of the best points put forth by one class, we refer Ihe s udent to the article on " Exchange," in Bryant & Stratum s Commercial Arithmetic, by J. B. Mariam, Esq., Cashier of Cleveland City Bank. t In many of the states banks aro prohibited by law fro-n dealiig in uneurrent funda. 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 cur rency 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 per mitted 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 them selves. 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 specie 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 cir culation 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 per centage of its capital or circulation, which is invested in good securities and retained as a common fund for tho redemption of the notes of any insolvent contributing bank. The STOCK or "free banking" basis requires the bank to deposit in the State Department, State or United States stocks equal to its entire circulation, tho stocks to bo estimated not above their market value, and to bo made equal to stocks producing, in some states five, and in others six per cent, per annum. Tho interest on these stocks is paid over to the bank, unless they are permitted to run below the required standard ; but if tho bank refuses to redeem its notes, the notes may be protested, and the stocks said to meet tho 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 bo unencumbered and in a state of cultivation, and the mortgage not to exceed two-thirds of its appraised value. This is called tho "free banking" law, as it enables any person or association to engage in the business of banking who will conform to its reqiiirements ; no special act of legislature being necessary to confer a charter. It will be seen that any of the above systems secures to tho 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 tho interest on these stocks, while, at tho same time, it uses the notes in its regular business, thereby obtaining tho benefit of a double use of its capital.* Let us now briefly estimate the probable earnings of a bank under tho 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 tho amount upon which dividends aro paid. This capital can, of course, be used in the legitimate business of the bank, and should produce in tho 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 hanking business except that of issuing notes. A limited capital is invested in stocks, which being deposited with tho proper state officer, a corresponding is>sue 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 BO 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 tho "coun try 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 wo can s.ifely keep employed two-thirds of this amount at six per cent., the earnings from these sources alone will amount to 1 2 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 sub scribed, 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 tiu act of subscription. The stock holders 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 CJerk s office of the county where the bank is located. The final act of organization is the deposit in the State Depart ment 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 OP 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 tho 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. He should possess that happy equanimity of temperament which will guard him from inconsiderate action, 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 tho immediate supervision and direction of THE CASHIER, 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. lie is expacted to hold himself aloof from th3 petty schemes and private dutdfdujes of the friends of the institution. AlUiougli appointed by the Board of Directors, and subject to its control, he is more particularly the representative and trustee of the stockholders, and is so considered by them. It is his prerogitivd to guard the financial interests of the bank, and if necessary in the discharge of this sacred trust, he .017 authoritatively interpj.se betbre the acts of the Directors themselves. The duties aal responsibilities of a Cashier differ in different institutions In the smaller ones, known as "Country Bauks," In is the factotum ; often combining in his person the dignity an. I duties of the Board of Management wit a tin more onerous labors of Teller, Book-keeper, and subordinate clerk. In the larger metro politan nouses his duties are mare circumscribed, but not less important. Standing, as ho does, at the head of the operative faa^tious of tho bank, he is, in the greatest measure, responsible for the workings of its machinery. Being bi ought into im nediata contact with dealers, he is supposed to know all about their business and their standing. Conversant, botli with the theory and practice of financial operations his judgment is consulted in mittew inquiring 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 managerial; if unsuccessful, he can not escape his corresponding sharo of responsibility. If it is essential to tho continued prosperity of a bank that its chief officers should be capable and trustworthy, it is not tho less so that the more minute details of the business should be in charge of competent assistants. When tho business is such as will warrant tho employment of a special clerk for each department, the division of labor is somewhat as follows: THE FIRST, Oil PAYING TELLER pays out all monies, takes charge of tho vault and its contents, attends to the Clearing House exchanges, certi fies checks, iosues certificates of deposit, etc. His transactions are recorded in a book called the " Paying Teller s Cash Book, : or " Debit Journal." The latter title is given it from tho fact that all debits, except cash, which appear in tha Ledger are first entered here. The responsibilities attached to tho duties of this department are of the gravest nature, and call for a kind and degree of talent out of tho usual order. The frauds so continually practiced, in one way and another, upon banks; the froquent temptations presented for stopping a.side from the plain path of duty, and tho necessity of keeping constantly in mind the condition of dealers accounts, requires in the person having charge of bank dis bursements, keen perception, mature judgment, unfaltering memory, and incorruptible honesty. THE SECOND, OR RECEIVING TELLER receives all monies paid into tho bank, keeping a proper account of the same. His records are made in a book cdled 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 futility and correctness in counting money and adding columns of figures, as also a thorough familiarity with c irrency. The rapidity with which an accomplished Bank Teller will count money, is truly astonishing to the u:iinitiiit3(l; and tao ease and certainty with which ho will detect a spurious bank note, not tho less so. The duties of the Receiving Teller are sometimes divided between two clerks, called Deposit and Noto 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 piper oTerei for discount, as well as that which has been discounted. His records are made iu three different books: the " Offering Book," the " Discount Register," and tho Tickler." The Offering Book contains an alphabetical list of tho persons offering paper for discount, with a description of the paper, amount, collaterals, etc. This book, with tho offerings themselves, 13 submitted to tho Board at its regular meetings, where each offering is passed upoa, and the result noted by the Cashier opposite eacli name, the letter "A" sig nifying " Accepted," and the letter "R," "Rejected." If it is deemed best to refer an} of the offerings to some member of fie Board or to the Cashier with power to act, upon sufficient information, tho abbreviation " Ref " will pro;>?rly designate such. The book and papers are returned to tho Disconnt Clerk, who immediately pro- cojds to t,r inscribe the accepted paper in tho Discount Register, and Tickler; the ono containing a description of each bill discounted, numbered in proper order, and the other exhibiting, in the most convenient form for refer ence, the date of its maturity. The discounted paper is properly filed, and remains in the custody of the Dis count 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. Tho rejected paper is, of course, returned to the owners. 250 BANKING. THE BOOK-KEEPBR has chargo of the Ledgers, of which there are two, one containing depositors accounts only, and the other the gjneral accounts of the business. The depositors in sotnj banks are so numerous as to require two or three Ledgers, with a sjp irate clerk for each. NVlien such is the casj, tho alplubjt is divided sj as to apportion the names properly, giving each Lodger its duo share. Very littb knowledge of tlu principles of Book-keeping in necessary to transcribe the facts connected with dapositors accounts; but the utmost correctness and prompt ness will bj found essential. To b3 able, at a moment s notico, to give the standing of any one of five hundred dealers requires not only quick discernment and a retentive nninory, but ordjr 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 thoir Book-keepers. The duties connected with tlu General Ledger are more divor.qfi >1, anl require a better knowledge of the Science of Accounts. "When this book ij kept by a separate clerk lu i.s called THE GENERAL BOOK-KEEPER. The itemi which make up th3 accounts in the General Ledgjr are taken from the Tellers Journals, where they are arranged with a view to the prop ;r d -bits and credits. One important item in the duties of the General Book-keeper is to keep the accounts with corresponding banks, charging tlnn w.t!i notes sent for collection when such notes are paid and crediting th-.-m 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 Trans fer Books, and is obliged to render periodical statements of the current condition of the business, for the informa tion 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 gen eral condition of its affairs. Besides the clerks already enumerated, who may proporly be styled heads of departments, most largo banks employ various other assistants, such as THE ASSISTANT TELLER, whose principal duty is to aid the Paying and Receiving Tellers, in counting and assorting funds; THE CHECK CLERK, who keeps the check-list, and assorts the checks preparatory to their entry on the Debit Journal ; THE RUNNER, who is tho Mercury of the bank, and whos5 duty it is to collect notes and drafts, present drafts for acceptance, serve notices of tho maturity of paper, etc., etc. ; and last, though not least, THE PORTER, who 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 tho 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 count ing it, and detecting base pieces. All valuable packages to be conveyed to and from the Clearing House, Express, or Post Office, are entrusted alone to him. Though lowest in tho grade of regular bank employes, 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. . _TIIE DAILY ROUTINE The transactions which 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 desiring to 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 neces sary 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 the Pass Book and a Deposit Check, the latter enumerating the kind of funds and amount of the deposit. If, upon examination, the Teller finds the amount to be right, and the funds satisfactory, he enters the amount in the Pass Book, and files the check for future 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 which thus accumulate on the Teller s file, are taken from time to time by a special clerk, and entered on the Credit 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 proper order; those of each dealer being enumerated together, and extended in ono amount to the deposit column. This arrangement enables the Tellers to attend to their business with less hindrance as also to secure a more sym metrical 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 no special clerk for this department, of ono 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. COLLECTION S. TVhen 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 until paid. If left by a stranger or ono having no dealings with the bank, it is entered only in the Collection Register and Tickler. "When paid, the amount loss charges for collection is paid over to the owner, no entry being madu 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 Pa} - ing 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. THE CREDIT JOURNAL, or Receiving Teller s Cash Book, contains the record of all cash received, with the corresponding credits of accounts producing 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 con tains 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 GENERAL LEDGER Is the grand book of results, and differs in no important respect from the Ledger in other kinds of business. The stylo 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 tho book ID 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 of labor, however, would require, perhaps, a larger number, and a different classifica tion of entries. 1. THE DEPOSIT LEDGER. This book contains only dealers accounts. Its items are posted from tho deposit columns of the Debit and Credit Journals, the totals of which go to tho 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, tho 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 tho place where the bank is located, and the latter payable elsewhere in tho country. Some banks class them all under tho general title of i; 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 tho 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 tho bank where they fall duo or to our most convenient correspondent, who will act in tho matter as our agent. If sent to a correspondent we either await his advices, and when notified of payment, charge him with tho amount, or, after waiting tho due course of mail and receiving no notice of protest, consider tho payment made, and make the entry accordingly. If sent to a bank not a corre spondent, the remittance should accompany tho advice of payment. 4. THE DOMESTIC TICKLER. Tho Tickler is a book containing a classified record of bills, under their date of maturity, wilh the names of the principal parties, in order that if not promptly paid they may be protested, and the owner be able to hold Iho endorsers. The Domestic Tickler contains tho record of all bills, whether discounted or left for collection, falling due a( home. There are different methods of separating the discounts and collections. Some adopt the plan of enter ing 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 forward 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 entries. 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 iu correspondence. 6. THE PASSED COLLECTIONS. This book ( ontains a record of such collections as have been paid. They are passed 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 imme diately 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. THE INDIVIDUAL LIABILITIES, OR STANDING LEDGER. This is a convenient book of reference for the officers of the bank, as it illustrates, iu a simple manner, tho standing of the principal parties whose names appear on discounted paper, as to their liability to the bunk and. their claims as depositors. It is freely consulted in deciding as to tho merits and claims of offerings. 8. THE CASH BOOK, As shown in tin s connection, n simply an enumeration of tho different items of cash embraced in tho amount on hand, and affords a test of tho correctness of tho cash entries. It is used also, under different forms, as a settlement book between the tellers, each of whom is obliged to provo 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 tho actual count 9. THE STOCK LEDGER Contains a complete list of tho stockholders, with tho 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 a /c. As the stockholders cf a bank are constantly changing, some system of recording the changes, so that the actual stockholders may at any time bo shown, is necessary ; and as no stock can bo legally trans ferred without being entered upon the books of tho bank, tho process of keeping tho 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 tho occasion of tho transfer of stock from one stockholder to another. Ail changes occurring iu tho Stock Ledger after the original entries, are taken from this book. 11. THE OFFERING BOOK Contains a consecutive list of all tho " offerings " submitted to tho directors for loans. This book is used at the meetings of the Discount Board, when tho merits of the various offerings are duly discussed, and the final , decisions recorded. Tho " accepted " offerings aro transferred to tho Discount Register. 12. TUB STATEMENT BOOK Shows tho periodical condition of the bank, and is useful both to the stockholders who are more immediately interested in the prosperity of tho institution, and the public who hold its credits and have a right to know its condition. In most of the largo cities banks aro required by law to render such statements as will servo to enlighten the public as to their condition, as often as once or twice a mouth ; iu the smaller cities, villages, and rural dis tricts, once in two or three months. Wo present two kinds of statements in this connection, both prescribed by tho banking laws of tho State of New York the former to be published semi-monthly by the banks of the city of New York, and the latter to bo published quarterly, and sent to the Bank Department, by all tho bunks in tho State. 254 BANKING. DIRECTIONS FOR WRITING UP.. In the preparation of material for this set, the author has beeu governed by the leading impulse of making the instruction full on every essential point, and covering sutlicieut ground in the transactions to fully illusliatu the business. In carrying out this plan it has been founJ necessary t:> sub-nit an extensive variety of transact! ns, aud to resort to a constant repetition of the more ordinary details comprising the daily routine of bunking. But ihis necessity has given to the work a character which will bo appreciated by practical minds, and which is mainly relied upon to secure public favor that c-f 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 ami desire to avail themselves of its lessons, would bo satisfied with nothing less than a complete exposition of the business, both in its general principles audits characteristic details. Instead, therefore, of selecting a few representativo transaction.* with the sole purpose of evolving the general theory of banking, wo have chosen tho more natural, and, as we believe, more efficient plan of first submitting the few general principles peculiar to banking, and then fully establishing them in the record of such transac tions, arranged in their natural order, as occur daily at the counters of the class of banks intended to be repre sented. AVo are aware that this plan will subject the student, as it has tho author, to more l;ibor than a kss thorough one, but we fully believe that the efficiency of tho instruction is so much more enhanced. In treating upon the general subject of banking, as well ai in enforcing its piinciplesby " Explanatory Notes" referring to specific entries, tho aim has been to leavo 03 little as possible to the student s mere conjecture ; and thii idea has been carried out through the entire, work, evoa at the risk of verbosity and tediousnesa. The hints given in this connection are intended to furnish all necessary information as to the character of the transactions, and tho order and manner of entry iu tho 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. TIME AND DATES. The business comprises tho labor of twelve days, PO arranged as to cover tho space of one year ; the first six months of which are written up in full, exhibiting all t u necessary principal and auxiliary books, forms, etc. In the nature 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 mouth. Thus tho twelve days business comprises twelve months time, affording sufficient opportunity to show tho maturity of paper, to declare dividends, aud accomplish other ch .racterisiic results. In reckoning time on discounts and collection?, as great exactness is u^ed as in actual business; but in noting the date of maturity in tho Ticklers, such precision is impossible, from 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 month in which its exact date of maturity would tall; hence, all paper falling duo on any day of the month would be reckoned as duo on tho same day. This plan, which we have adopted and earned out, secures all the advantages of exact reckoning without the necessity of representing every business day in the year. COUNT E U - C II 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 diil ercut clussiiication, tho more readily to bo shown in the general state ment of the business. To give a definite idea of tho plan, we will take tho books in their order. 1. THE DEBIT AND CREDIT JOURNALS. The first column is used for checking, and contains simply the Ledger pages to which the results are posted. The amounts in tho "General" column are taken to tho General Ledger, tho check mark showing the page, and those in the Deposit" column to tho Deposit Ledger in tho same way. When the entry is made alone in the "Collection and Exchange" column, tho check mark (t 7 ) indicates that the amount forms part of a total which is extended into tho " General" column, and from thciicu posted to the General Ledger. 2. THE GENERAL AND DEPOSIT LEDGERS. Tho check column in these books is next to the money column on either si:3e, and refers to tho page of the Journal from which the amounts arj taken. 3. THE DISCOUNT REGISTER. The check marks in the last column of this book, refer to the credits of net proceeds from discounts (the amounts of which are in the preceding column), an-1 indicate that the proper par ties have been credited. The check marks preceding the column footings indicate that the amounts liavo been properly transferred "Bills Discounted" and " Domestic Exchange" to the (kbit of those accounts, and "Interest" and "Collection and Exchange" to tho credit of those accounts. It will be observed that the sum BANKING. 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 ibr Interest and Collection and i^xchauge. 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 maiking the exact amount of cash actually paid out, which wnl appear in tiie general results of the Journals. 4. THE COLLECTION REGISTER. The check marks in this book indicate that the collections are entered in the Ticklers, unler the proper dates of maturity. 5. THE DOMESTIC TICKLER. As the Ticklers mark the maturily of paper, the results to bo transferred from them arise from, the payment or protest of notes failing 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 tliat purpose; while such as are to be paid over immediately to owners are set aside for that purpose, or remitted, as the case may bo. 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 v. hom 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 tho community and to banks themselves than the system of agencies which is found necessary in conducting that portion of tho business of each bank which is beyond its o\vn immediate roach. By a mutual arrangement, two banks in different parts of the state or country, undertake to do each for tho other such business as comes within its own immediate province. This, of course, necessi tates 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, correspondent* located at such 1 oints as w r ill best serve its own interest, and is thus enabled, with little trouble, and no risk, to do tho foreign business of its dealers, and at rates both remunerative to itself and satisfactory to all parties. The great advantage to tho community growing out of this system, aside from the facilities afforded for tho 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 Innds. Instead of this process, however, he simply leaves tho note with us, for which we give him an informal, receipt entering it in regular order upon his Pass Book, but not extending tho amount into tho deposit column^ lie has now no farther trouble or anxiety in the matter. Y/e send tho note to our Buffalo correspondent, who attends to the collection at maturity, and credits us with tho amount. When wo are satisfied that tho note is paid, wo charge our Buffalo correspondent, and extend tho amount in A s Pass Book, tho same as a regular deposit ; also crediting him in our main books. Tims tho whole transaction is conducted without delay or uncertainty, and without the handling of money. Again, suppose A wishes to pay a debt in Ne<v York, and would avoid tho trouble and risk of sending current funds. lie simply draws his check on us. for which wa give him a draft on our New York correspondent, payable to tho order of his creditor. When tho 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. tho student to comprehend, but which, when understood, will afford him the means of pleasant and profitable study. We allude to DOMESTIC, OR INLAND EXCHANGE. "Without presuming even to enter upon the philosophy, we shall merely state tho fact that, owing to sufficient causes, tho currency, or " money of account" of different localities differs in valua ; in other words tluu iiic kind cf funds which will pass readily at par in Cleveland are at a discount in Now York ; and that, consc-quci-tlv lb:- a debtor residing in Cleveland to discharge a debt duo in New York, he will need to remit either New \uk funds for the exact amount, or sufficient Cleveland funds to cover the debt and discount It will bo borne in mind that the transactions of this set aro predicated upon tho condition of ] ublic finances, which existed previous to the remarkable changes wrought by the civil war. It is, of course, impossible to pre dict what may bo the final effect of the success of our anus, or tho measures of tho government, upon this gn at question of currency; a;;d it is therefore deemed best in preparing a text-book, 1ho prime object of which is lo teach the theories of business record, to adopt something near tho 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 tho opportunity of realizing a pmall per centago in the adjustment of exchange, a feature winch the student will fully understand in writing tip the transactions of tho set The chief point of difficulty, however, will be the adjustment of accounts between correspondents where the money of account differs: thus, if wo keep our New York correspondent s account in our own currency, and he 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 con nection; 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. Correspon dents. Rate of Exchange. Standard of %. New York, Duncan, Sherman & Co., I % prem., Now York Currency. Albany, Bank of Capitol, 1 % prem., Albany Currency. Philadelphia, Girard Bank, 1 % prem., Philadelphia Currency. Buffalo, Exchange Bank, J- fo prem., Buffalo Currency. Pittsburg, Iron. City Bank, A .# prem,, Pittsburg Currency. Cincinnati, Lafaj ette Bank, par, Cleveland Currency. Columbus, Franklin Bank, par, do. Toledo, Toledo Branch Bank, par, do. Sanduskv, Moss Brothers, pr.r, do. Klyrh. Lorain Bank, par, do. Ash tabula, Farmers Branch Bank, par, do. Detroit, Farmers & Mechs Bank, \ discount, do. Chicago, Burkani & Sons, -J- J, discount, do. CHARGES FOR COLLECTION, ETC. For tho sake of uniformity, tho following rates for Collection and Exchange have been strictly adhered to throughout the transactions: For collecting paper due at our bank or in tho 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, wo charge \ % 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 tho trouble of collection. In keeping accounts with correspondents whoso currency differs in valuo from our own, the better currency is adopted as tho standard ; and when payments aro made on either side tho value of tho currency in which such payments are made is always considered. In writing up the set the student will follow tho 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 Notts" where specific instruction is given in connection with such entries as seem to demand it. 17 257 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. C 1 ) IT. D. STRATTON . . . 100 Shares, $100 each. Cf. No. 1 $10,000 H. B. BRYANT . . ... 100 do. " 2 10,000 J. B. MERIAM . . ... 100 do. " " 3 10,000 DUNCAN, SHERMAN < k 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. (1 11 IT 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 . . ... 150 do. " " 12 15,000 M. B. SCOTT . . . ... 150 do. " " 13 15,000 2000 Shares @ $100 200,000 BOARD OF OFFICERS. II. D. STEATTON, II. B. BRYANT, J. B. MERIAM, M. B. SCOTT, PETER COOPER, DIRECTORS. II. D. STRATTON PRESIDENT. S. S. PACKARD, CASIIIEE. THE Stockholders have this day paid in the first instalment of G0# 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. : II. 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 H. Ivison, for $10000 ; W. H. Clark s draft on Duncan, Sherman & Co. for $15000. & (Dr. J. ; Cr. J.) Received the following deposits: ( 3 > N. C. Winslovv, $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.) S >ld N. C. Winslow, on his check, W our draft on Duncan, Sherman & Co. for $500 @ 1 prcm. (Cr. J.) P.iid Cash for Blank B6ok*, Stationery, an<l sundry expenses, $150. (Dr. J.) Paid th.3 following checks to-day: < 6 > N. C. Y. inslow. $505, 100; E. R. Felton, $18" r >, 25. 130, 125; Jacob Hoornbeek, $500, 175, 25 1 , 19, 12. 110; J. W. Lnsk, $175, 125 "0, I.TTS u<>, 200; Lewis R. Morris, $118, 12" , 142, 19 ; John g "Woolson, $14, 110, T. P. Handy, $1500, 5*00; James Richards, $113, 19^, 144, 1 2: Alonzo Mitchell, $200, 120, 1375 ; Robert Brown, $12, 190; Chas. Hickox. $190; H. B. Bryant, $3000; J.) in R. Penn, $2500. (Dr. J.) Purchased at \% prem. T. P. Handy s dratt on Ocean Bank, N. Y., for $30.000. Remitted same to Duncan, S l. & Co. for our credit. (Dr. J.) NARRATIVE. Discounted the following paper : For H. B. Bryant: His draft for $5000 @ 60 da <> on Wright, GiHett & Rawson, N. Y., endorsed by II. D Strattou; proceeds to credit of II. B. B. as deposit, l.eoiitted same to Uuncau, Sh. & Co. for collec tion. C 1 (Dis. R, For. Tic.) For John R. Perm: Peter Cooper s note of $4000 @ 60 ds., endorsed by William B. Ogden, payable at our bank; net proceeds to J. R. P. s credit. (Dis. R. ; Dom. Tic.) The Discount Register is now closed, and the results carried to the Dobit and Credit Journals, as follows: Debits Bills Discounted, $4000 ; Domestic Exchange, $5000. Credits U. B. Bryant, $4947 so ; Jolin R. Peuu, $3958; Interest, $94^0.) FEBRUARY. Bot. per our draft on Duncan, Sh. & Co., X. Y., 20 Shares U. S. G^ Stocks, ea. $1000, @ 92#; 20 Shares Ohio State G# Stocks, ea. $1000, @ 90,1 ^ (Cr. J. ; Dr. J.), Remitted same to State Department as basis of cii dilation. ^ Received from Board of Control for circulation, our registered notes of various denominations, amounting to $35,000. < 10 ) (Cr. J.) Bot. the following Bills on N. Y. @ 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. Iliekox, $2500 ; John R. Penn s draft on East River Bank, $500 ; James Moore s do. OB Duncan, Sh. & Co., $3000. (Dr. J.) Received the following Bills for Collection : From Duncan, Sherman & Co. : Ivison, Phinuey & Co. s draft for $1500 on Ingham & Bragg, @ 30 d*. 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. II. Crocker, dated Jan. 1. @ 90 ds., payable at City Bank. (Col. R. ; Dom. Tic.) W. II. Bcebe a draft @ 10 ds. from Feb. 1, on T. Dwight Eells, for $3000, payable at Bank of Cleveland. (Col. R. ; Dom. Tic.) From W. II. dark: T. P. Handy s note at 30 ds., from Jan. 15, for $1500, payable at our bank. (Col. R. ; Dom Tii\) Jaines Smith s accepted draft for $2000, drawn by W. II. C., @ 30 ds. sight, and accepted Feb. 1, payable at Merchants Bank. (Col. R,. ; Dom. Tic.) From Leivis P. Morris: His draft for $000 4 @ 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 av our bank. (Col. R. ; Dom. Tic.) From Jarob Iloornbeek: James McAllister s note for $1200, @ GO 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. Penh, $3000; Geo. A. Crocker, $1500; Jno. D. Williams, $1200; John S. Woolson, $2500; T. P. Handy, $1175-; Jacob Iloornbeek, $4000; E. L. Jones, $900; Ingham & Bragg. $875; Henry Ivison. $1700 ; Lewis R. Morris, $1200; II. B. Bryant, $1200; Asa Mahan, $2500; Chas. Iliekox, $1700. (Cr. J.) Sold drafts on Duncan, Sh. & Co., @ lprom., as follows: M. B. Scott, $3000 ; Robert Smith, $1500 ; John S. Woolsori, $750; John R. Penn, $2500; T. P. Handy, $1975. (Cr. J.) Paid the following checks to-day: M. B. Scott, $3030, 150, 19^; T. P. Handy, $1994" , 120; John S. Woolson, $7575:\ 113, 1575; John R. Penn, $2525, 183~-">, 141; Asa Mahan, $325, 450, 19 "J 50; James Richards, $110, 120, 300, 43T5 ; Alor.zo Mitchell, $138, 26, 44 -, 300; Chas. Hickox, $400, 120, 193- ; H. B. Bryant, $900, 13 7* 122, 75 ; Robt. Brown, $115, 26, 35 2", 75; Lewis R. Morris, $17, 25, 19, 83 25; Jacob Iloornbeek, $150, 12, 46. 75, 18<3; Jas. W. Lusk, $29, 34, 129; E. L. Jones, $190, 12- s , 115; Ingham & Bragg. $50, 120, 33 90 ; E. R. Felton. $170. 123, 19 H (Dr. J) The following paper left with us fjr collection has been paid : ^ Dimwltc No. 4, T. Dwight Eells, for D., Sh, & Co., $:!000 ; < > No. 5, T. P. Handy, for W. II. Clark, $1500 ; ( IS (Pas. Co!., Dom. Tic.) Foreign No. 7, R. M. Bartlett, for Lewis R. Morris, $900; No. 10, Peter Aiken, for Jacob Iloornbeek. $475. (Pas. Col.; For. Tic-.) D : scounted 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.) 259 NARRATIVE. For Jas. W. Lusk: ITis draft for $2300, @ 90 ds. from Jan. 15, drawn on and accepted by John R. Penu, pay able at Mercantile Bank, N, Y. Net proceeds to credit. (Dis. R, ; For. Tic.) For E. It. Felton: T. P. Handy s note for $1000, @ 4 mos. from Jan. 21, endorsed by D. P. Eells, payable at Commercial Br. Bank, Cleve. ; James Richard s acceptance lor $3000, @ 60 da. I rom Feb. J, payable at our bank. Net proceeds to credit. (Uis. R. ; Dom. Tic.) Fur M. B. Scott: Chas. Hickox s acceptance for $7000, @ 90 dj. from Jan. 3, favor of Jacob Hinds, payable at Commercial Br. Bank, Cleve. Net proceeds credited. (Dis. R. ; Dom. Tic.) (Tne Passed Collections Book and Discount Register are now closed for the day, and the proper amounts transferred to the Debit and Credit Journals. Prom the Passed Collections the following results are obtained: Debit* Lvfayetto Bank, Cincinnati, $900; Moss Bros., Sandusky, $475. Credits Duncan, Sh. & Co.. N. Y., ><)70; W. II. Clark, $1500; Lewis R. Morris, $897 "> 5 ; Jacob Hoornbeek, $47381; Collection and Exchange, $!3 4t . From the Discount Register the following results: Debits Bills Discounted, $12100; Domestic Exchange, $10500. Credits A. Mitchell, $497 2 , 297850; j as . \y. Lusk, $246333; E. R. Feltou, $1570" 3ii>32<; M. B. Scott, $692534; Interest, 22 1 w.) MARCH. The following discounts, sent Duncan, Sherman & Co. for collection, have been paid and entered to our credit : No. 1. Wright, Gillet & Ilawson, $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^ prcm. (Cr. J.) Bot. @ 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. ( u > (Dr. J. ; Cr. J.) Bot. @ 2^ discount, $10000 Government 1i* a % Treasury notes, for which gave draft on Duncan, Sherman & Co. < 15 > (Dr. J. ; Cr. J.) Bot. @ \% prom. $5000 New England Bank notes, which we have remitted to Duncan, Sherman & Co., N. Y., to be entered to our credit @ \% discount ; Express charges paid in cash, $3 "" . (Dr. J.) Received the following p iper 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 <fc McDougal s draft on J. B. Cobb, Cleve., for $3000, dated Feb. 1, @ 60 ds. (Col. R. ; Do:n. Tic.) Parker Handy s draft for $6000 on Cominerci.il Br. Bank, Clove., @ 10 ds. sight from Mar. 1. (Col. R. ; Dom. Tic.) Fi om W. II. 0!ark: James Stanton s note for $3000, endorsed by Albert "Wcllslager, @ CO ds. from Feb. 1"), payable at our bank. (Col. R. ; Dom. Tic.) From J. B. Meriam: D. P. Eel s 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. Bartlctt, Cincinnati, for $2000, @ 60 ds. from Mar. 1. ( Jcl. R. ; For. Tic.) From Lafayette Bank, Cincinnati: Note for $6000, signed by Joan Gundry and pndorsed 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 L iwis R. Morris : E. R. Fclton 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 II. B. Bryant, @ CO ds. from Feb. 1, payable nt our bank. (Col. R. ; Dom. Tic.) From Jacob Hoornbeek: H. C. Spencers note for $1250, endorsed by P. R. Spencer, Jr., @ 3 mos. from Jon. 15, payable at City Bank, Cleve. (Col. R. ; Dom. Tic.) Reci ivod the following deposits: J. W. Lusk, $1530 ; E. R. Felton, $1900; John R. Penn, $375 ; H. B. Bryant, $4375-9; John D. Williams, $1500; Robert Brown, $575; James Richards, $2500; Austin Packard, $">00; Hiram A. Pryor, $1250; John S. Woolson, $2000; E. L. Jones, $375; Ingham & Bragg, $975; Jacob Hwrnbeek, $1500; Geo. A. Crocker, $1900; Lewis R. Morris, $1750; N. C. Winslow, $3750; Asa Mahan, $1400; M. B. Scott, $1300; T. P. Handy, $1100; Alonzo Mitchell, $3750; Henry Ivison, $1200; Joseph P. Walter, $900 ; Chas. IPckox, $2900. (Cr. J.) Paid the following checks: H. B. Bryant, $90, 75, 18=, 138, 14375; J h n R. p en n, $118, 120, 3581 1923 1 50 ; John S. Woolson, $1 1 2 - r >i ( 1 25, 1 42, 1 8 ~-\ 1 1 9. 1 2 ; Asa Mahan, $ 1 50, 200, 38 >, 192 ; John D. Williams, $175; T. P. Handy, $115, 275, 87^, 90; Lewis R. Morris, $130, 12<- r >, 18, 110; E. L. Jones, $90, 125, 116, 2530; Chas. Hickox, $225, 75, 12 ; Alonzo Mitchel. $125, 13225, lf> \ 300; James Richards, $500, 300 : J. W. Lusk, $1.38, 500, 195", 12, 115, 3030 Ingham & Brag., , $132, 119, 1273, 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 NABBATIVE. 15, @ 90 ds., payable at City Bank, Cleve. (Dis. R.; Dom. Tic.) Jus. W. Lusk s draft on Clafflin, MeLen & Co., X. Y., @ 10 ds. sight ( " lor 1000 ; net proceeds credited. (Dis. R. ; For. Tic.) For James }\ 7 . Luak: Xote for $6000, @ GO ds. (roin Feb. 1, signed by M. 13. Seolt, and endorsed by Jus. \V. Lusk, payable at our bank net proceeds credited. (Dis. It. ; Dom. Tic.) For J. R Meriam: Xote for $2500, @ 30 ds. from Mar. 1, signed by II. 13. Tuttle, and endorsed by X. C.Wins- low, payable at Exchange Bank, Baf. : net proceeds paid ia cash. (Di-;. R. ; For. Tic ) For James Richards proceeds credited : Draft of James Eells on Ivison, Phinney & Co., X. Y,. for $: 000 30 ds. from .Mar. 1. (Dis. II. ; For. Tic.) Xolo for $2500, signed by W. H. Clark, and endorsed by E. R. Felton. @ GO ds. from Feb. 1, payable at Lafayette Bk, Cincinnati, charging \% for collection. (Dis. II.; For. Tic.) For M. B. Scott proceeds credited: Draft of T. P. Handy on Parker Handy, X. Y., for $7000, GO ds. from Feb. 15. (Dis. R. ; For. Tic.) Draft of Chas. Hickox on James Armstrong, Buffalo, for $3000, 30 ds. f.-orn Mar. 1. (Dis. R. ; For. Tic.) Fur J. B Colib: Draft of T. Dwight Eclls on Winslow, Lani:-r & Co.. X. Y., for $2500, @ 30 ds. from Mar. 1 ; net proceeds paid in cash. (Dis. R. ; For. Tic.) For John R. Pom : Xote for $12000, 90 ds. from Feb. 1, signed by TV. B. Ogden, and endorsed by H. B. Bryant, payable at E. I. Tinkham s Bank, Chicago : net proceeds credited. ("> (Dis. R. ; For. Tic.) For E. R. Felton; Draft of IT. D. Stratton on D. Applet on & Co., X. Y., for $3000, 60 ds. from Mar. 1. pay able at Metropolitan Bank : net proceeds credited. (Dis. II. ; For. Tic.) The following collections payable in this city, as per Domestic Tickler, have been paid and entered in the Passed Collections: Xo. 8, for Lewis R, Morris. $500 ; Xo. 9, for Jacob Iloornbeek, $1200 ; Xo. 1, for Duncan, Sh. & Co., $1500; Xo. 6, for W. IT. Clark, $2000; Xo. 11, for Duncan, Sh. & Co., $2500; Xo. 13, for Duncan, Sh. & Co., $6000. (Dom. Tic. ; Pas. Col.) Discount Xo. 2, for $4000, has been paid in cash. (Dom. Tic-. ; Cr. J.) Discount Xo. 10, for $4000, sent Duncan, Sh. & Co., X. Y., for collection, has b:en paid and entered to onr credit. (For. Tic. ; Dr. J. ; Cr. J.) (The Passed Collection Book and Discount Register nro now closed, and tho result? entered in the Debit and Credit Journals, viz. : Fuo.M PASSED COLLECTIONS Credit : Duncan, Sh. & Co , $1485, 2475, 5940 ; \V. H. Clark, $2000; Lewis R. Morris, $500; Jacob Hoornbeek, $1200; Collection and Exchange, $100. FROM DISCOUNT REGISTER DMis: Bills Discounted, $11000; Domestic Exchange, $42500. Credits: W. T. Brooks. $4960, 4000; Jas. "W. Lusk, $59-55 ; Jas. Richards, $5907, 2479 "; M. B. Scott, $6942^,2983^; John R. Penn, $11780; E. R. Felton, $296853; Interest, $38525: Collection and Exchange, $962-" .) APRIL. Issued for John R. Penn, Certificate of Deposit, favor of Thos. Hunter, X. Y., for $3000. (Cr. J.) Also cer tified J. R. Penn s check for $575. < 8) (Cr. J. ; Dr. J.) Discounted for Sumncr Packard: his note for $4000, endorsed by James Eaton, 60 ds. from April 1, pay able at our bank ; gave him in payment of net proceeds our draft on Duncan, Sh. & Co., X. Y., @ \% prern. * I!> ) (Dis. R.; Dom. Tic.; Cr. J.) Paid cash for Bill Furniture and Fixtures, $575. >" 0) (Dr. J.) Received from Duncan, Sh. & Co., per express, $10000 in goLl. 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, Mellon & 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, GO ds., payable at our bank. (Col. R. ; Dom. Tic.) Bryant & Stratton a draft on J. B. Meriam, for $7000, @ 60 ds. from Mar. 5, payable at City Bank. (Col. R. ; Dom. Tic.) From Lafayette Bank, Cln.: D. C. Collins" draft on E. G. Folsom, Clove., for $1750, 30 ds. from Apr. 1. (Col. R. ; Dom. Tic.) From Burkam & 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 Ingham & Bragg, Cleve., for $3750, GO days from Mar. 10. (Col. R. ; Dom. Tic.) From Win. Mason, Cleve. : Jacob Hoornbeck s note for $900, dated Feb. 12, @ 90 ds., payable at our bank. (Col. R. ; Dom. Tic.) From E. G. Fokom, Cleve. : A. S. Wheeler s note for $1500, 2 mos. from Mar. 15, payable at our bank (Col. R. ; Dom. Tic.) 261 NARRATIVE. From Exchange Sank, Buf. : J. R. "Wheeler s draft on J. B. Cobb, Cleve., for $1000, 30 ds. from Apr. 1. (CoL R. ; Dom. Tic.) From 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. Feltoa, Ckve.: His draft on J. H. Goldsmith, Detroit, GO ds. from March 20, for $2000 sent Farmers and Mechanics Bank, for collection. (Col. R. ; For. Tic.) From M. B. S?M, C^ve. : 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. Edls, Glim. : James Smith s note, Eells favor, for $700, GO ds. from Mar. 15, payable at Sandusky >jnt Moss Brothers for collection. (Col. R. ; For. Tic.) Discounted the following paper: For W. II. Clark: His note endorsed by Lewis R. Morris for $5000, 60 ds. from Apr. 1, payable at our b;mk ; proceeds credited. (Dis. R. ; Dom. Tic.) Fur H. D. Strathn: Peter Cooper s note for $15000 endorsed by Wilson G. Hunt, 90 ds. from Mar. 25, pay able 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, GO ds. from Mar. 3, payable at our ba:ik. In addition to the endorsement, Mr. Baker gives us as collateral security, Cleveland and Erio Railroad bonds amounting to $25000; proceeds paid in Cash. ( 21 > (Dis. R. ; Dom. Tic.) Fur E. G. Folsom: II. Bishop s note, his favor for $3000, 30 ds. from Apr. 1, payable at our bank; proceeds c,-e liteil. (Dis R. ; Dom. Tic.) For 31. B. Scott: II is note, favor of Chauncey Prcntiss, endorsed by Jacob Hinds for $10000, GO ds. from Apr. 1, payable at Niagara River Bank, Buffalo; proceeds credited. (Dis R. ; For. Tic.) For John R. Wheekr : R. M. Bartlett s note, ILS Lvor endorsed by John Gundry for $3000, 90 ds. from Mar. 10, payable at Citizens Bank, Cin. ; charges for collection, > ; proceeds paid in cash. (Dis. R.; For. Tic.) For George M. Punn: His note, favor of E. P. Dolbear, endorsed by II. D. Stratton for $5000, @ GO ds. from Mar. 31, payable at E. I. Tinkham s Bank, Chicago; Collection and Exchange 1 , & ; proceeds credited. (D:s. R. ; For. Tic.) * For Jamas Richards : His accepted draft on Austin Packard endorsed by Zalmon Richards for $3500, 60 dz. 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 "Win. B. Ogden, for $4000, 90 ds. from Apr 1, payable at Mercantile College Bank, Chicago ; Collection and Exchange, :- ; proceeds paid in draft oil Duncan, S!i. & Co.. N. Y. (Dis. R. ; For. Tic. ; Cr. J.) For John S. Woolson: His draft on \Voolson & McFarland, Mt. Pleasant, Iowa, for $3000, accepted Mar. 25, 0V 90 ds. sight, payable at A. & W. A. Sanders, Mt. Pleasant sent to Burkam & Sous, Chicago, for col lection. Col. & Exch. f f ; proceeds credited. (Dis. R. ; For Tic.) Received the following deposits: M. B. Scott, $900; Jacob Hoornbeek, $750; E. R. Fclton, $525; Geo. 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; Cbas. Hickox, $3000; Ingham & Bragg, $975; John R. Penn, $1200; John D. Williams, $784; Henry Ivison, $1500; Austin Packard, $1275; Joseph P. Walter, $1503; Win. T. Brook?, $5JO; W. H. Clark, $1200; Hiram A. Pryor, $3000. (Cr. J.) Pail the following checks : Chas. llickox, $7000: H. B. Bryant, $1500, 125, 87 5J , 100; James Richard*, $T500, 1750, 25; Ingham & Bragg, $175, 238, 500, 75, 115; Robert Brown, $150, 125, 75, 400, 138; Asa Mal.an, $900, 75, 250; Alonzo Mitchell, $0000, 750, 125, 400; E. L. Jones, $475, 300, 175, 87 ^ 12, &; T. P. Handy, $2000, 175, 187-0; John S. Woolson, $75, 1375J; Lewis R. Morris, $1562 , 400, 115, 375; Jas. W. L nk, $1575, 200Q, 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 Hoornbcek, $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, Wiuslow, L. & Co., $2500. Discount No. 12, $2500, H. B. Tuttle, sent Exchange Bank, Bud, 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. ( m > (For. Tic. ; Cr. J. ; Dr. J.) 262 NAKRATIVE. Discount No. 14, TV. II. Clark, $2500 sent Lafayette Bank, Cin. ; lius been paid and entered to our credit. (For. Tic.; Dr. J. ; Cr. J.) Tho following City Collections, duo this day, as per Domestic Tickler, have been paid: For Duncan Sh. A Co., No. 2, $2000; No. 3, $2500; No. 12, $3UOO; For. W. II. Clark, No. 14, $3000: For Lafayette Bank, Cin , No. 17, $6000 ; No. 18, $3000 ; For Lewis 11. Morris, No. 19, $3000 ; No. 20, $1575 ; For Jacob Hoornbeck, No. 21, $1250. (Pas. Col.; Dom. Tie.) Collection No. 15, $1500, for J. B. Meriam sent Duncan, Sh. & Co.; du9 this day, as pet Foreign Tickler, is assumed to have been paid and credited to us. (Pas. Col. ; For. Tic.) (Tho Passed Collection Book and Discount Register exhibit the following results : PASSED COLLECTIONS Credit Duncan, Sli. & Co., $1980, 2475, 2970; W. II. Clark, $3000; Lafayette Bank, Cin., $GOOO, 3000; Lewis R. MOIY M, $3000, 1575; Jacob Hoornbeek, $1250; J. B. Meriam, $1500; Collection and Exchange, $75. Debit* Duncan, Sh. & Co., $1500. DISCOUNT REGISTER. Credits W. II. Clark, $4947 5>; IT. D. Strut- tor., $14785; J. B. Meriam, $69270"; E. G. Folsom, $2983 ; M.B.Scott, $9395; George M. Penn, $4910~ ; James Richards, $346323; John S. Woolson, $293450; Interest, $845 ; Collection and Exchange, $97 *>. Debits Bills Discounted, $54000; Domestic Exchange, $28500.) MAY. 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. II. 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 ; Duacan, Sh. & Co. s Ctfct. Dep., favo.- S. S. Packard, Cashier, $8000. (Dr. J.) Received from Stato Department semi-annual interest on Stale Stocks (3,^ on $20000), $000; and on U. S. Stocks, $600. (Cr. J.) Paid rent of Banking- Hous?, in cash, to date, $333 **. (Dr. J.) Received the following paper for Collection : From W. II. Clark: Solomon Jones note for $3000, endorsed by Robert Sweetzcr, 3 mos. from Mar. 25, pay able at Adrian, Mich. sent Toledo Br. Bank for collection. (Col. R. ; For. Tic.) From P. R. Spencer to bo remitted when paid : His draft on H. D. Stratton, Cleve., for $1500, accepted Apr. 30, 30 d.;., payable at our bank. (Col. R. ; Dom. Tic.) From Duncan, Sherman & Co. : Thomas Smith s note, favor John "W. Gantz, for $750, 3 mos. from Mar. 20, payable at Ashtabula, 0. sent Farmers Branch Bank for collection. (Ool. R. ; For. Tic.) Win. li. 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. H. Beebo s note, f:ivor of Henry C. Spencer, for $1200, @ 3 mos. from Mar. 15, payable Xenia, 0, sent Lafayette Bank, Cincinnati, for collection. (Col. R. ; For. Tie.) From Merchants Bank, Massillon to be remitted when paid : Ezra Jones note, favor of Robert Dean, for $1000, payable at our bank, 30 ds. from May 1. (Col. R. ; Dom. Tic.) From J. I). Meriam: Peter Cook s note, favor of Jacob Hinds, for $750, 30 ds. from Apr. 15, payable at, Merchants Bank, Cleveland. (Col. R. ; Dom. Tie.) Emerson E. White s draft on E. G. Folsom (or $900, 10 ds. from Apr. 30, payable at City Bank, Clove. (Col. R. ; Dom. Tic.) From John R. Penn: Abram Van "VVyck s note, fuvorof John D. Hinde, for $1750, 60 ds. from Apr. 25, pay able at Ocean Bank, N. Y. (Col. R. ; For. Tic.) E. W. Mason s accepted draft, drawn by H. D. Strat ton, 30 ds. from May 1, for $7000, payable at our bank. (Col. II. ; Dom. Tic.) From George A. Crocker: Charles Jones noto 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 ds. from May 1. (Col. R. ; For. Tic.) .Note of James Garrett, endorsed by Robert Lincoln, for $1500, 60 ds. from Apr. 15, payable at our bank. (Col. R. ; Dom. Tic.) From James W. Lutsk: John Holbrook a note for $2000, endorsed by D. "W. Fish. 90 ds. from Feb. 15, pay able at City Bank, Cleve. (Col. R. ; Dom. Tic.) C. B. Stout s note for $500, endorsed by T. S. Quacken- bush, @ 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, f# prem. (Cr. J.) Sent the same to Dunvan Sh. <fe Co., for our credit (Dr. J.) Received Cash from M. B. Scott in full payment of James Armstrong s note and protest foes, $3001. (Cr. J.) 263 NAKRATIVE. Issued the following Certificates of Deposit : No. 2, for Lewis R. Morris, to tho credit of Robert Smith, Detroit, $3000; No. 3, fo: W.n. T. Brooks, to the credit of II. 13. Bryant, Buffalo, $7000; No. 4, for E. G. Folsom, to t-ivditof 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. (Doin. Tic.; Dr. J. ; Cr. J.) In accordance with the written permission of Mr. Baker, we have ordered the Railroid Bonds lol c by him as collateral security, sold at public auction for our benefit; the surplus, if any, to bo p:iid over to him. < 23 ) Received from Knox Co. Bank, Mt. Yernon, sight draft on IT. Bishop, Cleveland, for $1500, which we have e-jllected, and rjmitted them the proceeds in our draft on Duncan, Sh. & Co., N. Y., as per their request, at the current ratj of exchange. (Cr. J.) Received from East River Bank, N. Y., our Certificate of Deposit, No. 1, $3000, issued for John R. Penn/ Rom.tted in payment thereof our draft on Duncan, Sh. & Co., bss 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 g!8 ,)00, wo becoming the purchasers. Auctioneers commissions, ; ($45), p.iid iu cash. (Dr. J. ; Cr. J.) W Discounted tho following paper: For E. G. Folsom proceeds credited: His note for $4000, endorsed by Ja.i. Cruikshank, Q> 93 ds. from May 1, payable at our bank, with exchange. (" 5 -> (Dis. R. ; Dom. Tic.) For E. R. Fdton proceeds credited: Barna uy Rudge s note for $10000, endorsed by Nicolas Nickleby, & GO ds. from April 15, payable at Metropolitan Bank, N. Y. (Dis. R. ; For. Tic.) For John S. Wbolson proceeds credited : Smith & Nixon s acceptance for $6000, 60 ds. from April HO, payable at Kinney, Espy & Co. s, Cincinnati. (Dis. R. ; For. Tic.) James Bradley s note for $5000, endorsed by Robert Peel, & 90 ds. from April I, payable at oi;r bank. (Dis. R. ; Dom. Tic.) Fo? J. B. Jferiam proceeds credited: II. D. Stratton s note for $7500, endorsed by II. D. Clark, 60 ds. from May 1, payable at City Bank, Columbus. (Dis. R. : For. Tie.) John R. Pcim s note for $0000, endorsed by Peter Cooper, 2 mos. from April 25, payable at East River Bank, N. Y. (Dis. R. ; For Tic.) fv J. G. Fox proceeds in cash : W. II. Clark s note, endorsed by J. G. F., for $10000, 60 ds. from April 1, p lyable at our bank with exchange. (Dis. R. ; Dom. Tie.) For Geo. A. Crocker proceeds credited : A. Stager s acceptance for $7000, endorsod 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 f r $3000, endorsed by W. P. Spencer, GO ds. from Apr. 20, payable at Merchants Bank, Cleveland. (Dis. R. ; Dom. Tic.) Fvr Chas. Hickox proceeJs credited: His note for $1500, endorsed by J. Kennedy, & 90 ds. from Apr. 25, payable at Merchants Bank, Cleveland. (Dis. R. ; Dom. Tie.) Jonathan Giliett s accepted draft, llickox s favor for $7000, GO ds. from Apr. 30, payable at Ocean Bank, N. Y. (Dis. R. ; For. Tic.) For Victor Jf. Rice. proceeds in cash: E. \V. Keyes note for $8000, @ 30 da from Apr. 28, payable at Com mercial Bank, Albany. (Dis. R. ; For. Tic.) For E. P. Selmser proceeds in cash : J. G. Deshler s note for $15000, endorsed by Hiram Nilos, CO ds. from Apr. 15, payable at Geo. Smith & Co. s Bank, Chicago. (Dis. R. ; For. Tic.) Fur H. B, Bryant proceeds credited: R. C. Spencer s note for $3500, endorsed by James Hamilton, & GO ds. from Apr. 10, payable at Farmers & Mechanics Bank, Detroit. (Dis. R. ; For. Tic.) AViaiam Smith s acceptance, Robert Davis favor for $7000, @ 90 ds. from Apr. 1, payable at City Bank, Troy. Sent Bank of Capitol, Albany, for collection. (Dis. R. ; For. Tic.) FJT T. P. Handy proceeds credited: H. B. Tuttle s acceptance for $10000, & 30 ds. from May 1, 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. 11. ; For. Tic.) For John Simmons proceeds in cash : James Smiley s note fbr $8000, endorsed by John Rogers, 30 ds. from Apr. 30, payable at our bank. (Dis. R. ; Dom. Tic.) Received tho 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 Mulian. $1500; Robert Brown, $2000; Tngham & Bragg, $1700 ; John R. Penn, $1200; John D. Wil- lirris, $1350; Henry IVHOU, $2575; Austin Packard, $758; Hiram A. Pryor, $1500; Joseph P. Walter, $900; Geo. M. Penn, $1500; E. G. Folsom, $738. (Cr. J.) Paid the following Checks : Lewis R. Morris, $3000, 5000, 175; "Wm. T. Brooks, $7000, 915, 75; E. G. Folsom, $1000, 175. 1237*, 946*; K c ^inslow, $700, 83 w, 19" , 12 "; E. R. Fclton, $9000, 185; Jacob IT-iornboek, $6750, 193325, 12 7s 150; M. B. S?ott, $120, 3000, 5000, 32983; John S. "Woolson, $5000, 133, 72, 1850; James W. Lusk, $217, 25, 112 M, 125; E. L. Jones, $975, 150; Asa Mahan, $400, 595, 264 NARRATIVE. Alouzo Mite-hull, $3000, 150, 19; James Richards, $275, 1250, 318; Ingham & Bragg, $125, 1200 ; Robert Brou-u, $125, 25< :i , 180, 19^; II. B. Bryant, $75, 128-"; John R. Peun, $195, G3, 123; Geo. A. Crocker $189, 12" 1 , 312 r o ; John D. Williams, $129, 17 *>, 193 ^ Henry Ivison, $iOO, 123, 85^; W. H. Clark, $8000*, 2750, 129; Austin Packard, $300, 129, 87 M ; Hiram A. Pryor, $500. 129, 175 ; Joseph P. Walter, $129, 700, 12^; Geo. M. Perm, $900, 127, 13 ~<J; II. D. Strattou, $3000, 4000; J. B. Meriain, $:J750, 128, 17 i"; T. P. Handy, $1GOO, 10000. (Dr. J.) The following discounts duo this day, as per Domestic Tickler, have been paid: No. G, T. P. Handy, $1GOO; No. 25, II. Bishop, $3000. (Dom. Tic. ; Cr. J.) Tlio following discounts duo this day, as per For. Tickler, are assumed to havo been paid, and entries made accordingly : No. 18, W. B. Ogden, $12000, sent Burkum & Sons, Chicago; No. 19, D. Apple-ton & Co., $30(10, sent Duncan, Sh. & Co.; No. 43, PI W. Keyes, $800 J, sent Bank of Capitol, Albany. (Dr. J. ; Cr. J.) The following city collections, duo this day, as per Dom. Tickler, have been paid : For Duncan, Sh. & Co.: No. 23, E. R. Felton, $3500; No. 24, J. B. Meriain, $700i). For Lafayet/e Bk., Cin.: No. 25, E. G. Folsom, $1750. FJI- Burkain & Son*, Chicago: No. 2G, M. B. Scott, $4000; No. 27, Ingliam & Bragg, $3750. For William Mason (special) : ^ Jacob IIoornbeuK. $900. For E. G. Folsom: No. 29, A. S. Wheeler, $1500. For Exchange Sank, Buf.: No. 30, J. B. CVrb $1000. For J. B. Meriam: No. 41, Pttcr Cock, $750; No. 42, E. E. White, $900. For Jas. W. Lush: No. 43, 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. Meriam: No. 16, R. M. Bartlett, $2000, sent Lafayette Bk., Tin. For E. R Fdlon: No. 32, J. II. Gold smith, $2000, sent Farmers & Mechanics Bk., Detroit. F>r M. B. Scott: No. 33, James Madison, $1500, sent Lafayette Bk., Ciri. For D. P. Ed s: 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 tho following results : PASSED COLLECTIONS Credits: Duncan, Sh. & Co., $34G5, 6930; Lafayette Bank, Cin., $1750; Burkam & Sons, Chicago, $1000, 375 ); E. G. Folsom, $1500; Exchange Bk., Buffalo, $995; J. B. Meriam, $750, flOO, 1905; JaA W. Lusk, $2000; E. R. Felton, $1985; M. B. Scott. 149(5 23 ; D. P. Eells, $G98 ^ ; Geo. A. Crocker. $750; Collection and Exchange, $135 . Delits : Lafayette Bk., Cin., $2000, 1500; Farmers & Z.Icch. .-; Bank, Pet, $2000 ; Moss Bros., Sandusky, $700 ; Exchange Bank, Buf., $750. DISCOUNT REGISTER Dd)its: Bills Discounted, $11500; Domestic Exchange, $81000. Credits: E. G. Folsom. $3938; E. R. Felton, $392167 ; John S Woolson, $5923, 49475 ; j. B. Meriam, $7402 jO, 5942; Geo. A. Crocker, $6925 3 , 2974; Chas. Ilickox, $1478 >, G927 e: ; H. B. Bryant, $3449 25, 6926 ^j T. P. Haudy, $3945, 3958- ; Interest, $1025 ; Col. and Exch., $182 w.) - JUNE. -- Paid Lafayctto Bk. Cin. s dr.-.ft on us, favor James Moore, for $1500. (Dr. J.) Received from Moss Bros., Sandusky, currency in full of their %, $1 175. (Cr. J.) Sold John S. Woolson, at par, our draft for $1800 on Exchanga Bk.. Buffalo. (Cr. J.) Received from Duncan, Sh. & Co. $5000 in Ohio Stato currency, ou which they allowed us \% discount. (Cr. J.) Paid Express chgs. in case, $3 <>. (Dr. J.) Rc-mitted Duncan, Sh. & Co., in N. Y. Stato currency, $7500, \% discount. Paid Express chgs., $4 (Dr. J.) R,ceivc-l of W. IT. Clark $1000 in gold, as a special deposit. 0"> Received from Toledo Branch Bank $7070 in our own notes, to be invested iu Now York exchange, at cur rent 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, enuorsed by Jacob Rei&nider, 30 dd. from May 15, pay able at Amherst, 0. Sent Lorain Bank. (CoL R. ; For. Tic.) From Kinney, E--py & 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. Halo s draft on Thomas Irwin for $3500, 60 ds. from A pr. 1 5, payable at our bank. (Col. R. ; Dom. Tic.) From Duncan, Sh. & Co., N. Y. : Daniel Sloto s note of $750. endorsed by Joseph R issell, 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, 60 ds. from May 15, payable at Merchants, Bank, Clcve. (Col. P.. ; Dom. Tic.) Bryant, Stratton & Co. s draft on J. B. Meriam for $1750, accepted June 1, 30 ds., payable at our bank. (Col. R. ; Dom. Tic.) A. C. Taylor s note of $500, endorsed by 265 NARRATIVE. 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 u Niagara County Bank, Lockport, N. Y. Sent Exchange Bank, But . (Col. R. ; For. Tie.) Hiram New-ell s note for $350, endorsed by William T. Bush, 30 ds. from May 12, -payable at Manchester & Rich s Bank, Buffalo. Bent Exchange Bk., Buf. (Col. R.; For. Tic.) From Bunk of Manjsville proceeds to be remitted : John Cook s draft on James Moses for $600, accepted May 10, 30 ds.. payabb at E. B. Kale s Bank, Cleveland. (Col. R. ; Dom. Tic.) Fro.n Janus Richards : Bonjamin 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. H. Ciark: J. G-. Fox s note of $750, endorsed by James Romney, @ 30 ds. from May 25, payable at Knius & -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, 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, @ 30 ds. from May 25, payable at II. Norman Smith s Bk , Buffalo. Sent Exch. Bk., Buf. (Col. R. ; For. Tic.) From Jacob Iloornbeek: E. R. Felton s note of $750, endorsed by A. S. Wheeler, 60 ds. from May 18, payablo at our bank. (Col. R. ; Dom. Tic.) From Lafayette Bk., Gin. : Jacob Hoornbeck s note of $600, endorsed by Charles Stratton, @ 60 ds. from May 10. payabb at Sanilusky. Sent Moss Bros. (Col. R. ; For. Tic.) From Exchange Bank, Buffalo : Charles Reynold s note of $700, endorsed bj r Robert Miriturn, @> 20 ds. from May 25, payable at our bank. (Col. R. Dom. Tic.) Henry P. Smith s draft on M. B. Scott for $3500, @ 60 ds. from Apr. 25, payable at City Bank, Cleve. (Col. R. ; Dom. Tie.) From George M. Perm: Henry Stratton s note of $GOO, endorsed by Abram Vinton, 60 ds. from Apr. 10, payable at our bank. (Col. R. ; Dom. Tic.) Sold H. D. Stratton Cleveland & Erie Rail Road Bonds for $23500 ; receiving in payment thereof his draft on C. V. Culver, Now York, which wo have remitted Duncan, Sh. & Co. (Dr. J. ; Cr. J.) The following city collections duo this day, as per Dom. Tic., have been paid : For Duncan, Sh. & Co. : No. 22, E. W. Mason, $5000. For Franklin Bank, Columbus : No. 31, H. Stillman, $750. Fur P. R. Spencer to bj called for: No. 36, H. D. Stratton, $1500. For Merchants Bank, Massillon to ba remitted: No. 40, Ezra Jones, $1000. For John R. Penn: No. 44, E. W. Mason, $7000. For Geo. M. Penn: No. 47, James Gurrett, $1500; No. 68, Henry Stratton, $600. For Kinney, Espy & Co., Gin. to be remitted: No. 51, J. D. Ilindc, $3000. For Penney & Co., Newark, 0. to bo remitted: No. 52, Thomas Irwin, $3500. FJT Bank of Harys- ville to be remitted : No. 59, James Mason, $600. F,r Exchange Bank, Buffalo : No. 66, Charles Reynolds, $700; No. 87, 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 : Fcr W. II. Clark: No. 35, Solomon Jones, $3000, sent Toledo Brancli Bank. For Duncan, Sh. & <7t>. : No. 37, Thos. Smith. $750, 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 Gs:>. M. Penn: No. 46, Walkdcn & Co, $2000, sent Toledo Br. Bank. For Jas. W. Lusk: No. 49, C. B. Stout, $500, sent Lafayette Bk., Cincinnati. For II. D. Stratton: No. 50, J. 0. Bryant, $1500, sent Lorain Bk., Elyria. For Duncan, S/i. & Co. : No. 53, Daniel Slote, $750, sent Franklin Bk. Columbus. No. 56, A. C. Taylor, $500, sent Toledo Br. Bank. For M. B. Scott: No. 58, Hiram Newell, $350, sent Exch. Bk. Buffalo. For W. II. 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, duo this day, as per Dom. Tic., have been paid : No. 20, Kumner Packard, $4000; No. 21, W. II. Clark, $5000; No. 22, Peter Cooper, $15000; No. 23, N. C. Winslow, $7000; No. 38, W. H. Clark, $10000, Avith exchange added $100; No. 40, S. S. Packard, $3000; No. 47, II. B. Tuttlo, $10000. (Cr. J.) No. 49, J. Smiley, has been extended to July 2, interest to bo added. The following discounts sent abroad for collection, due this day, as per For. Tic., arc assumed to have been pud: 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 Barkarn & 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 Rudgo, $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. C. Spencer, $3500, sent Farmers & Mechanics Bk., Det ; No. 48, E. R. Morgan, $4000, sent Franklin Bk., Col. Burkam & Sons, Chicago, adviso us that our Discount, No. 30, W. D. Packard, for $400U, due July 3, has been paid. (For Tic. ; Dr. J.; Cr. J.) 266 NARRATIVE. Discounted the following paper : For N. C, Winslow proceeds credited: Geo. M. Strong s note of $3000, endorsed by Jamos Muilorv & &\j da. from June 1, payable at our bank. (Dis. R. ; Doin. Tic.) Edward Savery s note of $1500, endorsed by T. P. Handy, 90 ds. from May 31, payable at City Bans, Cleve. (Dis. R. ; Dom. Tic.) For Lewis R. Morris proceeds credited: Philip Seaton s note* of $5000, endorsed by Jarnes 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 GO ds. from May 27, payable at our bank. (Dis. R. ; Dom. Tic.) Fur T. P. Handy proceeds credited : Thomas Jones note of $7500, endorsed by Tliram Dixon, 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, @ GO dd. from June 1, payable at Merchants Bank, Clevc. (Dis. R. ; Dom. Tic.) Fv-r E. L. Jones proceeds credited : "W. H. Woc-cibury s accepted draft for $6000, endorsed by Joseph Arnold, 3 mos. from May 15, payable at Daytou. Bank. Sent Lafayette Bank, Cin. (Dis. R.; For. Tic.) W. T. Sherman s note of $3750, endorsed by Childs and Peterson, O G 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 noto of $600, endorsed by H. B. Bryant, 60 ds. from May 10. payable at Alleghany Bank, Pittsburg. Sent Iron City Bank. (Dis. R. ; For. Tic.) For Robert Brown proceeds credited: Samuel Rand s note of $6750, endorsed by Peter McGratb, @ 8 mos. from Jan. 15, payable at City Bank, Cleve. (Dis R. ; Dom. Tic.) For Ingham & Bragg proceeds credited: John Pelton s acceptance for $1800, endorsed by Robert Martin, 4 mos. from May 12, payable at Bank of Galena, 111. Sent Burkam & Sons, Chic. (Dis. R. ; For. Tic.) Horace Ilolden s note for $1500, endorsed by Thomas Foulke, @ GO 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, 3 mos. from May 25, payable at C. V. Culver & Co. s Banking Office, N. Y. (Dis. R. ; For. Tic.) E. "W. Mason s noto for $1500, endorsed by C. R. Wells, 4 mos. from Apr. 10, payable at Bank of Po keepsic. Sent Duncan, Sh. & Co. (Dis R. ; For. Tic.) Received the following deposits: T. P. Handy, $700; D. P. Bella, $745; Wm. T. Brooks, $1275; George M. Penn, $900; E. G. Folsora, $1560; II. D. Stratton, $3763 <5 ; Joseph P. Walter, $1960; Hiram A. Pryor, $3750; Austin Packard, $670; W. II. Clark, $1200; Henry Ivison, $800; Geo. A. Crocker, $500; John R. Penn, $700; H. B. Bryant, $300; Charles Ilickox, $1700; Alonzo Mitchell, $1500; Asa Mahan, $700; Robert Brown, $962; James Richards, $1500; E. L. Jones, $900; John S. Woolson, $400; James W. Lusk, $183293; M. B. Scott, $936; Jacob Iloornbeek, $403; E. R. Fclton, $729; N". C. Winslow, $300. (Cr. J.) Paid the following checks : X. C. Winslow, $3750, 400, 110; M. B. Scott, $6000, 125, 14632 154; j aco b Iloornbeek, $900, 18 "5; E. R. Felton, $213, 180, 25, 37^; E. L. Jones, $4000, 3718, 125; James W. Lusk, $416, 25373, i5 ( 22^; T. P. Handy, $6000, 194, 212" ; John S. Woolson, $1800, 400, 239, 212^0; Lewis R. Morris, $90, 12 5>, 28, 19^, 142; Ingham & .Bragg, $1500, 170, 12, 13^ 5;); Robert Brown, $5000, 1125 - ; Asa Mahan, $300, 11259, 9775. James Richards, $4000, 1375), 1975; Johr.lr Tilliam*, $1200. 1750, 26,38-5 1475; Geo. A. Crocker, $8000, 125, 210; John R. Penn, $125, 125:), 16; Charles Hickox, $1275, 182, 100; IL B. Bryant, $150, 2000, 1200; Joseph P. Walter, $275, 117, 14250; Hiram A. Pryor, $90, 110, 12 \ 125; Austin Packard, $112, 145, 19; W. II. Clark, $110, 112; Henry Ivison, $500, 123. 175:); Geo. M. Penn, $125, 12 "5, IS; W. T. Brooks, $175, 19, 12; E. G. Folsom, $19, 120, 117; H. D. Stratton, $125, 19, 1250, 20; J. B. Meriam, $12000. 150, 119; D. P. Eells, $150, 19", 112. (Dr. J.) Received interest on Treasury Notes from Mar. 1, to Juno 1, $184. (Cr. J.) Received from Duncan, Sh. & Co., their semi-annual account current, by which it appears that our average balance on deposit with them during the five months ending Juno 1, is 38204- > 5; for which we are credited interest 3^ per annum, as per agreement, $47755. W (Dr. J. ; Cr. J.) Received certified check of $575 issued J. R. Penn, May 1, for which gavo draft on Duncan, Sh. & Co. f^vor of J. L. Dawcs, at current rate of exchange. Premium paid in cash. (Dr. J. ; Cr. J.) Certificate of Deposit, No. 2, for $3000, is returned to us by Farmers & Mechanics Bank, Detroit, to apply on their %. (Dr. J. ; Cr. J.) The Passed Collections Book and Discount Register exhibit the following results. PASSED COLLECTIONS Credits Duncan, Sherman &Co, $4950, 740 62, 88875, H85, 74062 49378; Franklin Bk. Col., $750; John R. Penn, $7000, 1750; Geo. M. Penn, $1500, 600, 1995; Exchange Bk., Buf., $69650, 3482 >; W. II. Clark, $299250, 748 1-=; Jas. W. Lnsk, $498 "5; H. D. Stratton, $149625; M. B. Scott, $350; JohnS. Woolson, $500; Collection and Exchange, $141 c. Debits Toledo Br. Bk., $3000, 2000, 500, 750; 267 NARRATIVE. Farmers Br. Bk., Aslitabula, $750; Lorain Bank, Elyria, $900, 1500; Lafayette Bk., Cin. ; $1200, 500; Dun can, Sh. & Co., $1750; Franklin Bk. Col., $750; Exchange Bk., Buf., $350, 500. DISCOUNT REGISTER: Credits: N. C. Wiuslow, $2968 *\ 1477; Lewis R. Morris, $497167, 4704 0* ; T. P. Handy, $7382* , 1484^; E.L.Jones, $5907,3631**; Asa Mahan, $595* ; Robert Brown, $6627 8; i, lg . ham & Bragg, $ ;754 , 1488 so ; Jolm D. Williams, $886*0 1481 75 ; Interest, $60959; Col. and Exch., $2850. Dibits: BilU Discounted, $19000; Domestic Exchange, $27050. Paid offi-wrs and clerks salaries, as follows: President, $1000; Cashier, $750; First Teller, $600; Second Teller. $500 ; Book-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, $83701; Expense, debit balance, $4473^; Interest, credit balance, $5044-5; C. & E. R. R. Bonds, credit balance, $5500. W By transferring these amounts to the Loss and Gain account, we ascertain our net gain to bo $4946 . 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 tlie year, and furnish the material for another fiscal period ; thereby affording the student sufficient practice to establish him thoroughly in the principles and applications con templated 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 transac tions are to find their way into tho book of result*. From this point forward the student must trust to himself; and if he lias been thus far faithful, the difficulties which he will encounter will be few and easily surmounted. He will, of course, use ine same books as for the previous entries, and in the same manner. If his work is right, the results can not differ 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 : II. D. Stratton, $200; II. B. Bryant, $200 ; Parker Handy, $400 ; Henry Ivison, $500 ; W. II. 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 iu Ohio currency, @ f; discount. Paid express charges in cash, $4 5t). Paid tho following dividends in cash : J. B. Meriam, $200 ; Jolm R. Pcnn, $200 ; James "W. Lusk, $200 ; J. II. Golds nith, $200. Paid the following dividends by drafts on Duncan, Sh. & Co., at current exchange: Peter Cooper, $400 ; A. 0. Taylor, $300. Received the following paper for collection : From Lafayette Bank. Gin. : Shepard Hamlin s draft; on P. Conover, Ashtabula, for $575, accepted Juno 15, O 60 ds. sight, paj able at Farmers Branch Bank. From Duncan, Slier >nun& Co., N. T. : Ivison, Phinney & Co. s note of $3700, endorsed by II. C. Spencer, 60 ds. from June 10th, payable at oar bank ; "W. "W. Harder s accepted draft of $360, favor of Robert Spjll- min, 30 ds. from June 16, payable at Merchants Br. Bank, Clevo. From Charles Hickox : Thomas Curtis note of $3000, endorsed by William Dooley, 60 ds. from Juno 12, payable at Springfield, 111. Sent Burkam & Sons, Chicago. From GM. 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. "VT. Birctsail, 60 ds. from June 23, 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 Juno 12, payable at Waupacca, Wis. Sent Burkam & Sons, Chic. From Franklin Bk., Columbus: W. Burton s draft on II. B. Bryant for $1500, accepted Juno 10, & 30 ds.. p-.y- able at City Bk., Clove. ; "W. T. Coggeshall s draft on Ingham & Bragg for $700, accepted June 25, 30 ds., payable at our bank. From Exchange Bk., Buffalo : James Sweeney s draft on Bryant, Stratton & Co. for $7000, accepted Juno 16, 60 ds., payable at Elyria. Sent Lorain Bk. ; N. Hucker s draft on Peter Van Dusen for $3750, 3 mos. from Apr. 15, payable at City Bank, Cleve. The following discounts, payable in the city, duo t Ms day, have been paid : No. 35, James M. Bradley, 268 NARRATIVE. $5000; No. 41. Chap. Hickox, $1500; No. 49, James Smiley, $8000; interest on same, $40; No. 53, Peter Stone, 84750; No. 60, II. Holden, $1500. The following discounts, payable abroad, are assumed to have been paid : W No. 34, Smith <t Nixon *iO()i). sent Lafayette Bk., Cin. ; No. 36, II. D. Stratton, $7500, sent Franklin 13k., Col. ; No. 39, Chas Jones, $7000, sent Exch. Bk., BuF. ; No. 42, Jonathan Gillett, $7000, sent Luncan, Sh. & Co., N. Y. ; No. 46, TYillinrn Smith, $7000, sent Bank of Capitol, Albany; No. 52. Philip Seaton, $5000, sent Exchg. Bk., Buffalo; No. 58, E. 11. Finney, $600, sent Iron City Bk., Pittsburg. Discounted the following paper : For E. W. Mason proceeds credited : J. C. Hall s noto of $2000, endorsed by Robert C. Bangs, @ 60 ds. from Juno IS, 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 Juno 25, 00 ds., payable in N. Y. Sent D., Sh. & Co. For Jacob Hoornbtek proceeds credited: "W. P. Pratt s note for $1500, endorsed by D. C. Collins, 90 ds. from July 1, payable at Cincinnati. Sent Lafayette Bk. For D. P. Edls proceeds credited: "W. G. Morton s accepted draft of $2300, @ 60 ds. from June 30, payable nt our bank; R. C. Spencer s note of $5000, @ 6 mos. from May 10, endorsed by B. McGann, payable ;.t Merchants Bk., Cleve, For W. Dwight Packard proceeds remitted: Ivison, Phinney & Co. s note for $1575, endorsed by II. D. Strat ton, 4 rnos. from Juno 12, payable at New York. Sent D. Sh. & Co. For M. B. S -nit proceeds credited: J. Sackrider s noto of $4500, endorsed by M. B. S., @ 3 mos. from June 12, payable at Merchants Bk., Cleve. : N. C. TVinslow s accepted draft, M. B. S. s favor, for $2750, @ GOds. from Juno 30, payable at Xenia. Sent Lafayette Bk., Cin. For E. G. Folnom proceeds credited: Thomas Brown s note of $2753, endorsed by TVm. Burnett, 6 mos. from Juno 10, payable at Galena, 111. Sent Burkam & Son, Chic. For James Richards proceeds credited : His note of $19GO, endorsed by J. G. Doshler, 3 mos. from July 1, payable at our bank. For Ira Packard proceeds remitted: "Wm. Bryant s noto of $500, 90 ds. from Juno 30, payable at A;ni Arbor, Mich. Sent Farmers & Mcchs. Bk., Dot. Received the following deposits : II. B. Bryant, $500 ; Robert Brown, $750; E. W. Mason, $3000; J. P. T\ altcr, $075; Hiram A. Pryor, $700; TV. II. Clark, $750; H. Ivison, $1575; J. D. Williams, $838 ^ ; Asa Mahan, $933 o ; Jacob Iloornboek, $1200 ; N. C. TVinsknv, $837 -<>; Goo. A. Crocker, $718 ^ ; Austin Packard, $1503-; TV. T. Brooks, $946; Jas. TV. Lusk, $439. Paid the following i hecks: Chas. Hickox, $1500. 700, 125, 14"">; M. B. Scott, $4000, 15632-" , -Q2, 19 "> Lewis R. Morris, $4365, 120, 118, 46 :8 ; John S. TVoolson, $1500, 125, 144; II. B. Bryant, $3695, 12375 ].i . t) 200; John R. Penn, $3000; Gco. M. Penn, $112, 134, 3263"; J. B. Mcriam, $1200, 1546 , 219, 275 ; E. G. Folso::i, $1500; T. P. Handy, $175, 1200, 375, 14 - " ; Jas. Richards, $144, 12 ">, 1642: ; Ingharn & Braver, $1200, 103, 400, 175; Geo. A. Crocker, $124, 19, 20G23; Hiram A. Pryor, $127, 196:., 144^; J. \V. 1/nrk, $127, 13 "0 144, 18" . The following foreign collections duo this day, as per Foreign Tickler, are assumed to have been paid, and wo now transfer them to the Passed Collections Book : For J/. B. Scott: No. 57, S. S. Pomroy, $2500, sent Excli. Bk., B;;f. For John S. Woolson: No. G2, Robert Smith, $1200, sent Exch. Bk., Buf. For Lafayette Bk.., Cin. : No. G5, Jacob Iloornbeck, $600, sent Moss Bros., Sandusky. The following ho.ne collections have been paid, and results transferred to Passed Collections : F<>r Duncan, S!,. A Co.: No. 54, Ivison, Ph. & Co., $500; No. 55, J. B. Meriarn, $175o, No. 71, TV. TV. Harder, $360. For James Richards : No. 60, Benj. Carpenter, $1700. For Jacob Hoornbeek. : No. 64, E. R. Fellon, $750. For Franklin Bk., Col.: No. 76, II. B. Bryant, $1500; No. 77, Ingham & Bragg, $700. For Exchange Bk., B if. : No. 79, Peter Tan Dusen, $3750. The following results aro taken from the Passed Collection Book and Discount Register: P.\SS::D COLLECTION S Debits: Exchange Bk., Buf., $2500, 1200; Moss Bros., Sandusky, $600. Credits: M. B. Scott, $2500; John S. TVoolson, $1200; Lafayette Bk., Cin., $598^; Duncan, Sh. & Co., $495, 1732-0, 356-"; Jas. Richards, $1700; Jacob Hoorubeek, $750; Franklin Bk., Col., $1500, 700; Exch. Bk., Buffalo, $3731-5; Col. & Exch., $463.\ DISCOUNT REGISTER Debits: Bills Discounted, $13760; Domestic Exchange, $13583. Credits: E. TV. Mason, $1983 - 1 "; Jacob Hoornbeek, $1473; D. P. Eells, $2276 21, 4887 so ; M. B. Scott, $4443, 2714 ?o ; E. a. Folsom, $2GG1 I ; Jus. Richards, $19289:; Interest, $4402!; Col. & Ex., 3505 269 NAREATIVE. 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. W Purchased at \% prem. the following N. Y. drafts, which we nave remitted Duncan, Sh. & Co. on "/ c : W. P. Pratt on Metropolitan Bk., $3500 ; W. W. Harder on Culver & Penn, $2000 ; Ctfct. Dep. on Chemical Bk., $3759 ; J. B. Meriaai on P. Handy & Co., $1275 ; II. D. Stratton on Peter Cooper, $5600. Purchased, % discount, D. P. Eells sight draft on J. H. Goldsmith, Detroit, for $3000. Sent the same to Farmers & Mechanics Bank for our credit. W Received from Burkam & Sons, Chicago, on %, $10000 in New York State bank notes, J prem. Re- mittod the same to Duncan, Sh. & Co., N. Y., \% discount. Paid express chgs. in cash, $5. W Purchased, per draft on Duncan, Sh. & Co., $50000 in U. S. 6# Stocks, C, $1 2 . Sent the same to State De partment 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, 96722; H. D. Strattou, $642 so ; E. W. Mason, $1575 ; J. B. Meriam, $2675 ; "W. "W. Harder, $1000. Rccaived the folkr.ving paper for collection : From Exchange Sank, Buffalo: H. P. Smith s draft on M. B. Seolt, accepted July 1, 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. Ilolbrook, Elyria, for $1500, accepted July 15, 30 d^. Sent Lorain Bank, Elyria. From T. P. Handy : Calvin S. Sill s note for $1255, endorsed by G. S. Berry, @ 2 mos. from June 20, payable at our bank; Henry Morgan s note of $3500, endorsed by John Baxter, @ 60 days from July 25, payable at City Bank. From II. D. S raUon: John R. Penn s note of $1200, endorsed by W. IT. Clark, 30 ds. from July 17, pay able 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 & Mechs. Bank, Detroit : J. H. Goldsmith s draft on H. B. Bryant, for $3000, accepted June 14, 60 ds, payable at our bank. From Chas. Hickox: Abram Van Wyck s note of $3700, endorsed by Robert Schuyler, 2 mos. from July 17, payable at Dayton, 0. Sent Lafayette Bk., Cin. From Ira Packard proceeds to bo remitted : Charles Willard s draft on Hubby & Hughes for $2000, accepted May 17, 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. ( 38 > For John S. Woolion proceeds credited: Lewis J. Lyman s note of $1250, endorsed by C. Shook, 3 mos. from July 27, payable at City Bank. For W. W. Harder proceeds credited: S. S. Packard s draft on II. D. Stratton for $4000, accepted July 19, 90 ds., payable at Metropolitan Bk., N. Y. Sent D., Sh. & Co. For J. 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. Fjr Jacob Hoornbeek proceeds credited : Samuel Sly s noto o $ -JOO, endorsed by Thomas Pen-in 4 mos. from July 22, payable at Sandusky. Sent Moss Bros. For James Pilchards proceeds credited: Cyrus Ford s t>oto of $2700, endorsed by Reuben Hitchcock, 4 mos. from July 28, payable in Detroit. Sent Farmers & Mechs. Bk. FJT E. G. Folsom 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 pail in cash: W. P. Spencer s note of $1900, endorsed by Gerritt Smith, 3 me a. from July 12, payable at Buffalo. Sent Exchange Bk. The following discounts due at home, as per Domestic Tickler, have been piid: No. 32, E. G. Folsom, $1000 Exchange $40 ; No. 50, Geo. J.L Strong, $3000 ; No. 55, Jacob Harrison, $1500. The following discounts duo abroad, as per Foreign Tickler, are assumed to have been paid : No. 5G, W. H. Woodbury, $6000, sent Laf. Bk.. Cin. ; No. 62, William Gray, $900, sent Duncan, Sh. & Co., N. Y. ; No. 63, K. W. Mason, $1500, sent Duncan, Sh. & Co., N. Y. ; No. 64. J. C. Hall. $2000, sent Duncan, Sh. & Co., N. Y. <"> The following collections, payable in the city, as p?r Domestic Tickler, have been paid: For J)., Sh. & Co. 270 NARRATIVE. No. 70, $3700. For Exchg. El:, Buf., No. 80. $4000; No. 81, $2500. For T. P. Handy, No. S3, $1255. For U. D. Stratton, No. 85, $12oO. For Far. & Alec/m. Bk., Del., No. 87, $3000. Fur Ira Packard, (special), No. 69, $2000. The following collections, payable abroad, are assumed to have been paid: For Lafayette Bk., Gin. No. G9 $575, sent Fanners 15r. Bk., Ash. For Chas. Hickox, No. 72, $3000, sent Eurkam & Sons, Chic. For Geo. A. Crocker, No. 73, $3000, sent Laf. Bk., Ciu. For Joseph P. Walter, No. 74, $1500, sent F. & Mechs. Bk. Dot. 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. Winshnv, $500, 425; E. R. Felton, $118, 2563, 194^ 123 75 ; Jacob Hoorn- beck. $119, 154, 12 ^; K L. Jones, $194, 183 ^ 125 GO, 1500; Alonzo Mitchell, $2000; Asa Mahan, $196, 18750, 33 i 3 ; M . B . Scott, $4000, 12.5; Henry Ivison, $3700, 149, 8763; II. D. Stratton, $1200, 125, 194, 317; II. B. Bryant, $3000, 129, 128, 78 *; Eobert Brown, $196; J. D. Williams, $110, $14475; W. II. Clark, $175, 3937.--, 126, 87 50; Austin Packard, $194, 163 1COO; "W. T. Brooks, $175, 129, 14=0. Tho following results are taken from the Discount Register and Passed Collections: DISCOUNT REGISTER Debits : Bills Discounted, $4950; Domestic Exchange, $14894. Credits: John S. Woolson, $1231 - 5; W. W. Harder, $3940* ; J. B. Meriam, $366115; Jacob Hoornbe-k, 146725; James Richards, $2624 ^; E G. Folsom, $1759^ ; Interest, $281 !; Col. & Exch.. $59 . PASSED COLLECTIONS Debits: Farmers Br. Bk., Ash., $575; Burkam & Sons, Chic., $3000, 900; Lafayette Bk., Cin., $3000; F. & Mcch. s Bank, Det., $1500; Lcrain Bank, Elyria, $7000, 1500. Credits: Duncan, Sh. &Co., $3663; Exch. Bk., Buf., $3980, 2487^, 6947; T. P. Handy, $1255; H. D. Stratton, $1200; Far. & Mcchs. Bk., Det., $3000; Laf. Bk., Cin., $573 X; Chas. Hickox, $297750; Gco. A. Crocker, $2992 -w ; Joseph P. Walter. $148375; Hiram A. Pryor, $S93-5 ; Bank of Capitol, Albany, $1481 *, Col. and Exch., $190 19 SEPTEMBER. Sold W. E. Crocker for cash at par, our draft of $2000, on Farmers & McchV Bank, Detroit. ( 38 > 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 1^ discount, i. 33 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, J^ prem. Sent the same to Exchanp-e Bk., Buf., at par. Paid Express chgs. in cash, $2. Received the following deposits: E. R. Felton, $1575; N. C. Winslow, $2550; M. B.Scott, $1354 *>; .Alonzo Mitchell, $2738; Asa Mahan, $1835; Robert Brown, $2793 *>; H. B. Bryant, $2363; John R. Penn, $1456; J. D.Williams, $564 28; II. Ivison, $1200; W. II. Clark, $1358; Austin Packard, $2700; Wm. T. Brooks, $1340; D. P. Eells, $1490; E. W. Mason, $1293; W. W. Harder, $1496; Geo. M. Penn, $1200; H. D. Rtratton, $1278; Chas. Hickox, $1000. Paid rent of Banking House in cash, $333 ^ Received the following paper for collection : From Duncan, Sh. & Co. : J. Ilardinge s note of $7000, endorsed by Robert C. Biddle, 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, 60 ds.. payable at our bank; John Fitzsimmona sight-draft, for $2500, on P. R. Spencer, payable at Ashtabula. Sent Farmers Br. Bk. From Burkam & Sons, Chic.: D. Y. Bell s draft on S. Sheldon for $1750, accepted Aug. 12, @ 30 ds., payablo at Oberlin. Sent Lorain Bk., Elyria. Thos. Howes note of $2700, endorsed by James Thompson, 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, 30 ds. from Aug. 15, pay able at Philadelphia. Sent Girard Bank. From T. S. Quackenlmsli proceeds to be remitted in cash: C. B. Stout s draft on J. B. Cobb & Co., for $3000, accepted May 10, @ 4 mos., payable at our bank. From J. B. Meriam: His sight-draft on R. C. Spencer, Chicago, for $2500. Sent Burkam & Sons. From Farmers & Mechs: Bank, Det. : J. II. Goldsmith s s lght-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. 1. Sent La 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 Albiuu, N. Y. Sent Exch. Bk., Buf. For H. D. Slratton proceeds credited: Hi.s draft on Ivison, Phinuey & Co., N. Y., for $1500, 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, 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, 60 ds. from Aug. 18, payable at Philadelphia. Sent Girard Bk. For G:o. 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. FJT E. R Felton proceeds credited : James Smith s note of $3500, endorsed by Joseph Cutter, @ GO ds. from Aug. 12, payable at Dayton. Sent Lafayette Bk., Gin. For W. H. Clark proceeds credited : A. W. Smith s note of $3700, endorsed by C. E. Delevan, @ 4 mos. from Aug. 16, payable at our bank. For A. C. Taylor proceeds in draft on N. Y.: Ivisou, Phinuey & Co. s note of $2700, endorsed by A. C. T., @ 4 m:>s. from Sept. 4, payable at our bank. < 40 > For T. P. Randy proceeds credited : M. B. Scott s acceptance favor Jonathan Gillett, for $4500, 60 ds. from August 19, payable at Merchants Bk., Cleve. For Jacob Hooriibeek proceeds credited : James Ellison s note of $4300, endorsed by Thomas Brooks, @ 3 mos. from Septsmber 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: Inglmm & Bragg, $1500, 175, 125; Jas. W. Luslc, $114, 125, 317 so, 12S; Lewis R. Morris, $1100, 1500, 175; John S. Woolson, $3000, 2500, 128 "5, 144*8; T. P. Handy, $146, 192, 238, 1400; Jas Richards, $5160, 200, 10 "S; Chas. Hickox, $3715, 125, 194 ; Jno. R. Penn, $2500, 1839*; 1GO o ; Geo A. Crocker, $1297 -s 1400. 215 75 ; Hiram A. Pryor, $1500, 125, 187 5J ; J. P. Walter, $14673 1200, 1154 ; GJO. XI. Penn, 8195, 14.-J8-, 1G 8; E. G. Folsom, $193, 275, 5000; J. B. Meriam, $1500, 12G">, 134; D. P. Eells, $1600, 173 : - r , 191, 126; E. W. Mason, $1200, 139, 146 "J; W. W. Harder, $175, 250, 268 , 314 -H The following discounts, payable at home, have been paid: No. 51, Edward Savage, $1500; No. 59, Samuel Rand, $6750; 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 Dun can, 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 T. P. Handy, No. 84, $3500. For J)., Sh. & Co., No 91, $1500. For Laf. Bk,, Gin., No. 92, $3750. For Burkam & Sons, C /ic., No. 95, $2700. For T. S. Quackenbush, (special) No. 97, $3000. For F. & Heclis? Bk., Dd., No. 99, $3700. The following foreign collections, due at this lime, as per Foreign Tickler, are assumed to have been paid. For H. D. Stratton, No. 86, $3750, sent Toledo Br. Bk. For Chas. Ilickox, No. 88, $3700, sent Laf Bk. Cin.; No. 93, $2500, pent Far. Br. Bk., Ash. For Burkam & Sons, Chic., No. 94, $1750, sent Lorain Bk., Elyria. For John R. Penn, No. 96, $1700, sent Girard Bank. For J. B. Meriam, No. 98, $2500, sent Burkam & Sons, Chic. For N. C. Winslow, No. 100, $1700, sent Laf. Bk., Cin. The following results are fciken from the Discount Register and Passed Collections : DISOOUXT REGUSTER Debits: Bills Discounted, $15200; Domestic Exchange, $14150. Credits: II. D. Siratton, $1491 "> ; E. W. Mason, $135529; Geo. A. Crocker, $1825 ( >; E. R. Felton, 346617; "W. II. Clark, $363279; T. P. Handy, $4462; Jacob Hoornbeck, $4232 03 ; W. W. Harder, $2728; Interest, $357 37 ; Col. & Ex., $8 75 PASSED COLLECTIONS Dtiiis : 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, 24937. r > ; Burkam & Sons, Chic., $2700, 1745 6J ; F. & Mechs. Bk., Det, $3700; H. D. Stratton, $374062; Chas. Ilickox, $369073; j onu R. p enUj $1700; J. B. Meriam, $2481 25; N. C. Winslow, $1695 75; Col. <fc. Exch., $67 23. Bank of Albany should be credited, leas exchange. 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 7i tf Treasury notes, $1 w with back interest added, $244. Remitted the draft, for our credit, to Duncan, Sh. & Co. i 41 Sold the following drafts on Duncan, Sh. & Co., at the current rate of exchange : E. R. Felton, $2000 , Jacob Iloornbeek, $5000; John R. Penn, $4370; Ueo. M. Ponn, $2500. Sold H. 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 CertiQcate of Deposits No. 7, issued X. Frederick, $3975. ( 4 *>. Sold J. B. Meriam, at par, our draft on Toledo Br. Bank for $6700. Received the following paper for collection : From Duncan, Sh. & Co., N. Y. : Clnfflin, Mellen & Co. s draft of $2750 on TIenry W. Phillips, @ 30 ds. sight, payable at our bank ; (") A. T. Stewart s draft of $4675 on James Oas, @ 10 ds. sight, payable at Mer chants Bk., Cleve. From Far. Br. Bk., Ashtabula : ITcnry TV. Seymour s note of $3000, endorsed by T. W. Blake, 3 mos. from July 10, payable at Toledo. Sent Toledo Br. Bk. Frcm E. W. Mason: His sight draft on Thomas Higgins, Cincinnati, for $1900. Sent Lafayette Bk. From Geo. A. Crocker: His draft, @ 30 ds. sight, on Thomas Merrill, Buffalo, for $3750. Sent Exchange Bk. From Edwin C. 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 Perm: L. Fairbanks note of $1200, endorsed by Thos. Swain, 60 ds. from Sept. 15, payable at Sandusky. Sent Moss Bros. ; "W. P. Spencer s accepted draft of $4000, 30 ds. from Sept. 10, payable at Buffalo. Sent Exchange Bank. From Imjham & Bragg : J. Hollister s note of $2000, endorsed by Philip McGuire, @ 30 ds. from Sept. 20, pay able at our bank ; their sight draft of $3000 on W. B. Ogden, Chicago. Sent Burkam & Sons. From Burkam & Sons, Chicago: R. C. Spencer s sight draft on II. B. Bryant, Cleve., for $1500; Thos. Milligan ; s note of $1700, endorsed by H. Bradley, GO ds. from Aug. 12, payable at City Bank, Cleve. Discounted the following paper : For T. P. Handy proceeds credited: His note for $15000, 60 ds. from Oct. 1, endorsed by N. C. Winslow, and payable at Merchants Bk., Cleve. For Jacob ILnds proceeds remitted in cask : Thomas Jewett a note of $6000, 3 mos. from Sept. 30, endorsed by P. Roberts, payable at X. Y. & E. Bank. Sent Exchange Bk. For J. P. Walter proceeds credited : C. Y. Culver s note of $0000, 90 ds. from Sept. 25, endorsed by J. R. Pcnn, payable at Culver & Brooke s Bank, Phil. Sent Girard Bank. For J. D. Williams proceeds credited: II. C. Spencer s note of $4750, endorsed by Jas. W. Lusk, @ 2 mos. from Oct. 1, payable at East River Bank, N. Y. Sent Duncan, Sh. & Co. For I.ujliam & Bragy proceeds credited : Ivison, Phinney & Co. s note of $7000, endorsed by Ingham & Bragg, 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, 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, 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 Sqpt 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, Clevo. Received the following deposits : J. W. Lusk, $1500; Lowis 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, $4300; E. R. Felton, $2000 ; T. P. Handy, $2750; Alonzo Mitchell, $2000 ; J. R. Penn, $1500; II. Ivison, $1750; Chas. Hickox, $2400; W. II. Clark, $1800; Geo. M. Penn, $1575; II. D. Stratton, $2750 ; W. 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, 1752. , 212, 1025; E. R. Felton, $2020, 500, 1275. 210, Jacob Iloornbeek, $5050, 112>, 500; M. B. Scott, $975, 124 T , 112 *>, 200; E. L. Jones, $175, 144, 1200; 18 273 NAREATIVE. A !onzo Mitchell, $230, 195, 417 ^>; Asa Mali an, $170, 129, 312 >, 18325; Robert Brown, $183, 125, 800; K B. Bryant, jjT23, 1456, 125, 317; J. D. Williams. $194, 125, 100; H. Ivison, $145, 217, 359^; \y. H. Clark, $119, 14850, 129 7i- ; .Austin Packard, $119, 1445", 500; J. P. Walter, $217, 250, 31950; -\y. T. Brooks, $500, T29, 12 7 "; H. D. Sirattou, $7500, 19i-, 229^, 112^, 400; D. P. Eells, $14450, 123, 1200; E. W. Mason, $175, 219, 515, 163*; W. W. Harder, $300, 438 127 W; J. R. p en n, $441370; Geo. M. Penn, $2525; J. B. Meriam, $ti700, 148, 112* . Tiie following discounts payabb at home, as per Domestic Tickler, have been paid: No. 73, $1960 ; No. 76, $1250; No. 78, $J7i-0; NJ. 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 <J The following Jiome collections due this day, as per Domestic Tickler, have been paid: No. 102, $4675; No. 106, $500; No. 103, $2000; No. Ill, $1500; No. 112, $1700. The following foreign 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 REGISTER Debits : Bills Discounted, $19500; Domestic Exchange, $36950. Credits: T. P. Handy, $14842 >; J. P. Walter, $5913; J. D. Williams. $4699 3 ; Ingham & Bragg, $6897 S4 ; Alonzo Mit chell, $5583 15 ; Robert Brown, $24=65 42 , 1480 B0 ; E. L. Jones, $5905, 1971 ; Int., $753 61 ; C J. & Ex., $32 25 . PASSED COLLECTIONS. Debits. F. & Mechs. Bank, Det., $7000. 2955; Toledo Br. Bk., $3000; Laf. Bk., Gin., $1900 : Exch. Bk., Buf., $4000; Burkam & Sons, $3000. Credits: Duncan, Sh. & Co., $4628 S8 , 6877 B0 ; Ingham & Bragg, $2000, 2977 60 ; Burkam & Sons, $1500, 1700; E. W. Mason, $1895 M ; J. R. Penn, $4000; CoL & Ex., $204. NOVEMBER. Sold J. B. Meriam draft on Exch. Bk., Buf., @ J-? prem., $1500. Reed, from Farmers & Mechs. Bk., Det, $3000 in N. T. Slate currency, @ \% prem. Sent the same to Duncan, Sh & Co., N. Y., per express, @ y discount. Paid Express chgs. in cash, $2 5! \ Sold J. C. Bryant, for cash at current rate of exchange, our draft on Duncan, Sh., & Co., fof $3500. Certitied M. B. Scott s check of $3000. Received from Lafayette Bk., Cin., Cleveland city notes, $10000. Sold the Wowing 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., 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, @ 30 ds. from Oct. 1, payable at our bank. From Lafayette Bk., Gin.: D. C. Collins sight-draft on Robert Smith, of Cleveland, for $1500. F.ont Toledo Br. F,k. : Ira Packard s note of $3750, endorsed by James Richards, 30 (Is. from October 10, payable at Merchants Bank, Clevo. From Ejxha-nge Bk, Buf. : James Cook s note of $1450, endorsed by F. J. Fithian, 6 mos. from Juno 15, payable at Commercial Br. Bank, Cleve. From D. P. E -!ls : His draft at 30 ds. from Oct. 1, on Smith & Nixon, Cin., for $7000. Sent Laf. Bk., Gin. From Aia Mohan : Timothy Smith s note of $5000, endorsed by Robert Runtoul, 60 ds. from Sept. 15, pay able at our bank. From Lewis R. Morris : II. 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 rno.s. from. Sopt. 20, pay- ablo at our bank. Discounted the following paper : For Alonzo Mitchett proceeds credited: William Tlubbard s note of $3000, endorsed by Chas. King, 4 mos. from Nov. 1, payable at Oswego. Sent Bank of Capitol, Albany. For Clias. Hickox proceeds credited : His draft of $6000 on John R. Wheeler, Buffalo, @ 60 ds. from Nov. 1. Sunt Exchange Bk., Buf. J. Hind s note of $1500, endorsed by H. Newell, at 3 inos. from Oct. 27, pay able at Tonawanda, N. Y. Sent Exchange Bk., Buf. 274 NARRATIVE. For Jennison C. Hall proceeds remitted in cash: His note of $4000, endorsed by Crocker & Guild, a fiC is. from 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, 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, 2 mos. fiom Nov. 1, payable in New York. Sent Duncan, Sh. & Co. For Austin Packard proceeds credited: His note of $35.00, endorsed by Packard & Seymour, 3 mos. from Oct. 18, payable at City Bank, Cleve.; II. 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 II. Williams, 3 mos. from October 15, payable at our bank. For Geo. M. Perm proceeds credited: Thos. Seymour s note of $4000, endorsed by Jacobs & Smollett, 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, 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, (^licago. Sent Burkam <fc Sons. Received the following deposits: N. C. Winslow, $1500; Jacob Hoornbeek, $3750; M. B. Scott, $975; Asa Mahan, $1735; IT. 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, $G35; 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, 14; 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, 18 5; 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 . The following discounts, due to-day, as per Ticklers, have been paid: Domestic No. 68, $5000. Foreign No. 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. Forciyii.Xu. 105, $37.-C; 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 ; Chas. Hickox, $5937, 147750; J. D.Williams, $690317; H. Ivison, $7420; Austin Pack ard, $3452 ", 2938 SJ; Geo. A. Crocker, $444150; Geo. M. Penn, $3891 ^3 ; E. G. Folsom, $5905, 2640 is; Interest, $794*5; Col. and Exch., $20 . PASSED COLLECTION S Debits: Exch. Bk. Buf., $3750; Moss Bros., Sandusky, $1200; Lafayette Bk., Cin., $7000. Credits: Duncan, Sh. & Co., $2722 >, 2970; Laf. Bk., Cin., $1500; Tol. Br. Bk., $3750; Asa Mahan, $5000 ; L. R. Morris, $3500; Geo. A. Crocker, $3750; J. R. Penn, $1197; D. P. Eells, $6982 50 ; Col. & Ex., $78. DECEMBER. 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. Harder, $3700 ; H. D. Stratton, $2750 ; J. R. Penn, $1760; Robt. Brown, $5000; Jas. Richards, $1600; T. P. Handy, $1275; Jas. W. Lusk, $5600; M. B. Scott, $4500; N. C. Winslow, $1500; E. G. Folsom, $1700; W. T. Brooks, $3000. Received the following pnper for collection : From Duncan. Sh. & Co. : Francis & Lontrel s note of $3000, endorsed by Ivison, Phinney & Co., at 60 ds. from Nov. 17, payable at Oberlin. Sent Lorain Bank, Elyria. W. E. Crocker s draft of $3000 on Ingham <fc 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. from Oct. 10, payable in Cleveland. 275 NAKRAT1VE. From Franklin Bank, Col. : Thaddeus Stevens note of $1200, endorsed by J. H. Baker, @ 30 days from NOY 10, payable at Merchants Bk., Cleve. From Lafayette Bk., Cin.: Thomas McCook s draft of $1000 on Peter Simpkins, Cleveland. @ 10 ds. from l\ T ov. 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 inos. from Sept. 19, payable at our bank. From E. E. Felton : James McCormick s draft of $2000 on Smith & McCormick, Chicago, at 30 ds. from Dec. 1. Sent Burkam & Sons, Chic. From John S. Woolson : His draft on "Woolson & McFarland, Mt. Pleasant, Iowa, for $2500, @ GO 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. Edls proceeds credited: Samuel Jackson s note of $7000, endorsed by Patrick Gallagher, @ 3 mos. from Nov. 30, payable at our bank. For Tlieron W. Woolson proceeds in cash: John Simson s note of $8000, endorsod by Urial Driggs, @ 4 mos. from Nov. 20, payable at Niagara River Bank, Buffalo. Sent Exchange Bk. For B. M. Worthington proceeds in cash: Thos. King s note of $7500, endorsed by Chas. West, at GO ds. from Dec. 1, payable at Portland, Me. Sent Duncan, Sh. & Co. For If. A. Pryor proceeds credited : B. K. Phillip s note of $GOOO, 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 GO 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 $7500, 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, $2758; No. 80, $2700; No. 96, $6000; No. 97, $4750; 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, $17-50. Foreign No. 113, $5700; No. 124, $1500. The following checks have been paid: T. P. Handy, $15000; Ingham & Bragg, $3000, 575, 1400, 212 >; W. W. Harder, $12000, 750, 112<5 ; E. W. Mason, $10000; D. P. Eells, $7000, 125; H. A. Pryor, $3000. 1200, 325 C7 ; W. H. Clark, $200, 3000, 19-5; W. T. Brooks, $1750, 2300, 11875; Robert Brown, $5000, 1750, 12 ?; Geo. M. Penn, $1500, 175; E. G. Folsom, $2000, 175, 18750; J. B. Meriam, $1400, 11275 238 &o ; Jacob Hoornbeek, $500, 175, 1275, 39 W ; Alouzo Mitchell, $2000, 12963 1750; H. B. Bryant, $10000; E. L. Jones, $8500, 21250; 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. Credits: W. W. Harder, $14690; E. W. Mason, $11836; D. P. Eells, $689267; H. A. Pryor, $5896; W. H. Clark, $4947 : 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., Ash tabula, $1500. Credits; Exch. Bk., Buf., $144275 149250; Duncan, Sh. & Co., $2970, 562875 1481 25; Burkam & Sons, Chic., $3000; Franklin Bk., Col., $1200; Lafayette Bk., Cin., $1000; Iron City Bk., Pitts., $174125; Collection & Exchange, $14350. Received from Duncan, Sh. & Co., statement of our % with them for the past six months. Our average of deposits amounts to $45028 5 , for which they allow us 1# interest, $675 42 . Received from State Department semi-annual interest on Public Stocks, 3j on $90000. Received from Farmers & Mechs. Bk., Detroit, currency to balance a / c , $7824. Sold P. Hood draft on Exch. Bk., Buf., \% prem., $568 50. Received from Burkam & Sons, Chic., Cleve. currency on a / c , $5000. 276 NARRATIVE. Received from Moss Bros., Sandusky, currency to balance %, $4800. Paid Salaries as follows: President, $1000; Cashier, $750; 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, pre paratory to declaring the second semi-annual dividend. The condition of these accounts is as follows : Shoiving Gain Treasury Notes, $1700; Collection and Exchange, $1432 ; Interest, $763535. Showing Loss Expense, $4283 ^. The net gain during six months is $6484 M. Declared dividend of 2, setting the amount aside in the Dividend %, and transferring the balance to Reserved Profits %. The General Ledger now exhibits the following balances : Duncan, Sli. & Co 5078 96 Capital Stock ... 200000 Bills Discounted 59700 Deposits 297551 >o Domestic Exchange . 99400 Office Notes 80000 Cash 259582 16 Dividend 4000 Lafayette Bank, Cin 11965 44 Reserved Profits 3431 45 Public Stocks 87400 Iron City Bank Pitts 1141 25 Exchange Bank, Buf. 9000 Fixtures 575 .^ Burkam & Rons 14042 62 ^^ Bank of Capitol 12528 65 .^ Toledo Branch Bank . . 8250 .x^^ Far. Br. Bk., Ashtabula 1582 50 ^^ Franklin Bank Col 3100 ./"^ Lorain Bank Elyria 5150 ^/ / ^ > Girard Bank, Philadelphia .... 8768 57 ^^ 586123 90 586123 90 The Deposit Ledger shows the following balances: 11230 11645 6277 7228 6715 12652 7239 4726 6614 8023 12019 7436 5634 8435 11792 14864 14719 11322 14576 12194 11075 44 60 02 77 88 32 42 47 22 24 22 74 14 45 58 98 83 97 16 50 80 Brought Forward .... J. P. Walter "W. T. Brooks 206425 6097 11784 6601 12050 11448 7500 6363 15999 10379 9298 7.5 52 25 97 57 44 94 (55 67 04 N. C. Winslow E. R Felton .... Jacob Hoornbeek .... . Geo. M. Penn M. B. Scott J. W. Lusk E. G. Folsom H. D. Strattou .... . . Lewis R. Morris J S Woolson J B Mcriaiu T. P. Handy D. P. Eells Jas. Richards .... . . E "W Mason . . . Alonzo Mitchell "W. "W. Harder . . . Robert Brown . 303949 80 Chas Ilickox 2068 4330 297551 50 10 20 John R. Penn Geo A Crocker J D. Williams IT. B. Bryant If. Ivison \V. H. Clark E. L. Jones Austin Packard Amount Forward .... 303949 80 206425 75 277 EXPLANATORY NOTES. EXPLANATORY NOTES. (1) This Act provides, among other things, ns follows : [Capital to be paid in.] SEO. 4. " Every such banking company, before commencing business, shall have paid in and remaining in its possession, bonafole, 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 fciiy such company. [Basis of Issue.] SEC. 7. Whenever any company, formed for the purpose of Banking under the provisions of this Act, shall law fully 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 Unite 1 States, such company shall be entitled to receive from the Auditor an equal amount of such circu lating 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 centum interest per annum ; f nd it shall not be lawful for the Auditor to take such 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 times the amount of the capital stock of such company actually paid in. and remaining in such bank uudimiu- ished by losses. ***** [To Circulate as Money.] SEC. 8. Every such company is hereby authorized, after having executed such circulating notes, In tli3 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 essen tial that we should get as large a credit with our New York correspondent, and at as little cost as possible. It will, in feet, 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 volun tarily 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 anothei 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 courso is not to be entered simultaneously with the draft. It is not thought necessary to designate, in every instance, the particular sums paid ly 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 arc 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 bo 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 Yock, we have reckoned as running from the 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 again to the bank, and illustrates one of its most important func tions 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 ($494750). 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 dis crimination is to be made in its offerings, the bank should give preferenco to those who have been its best cus- 278 EXPLANATORY NOTES. tomers, or who Lave kept the largest and most uniform average on deposit. When discounts are made in favor ol a dealc i-, as in this case, tue net proceeds are entered to his credit as a deposit. G) Duncan, Sherman & Co. bjing 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 exchan e. For full instruction in this and similar cases, the studei t should refer to the article on " Correspondence," page 256. (8) These stocks were purchased at less than their nominal value, suea 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 b- warranted by the facts, and would be quite apt to mislead us in declaring our dividends, which the law says "must be made from t .ie ea,rnlnys of the institution, and not from its capituV (9> Inasmucn 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 traiislbr need bj made ia our principal books. The property has passed from our custody, but not from our possession. (! 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 cfl ect, "Office Notes," thereby debiting Cash. (H) By referring to the collections in the Dom^t ic and Foreign Ticklers, the student will see that the paper here enumerated falls due at this time. Concerning tint whieh is p.iyable 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 corre spondents, knowing that if the paper sent them is not mob at maturity, they will notify us without delay. It i> usual, therefore, to date the Foreign Tickler fa" enough forward to cover the usual contingency of the mails, and to assume all paper as paid of which we have receive 1 no notice of protest. The entry in this case consists <u transferring these collections from the Ticklers to the " Passe. I Collections," charging our correspondents with tl e proceeds of the foreign, collections, and crediting the parties f jr whom collected; or paying over the amount, as the case may be. (12) It must be borne in mind that the paper fulling 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, nfford to give them credit fo thef.tce of payments made here ; as by that process we should lo.^e the current exchange which we have assumed to be 1. We therefore credit them the amount of the draft ($3000), less 1^ ($30), which we credit to our o^vu Exchange %. (13) This note has for payer one of our dealers, and it is fair to presume that, inasmuch as he has a balance 0:1 deposit, he will not deem it necessary to send tin cash. He will cither draw Ijis 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 \A 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. (i<) The gru.de of the currency in any locality is regulated in a great measure by the banks. Whatever is l>ank- alle passes readily at par. When banks are paying fieir creditors specie, it is scarcely possible for gold and silver to be at a premium, from the fact that paper money arid other bank credits will command it at par. If, however, owing to the scarcity of the precious metals, or <;o 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 t .ie standard of currency ; as it is an inevitabl 3 law of political economy that the poorest currency permitted to pass at par will fill the channels of circulation to t .ie exclusion of the more valuable. Canada money, which is at \% dis count in Cleveland, is at par in Detroit, while Detroit currency is at only \% discount in Cleveland. It is clear, therefore, th t if we buy Canada funds, and remit the same for our credit to Detroit, we shall make \% on the amount, less the express charges ; which will make our actual gain in this transaction 33 "5. (is) As these notes do not enter into circulation like the Government currency, but are held by us as a lo.in, we open a separate account with them, charging it with their cost. It may seem anomalous that Government securities, producing 7T*<r; interest, could bo had at less than their nominal value while money is freely loaned on personal security @ G^. Tins 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 is Treasury Notes " were issued upon the authority of Congress, a? a imans of obtaining loans fro n the people t> aid the Government in its efforts to put down the rebellion. T .ie rate of interest, payable semi-annually in specie, was fixed unprece- dcntedly high, and the entire resources of the country pledged for the payment of both principal and interest ; and yet, such was the reluctance of the people to try the new channel of investments, or their temporary appre hensions as to the final result of the measure, aided to a great extent by the combination o f> 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. (10 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. m tele the date March 3. This draft, being payable in New York, is worth to us, when it matures, a premium of I*,- . We cim well afford to take it at par, tiie twelve days interest we lose being only one fourth of what we gain by exchange. ( > T.iis note is payable in Chicago currency, whic i is kl below our own. Consequently, we charge Mr. Penn not only the regular rate of intercut, but the ix-gular exchange on the lace of his note added to our charges for col lection. (is) These transactions are among the most common of bank routine, and easily understood. Tleir proper record requires the opening of two special account* in the Deposit Ledger, viz., " Certified Checks " and " Cer tificates," bath of which are mere variations of depositors accounts. The Certificates of Deposit and Certified Checks (examples of which are given iii tais connection), are simply deferred payments on depositors orders, and &=, the obligations are assumed under the signature of the proper bank officers, they become a species of bills pay able, 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 iap-iidwhen. 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 tne close of the day. It is more usual, however, to make a separate record of such transactions, which plan we have adopted. (! >> This transaction involves a somewhat intricate entry, and, if properly studied, will exhibit to the student one of the most i teresting features in banking. It is evident tluit 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 exceed ingly 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 bj invested in a draft worth \% premium. The following is the simplest process : 3958+1.01 = 3918.81, the face of the draft ; Therefore, 3958-3918.81=39.19, the premium. The complete entry, when properly recorded, will be: Bills Discounted, Dr. $4003; Duncan, Sh. & Co., Cr. $ ,918.81 ; Interest, Cr. $42 ; Exchange, Cr. $39.19. (20) This bill of expenses being for the permanent fixtures of the bank, sue 1 .! as counter.-;, furniture, safe, gas fixtures, etc., it is not deemed proper to charge it to the general Expense % as a loss. In the first place, there is intrinsic valuo in the property, and next it remains from year to year without sensible diminution. If we should apply the amo;uit against the first year s gains, we might be unable to declare a dividend. We have, therefore, opene i a " Fixtures " %, 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 acsruc 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 denier, and neither is sufficiently known to the bunk officers to warrant the venture of so largo a sum. An additional, or "collateral" security, is, therefore, required. The Eailroad 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 incurre I ; 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, wi Ji olhers, for its payment. The expense of protest is, of course, his expense and not ours ; and while our corre spondent will look to us for the protest fees, we have our remedy in the parties to the note. It is true that ve still hold the note in our possession, and having served the notice of protest on the proper parties, we are entitled to the baneSt of their endorsements, which will, in all probability, render the payment sure. However, having failed of 1 b/mg piii at maturity, it is, in business language, " disgraced," and should no longer hold a place with our unloubte.l resources. Wo have, therefore, opened an account with "Protested Paper," which we debit with tb.3 amoirnt of note and protest fees ; crediting Domestic Exchange with the face of the note, and Exchange Bank with the protest fees. We are nware that this may seem a rather formal proceeding in reference to a note that will prob ib y bj paid upon being presented to its endorsers ; but the opportunity is taken to illustrate a point which t.ie sta le it should understand, and to impress upon the mind the importance of guarding one s business repu tation 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 pre<e:it ca.se we have taken the precaution of evading the lagal formalities of foreclosure in a written permis sion to sell mmedMel / upon failure to pay. See " Collateral Note," pa?e 333. < 2J) Al: hough by the terms of our charter we are not permitted to de^I in stocks with a view to speculation, we have, nevertheless, the risrht to protect our own interests. In this case we have loaned $20000 cash on what wo dceme 1 ample security ; but from some cause, which we have reason to believe temporary, the security has depre ciated in value ; so that, being exposed to public sale, it does not realize sufficient to pay our demanJs. It is now 280 EXPLANATORY 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 cir cumstances, we have every right to sell to the best advantage. CS) The theory of which this is ua application is distinctly set forth in Note 2 of this scries. The note 13 made payable with exchange ; which mtans simply that when it is paid we shall charge, in addition to its face, 1, or the rate of exchange on New York. The sagacious student will readily discover that this is a covert method of evading the usury law ; and that the shorter the time allowed on this class of notes, the larger will be the per centage of interest. While the particular currency in which 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." in the " Eemarks" column is sufficient. (26) There are two classes of collections constantly maturing at our bank ; one for our re:ular dealers and cor respondents, and the other for strangers and banks with which we keep no account. \Vhcn those of the former class are paid, we immediately credit the owners with the amount; the proceeds of the latter class wo either imme diately 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. "VVo 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. W) It is customary with banks to receive on special deposit from its dealers, valuable articles of various kinds, euch as j jwelry, plate, and even packages of money, merely for safe-keeping. Any special deposit is to be paid back in the identical article, and not in something of ita kind, as when one deposits cash on account, and cheeks out in amounts to suit his convenience. When special deposits are made, it is not necessary that any entry should be made in the principal books, although some banks adopt the plan of entering all conk, whether special or other wise, and reckoning it among cash items. "We have adopted a different pl.m in tl.is case ; simply giving thj 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 be delivered to its proper owner. (28) The practice of paying interest on deposits is strongly discountenanced by financiers, a* opposed to the truo spirit and theory of banking, and as destructive of one important means of prosperity ; although m.my banks resort to it as a method of increasing their working capital, and to compete successfully with rival institutions. It ia customary and proper, however, when banks receive and keep large average balances belonging to correspondents, to pay a small percentage of interest. "We have sanctioned this practice iu the adjustment of our account with Duncan, Sherman & Co. (;9) The student is aware that 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 choice is decidedly for the latter method, and wo have used it here. We have also closed up all the running accounts having more than one entry, and brought down the balances ; which, although not absolutely necessary, enables us to enter upon another semi-annual career with n simple 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 earnings, or of borrowing the means for such dividend 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 explicitly provides that all dividends to stockholders shall be made " from the earnings," and not from the capital. There can be no plau?ib!o excuse for departing from this plain, conservative policy, except in cases of extraordinary and temporary reverses which are morally sure to bo soon counteracted ; and even under such circumstances prudence would dictate tho withholding of dividends to stockholders which have to ba borrowed from the public. So far are those institu tions which stand fair in public esteem 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 agninst future contingencies. This is a most commendable plan, as it serves the double purpose of increas ing the working capital of the bank by permitting its earnings to accumulate instead of bei::g drawn out by stock holders, and of establishing its reputation upon a sound bar-is, thereby increasing its usefulness and adding to tho value of its stock. We have given shape to this policy by setting aside a part of the earnings (946 - 2) in i "Reserved Profits" account, thereby restricting the first dividend to 2%, which, under the circumstances, should be 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 amount is exhausted and the account canceled. (3D It must be remembered that while our account with Duncan, Sh. & Co., is kept in N. Y. currency, tho bank dividends arc payable in our own currency. Therefore, if we pay them in New York funds, they must stand the exchange. The draft, with \<? r added, should amount to $400. (32) The entries required for this in the Debit and Credit Journals are taken from tho Discount side of the " Foreign Tickler." The student will not forget that the check " Pd. & Ent.," in the " Remarks " column, signi fies that not only are the bills credited as paid, but the parties to whom the payments are made are properly debited for the same. (33) This draft being payable in Cleveland currency, will not pay an equal amount in Bnffdo currency, which is the standard adopted as between us and our Buffalo correspondent. The probabilities are that this draft was pur- 281 EXPLANATORY NOTES. chased at a sufficiently large discount to make it an object for our correspondent to remit it to us on % . We credit the Buffalo bank with the amount of the draft, less the current raie uf discount (i) which we credit to Collec tion and Exchange. The effect with us it; precisely similar to that of drawing a draft on Buffalo at t$ 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 Cleve land currency, which is \% prem. at Detroit. Our Detroit correspondent will, therefore, credit us with the face of the draft less i?, while we debit him the same. Our gain in the transaction will be i,Z 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 him selfprovided the N. Y. funds were received by him at par while it enables us to get funds in the hands of our IN. Y. correspondent at a cost of i;/, besides the express charges. On receipt of the money from Chicago, we credit r.urkam & Sons $10025, and debit Collection and Exchange $25. On remitting to K. Y., we charge Duncan, Sh. & Co., $9975, and Collection and Exchange, $25 + 5. 06) 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 oa the note ; second, the charges for Col lection 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 \% premium added, will amount to said proceeds. () 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 he 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 suke of exactness, and t ) give the student the benefit of the variety afforded by the record, we have assumed the charges for the collection in this instance to be i , or $3. Duncan, Sh. & Co. then should be debited $1995, and Col. & Exch. $5. CS) The payment of this draft by our Detroit correspondent, in Tils own currency, will not, of course, cancel an equal amount of his indebtedness to us, which is reckoned in our currency, the difference being, according to our understanding, 5 , . AVe therefore credit Farmers & Mechs. Bank with the face of the draft, less the rate f exchange, and "Collection & Exch." with the difference, thus realizing a gain of $10, the difference in exchange. ( ") In a regular banking business it is probable that transactions like this would be of very frequent occur rence. 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 homo to fie 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 allow us. The margin allowed us, J^ is for assorting and sending home. Y/c can either do this or pay it out over our coun ter in the regular discharge of our business. (-0) This kind of transaction has been repeated so frequently that the student will need no hints as to the pro cess of entry. The proceeds being set down in the Discount Register as " Cash, there may be clangor of omitting to credit Duncan, Sh. & Co. with the draft. To avoid this omission the better plan would be to enter it immedi ately, 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. (ii) These Treasury Isotcs were purchased far less than their nominal value, at a time of general depression, mid 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 had money unemployed sought to invest it in securities which were at once so safe and remunerative. The consequence was a sudden rise i:i this class of stocks. TV e have taken advantage of this buoyancy, and realized a generous margin on our invest ment. The interest on these notes is payable scmi-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 transac tion presents two elements of gain the appreciation of the notes and the accumulation of interest. Treasury ITotes should be credited with the proceeds of the notes, and Interest with the gain from this source. (13 Our account with Girard Bank is kept in Philadelphia currency, which is l</ better than our own. Our certificate, therefore, being payable in Cleveland currency, can be received by us only at its Philadelphia value, vhich ij 1^ discount. "We credit Girard Bank with a sum which, with \<f added, will amount to $3975 ; and Col. i;nd Lxch. with the premium. () A draft drawn at " sight," or at so many days sight, commences maturing from the date of presentment. A bank receiving such paper for collection imphedly engages to present it immediately, as any delay in this partic ular would wrongfully keep tlio owner from his money. In recording paper of this kind in our Collection Regis ter, we shall assume the date of record as the time from which maturity commences. 0) Inasmuch as the student has a full description of these notes, both in his Discount Register and Ticklers, a reference to them by numbers alone is deemed sufficient. Caro should be taken in recording them as paid wt to omit to debit t .ie parties to whom paid. 282 DEBIT JOURNAL. Cleveland, O., January., 1862. ._ LF. Col. & Ex. Deposits. General Duncan, Sh. & Co. Remitted as follows: n. B. Bryant on Ocean Bk. 5000 J. B. Meriain on Cont. Bk. 7500 Ctfct. Dep. Met. Bk. . . 10000 W. H. Clark on D., Sh. & Co. 15000 Expense Blank Books, Stationery, eta 150 N. C. Win slow 505, 100 Of\K E. H. Felton 18^, 25, no, 125 ... 298 75 Jacob Hoornbeek 500, 175, 25- , 19, 12, no 841 50 Jas. W. Lusk 175, 125 M, 13 ">, 112, 200 626 25 Lewis R. Morris 118,12^,142,19^. . . 291 80 John S. Woolson 14, no 124 50 T. P. ITandv 1500. 500 10 James Richards 113,1960,144,12 . . . 288 60 .1 1 Alonzo Mitchell 200, 120, 13 .... 333 75 13 Robert, Thrown 12. 190 209 1 ."> Charles Hickox 1 QO 1 ti H. B. Bryant snnn 1 7 2500 3 Duncan, Sh. & Co. T. P. Handy, ou Ocean Bk. 150 30000 4 i Bills Discounted Per Discount Register . . 4000 Domestic Exch. " " " 5000 Col. AT, F.Yc.h 1 "0 i ^n o J 1 K i ^ QAO is 11 Tno 8 Cash Cr. Total Disbursements . 15 88102 I 283 DEBIT JOUKNAL. 3 Cleveland, O., February. 1862. L.F. 10 Public Stocks 20 Shares TJ. S. 6# @ 92* . 20 do. 0. S. 6$ @ 90<? . 3 Duncan, Sh. & Co. E. R. Felton on Exch. Bk. M. B. Scott on Ocean Bk. . Ctfct. Dep. Met. Bk. . . J. R. Penn on East Riv. Bk. Jas. Moore on D., Sh. & Co. 4 8 M. B. Scott T. P. Handy 3030, 150, 1975 . . . . 199475, 120 h> */ John S. Woolson 75750 us, ]5 "5 . . . . 17 John R. Penn 2525, 183 75 144 .... :}-2 Asa Maban 325, 450, 19 "5 50 . . . 10 James Richards 110, 120, 300,4375 . . . 11 15 Alonzo Mitchell Chas. Ilickox 138,26,44),300 . . . 400, 120, 1934 10 H. B. Bryant 900,1375,122,75 . . . 13 Robert Brown 115,26,3520,75. . . . Lewis R. Morris 17, 25, 19, 8325 .... 3 Jacob Hoornbeek 150, 12, 46, 75, 18^5 . . 5 Jas. W. Lusk 29, 34 0, 129 9 14 E. L. Jones Inghara & Bragg 190, 12 , 115 . . . . 50, 120, 3890 2 E. R. Felton 170, 123, 1950 9 Lafayette Bk. Cin. Collection, No. 7 .... 11 Moss Bro., Sand y M " 10 .... 4 Bills Discounted per Discount Register . . 5 6 Domestic Exch. Col. & Exch. u (i (i 2 Deposits 8 Cash Cr. Total Disburgementi . Col & Ex. Deposits. General. 18400 18000 25 5000 6 1200 12 50 2500 2 50 500 15 3000 3199 75 2114 75 886 25 2852 75 844 75 573 75 508 90 539 34 1110 75 251 20 144 25 301 75 192 50 317 38 208 90 312 50 900 475 12100 10500 61 61 14359 47 14359 47 80995 47 DEBIT JOURNAL. Cleveland., O., J^Caroli, 1862. L.F. 3 Duncan, Sh. & Co. Disc. 1. "Wright G. & R. . " 3. A. J. Comstock . " 4. N. Bidwell . . . 13 Far.&M.B.,Det. Canada Funds per Express V Exchange Exps. digs, on above . . 12 V Treasury Notes Duncan, Sh. & Co. Bot. $10,000 @ 9SJ . . . sooo N. E. Bank Notes 6 25 . V Exchange Pm. on above 12 5 ; Ex. 3 75 1J II. B. Bryant 90, 75, 1820, 138, 14375 . 17 John R. Penn 118, 120, 35 80 19 23 150 . 7 John S. Woolson 112> f 125, 142, 1875 119,12*) 12 19 Asa Mahan John D. Williams 150, 200, 3850, 192 . . . 175 8 T. P. Handy 115,275,8750,90 . . . Lewis R. Morris 130, 12 75, 18, 110 ... 15 E. L. Jones Charles Hickox 90, 125, 116, 2550 ... 225 75, 12 so 11 10 Alonzo Mitchell James Richards 125, 13225, 1675 300 . . 500 300 It Jas. W. Lusk 138,500, 19 5 J, 12,115, 3030 14 Ingham & Bragg 132, 119, 1275 25, 1500 . 3 Duncan, Sh. & Co. Disc. 10. Clafflin, M. & Co. 4 Kills Discounted Per Discount Register . . 5 6 Domestic Exch. Col. & Exch. (( U .1 o Depositors Cash Cr. Total Disbursements . Cold; Ex. Deposits. General. 5000 5000 3000 37 50 7462 5( 3 75 9800 6 25 4993 1i 16 25 464 95 443 03 529 75 580 50 175 567 50 270 75 356 50 312 50 574 800 3814 50 1788 75 4000 11000 42500 03 7*T 63 7. 10677 73 10677 7; L J03497 7; 285 DEBIT JOURNAL. Cleveland., O., -A.pri.1, 1862. L.P. 18 19 1*0 2 4 3 o 1 3 16 is <t John R. Penn Fixtures Exchange Chas. Hickox H. B. Bryant James Richards Ingham & Bragg Robert Brown Asa Mali an Alonzo Mitchell E. L. Jones T. P. Handy John S. Woolson Lewis R. Morris Jas. W. Lusk Geo. A. Crocker John D. Williams Henry Ivison Austin Packard M. B. Scott Jacob Hoornbeek E. R. Felton N. C. Winslow Duncan, Sh. & Co. Exch. Bk., Buf. Protested Paper Lafayette Bk. Cin. Duncan, Sh.& Co. Bills Discounted Domestic Exch. Col. & Exch. Deposits Cash Or. CoL & Ex. Deposits. General 575, 5000, 3000, 1500, 750 10825 Bill of Furn. and Fixtures . 575 Ex. chgs. on Gold from N.Y. 50 7000 7000 1500,125,8750,100 . . 1812 50 1 3500, 1750, 25 .... 5275 i 175, 238, 500, 75, 115 . . 1103 150, 125, 75, 400, 13850 . 888 50 900, 75, 250 1225 6000, 750, 125, 400 . . . 7275 475, 300, 175, 87 so, 12 75 . 1050 25 2000, 175, 18750. . . . 2362 50 75, 13750 212 50 156=5, 400, 115, 375 . . 1046 25 1575, 2000, 175, 125 . . 3875 !i 500 500 1200, 150 1350 500, 75, 250 825 i 400,125 525 1500, 2000, 135, 120 . . 3755 750 750 i 3000, 2500, 450 .... 5<J50 500 600 Disc. 5. Jno. R. Penn . . 1>500 " 13. Ivison, Ph. & Co. . COOO 1 " 15. Parker Handy. . 7000 "17. Win. Lanier & Co. 2500 Disc. 12. H. B. Tuttle . . *500 Disc. 16. M. B. Scott ^ . 001 Disc. 14. "W. H. Clark . . 2500 CoL 15. J. B. Meriam . . 1500 Per Discount Register . . 54000 (i a 28500 50 50 1 60 58105 SO | 58105 Total Disbursements . 168731 50 286 DEBIT JOURNAL. Cleveland, O., Ivla-y, 1862. L.F. Duncan, Sh. & Co. A. C. Taylor on L, P. & Co. J. IT. Goldsmith on B. & S. Jas. W. Lusk on P. II. . . John R. Penn on E. R. B. Ctfct.Dep. fav. S. S. P .Cashier Expense Pd. Rent of Banking Ho. . Duncan, Sh. & Co. F. & M. s Bk., Det., on M. B. Protested Paper Disc. No. 24 protested, - U *J Certifct. Deposit No. 1 . C. & E. R. K. Bs. Bot. Collaterals at auction . Expense Auctioneer s Charges . . Loss and Gain Deficiency on Disc. 24 . . Lewis R. Morris 3000, 5000, 175 .... Win T Rrnnkx 7000 915. 75 . Col & Ex, Deposits. General. 3 7 3 18 29 20 21 6 25 27 1 o 3 4 7 5 9 12 11 10 14 13 lo 17 18 19 20 21 22 23 24 2(3 28 31 32 19 3 22 9 13 11 16 4 5 o 8 22 60 10 92 50 50 I 3000 8175 7990 1393 815 9185 8896 8449 5913 539 1125 1007 3169 1843 1325 350 203 386 514 340 608 10879 516 646 841 1040 12000 3895 11600 38 58 83 50 93 50 63 48 90 50 25 25 50 50 50 50 75 50 i 6000 4000 4000 4000 8000 333 3000 20001 18000 45 1956 119-10 3000 8000 3500 1990 700 750 41500 81000 92 106651 , 328459 E. G. Folsom 1000, 175, 123 K, 94 <* . . N. C. Winslow TOO, 83 ^ 19 w f is . . ETC TiVltrm 9000 185 . Jacob Hoorubeek 6750, 193325, 12 75 150 . M. B. Scott 120, 3000, 5000, 329 S3 . . John S. Woolson 5000, 133, 762, is M . . Jas. W. Lusk 217, 25 r 172^ 125 ... E L Jones 975, 150 Asa Mah an 400,595,1250 Alonzo Mitchell 3000, 150, 19< .... James Richards 275, 1250, 318 .... Ino-ham & Bra< r g 125, 1200 Robert Brown 125, 25" >, 180, lO" . . . H. B. Bryant 75, 128 M John R Penn 195,6350,128 Geo. A. Crocker 189, 12", 312* . . . . John D, Williams 129, 17^ , 193" . . . . Henry Ivison 400, 123, 85 so .... W.H.Clark 8000,2750,129 .... Austin Packard 300, 129, 87 so. . " . . . Hiram A. Pry or 500,129,1750 Joseph P. Walter 129, 700, 12 5 Geo. M Penn 900,127,1375 II D Stratton 8000, 4000 J. B. Meriam 3750,128,1750 .... T P Handy 1000, 10000 Burkam & Sons Disc. 18. W. B. 0. 12000 . Duncan, Sh. & Co. Disc. 19. D. Appleton & Co. Bk. of Cap., Alb. Disc. 43. E. W. Keyes . . Lafayette Bk.Cin. Cols. 2000, 1500 . . . . F. *fe M. Bk., Det. Collection 2000 .... Moss Bro Sand Collection Exch Bk But . Collection Bills Discounted Per Discount Register . . Domestic Exch. " . . Col & Exch 106651 98 Cash Or. Total Disbursements . 287 DEBIT JOURNAL. 6 Cleveland., O. 3 J"ime 5 1862. L. F. 9 V 3 V 3 16 9 19 19 19 3 3 3 1 4 3 2 9 5 8 7 G 14 13 12 10 19 18 17 15 10 24 23 22 21 20 26 25 27 23 31 33 3 30 29 24 25 26 9 3 23 16 4 5 7 Lafayette Bk., Oia. E xcluinge Duncan, Sh. & Co. Exchange Duncan, Sh. & Co. Exch. Bank, Buf. Lafayette Bk., Cin. Burkam & Sons, Ch. F. & M. Bk., Det. Franklin Bk., Col. Duncan, Sh. & Co. N. C. "Winslow M. B. Scott Jacob Hoornbeek E. R. Feltou E. L. Jones Jas. "W. Lusk T. P Handy John S. Woolson Lewis R. Morris Ingham & Bragg Robert Brown Asa Mahan James Richards John D. Williams Geo. A. Crocker John R. Penn Cha^s. Hickox H. B. Bryant Joseph P. Walter Itiram A. Pryor Austin Packard W. H. Clark Henry Ivison Geo. M. Penn Wm. T. Brooks E. G. Folsom H. D. Stratton J. B. Meriarn D. P. Eells Duncan, Sh. & Co. Certified Checks Ctfct. Deposit Toledo Br. Bk. Farm. Br. Bk., Ash. Lorain Bk., Elyria Lafayette Bk., Cin. Duncan, Sh. & Co. Franklin Bk. Col. Excli. Bank, Buf. Bills Discounted Domestic Exch, Expense Col. A Exch. Deposit* Cash Or. Your Dft. fav. Jas. Moore . . . Exps. Oligs. on Curr cy from N.Y. N. T. State Currency . . . 7500 Express digs, on above .... II. D. Strutton on 0. V. Culver . Disc,. 26, M. B. Scott " 27, K. M. Bartlott .... " 23, Geo. M. Penn . . 5000 " 30, W. D. Packard 4000 " 81, Woolson & McF. 3000 " 44, J. G. Desliler . . 15000 " 45, K. C. Spencer . . 3500 " 48, E. E. Morgan .... " 29, Austin Packard . . . " 83, Barnaby Eiid^e . . . " 37, Jim. It. Penn .... 3750, 400, 110 6000, 125, 146", 154 900,18" 213, 180, 25, 37 s 4000, 3718, 125 416, 253", 15, 22 6000, 194, 212" 1800, 400, 239, 212 50 90, 12 50 , 28, 19 i5 , 142 . . . . 1500, 170, 12 s ", 13 2= , 50 .. 5000,112 800, 112 30 , 97" 4000, 137 60 , 19 " 1200, 17 5 , 26, 33", 14" . . . 8000, 125, 210 125, 12 so , 16 1275, 182, 100 150, 2000, 1200 275, 117, 142 50 90, 110, 12", 125 112, 145, Is) 110, 112 ........ 500, 123, 17 50 125, 12 ".18 175,19,12 19, 120, 117 125, 19, 12 so , 20 12000,150,119 150, 19 7 , 112 Interest on Deposits J. E. Penn No. 2, Eeturned Cols. 8000, 2000, 500, 750 .... Collection Cols. 900, 1500 Cols. 1200, 500 Collection Collection Cols. 850, 500 Per Discount Register .... Paid Officers Salaries, viz. : President, 1000; Cashier, 750; First Teller, GOO; Second do., 600; Bookkeeper, 500; As sistant do., 400 ; Porter, 2i)0 Total Disbursements Col & Ex. Deposits. General. 1500 3 75 18 75 7481 25 4 23500 10000 3000 25 4075 20 39SO 15 2985 75 14925 17 50 3482 50 4000 3500 10000 6UOO 4260 6425 32 918 75 455 50 7843 707 25 6406 75 2051 50 291 75 1745 75 5112 50 510 25 4157 25 1296 50 8335 153 50 1557 3350 534 50 337 75 276 222 640 50 155 75 206 256 176 50 122G9 281 75 477 58 575 3000 6250 750 2400 1700 1750 750 850 19000 27050 3950 179 179 75108 i 32 75108 32 239543 CREDIT JOURNAL. Cleveland., O., JsLiruary., 1862. L.F Col & Ex. Deposits. General 1 Capital Stock First Instalment of GQ% II. B.Bryant 100 sb. 6000 H.D.St ttonlOO " 6000 J.B.MeriamlOO " 6000 D.,Sh.&Co. 200 " 12000 P. Handy 200 " 12000 H.Ivison 250 " 15000 J. R. Penn 100 " 6000 P. Cooper 200 " 12000 J. W. Lusk 100 " 6000 W.H.Clark 250 " 15000 J.IL Gold th 100 " 6000 A. C.Taylor 150 " 9000 M. B. Scott 150 " 9000 N. C. Winslow 1000 .... .~~ . . 2 E. R. Felton 1750 Jacob Hoornbeek 5000 4 M. B. Scott 900 Jas. W. Lusk 2500 Lewis R. Morris 3000 7 ! John S. Woolson 1500 8 I T. P. Handy 4700 9 i E. L. Jones 975 James Richards 1750 i 1 1 Alonzo Mitchell 2000 Asa Mahan 1200 Robei t Brown 1000 | 14 i Ingham & Bragg 3750 : 15 ! Charles Hickox 1325 Duncan, Sh. & Co. N. C. Winslow Dft. 1. 5 II. B. Bryant Disc. 4947 > . . . . John R. Peun Disc. 3958 Interest Per Discount Register . Col. & Exch. 5 Deposits 8 Cash, Dr. Total Receipts . 1000 1750 5000 90n 2500 3000 1500 4700 975 1750 2000 1200 | loooi 37501 1325 4947 3958 41255 50 50 120000 500 94 5 41255 161855 50 50 19 289 CREDIT JOURNAL. Cleveland, February, 1862. L.F. Duncan, Sh.& Co. Stocks ... Dft. 2 Office Notes From B. C. for circulation John R. Penn 3000 .... Col. & Ex. Deposits. General. 15 17 18 ] ( J i 8 o 9 ]:) 20 G 10 12 15 3 3 21 V 11 5 o 4 14 G 2 8 X 30 15 1 25 19 33 50 75 44 3000 1500 1200 2500 1175 4473 900 875 1700 2097 1200 2500 1700 1500 7951 2468 5033 6925 50 81 75 33 39 34 86400 35000 3000 1500 750 2500 1975 2970 221 130 48700 133147 94 09 12 75 Geo. A. Crocker 1500 John D. Williams 1200 John S. Woolson 2500 T. P. Handy ii75> Jacob Hoornbeek 4000; CoL 473 si. . . E. L. Jones 900 Inojham & Brasrff 875 . Henry Ivison 1700 : Lewis R. Morris 1200 ; Col. 897 " 5 . . . II. B. Bryant 1200 Asa Mali an 2500 Chas. Ilickox 1700 i Duncan, Sh. & Co. M. B. Scott. . Dft. 3 Robert Smith . " 4 John S. Woolson " 5 John R. Penn . " 6 T. P. Handy . " 7 Duncnn, Sh. & Co. Collection No. 4 ... W. II. Clark " " 5 . . . Col. & Exchange per Passed Collect. Book Alonzo Mitchell Discs. 497250, 297850 . E. R. FeltOll Discs. 1570 u, 346325 . 1 M B Scott Disc Interest Per Discount Register . Col. & Ex Deposits ..... 130 69 i 48700 12 Cash Dr. Total Receipts . . I 290 CREDIT JOURNAL. Cleveland., O., IMIarch., 1862. 3 L.F. Domestic Exch. Duncan, Sh. & Co, Exchange Duncan, Sh.& Co. Jas. W. Lnsk E. R. Felton Jolin R. Pcnn II. B. Bryant Jno. D. Williams Robert Brown James Richards Austin Packard Hiram A. Pryor John S. Woolson E. L. Jones Ingharn & Bragg Jacob Iloornbeek Geo. A. Crocker Lewis R. Morris X. C. Winslow Asa Mahan M. B. Scott T. P. Handy Alonzo Mitchell Henry Ivison Joseph P. Walter Charles Ilickox Bills Discounted Domestic Exch. Duncan, Sh.& Co. W. II. Clark Col. & Exch. W. T. Brooks Interest Col. & Exch. Deposits Cash Dr. Disc. l,D.,Sh.& Co. 5000 " 3, " 5000 " 4, " *3000 J. W. Lusk . . Dft. 8 Discount on Canada Cur. Treasury Notes Dft. 9 1530; Discs. 59G5 . . 1900; Discs. 29GS59 . 375; Discs. 11780 . . 437523 1500 575 2500; Ds. 59G7, 247917 500 1250 2000 375 975 1500; Col. 1200 . . . 1900 1750; Col. 500 . . . 3750 1400 1300 ;Ds. 6942 S3-2983 50 1100 . . 3750 1200 900 .. 2900 Pt-ter Cooper . Disc. 2 Disc. 10, Dune., Sh. &Co. Cols. 1485, 2475, 5940 . Col. 2000 Pas. Col. 100; D.R. 96 25 Discs. 4960, 4000. . . Per Discount Register . Total Receipts Col & Ex. 30 75 196 25 301 25 Deposits. 33 2000 8900 91051 29 13000 3000 9SOO 385 301 91051 135437 25 25 29 79 291 CREDIT JOURNAL. 4- Cleveland, O., .A-ioril, 1862. LJ Ctfct. Deposit J. R. Perm for T. Hunter Certified Checks J. R. Penn Duncan, Sh. & Co. Sumner Packard, Dft. 10 Duncan, Sh. & Cu. Gold by Express . . . Duncan, Sh. & Co. Goo. S. Eaton . Dft. 11 M. B. Scott 900; Disc. 9893 . . Jacob Hoornbeek 750; Col. 1250 . . . E. R. Felton 525 Col <& Ex. Deposits. General 29 30 3 3 3 4 3 2 20 27 1 8 7 G 5 11 9 10 10 13 15 14 17 19 20 22 24 25 21 23 5 5 5 10 5 3 9 31 V 28 14 G 2 8 39 38 172 19 69 50 3000 575 10795 2000 525 G410 3983 795 850 3710 5138 1000 1500 1500 3903 075 1500 3000 975 1200 784 1500 1275 1500 500 9147 3000 8427 14785 83 50 50 25 50 67 3918 10000 3809 21500 18000 2500 3000 1 2500 7425 9000 845 250 94021 81 31 53 38 25 Geo. M. Penn ir>oo; Disc. 4910 s:! . . E. G. Folsoin 1000; Disc. 298350 . . X. C. Winslow 795 T. P. Handy 850 . John S. Woolson 782; Disc. 2 934 5 . . Lewis R. Morris 563; Cols. 3000, 1575. Jas. W. Lusk 1000 Alonzo Mitchell 1500 E. L. Jones isoo James Richards 500; Disc. 3463 ^ . . II. B. Bryant 675 Robert Brown 1500 Chas. Hickox 3000 Ingharn & 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; C. 3000; D. 4947 Hiram A. Pry or 3000 Bills DlSCtd. Disc. 7, J.Richards, 3500 " 8, C. Hickox, 7000 " 9, C. Shook, 5000 " 11, M. B. ScotOHPO Domestic Exch. Disc. 5, D., S. & Co., 2500 " 13, " 6000 " 15, " 7000 " 17, " 2500 Domestic Exch. Disc. 12, Exch. Bk^But Domestic Exch. Disc. 16, Protested . . Exch. Bk., Buf. Protest Fees on Disc. 16 Domestic Exch. Disc. 14, Laf. Bk., Gin. . Duncan, Sh.& Co. Cols. 1980, 2475, 2970 . L:\fayetteBk., Gin. Cols. 6000, 3000 . . . J. B. Meriam Col. 1500; Disc. 6927 Col. & Exch. Pas. Col. 75 ; Dis. R. 97 M II. D. Stratton Disc. 14785 Interest Per Discount- Register . Col. & Exch 250 38 Deposits 91021 25 Cash Dr. Total Receipts . . 176831 33 292 CREDIT JOURNAL. Cleveland., O., J&ajy, 1862. L.F. 1 14 13 13 29 J!) 1 9 4 3 3 18 i Capital Stock Final Instalment of 40 g . . . Interest Semi-an. Int. on U. S. Stks., $600 do. 0. S. do. GOO F. & M. Bk., Det. Remittance inN. Y. Exch. B0 f ~ Protested Paper Disc. No. 16, Redeemed . ." . Ctfct. Deposit L. R. Morris, for Robt. Smith . W. T. Brooks for II. B. Bryant . E. G. Folsom for Geo. Eddy Bills Discounted Disc. No. 24, Protested . . . Duncan, Sh. & Co. Knox Co. Bank . . . DR. 12 Duncan, Sh. & Co. East River Bank . . Dft. 13 Protested Paper Redeemed by Sale of Collaterals N. C. Winslow 1500 > Jacob Iloornbeek 700 .< M B Scott 800 Col 1496 - 5 r. Jas. W. Lnsk 1500; Col. 2000 Lewis R. Morris 750 () E. L. Jones 3000 1 1) Jas. Richards 975 1 1 Alonzo Mitchell 500 1 Asa Mahan 1500 1 J Robert Brown 2000 14 1 7 John R. Penn 1200 19 John D. Williams 1350 20 Henry Ivison 2575 Austin Packard 753 >> Hiram A. Pryor 1500 / 4 Joseph P. Walter 900 20 Geo, M. Pcnn 1500 27 4 5 E. G. Folsom 738; Col. 1500; Disc. 3938 . Bills Discounted No. G, T. P. Handy . .1600 25, H. Bishop . . . 3000 Domestic Exch. " 1 8, W. B. Ogden . r200(T " 19, D. Apploton & Co. 3000 " 43, E. W. Kcyes . 8000 Duncan Sh & Co Cols 34G5 6930 3 Lafayette B., Gin. Col 1 a Burkam & Sons, C. Cols. 4000, 3750 16 31 ) >> Exch. Bank, Buf. Col J. B. Meriarn C. 750, 900, 1995; D. 7402- 5942 E. R. Fulton Col. 1985 ; Disc. 9921 . . . D. P. Eells Col. G98 2i ij-j 18 Geo. A. Crocker Col. 750; Discs. 6925^, 2974 . Coll. & Exch. From Pas. Col V 7 15 1C JO 14 V John S. Woolson Discs. 5923, 4947 5 J .... Chas. Hickox Discs. 1478- , 6927 67 . . II. B. Bryant Discs. 3449 *\ (1926 . . T. P. Handy Discs. 9945, 395S W . , Interest Per Discount Register . . Col. & Exch. "... Col. & Exch Deposits Col. & Ex. Deposits. General 80000 1200 3022 50 30U1 3000 7000 1000 20000 14 85 1485 15 29 70 2970 3(J 20001 1500 700 2290 25 3500 750 3000 975 500 1500 2000 1700 1200 1350 2575 758 15UO 900 1500 6176 4600 23000 10395 1750 7750 995 1G9S9 50 11 906 G7 098 25 10649 33 135 50 10870 50 8-405 frj 10375 75 13903 67 1025 83 182 50 j 3G2 55 362 55 129179 ~W 129J 79 84 31073 1 17 293 6 CREDIT JOURNAL. Cleveland.., O. 5 Jime., 1362. L.F. t Moss Bros., Sandy. Currency to bal. % Col. & Ex. Deposits. General 37 70 100 5 70 50 75 14 9566 745 1275 4995 1560 52GO I960 3750 670 4940 800 500 9450 300 1700 1500 1295 7589 1500 10488 900 2331 1286 406 729 4745 9675 3243 2368 95532 75 62 90 38 88 73 50 75 20 55 26 1175 1800 4962 7000 23500 54000 67000 184 477 575 3000 8998 750 4179 609 383 95532 274127 50 56 74 50 3-9 04 Exch. Bank, Buf. Jno. S. Woolson . . . Dft. 1 Duncan, Sh. & Co. Currency by Express . . . 5000 Duncan, Sh. & Co. Toledo Br. Bank . . . Dft. 14 C. & E. R. R. Bonds Sold II. D. Stratton Bills Discounted Disc. 20, S. Packard . . . 4000 " 21, W. H. Clark . . . 5000 " 22, Peter Cooper . 15000 " 23, N. C. WinsW . 7000 " 83, W. H. Clark . . 10000 " 40, S. S. Packard . . 8000 u 47, II. B. Tuttle . . loOOO Domestic Exch. Disc. 26, M. B. Scott . . 10000 " 27, R. M. Bartlett . . 8000 " 2S, Geo. M. Penn . . 5000 " 29, Austin Packard . 8500 * 80. W. D. Packard . . 4000 u 81. Woolson & MeF. . 8000 " 83, Barnaby Rudgo 10000 " 87, Jno. R. Ponn . . 60i)0 " 44, J. G. Deshler . 15000 " 45, E. C. Spencer . . 8500 " 4S, E. R. Morgan . . 4000 T. P Handy 700 ; Discs. 73S2 iu , 14S4" . ." D. P. Eells 745 Win. T. Brooks 1275 Geo. M. Penn 900; Cols. 1500, 600, 1995 . . . E. G. Folsom 1560 H. D. Stratton 3763"- Col. 1496 " Joseph P. Walter 19CO Austin Packard 670 . . . ... W. II. Clark 1200; Cols. 2992 50 , ~43 la . . . Henry Ivison 800 1 H. B. Bryant 800 Chas Hickox 1700 Alonzo Mitchell isoo Asa Mahan 700; Discs 595 90 Robert Brown 962 ; Discs. 6627 "" James Richards 1500 E.L.Jones 900; Discs. 5907, 36S1 8S . . . John S. Woolson 400 ; Col. 500 Jas. W. Lusk 1832 8S ; Col. 493". . M. B. Scott 936 ; Col. 850 Jacob Hoornbeek 406 . . . E. R. Felton 729 ... N. C. Wiuslow 800; Discs. 2903 5 , 1477 . . . Interest on Treasury Notes Interest Duncan, Sh. & Co. on deposits . Duncan, Sh. & Co. J. L. Dawes Dft. 15 F. & Media. B., Dot. Our Ctfct. Dep. ... No 2 "Duncan, Sh. & Co. C. 49fiO,740 oa ,S33",nS5,740 oa ,493 Franklin Bk. Col. Collection Kxch. Bank, Buf. Cols. 696 50 , 8482 50 . . . Col. & Exch. Pas. Col. 141"* ; Disc. Reg. 28 60 . Lewis R. Morris Discs. 4971 , 4704 8 Ingham & Bragg Discs. 1764 , 1488 60 . John D. Williams Discs. 886 80 , 1431 "... Interest From Discount Register . . . Col. & Exch. 383 39 Cash Df Total Receipts 994 GENERAL LEDGER. Capita,! Stock:. Juno 2000HO 200COO 1862 1 I Jan. May 1 60 paid in 1 40^ do. 1 5 120000 80000 Balance 200000 r=3 Juno 1 200000 ^Deposits. 1SG2 I I 1 Jan. 1 Feb. 1 Drawn out this day 1 II 11302 2 . 14359 15 47 Jan. ! 1 Deposited this day Feb. 1 " 1 ; 41255 50 2 48700 12 Mar. 1 3 ; 10677 73 Mar. 1 (i 3 91051 29 Apr. 1 4 : 58105 50 Apr. 1 " 4 94021 25 May : 1 j 5 10G651 98 May 1 i a 5 129179 84 June k 6 7510S 32 June 1 ( j t 6 95532 26 " [>.ii:\llCO : 2^i.vj:; 1 1 I I; 499740 26 499740 2T June 1 By Balance 223535 11 IDunoan, Sh.erma,n <Sz> Oo. 3 1862 1802 Jau. 1 H. B. B on Ocean Bk. 1 ij 5000 Jan. 1 , N. C. Window, Dft. 1 1 600 J. B. M., Cont. Bk. 1 7500 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 I! 1500 T. P. H. on Ocean Bk. 1 M 30000 J. S. Woolson 5 2 < 750 Fob. 1 E. R. P. on Ex. Bk. 2 5000 J. R. Penn 6 2 ,i 2500 M. B. S. on Ocean Bk. 2 1200 T. P. Handy 7 2 j! 1975 Ctfct. Dep. Met. Bk. 2 2500 Collection, No. 4 2 i; 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 9800 Mar. 1 Disc. 1, W. a. & R. 3 ii 5000 Collections 3 , 9900 " 2, A. J. Comst k 3 5000 Apr. 1 S. Packard, Dft. 10 4 " 3918 81 " 4, N. Bid well 3 3000 Gold by Express 4 ; 10000 N. E. Bk. Notes 3 | 4993 75 G. S. Eaton, Dft. 11 4 3869 31 Disc. 10. Clat. M.&CO. 3 || 4000 Collections 4 i 7425 Apr. 1 i " 5, J. R. Penn 4 2500 May 1 Knox Co. Bk., Dft. 12 5 . 1485 15 " 13, Iv.,Ph.&Co. 4 6000 East Riv. Bk., " 13 5 2970 30 " 15, P. Handy 4 7000 Collections 5 10:;<j:> 17, W., L. &Co. 4 2500 June 1 i Currency by Exp. 6 49G2 50 Col. 15, J. B. Meriam 4 1500 Tol. Br. Bk., Dlt. 14 6 7000 May 1 A. C. T. on I. Ph. & Co. 5 6000 i J. L. Dawes u 15 6 575 J. II. a. on B. & S. 5 4000 Collections 6 8998 74 J. W. L. on P. Handy 5 4lui> ii IS J. R. P. on E. Riv. Bk. 5 ii 4000 Ctfct. Dep. 5 8000 | F.&M.B.,Det.onM.B. 5 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. Rudgo 6 10000 " 37, J. R. Penn 6 6000 Int. on Deposits 6 477 56 Collection 6 1750 205902 56 205902 56 Juue 1 Balance 72007 75 GENERAL LEDGER. Bills ^Discounted. .862 . 1862 ------- Jan. 1 Sundries 1 4000 Mar. 1 Disc. 2 3 4000 Feb. 1 K 2 12100 Apr. 1 Discs. 7, 8, 9, 11 4 21500 Mar. I u 3 11000 May 1 Disc. 24, protested 5 20000 ^pr. 1 u 4 54000 u Discs. 6, 25 5 4600 May June 1 1 u 5 6 41500 19000 June 1 Discs. 20, 21, 22, { 23, 33, 40, 47 J 54000 u U Balance 8 7 5 141600 141600 June 1 Balance 37500 IDomestio Exoliemge. 1862 1862 ~~ Jan. 1 Sundries 1 6000 Mar. 1 Discs. 1, 3, 4 3 : 130- .0 Feb. 1 u 2 10500 u u Disc. 10 3 i 4000 Mar. 1 3 42500 Apr. 1 Discs. 5, 13, 15, 17 4 18000 Apr. 1 u 4 ! 28500 ii u Disc. 12 4 I 2500 May 1 5 81000 u u Disc. 16 4 : 3000 Juue 1 u 6 27050 n u Disc. 14 4 1 2500 May 1 Discs. 18, 19, 43 5 23000 Juue 1 D. 26, 27. 28,29.30. [ 31,33,37,44,45,48 J 6 67000 j Balance 61550 194550 194550 JUDO 1 Balance 61550 Collection and Exchange, 1.802 1862 , Tun. 1 Sundries 1 150 Jan. 1 Sundries 1 o Feb. 1 ii 2 61 Feb. 1 u 2 130 69 Mar. 1 u 3 63 75 Mar. 1 it 3 301 25 Apr. 1 ii 4 50 Apr. 1 u 4 250 38 May 1 M 5 92 50 May I u 5 362 55 Jiiue 1 II 6 179 ! June 1 it 6 383 39 11 Loss and Ga!n [i. r.] 21 01 I 1433 26 j 1133 26. y Expense. 1302 1862 Jan. Slay i. i 1 B. Blcs., Stat nery, &c Rout of Bank. House Auctioneer s Bill 1 5 5 150 333 45 34 Juno Juue 1 Officers Salaries 6 3950 4478 34 Loss nnrt Gain [i.. F.] 21 447S 84 4478 34 j 296 GENERAL LEDGER. Gsisli. 8 1862 1862 Jan. Feb. Mar. A pr. May Juno i i i i i i Receipts this day tl 11 II It u it ti ti it 11 1 2 3 4 5 6 161855 133147 135437 116831 310738 274127 75 79 33 17 i 04 Jan. Feb. Mar. Apr. May JULIO ] 1 J 1 1 1 Disbursem ntsthis day U U U U U a a 11 it ti 11 <t a U it 1 2 3 \ 6 88102 86995 103497 16S731 328459 239543 15 47 73 50 82 G3 ~-r ---- Balance ci u Balance : i T o s n o 78 08 ! 1192137 08 1192137 176806 78 | X-j sufay ett e 13 sunk n . 9 1862 1862 j Feo. A pr. May June i i i i Col. No. 7 Disc. 14, TV. IL C. Collections Dft. lav. J. Moore 2 4 5 6 900 2500 3500 1500 Apr. May .Juno 1 1 1 Cols. 6000, 3000 Collection l>a!anco * 9000 1750 2350 11 ii 11 Disc. 27, R. M.. B. Collections Balance 6 6 3000 1700 i 13100 13100 Juue i 2350 IP-ublio Stocks. 1O 1362 1 i(tt Fob. 1 20 Shra. U. S. 6 20 do. 0. S. 6# 1 1 18400 1SOOO I Ja.M. 1 Balance SG400 : 36400 June 1 Balance 36400 Sandusky. 11 1862 1862 Feb. 1 Col. No. 10 Collection 2 5 475 700 JULIO 1 Currency to bal. % 6 1173 1175 1175 i __ j 297 13 GENERAL LEDGER. Treasury ISTotes. 1862 Mar. 1 $10000 & 98* 3 9800 _L^ _- C^J. J._J.V-^. KJ ^JtX J. i^3 1862 1 1862 Mar. May June 1 ! Canada Currency 1 Collection 1 Disc. 45, R. C. S. 3 : 7462 50 May 1 5 1990 June 1 6 3482 50 N. T. Currency 5 3022 : 50 Ctfct. Dep., No. 2 >. 6 3000 r,:u.iaco COT . 50 Balance 12935 12935 6912 50 1 1 14 Interest. ISO-. i 1862 ~ June Loss and Gain [L. F.] .5044 2 f> Jan. Feb. 1 1 From Discount Resj. 1 94 j 50 " " " 2 221 ! 94 / Mar. 1 " " " 3 385 25 / Apr. May it June a (1 1 u " " " 4 845 58 On Public Stocks 5 1200 From Discount Reg. 5 1025 83 On Treasury Notes 6 184 Duncan, Sh. & Co. 6 477 56 / u u From Discount Reg. 6 609 59 6044 25 5044 25 15 Office IMote; 1862 Feb. 1 Total Circulation 2 35000 298 GENERAL LEDGER. Exchange Bank, 16 18G2 Apr. May Juno June 1862 Apr. 1 Disc. 12, H. B. Tuttle 1 Collection 1 Disc. 26, M. B. Scott " Collections 1 Balance 4 5 6 G 1862 2500 Apr. 750 i May 10000 June 850 " 14100 7125 Fixtures 1 1 1 M II 3. Protest on Disc. 16 4 1 Collection 5 995 J. S. Woolson, Dft. 1 6 1800 Collections 4179 li^atK-e 7! -2 A j 14100 rrr 17 1 Furniture, etc. 4 575 T [i ^Protested. IPsiper. 18 1862 Apr. May 1 Disc. 16, M. B. S. 1 Disc. 24, Cbas. B. 4 5 1862 3001 May 20001 1 Disc. 16, redeemed Disc. 24. redeemed 5 8001 5 20001 23002 23002 " | 23-urlsam z> Sons C*h it*fr no 19 5 7750 Collections Ilalanco 1862 May June it it 1 Disc. 8, W. B. Ogden 1 Disc. 28, Geo. M. P. " Disc. 30, W. D. P. Disc. 31, W. & McF. " Disc. 44, J. G. D. 1 j Balance 1 5 6 6 6 6 1862 11940 May 4975 3930 2985 14925 1 38805 38805 June 31055 i 299 20 GENERAL LEDGER. O. &z. E. R,. Pt. Bon.d.s. 862 1862 ilay 1 Bot. at auction 5 13000 June 1 Juno 1 Loss and Gain [L. r.] 21 r, r> o o 23500 1 Sold H. D. Stratton G 23500 23500 21 Loss and Grain. 1862 1862 May June 1 1 Deficiency oil Disc. 24 Expeu.se [L. F.] 5 7 1956 4478 34 June 11 1 ii Colls, and Ex. [L. F.] Interest [L. F.I 6 14 837 5044 01 25 i. 11 PivM.Tid [L. r.] Ucacrvecl Profits [L. F.J 27 2S 4000 92 11 ti C. & E. R. R. Bs.[L. F.J 20 5500 11381 26 11381 21 Of Oa/prtol, Albany. i _ 1362 May 1 Disc. 43, E. \V. Koyes 5 8000 j r~** V^ -t- -^ Ob-4-.w-^X..l..l.JL.l. _-*- -* t-^OJ. J-J..^ ^~~ ^> t/i/u //tt/cto* 1862 1862 June 1 Collection 6 750 June 1 Collection 6 7fO Disc. 48, E. R. M. 6 4000 it " Balance C 4 00 4750 4760 June 1 Balance 4000 300 GENERAL LEDGER. Toledo Branch. Bank. 1862 i Collections 6 6250 ! Farmers Br. Bar 25 1852 JlUM i Collections C 750 Lorain Bank, 26 1865 Jane Collections e 2400 JDividend. 27 1615! Juu 1 3 ] Loss and Gain 2 4000 Reserved IProfLts. 301 28 186) 1 Juu 3 1 Loss and Gain 2 946 92 LEDGER BALANCES. June 1. General Ledger. Debit Balances. Duncan, Sherman, & Co. . Bills Discounted . . . . Domestic Exchange . . . Expense Cash Lafayette Bank .... Public Stocks Treasury Notes .... Farmers and Mech s Bank. Exchange Bank, Buffalo Fixtures Burkam & Sons .... Loss and Gain Bank of Capital . . . . Franklin Bank, Collection . Toledo Branch Bank . . . Farmers Branch Bank . . Lorain Bank 72007 37500 61550 4478 17G806 2350 3G400 9800 0912 7125 575 31055 1956 8000 4000 6250 750 2400 75 34 78 50 4C9916 i 37 . Credit Balances. Capital Stock .... Deposits Collection and Exchange Interest Office Notes .... C. & E. R. R. Bonds . 200000 223535 837 5044 35000 5500 469916 11 01 25 37 ,., frprJ.it. Pnjrwffifi. , ,. ... \ ^:,^<*, m J. L, w^i ^ N. C. Winslow .... 5609 92 John R. Pei m E. R. Felton 8610 81 George A. Crocker . Jacob Iloornbeek .... M. B. Scott 3571 11599 81 02 John D. Williams . . . Henry fvison James W. Lnsk .... Lewis R. Morris .... John S. Woolson .... T. P. Handy 9539 12G91 11169 6244 63 70 42 W. H. Clark Austin Packard .... Hiram A. Pryor .... Joseph P. Walter E. L. Jones James Richards .... Alonzo Mitchell .... 6546 6196 5339 75 82 72 Wm. T. Brooks .... George M. Penn .... E. G. Folsom Asa Mahan Robert Brown 3727 5859 90 70 H. D. Stratum .... Certificate Incjham & Braver .... 5346 80 J. B. Meriara Charles Hickox 9432 08 D P. Eells . 11. B. Bryant Forward .... 11931 123417 44 52 i Total Net Deposits* . 123417 52 13802 5200 4040 5701 6487 1885 8515 3884 2539 11709 10070 7868 8000 9252 1161 22 08 80 12 50 75 33 12 50 67 50 223535 11 * See Deposit %, General Ledger. 302 DEPOSIT LEDGER. IsT. O. "Winslo-w. j HI 1862 1862 Jan. 1 Cash 1 605 Jan. 1 Cash 1 1000 Apr. 1 do. 4 500 Mar. 1 do. 3 3750 May 1 do. 5 815 65 I Apr. 1 do. 4 7D5 June 1 do. 6 4260 May 1 do. 5 lr.00 June 1 Sunds. G 4743 50 E. Helton. 1862 1 1; 1862 Jan. 1 Cash 1 ! 298 75 Jan. 1 Cash Feb. 1 do. 2 812 50 Feb. 1 Discs. Apr. 1 do. 4 5950 Mar. I Sunda. May 1 do. 5 9185 Apr. 1 Cash June 1 do. 6 455 50 May 1 Sonda June 1 Cash 1750 5033 39 48G8 50 5 5 11906 67 729 1S62 Jan. Feb. Apr. May June Jacob - - J I r i " i " 1862 1 Cash 1 841 50 Jan. 1 Cash 4 l r. s rut | j 1 do. 2 301 75 Feb. 1 do. 2 1 do. 4 750 Mar. i 1 Sunda. 3 1 do. 5 8896 Apr. 1 do. 4 1 do. 6 918 75 May 1 Cash 5 1 1 1 June 1 do. 6 5000 4473 2700 2000 700 406 81 . IB. Scott. 18C2 1SG2 ~~ Feb. 1 Cash 2 3199 75 Jan. 1 Cash 1 i j ! 900 Apr. 1 do. 4 3755 Feb. 1 Disc. .1 .;>:, r,9 2 G925 :! May 1 do. 5 8449 83 Mar. Sunds. Iftsa, .,-. 3 11226 33 June ; 1 do. 6 6425 32 Apr. 1 do. 4 10795 May 1 do. 5 2296 26 1 i June 1 do. 6 1286 1862 : 1862 Jan. 1 Cash 1 626 25|! Jan. 1 Cash Feb. 1 do. 2 1 192 50 Feb. 1 Disc. Mar. : 1 do. 3 3814 50 Mar. 1 Sunda. Apr. i 1 do. 4 3875 Apr. I 1 Cash Mav 1 do. 5 539 93 May ! 1 Sunds. June 1 do. 6 1 707 25 June 1 do. 2500 2-1 G8 33 7495 1000 , 3500 2331 i 73 303 DEPOSIT LEDGER. 6 Lewis !R,. 1VE orris. 1862 1862 Jan. 1 Cash 1 291 8( Jan. 1 Cash 1 3000 Feb. 1 do. 2 144 2t F,-b. 1 do. 2 2097 7J Alar. 1 do. 3 270 7S Mar. 1 do. 3 2250 Apr. 1 do. 4 1046 2.5 Apr 1 do. 1 > a 4 5183 May 1 do. 5 8175 May 1 do. . 5 750 June 1 do. 6 291 1i June 1 Disc. 1 2 fi l - 6 9o75 7; 8 9 Jonn S. "Woolson. 1862 18(52 Jan. 1 Cash 1 124 50 Jan. 1 Cash l- 75 I 1500 Feb. 1 do. 2 886 25 Feb. 1 do. 2 2500 Mar. 1 do. 3 529 7c Mar 1 do. 3 2000 Apr. 1 do. 4 212 50 Apr, 1 Su.ids. 4 3716 50 May 1 do. 5 5913 5 1 May 1 Discs. 6 10370 50 June 1 do. 6 2651 5;; June 1 Bunds: 6 906 T. IP. Handy. 1862 1862 Jan. 1 Cash 1 2000 Jan. 1 Cash 1 4700 Fob. 1 do. 2 2114 7d Feb. 1 do. 2 1175 50 Mar. 1 do. 3 567 50 Mar. 1 do. 3 1100 Apr. 1 do. 4 2832 50 Apr. 1 do. 4 850 May 1 do. 5 11600 May 1 Discs. 5 13903 67 June 1 do. 6 6406 H June 1 SuiuK 6 95S6 75 H3. Jones. 1862 i 186! t i Fob. 1 Cash 2 317 3S Jan. 1 Cash 1 975 Mar. 1 do. 8 356 | 5C Feb. 1 do. 2 900 Apr. 1 do. 4 1050 2f Mar 1 do. 3 375 Mav 1 do. 5 1125. Apr 1 do. 4 15 iO June 1 do. 6 7843 May 1 d,>. 5 8000 June 1 Sunds. (5 10488 e Ja,mes !R,io!ia,rd.s. 1862 1 1865 Jan. 1 Cash 1 283 6( Jan. 1 Cash 1 1750 Fob. I do. 2 573 7-1 Mar. 1 Sunds. 3 1094ft 17 Mar. I do. 3 800 Apr 1 do. 4J 89!8 25 Apr. 1 do. 4 5275 May 1 Cash 5 975 Mav 1 do. 5 1 843 JUTN ! 1 do. 6 1500 June 1 do. 6 4167 2: 304 DEPOSIT LEDGER -A ionzo iMIitoliell. 1862 1862 J m. Feb. Mar. Apr. May 1 1 1 I 1 Cash do. do. do. do 1 2 3 4 5 333 508 574 7275 3169 75 90 63 Jan. liFeb. : Mar. i Apr. May June ! | l Cash Disc. Cash do. do. do. *&. SSL 1862 1862 Fob. 1 Cash 2 844 75 ; Jan. Mar. 1 do. 3 580 50 Feb. Apr. 1 do. 4 1225 Mar. May 1 do. 5 1007 50 ; May Juue 1 do. G 510 125 Juue 362 xii. j Cash 1 1200 eb. i do. 2 2500 far. 1 do. 3 1400 a y ime 1 1 do. Sunds. 5 6 1500 1295 90 Robert Brown. 13 1862 I 1862 Jan. 1 Cash 1 202 Jan. 1 Cash 1 1000 Feb. 1 do. 2 251 120 I Mar. 1 do. 3 575 Apr. 1 do. 4 888 |60 Apr. 1 do 4 1500 May Juue 1 1 do. do. 5 6 350 5112 48 50 May June 1 do. Sunds. 5 6 2000 7589 M 14 862 1 l ; 1862 Y-b. Cash 2 208 90 j Jan. 1 Cash 3750 lar. 1 do. 3 1788 75 i Feb. 1 do. 875 Lpr. 1 do. 4 1103 i Mar. 1 do 975 lay 1 do. 5 1325 Apr. 1 do. 84T4 5 975 nne 1 do. 6 1745 75 Muy 1 do. 1700 Juno 1 do. 3243 20 20 Clisis. I-Jicikox. 305 15 1862 1862 Fan. 1 Cash 1 190 Jan. 1 Cash 1 1325 Feb. 1 do. 2 539 34 Feb. 1 do. 2 1700 Ifar. 1 do. 3 312 50 Mar. 1 do 3 2900 \pr. 1 do. 4 7000 Apr. 1 do. 4 3dOO une 1 do. 6 1557 May 1 Disc. 5 840o n June 1 Cash 6 1700 - - - 1 DEPOSIT LEDGER, 16 . Bryant. i 1862 1 Cash 1 3000 Jan. 1 Disc. 1 4947 51 1 do. 2 1110 75 Fob. 1 Cash 2 i 1200 1 do. 3 464 95 Mar. 1 do. 3 4375 29 1 do. 4 1812 60 Apr. j do. 4 675 1 do. 5 203 90 May 1 Discs. 5 10375 75 1 do. 6 3350 June 1 Cash 6 300 1862 J.m. Feb. Mar. Apr. May June 17 J"oh.n IR,. 1862 1862 -. Jan. 1 Cash 1 2500 Jan. 1 Disc. 1 3953 Feb. 1 do. 2 2852 75 Feb. 1 Cash 2 3000 Miir. 1 do. 3 413 03 Mar. 1 Sunds. 3 12155 A [jr. 1 do. 4 10825 Apr 1 Cash 4 1200 May 1 do. 5 386 50 May 1 do. 5 1200 June 1 do. 6 153 60 June 1 Sunds. 6 9450 18 Greo. -A.. Orocker. 1802 1862 Apr. May June 1 1 1 Cash 2900 da do. 4 5 6 500 514 8335 25 Feb. Mar. May Juno 1 1 1 1 Ca-sh do. Sunds. Cash 2 3 1 1500 1900 10649 600 3d 19 Jolm H>. "Williams. isr>2 1862 Mar. 1 Cash 3 175 Feb. 1 Cash 2 1200 Apr. 1 do. 4 1350 Mar. 1 do. 3 1500 May June 1 1 do do. 5 6 340 1296 25 i 50 j Apr. May 1 1 do. do. 4 5 784 1350 June 1 Discs. 6 2368 55 Plenry Ivison. 306 862 1862 \pr. 1 C;wh 4 825 Feb. j Cash 2 1700 lav 1 ua 6 608 50 Mar. 1 do. 3 1200 une 1 do. 6 640 60 Apr. 1 do. 4 1500 May 1 do. 5 2575 June 1 da 6 800 DEPOSIT LEDGER. W. HE. Clark. 21 1862 1862 May 1 Cash June 1 do. 6 6 10879 222 Feb i 1 Pnl F6D. 1 LOU 8 Mar. 1 do. . , o , 1 3 6 4 T 5 Apr. 1 i Sunda. 2 3 4 15)0 2000 9147 r>o June 1 j do. 6 4940 62 IPaokard.. 1862 j 1862 Apr. 1 Cash 4 525 Mar. 1 Cnsh May I do. 5 516 60 Apr. 1 do. June 1 do. 6 276 May 1 do. June 1 do. 22 500 1 2 r> i) 3 600 i r.i i 50 4 1275 1SS5 50 5 758 6 670 Hiram .A.. Fry or. 18G2 1862 > May 1 Cash 5 j 646 1250 50 Mar. 1 Cash 3 1250 June 1 da 6 337 75 Apr. 1 do. 4 3000 Ma 7 1 do. 8515 7& 5 1500 June 1 da 6 3750 Joseph. F. "Walter. 1862 1862 May 1 Cash 5 841 60! Mar. 1 Gash 24oo 3 900 June 1 do. 6 534 60 Apr. 1 ^0. 9 4 > S 50 4. 1500 May 1 do. 3SS4 5 900 June 1 do. 6 I960 i 1862 May June Cash do. Vv^illiam T. Brooks. 1470 ir" 11 1862 6 7990 Mar. 1 Disc. 206 Apr. 1 Cash June 1 da 8 9 GO 9 4 ( . i) 2530 25 89GO 500 1276 307 DEPOSIT LEDGER. 26 Greo. "ML. Fenn. 1862 1862 May 1 Cash 5 1040 75 Apr. 1 Sands. 6410 3S 4 6410 83 Juue 1 do. 6 155 75 May 1 Cash 6S70 OS 5 InOO June 1 Builds. 11709 33 6 4995 27 IE. GK F olsom. 1862 1862 May June 1 1 Cash do. 5 6 1393 256 38 Apr. May June Sunds 8 s 3 50 4 3983 GO do. 6706 1-2 5 6176 Cash 10070 1 2 6 1560 28 . 3D. Stratton. 18G2 1862 May Juue 1 1 Cash da 5 6 12000 176 50 Apr. June 1 1 Disc. 147S5 Builds. 78CS 60 5 6 14785 5260 1 Certificate. 1862 1862 \\ May June 1 1 No. 1. No. L 5 6 3000 3000 Apr. May 1 1 J. R. P. TTO. 1. L. R. M. No. 2. W. T. B. No. 3. 4 5 11 3000 3000 7000 E. G. F. No. 4. <i 1000 i 30 Certified Checks. 1862 Jane 1 J. R. P. 6 575 1862 Apr. 1 J. R. P. 4 575 308 DEPOSIT LEDGER. J. IB. JMLeristm. 31 1362 1862 jj May 1 June 1 Cash do. 5 6 3895 12269 50 Apr. May 1 1 Sunda. do. 4 8427 fill 16989 67 50 13. IP. Eells. 32 1862 1862 June 1 Cash 5 281 75 May June 1 1 Col. Cash 5 6 698 745 25 1509 DISCOUNT When Disdd. No. Drawer or Endorser. Drawee or Maker. Where Payable. Date. Time. 1862 Jan. 1 1 H. B. Bryant . . Wright G. & Ravvson New York Jan. 1 60 da. 2 W. B. Ogden . . Peter Cooper . . City. . . . Jan. 1 60 da. Feb. 1 3 Alonzo Mitchell . A. J. Comstock New York Feb. 1 30 0s. 4 "William Cook . . N. Bidwell . . . New York Feb. 1 40 ds. 5 Jas. W. Lusk . . J. R. Peun . . . New York . Jan. 15 90 ds. 6 D. P. Bella . . . T. P. Handy . . City . 4 mos. 7 E. R. Felton . . Jas. Richards . . City. . . . Feb. 1 GO da. 8 Jacob Hinds . . Chas. Hickox . . City. . . . Jan. 3 90 da. Mar. 1 9 L. J. Lyman . . Clarence Shook . City. . . . Jan. 15 90 da. 10 Jaa. "W. Lusk . . Clafflin, M. & Co. . New York Mar. 1 10 ds. 11 Jas. "W. Lusk . . 11. B. Scott . . . City. . . . Feb. 1 60 ds. 12 N. 0. Winslow . . H. B. Tuttle . . Buffalo . . . Mar. 1 30 da. 13 James Eells . . . Ivison, Ph. & Co. . New York Mar. 1 30 ds. 14 E. R. Folton . . W. II. Clark . . Cincinnati . . Feb. 1 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. Dwigbt Eells . "Winslow, L. & Co. New York Mar. 1 30 ds. 18 II. B. Bryant . . W, B. Ogden . . Chicago . . Feb. 1 90 ds. 19 H. D. Stralton . . D. Appleton . . New York . Mar. 1 60 ds. Apr. I 20 James Eaton . . Sumner Packard . City. . . . Apr. 1 60 ds. 21 L. It. Morris . . W. H. Clark . . City. . . . Apr. 1 60 ds. 22 Wilson a. 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. 23 H. D. Stratton . . Geo. M. Penn . . Chicago . . Mar. 31 60 ds. 29 Zalmon Richards . Austin Packard New York Apr. 1 GO ds. 30 W. B. Ogden . . W. D. Packard . . Chicago . . Apr. 1 90 da. 31 J. S. "Woolsou . . Woolson & McF. . Mt. Pleasant . Mar. 25 90 da "10 REGISTER. WJien Days Due. to A ari. BiUsDisctd. Dom. Ex. Interest. Col. & Ex. Proceeds. To Whom Orediied. at 13G2 Mar. 5 63 6000 52 50 4947 50 H. B. Brvant V Mar. 5 G3 4000 42 31)58 John R. Peun V t 4000 ^5000 ^94 50 8905 50 Mar. G 33 5000 27 50 4972 50 A. Mitchell . V Mar. 16 43 3000 21 50 2978 50 A. Mitchell . V Apr. 18 76 2500 31 67 2468 33 J. W. Lusk . \ May 24 112 1600 29 86 1570 14 E. R. Fcltou . V A pr. 5 63 3500 3G 75 3463 25 E. R. Felton . V Apr. 6 64 7000 74 66 6925 34 M. B. Seott . V t/12100 ^10500 V lll 94 22378 06 Apr. 18 48 6000 40 4960 W. T. Brooks V Mar. H 13 4000 4000 W. T. Brooks V Apr. 5 35 6000 35 6965 J W. Lusk . \ Apr. 3 33 2500 13 75 2486 25 Cash . . . \f Apr. 3 33 6000 33 5967 Jas. Richards V Apr. 5 35 2500 14 58 6 25 ji 2479 17 Jas. Richards V Apr. 19 49 7000 57 17 6942 83 , M. B. Scott . V Apr. 3 33 3000 16 50 2983 50 JJ. B. Scott . V Apr. 3 33 2500 13 75 2-186 25 Cash . . . V May 5 65 12000 130 90 11780 John I?. IVna V May 3 63 3000 31 50 29G8 50 E. R. Fulton . V 1 KllOOO ^42500 ^385 25 1 X 96 25 53018 60 ouno 3 63 4000 42 3958 Cash . . . V June 3 G3 5000 52 50 49-17 50 W. 71. Clark . V June 20 86 15000 215 147S5 II. D. Stratum V June 2 02 7000 72 33 6927 67 J. B. Meriam . V May 5 34 20000 113 33 108S6 67 Cash . . . \ May 4 33 3000 16 50 2983 50 E. 0. Folsom V June 3 63 10000 105 9895 M. B. Scott . V June 11 71 3000 35 50 i 7 50 2057 Cash . . . V June 2 62 5000 51 67 37 50 4010 8.1 Geo. M. Penn V June 3 63 3500 36 75 3463 25 Jas. Richards V July 3 93 4000 62 30 3908 Cash . . . \ .June 26 86 3000 43 22 50 2934 50 J. S. Woolsoii V K04000 K-28500 ^845 58 ^97 50 81556 92 DISCOUNT D^scld. No. Drawer or Endorser. Drawee or Maker. Where Payable. Date. Time. 1862 May 1 32 Jag. Cruikshank . E. G. Folsom . . City. . . . May 1 90 dg. 33 Nicolas Nickleby . Barnaby Budge . New York . Apr. 15 60 ds. 34 Jno. S. "Woolsou . Smith & Nixon Cincinnati . . Apr. 30 60 ds. 35 Robert Peel. . . James Bradley . . City. . . . Apr. 1 90 ds. 36 H. D. Clark . . . II. D. Stratton . . Columbus . . May 1 60 da 37 Peter Cooper . . J. II. Penn . . . New York Apr. 25 2 mos. , 33 J. G. Fox . . . W. H. Clark . . City. . . . Apr. 1 60 ds. 39 Chas. Jones . . . A. Stager . . . Buffalo . . . Apr. 1 3 mos. 40 W. P. Spencer . . S. S. Packard . . City. . . . Apr. 20 60 ds. 41 J. Kennedy . . . Chas. Hickox . . City. . . . Apr. 25 90 ds. 42 Chas. Hickox . . 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 . . Chicago . . Apr. 15 60 ds. 45 James Hamilton . R. C. Spencer . . Detroit . . . Apr. 10 60 ds. 46 Robert Davis . . Wm. Smith . . . Troy . . . Apr. 1 90 ds. 47 T. P. Handy . . II. B. Tuttle . . City. . . . May 1 30 ds. 43 William Butts . . E. R. Morgan . . Columbus . . Apr. 15 60 da. 49 John Rogers . . Jas. Smiley . . . City. . . . Apr. 30 SOds. June 1 50 Jas. Mallory Geo. M. Strong . City. . . . June 1 GO ds. 51 T. P. Handy . . Edward Savage . City. . . . May 31 90 ds. 52 Jas. Smiley . . . Philip Seaton . . Buffalo . . . May 3 GO ds. 53 E. G. Folsom . . Peter Stone . . . City. . . . May 27 60 ds. 54 Hiram Dixou . . Thomas Jones . . New York May 31 3 mos. &j Chas. Eaton . . . Jacob Harrison City .... June 1 60 ds. 50 Joseph Arnold . . W. H. Woodbury . Dayton . . May 15 3 mos. 57 Childs & Peterson . W. T. Sherman . Philadelphia . Mar. 15 6 mos. 53 11. B. Bryant . . E. R. Fiuney . . Pittsburg . . May 10 60 da. 69 Peter McGrath . . Samuel Rand . . City. . . . Jan. 15 8 mo*. 60 Robert Martin . . John Peltou . . Galena, 111. . May 12 4 mos. 61 Thos. Foulke . . Horace Holden City. . . . May 15 60 ds. 62 Henry C. Spencer . William Gray . . New York May 25 3 mos. 63 C. 11. Wells . . . E. W. Mason . . P keepsie, N.Y. Apr. 10 4 mos. 312 REGISTER. Wlien Due. Days to Itun. BiUsDisdd. Dom. Ex. Interest. Col. & Ex. Proceeds. To Whom Credited. Ck. 1862 A ug. 2 93 4000 62 3933 E. G. Folsom V Juue 17 47 10000 78 33 9921 67 : E. 11. Felton . V July 2 G2 6000 G2 15 59-23 J. S. Woolson V July 3 63 5000 52 50 4917 50 j J. S. Woolson V July 3 6J 7500 78 75 18 75 7402 50 J. B. Meriam. V June 28 58 6000 58 5942 J. B. Meriam . V Juue 3 33 10000 55 9945 Cash . , . V July 4 64 7000 74 67 6925 33 G. A. Crocker V Juno 22 52 3000 26 2974 G. A. Crocker V July 27 87 1500 21 75 1478 25 Cl:as. Hickox V July 2 G2 i 7000 72 33 6927 67 Clias. Hickox V May 31 30 8000 40 7960 Cash . . . V June 17 47 15000 117 50 112 50 n 14770 Cash . . . V June 12 42 3500 24 50 2G 25 3449 25 H. B. Bryant V July 3 63 7000 73 50 6926 50 II. B. Bryant V June 3 33 10000 55 9945 T. P. Handy . V June 17 47 , 4000 31 33 10 3958 67 T. P. Handy . V June 2 32 1 8000 42 67 : 7957 33 Cash . . . V ^41500 ^81000 t/1025 83 ^182 50 121291 67 . ! 1 | Aug. 3 63 3000 31 50 29GS 50 N. C. Winslow V Sept. 1 92 1500 23 1477 N. C. Winslow V July 5 34 5000 ! 28 33 | 4971 67 L. R. Morris . V July 29 58 4750 45 92 4704 08 L. R. Morris . V Sept. 3 94 7500 117 i,0 7382 50 T. P. Handy . V Aug. 3 03 1500 15 75 1484 25 T. P. Handy . y Aug. 18 78 6000 73 15 5!)07 E. L. Jones . \f Sept. 18 109 3750 GS 12 3681 88 E. L. Jones . tf July 12 41 GuO 4 10 595 90 Asa Mahan . j f/ Sept. 18 109 6750 122 62 6627 38 Robt. Brown . ^ Sept. 15 106 1800 31 80 13 50 1754 70 Ingham & B. . \f July 17 46 1500 11 50 1488 50 Ingham & B. . V Aug. 28 88 900 13 20 886 80 J. D. Williams V Aug. 13 73 1500 18 25 1481 75 J. D. Williams V ^19000 ^27050 ^009 59 ^28 50 45411 91 y 313 COLLECTION Wlien Left. No. Drawer or Endorser. Drawee or Maker. Where Payable. 18G2 February March April 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Ivison, Phinney & Co. Peter Cooper "W. H. Crocker .... Wm. H. Beebe .... "W". H. Clark Ingham & Bragg . . . D. P. Eells City Bank Com. Br. Bank . . . City Bank James Shaw . . . T. Dwight Eells .... T. P. Handy Bank of Cleveland . . W. H. Clark Lewis R. Morris .... Lewis R. Morris . . . Jacob Hoornbeek . . . Jacob Hoornbeek . . . D. Appleton & Co. . . . Smith & McDougal . . Parker Handy .... A. Wellslager .... D. P. Eells James Smith Merchants Bank . . R. M. Bartlctt .... Jas. W. Lusk .... Jas. McAllister .... Peter Aiken .... Our Bank Our Bank Bryant & Stratton . . . J. B Cobb B. & S. s Office . . . J. B. C. s Office . . . Com Br. Bank .... Com. Br. Bk Our Bank Handy, Gillett & Co. . . R. M. Bartlett . . . John Gundry .... New York .... Cincinnati ... Com. Br. Bank . . . J. P. s Office .... M. B. Scott D. C. Collins Murray Shipley .... Jas Richards E R. Felton Our Bank H. B. Bryant .... P. R. Spencer, Jr. . . . Clafflin, Mellen & Co. . . A. T. Stewart & Co. . . Brj r ant & Stratton . . . I). C. Collins C Dunham Jas. W. Lusk .... H. C. Spencer .... E. "W. Mason E R Felton Our Bank .... City Bank Our Bank .... J. B. Meriam E. G. Folpom .... M B Scott City Bank E. G. F. s Office . . . Merchants Bk. . . , E Hill Ingham & Bragg . . . Jacob TToonib<.-ek . . . A. S. Whofler .... J. B. Cobb H Stillman * Wm. Mason E. G. Folsom .... J. R. Wheeler .... Robert Barker .... E. R. Fdton .... 11. B. Scoit D. P. Eells Our Bank J. B. C. s Office . . . J. H. Goldsmith . . . Jas. Madison Detroit 314 REGISTER. Date. Time. Wlien Due. 1 Amount. For Whom Collected. To Whom Sent. Ck. Feb. 1 Fob 1 Jan. 1 Fob. 1 Jan. 15 Feb. 1 Feb. 3 Feb. 1 Jan. 1 Feb. 2 Feb. 15 Feb. 1 Mar. 1 Feb. 15 Mar. 1 Mar. 1 Jan. 1 Mar. 1 Dec. 1 Feb. 1 Jan. 15 Jan. 1 Mar. 10 Mar. 5 Apr. 1 Feb. 10 Mar. 10 Feb. 12 Mar. 15 Apr. 1 Fob. 17 Mar. 20 Feb. 20 Mar. 15 :. 30 ds. 60 ds. 90 ds. 10 ds. SOds. 30 ds. 10 ds. SOds. 60 ds. 20 ds. SOds. 60 ds. 10 ds. 60 ds. 30 ds. 60 ds. 90 ds. 30 ds. 4 mos. 60 ds. 3 mos. 5 mos. 60 ds. 60 ds. 30 ds. 3 mos. 60 ds. 90 ds. 2 mos. 30 ds. 4 mos. 60 ds. 90 ds. 60 ds. Mar. 6 Apr. 5 Apr. 4 Feb. 14 Feb. 17 Mar. 6 Feb. 16 Mar. 6 Mar. 5 Feb. 25 Mar. 20 Apr. 5 Mar. 14 Apr. 19 Apr. 3 May 3 . Apr. 4 Apr. 3 Apr. 4 Apr. 5 Apr. 18 Juno 4 May 12 May 7 M;iy 4 May 13 May 12 May 16 May 13 May 4 June 20 May 22 May 24 May 17 j 1500 2000 2500 3000 1500 2000 900 500 1200 475 ! 2500 ; sooo 6000 3000 1500 , 2000 6000 3000 3000 1575 1250 5000 3500 7000 1750 4000 3750 900 1500 1000 750 2000 1500 700 Duncan, Sh. & Co. . V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V V do. do. do. W. II. Clark . . . do. ... Lewis R. Morris . . do. . . Lafayette Bk. . . Jacob rioornbeek . do. Duncan, Sh. & Co. . do. do. W. H. Clark . . . Moss Bros. . . . J. B. Meriam . . . do. ... Lafayette Bk., Gin. . Duncan, Sh. & Co. Lafayette Bk. . . do. Lewis R. Morris . . do. . . Jacob lloornbeek Duncan, Sh. & Co. . do. do. Lafayette Bk., Cin. . Burkam & Sons, Chic, do. E. G-. Folsora . . . Exch. Bk., Buf. . . Franklin Bk., Col. . E. R. Feltou . . . M. B. Scott . . . D. P. Eells. . . . 1 Farmers & M. Bk. Lafayette Bk. . . Moss Bros. . . . 315 COLLECTION When Left. No. \ Drawer or Endorser. Drawee or Maker. Where Payable. 1862 May June I 35 36 37 38 39 40 41 42 43 44 45 40 47 43 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Robert Sweetzor . . . P. R. Spencer .... John "W. Gantz .... W. H. Crocker .... Henry C. Spencer . . . Robert Dean H. D. Stratton .... Tbos. Smith J. Rhoades . . . . Wm. H. Beebo .... Ezra Jones ..... Our Bank . . . . . Jacob Hinds Peter Cook .... Merchants Bank . . City Bank Emerson E. White . . . John D. Hinde .... H. D. Stratton .... Geo. A. Crocker . . . Geo. M. Penn .... Robert Lincoln .... D. W. Fish E. G. Folsom .... Abram Van "Wyck . . . E. W. Mason .... Chas. Jones New York ..... Buffalo, N. T. ... Walkden & Co James Garrett .... John Holbrook .... C. B Stout Toledo City Bank T S Quackenbush Jacob Roifsnyder J. C. Bryant ..... Joseph Kinsey .... J. D. Hinde E M Hale Thos. Irwin Joseph Russell .... Smith & McDougal . . . Bryant, Stratton & Co. J W Lusk . . Daniel Slote . Columbus Ivison, Phinney & Co. J. B. Meriara .... A. C. Taylor S. S. Pomroy .... Merchants Bank . . Our Bank .... C L Skeels Lockport, N. T. . . Buffalo, N. Y. ... E. B. Hale s Bank . . City Bank . . . Toledo Wrn. T. Bush .... John Cook Hiram Newell .... James Moses Benj. Carpenter .... J. G. Fox Robert Smith .... Roderick Dhu .... James Romney .... Thos. Minturn .... James Sweeney .... A. S. Wheeler .... Chas. Stratton .... Robert Minturn .... Henry P. Smith .... Abram Vinton .... Buffalo, N. Y. . . Buffalo. N. Y. F R Felton . . Our Brink Jacob Hoornbeek . . . Chas. Reynolds .... M. B. Scott Henry Stratton .... Sandusky .... Our Bank .... City Bank . . . 316 REGISTER. Date. Time. When Due. Amount. For WJiom Collected. To Whom Sent. Ck. Mar. 25 3 mos. June 28 3000 TV. H. Clark . . . Toledo Br. Bk. . . V Apr. 30 30 ds. June 2 1500 P. R. Spencer (special) y Mar. 20 3 mos. June 23 750 Duncan, Sh. & Co. . Farmers Br. Bk. . V Apr. 10 60 ds. June 12 900 Duncan, Sh. & Co. . Lorain Bk., Elyria V Mar. 15 3 mos. June IS 1200 Duncan, Sh. & Co. . Lafayette Bk., Cin. V May 1 30 ds, June 3 1000 Mer Bk Mass (spec ) V Apr. 15 30 ds. May 18 750 V Api 30 10 ds. May 13 900 V Apr. 25 CO ds. June 27 1750 John R. Penu . . . Duncan, Sh. & Co. V May 1 30 ds. June 3 7000 V Apr. 15 30 ds. May IS 750 Geo. A. Crocker . . Exch. Bk., BuC . V May 1 30 ds. Juno 3 2000 Geo. M. Penn . . . Toledo Br. Bk. . . V Apr. 15 60 ds. June 17 1500 Geo. M. Penn . . . V Feb 15 90 ds. May 19 2000 Jas TV Lusk . . V Apr. 30 30 da June 2 500 Jas. TV. Lusk . . . Lafayette Bk., Cin. V May 15 30 ds. June 17 1500 H. D. Stratton . . . Lorain Bk., Elyria V May 30 10 ds. June 12 3000 A.pr 15 60 ds. June 17 3500 Penny & Co N k (p ) y May 10 30 ds. June 12 750 Duncan, Sh. & Co. . Franklin Bk. Col. . V May 15 60 ds. July 17 500 y 30 ds July 4 1750 V May 20 30 ds. Juno 22 500 Duncan, Sh. & Co. . Toledo Br. Bk. . . ^ Mc.y 20 60 ds. July 22 2500 M. B. Scott . . . Exch. Bk., Bu . V May 12 30 ds. June 14 350 M. B. Scott . . . Exch. Bk. Buf. . . V May 10 30 ds. June 12 600 Bk of Marysville (sp ) V Ma}- 12 60 ds. July 14 1700 V May 25 30ds. June 27 750 TV. H. Clark . . . Toledo Br. Bk. . . V Apr. 25 90 ds. July 27 1200 John S. TVoolson . . Exch. Bk., BuE . V May 25 30 da. June 27 500 u John S. TVoolaon . . Exch. Bk., Buf. . May 18 60 ds July 20 750 V May 10 60 ds. July 12 600 Lafayette Bk., Cin. . : Moss Bros., Saud y 20 ds. June 17 700 Exch Bauk Buf . . V Apr. 25 60 ds. June 27 3500 V Apr 1 60 ds. Juno 12 600 V 317 DOMESTIC DISCOUNTS , 1862. No. Payer. Amount. Remarks. 2 Peter Cooper 4000 Paid and Entered -A.pri.1. James Richards Clias. Hickox . Clarence iShook M. B. Scott . , 3500 7000 5000 6000 Pd. and Ent Pd. and Eut. Pd. and Ent Pd. and Ent Ivfay. f> T. P. ITandy 1600 Pd. nnd Ent 24 20000 Protested 25 3000 Pd. and Ent 318 TICKLER. COLLECTIONS 1SS2. to. Payer. Amount. For whom Collected. Remarks. 4 5 T. Dwight Eella .... T. P. Hand/ .... 3000 1500 Duncan, Sh. & Co. . . . W. H. Clark Passed Passed 1 6 j Inghara & Bragg . . . James Smith ..... 1500 2000 Duncan, Sh. & Co. . . . W. II. Clark Passed Passed 8 J. W. Lusk 500 Lewis R. Morris . . . Passed 9 Jas. McAllister .... 1200 Jacob Uoornbeek . . . Passed 11 13 Bryant & Stratton . . . Com. Branch Bank . . . 2500 6000 Duncan, Sh. <fe Co. . . . Duncan, Sh, & Co. . . . Passed Passed -A^pril. 2 3 12 U 17 19 20 21 D. P. Eells James Shaw J. B. Cobb Jas. Stanton J. Gundry James Parker E. R. Felton Jas. W. Lusk H. C. Spencer 2000 r 2f,00 Dnncan, Sh. & Co. . . . Duncan Sh <fe Co ... : Passed | Passed : 3000 Duncan, Sh & Co. ... i Passed i . . . . 3000 W. II Clark ! Passed 0000 Lafavetto Bk.. Cin. . . ! Passed er . . . . 3000 i l 8000 Lafayette Bk., Cin. . . Lewis R. Morris ... Passed Passed 5k .... ! 1575 er . . . . 1250 i Lewis R. Morris . . . Jacob Hoornbeek . . . Passed Passed iMIay. 23 24 25 26 E. R. Felton .... J. B. Meriara .... E. G. Folso;n .... M. B. Scott 3500 7000 1750 4000 Duncan, Sh. A Co. . . . Pawort Duncan, Sh. & Co. . . . Passed Lafayette Bk., Cin. . . . Passed Burkara & Sons Chic. . . Passed 27 28 29 30 Ingham & Bragg . . . Jacob Iloornboek . . . A. S. Wheeler .... J B Cobb 3750 900 1500 1000 Burkam & Sons, Chic. . . Passed William Mason (special) . Remitted E. G. Folsom Passed Exchange Bank BuC . . Passed 41 Peter Cook 750 J B. Meriam Passed 42 Emerson E. White . 900 J. B. Meriam Passed 48 John Holbrook .... 2000 Jaa W. Lusk Passed DOMESTIC DISCOUNTS. J-une, 1862. No. Payer. Amount Remarlzs. 20 21 22 23 38 40 47 49 Sumner Packard .... W. H. Clark ; 4ono i 5000 : 15000 7000 10000 3000 : 10000 8000 Paid and Entered Pd. and Ent. Pd. and Knt. Pd. and Knt. Pd. and Knt. Pd. and Knt. Pd. and Knt. Extended to July 2, with interest N. C. Winslo\v W. H. Clark .... (Ex.) S. 8. Packard II. B. Tuttlo 35 5000 41 49 Chas. Hickox 1500 8000 fiS 4750 60 Horace Holdeu 1600 32 E. G. Folsora . . . (Ex.) 4000 60 Geo. M. Strong 3000 55 Jacob Harrison 1500 September. 51 W Edward Savage .... 1500 6760 320 TICKLER. COLLECTIONS. -J-une, 1862. Tvison, Ph. & Co. J. B. Meriam Benj. Carpenter . E. K. Feltou . , No. Payer. Amount. For Wlism CoUeded. Remarks. 22 31 36 40 41 47 51 52 59 6G 67 68 E. "W. Mason H. Stillinall .... ; 5000 750 1500 1 000 7000 1500 3000 3500 GOO 700 3500 600 Duncan, Sh. A Co. . . . Franklin Bk., Columbus . P. R. Spencer (special) Mer. Bk., Mass, (special) . John R. Penn .... Geo. M. Penn .... K., K. & Co., Cin. (special) ; P. & Co.. Newark (special) Bk. ofMarysville (special) Exch. Bk.. Bnf. .... Kxch. Bk v Buf. .... Geo. M. PC n n . , 1 Passed Passed Remitted Remitted Passed Passed Remitted Remitted Remitted Passed Passed Passed H. D. Stratton .... Ezra Jones K. W. Mason .... J;iines Garrctt .... J. D. Hiado . . Thos. Irwiu . . . . Jus. Mason ... . Clias. Reynolds . . M. B. Scott . . . Henry Stratton . . . July. 50C 1750 1700 753 Duncan. Sh. & Co. Duncan, Sh. & Co. Jas. Richards Jacob lioorabcek September. 1 21 32t DISCOUNTS. jETebruary, 1862. No. Payer Amount. TV Wliom Sent. Remark*. lv arch.. 1 Wright G-. & Ravvsoa . v/SOOO v/Duncftn, Sh. A Co., N. Y. . . 3 A. /. Conistock . . . v SOOO v/ Duncan, Sh. & Co., N. Y. . . 4 N. Bid well . . . . v/3000 v/ Duncan, Sh. A Co., N. Y. . . JO Cliiiilin, Pollen & Co. . ,/4000 y Duncan, Sh. & Co., N. Y. . . Paid Entered Paid A Ent. Paid & Ent. Paid A Eut. 5 John R. Penn . . . s/2500 iy H. B. Tuttle ... x/2500 13 Ivison, Phinney & Co. ,/6000 14 W. H. Clark . . . v/2500 15 Parker Htmdy . . . v/7000 16 James Arinstrons? . . ^/HOOO 17 "Wiuslovv, Lauier & Co. . y/2500 v/ Duncan, Sh. A Co., N. Y. v/Exch. Bank, Buffalo. . v/ Duncan, Sh. A Co., N. Y. v/ Lafayette Bank, Gin. . . v/ Duncan, Sh. A Co., N. Y. ixch. Bank, Buffalo . . , Sh. A Co., N. Y. Paid & Ei it. Paid & lint. Paid & KnU Paid A Eut. Paid A Ent. Protested. Paid & Ent. 13 19 43 W. B. Oadon . . . . , Vl2ono ^/Burkam A Sons, Chicago . D. Appleton & Co. . . ^/ 3000 v/nunran, Sh. A Co., N. Y. . E. W. Keyes .... v/ 8000 V/ Bank of Capitol, Albany 322 Paid A Ent. Paid A Eut. Paid A Eat. TICKLER. COLLECTIONS. No. , 1862. 7 10 Payer. AmouM. For Wiom Collected. To Whom Sent. Remarks. M. Dartlett . . 900 Lewis R. Morris . Lul ayeue Bk., Cin. Pnss . d tor Aiken . . 475 Jacob Hoorabeck . Moss Bros., Saud. . Passed Ivlaroh.. 15 Handy, Gillett & Co. 1500 i J. B. Meriam Duucau, Sh. & Co. , Passed IMC ay. 16 R. M. Bartlett . . 2000 J. B Meriara Lafnvettc Bk., Cin. Passed 32 J. H. GoldsmitU , 20(10 E. R. Felton . Far. & M. Bk., Deu Passed 3:5 JtiS. Madison . . 15UO M. B. Scott . . Lafayette Bk., 3in. Passed 34 Jas. Smith . . 700 D. P. Eells . . Muss Bros., Sand. . PasHi-d 43 Chas. Jones . . . 750 Geo. A. Crocker Excli. Bk., But . Pa-vsed 323 FOREIGN DISCOUNTS. -June, 1862. No. Payer. Amount. To Wlwm Sent. Remarks. 26 M. B. Scott . . . v/IOOOO v/ Exchange Bk., Buffalo . . . Paid & Entered 27 R. M. Bartlefct . . v/ 3000 +J Lafavette Bk., Cincinnati . . Paid & Ent. 28 Geo. M. Penn . . </ 5000 v/ Burkam & Sons, Chicago . . Paid & E it. 29 Austin Packard . . s/ 3500 v/ Duncan, Sh. & Co., N. Y. . . Paid & E it. 31 Woolson & MoFarland. -/ 3000 Y/ Biirkani & Sons, Chicago . . Paid & K it. 83 Barnaby Rudge . . V 10000 J Duncan, Sh. & Co., N. Y. . . Paid & K it. 37 John R. Penn . . v/ 6000 ^/ Duncan, Sh. & Co., N. Y. . . Paid & K jt. 44 J. a. Deshler . . . v/15000 Y/ Burkam & Sons, Chicago . . Paid & K it. 45 R. C. Spencer. . . v/ 3500 y Fanners & Mochs. 1 Bk., Det. . Paid & E it. 48 E. R. Morgan . . . ^ 4000 ^/ Franklin Bk., Columbus . . Paid & Ent. July. 30 W. D. Packard . . . v/4000 s/Bnrkam & Sons, Chicago . . Pd. & Ent. June 84 Smith <i Xixou . . . 6000 Lafayette Bk., Cincinnati . . 3(5 H. I). Stratton . . . 7500 Franklin Bk., Columbus . . 39 A. Stager , 7000 Exchange Bk Buffalo . . 42 Jonathan Gillett . . . 7000 Duncan, Sh. & Co., N. Y. . . 46 William Smith . . . 7000 Bank of Capitol, Albany . . 52 Phillip Seaton . . . 5000 Exchange Bk., Buffalo . . . 53 E. R. Fiuuey .... 600 Iron City Bk., Pittsburg . . 5G W. H. Woodhnry . . 6000 Lafayette Bank. Cincinnati. . 62 William Gray .... 900 Duncan, Sh. & Co., JS r . Y. . . <J3 E. W. Mason .... 1500 Duncan, Sh. & Co., N. Y. . . September. 64 Thomn? Jonos . . . 7500 Duncan. Sh. & Co., N. Y. . . 57 W. T Shot iiiiiu ... 3750 (.iirard Bk., Philadelphia . . 60 John Poltoa .... 1800 Burkam <fe Sons, Chicago . . 324 TICKLER. COLLECTIONS.- -J-une, 1862. No. Payer. r Amoun L For Wliom Collected. \ To Whom Sent. Remarks. 35 Solomon Jones . . 3000 W. H. Clark . . Tol. Br. Bk., Toledo Passe 1 37 TLos. Smith . . . 750 Duncan, Sh. & Co. Farm. Br. Bk., Ash. Pass.- i 38 J. Rhoades . . . 900 Duncan, Sli. & Co. Lorain Bk., Klyria PiiatMi 39 \Vra. H. Bi-ebe. . 1200 Duncan, Sit. & Co. Laf. Bk., Cincinnati Passe 1 43 A brain Van Wyck 1750 J. E. Perm . . . Dune., S. & Co. X.Y. Passe 1 46 Walkdeu & Co. . 2000 Gen. M. 1 enn . . Tol. Br. Bk., Toledo Passed 4 J C. B. Stout . . . 500 Jaa W. Lusk . . Laf. Bk., Cincinnati Passed 60 J. G. Bryant . . 1500 H. D. Stratton . . Lorain Bank, Klyria Passed 63 Daniel Slote . . 760 Duncan, Sh. & Co. Franklin Bk., CoL Passed 56 A. C. Taylor . . 500 Duncan, Sh. & Co. Toledo Br. Bank Passed 58 Hiram Newell . . 350 M. B. Scott . . . Exch. Bk., Bnffiilo Passed 61 J. G. Fox . . . 750 W. H. Clark . . Toledo Br. Bank Passed 63 James Sweeney . 500 John S. Woolson . Excli. Bk., Bullalo Pu-ssod July. 67 S. S. Pomroy . . 2500 M. B. Scott . . . Exch. Bk., Buf. . 62 Robert Smith . . 1200 John S. Woolson . Exch. Bk., Bu . 66 Jacob lloorubeek . 600 Laf. Bk., Cincinnati Moss Bros., Saud y September. 325 PASSED COLLECTIONS. When 1 ^aacd. No. Ck. By Wiom Collected. On Whose Account. Amount. Col.&Ex. Proceeds. Ck Feb. 4 Ourselves Duncan, Sh. & Co. 3000 80 2970 V 5 do. W. H. Clark 1500 1500 V 7 V Laf. Bank, Cin. L. R Morris 900 2 25 897 75 V 10 V Moss Bros., Sand y J. Hoornbeek 475 1 19 473 81 V 5875 ^33 44 5841 56 Mar. 1 Ourselves Duncan, Sh. & Co. 1500 15 1485 V 6 do. "W. H. Clark 2000 2000 V 8 do. L. R Morris 500 500 V 9 do. J. Hoornbeek 1200 1200 V 11 do. Duncan, Sh. & Co. 2500 25 2475 V 13 do. Duncan, Sh. & Co. 6000 60 5940 V 13700 /100 13600 Apr. 2 Ourselves Duncan, Sh. & Co. ; 2000 20 1980 V 3 do. Duncan, Sh. & Co. 2500 25 2475 V 12 do. Duncan, Sh. & Co. 3000 30 2970 V 14 do. W. H. Clark 3000 3000 V 17 do. Laf. Bank, Cin. 6000 6000 V 18 do. Laf. Bank, Cin. 3000 3000 V 19 do. L. R. Morris 3000 3000 V 20 do. L. R. Morris 1575 1575 V 21 do. J. Hoornbeek 1250 1250 V 15 Duncan. Sh. & Co. J. B. Meriam 1500 1500 v 26825 4 ^*? K r ( 2G750 May 23 Ourselves ji Duncan, Sh. & Co. i 3500 35 3465 / 24 do. Duncan, Sh. & Co. 7000 70 6930 V 25 do. Laf. Bank, Cin. 1750 1750 V 26 do. Burk & Sons, Chic, i 4000 4000 V 27 do. Burk & Sons, Chic. 3750 3750 V 29 do. E. G. Folsom 1500 1500 V 30 do. Exch. Bk., Buf. 1000 5 995 V 41 do. J. B. Meriam 750 750 V 49. do. J. B. Meriam 900 900 V 48 do. Jas. W. Lusk 2000 2000 V 16 V Laf. Bank, Gin. J. B. Meriam 2000 5 1995 V 32 V F. & M. Bk., DeL E. R. Felton 2000 15 1985 V 33 V LaF. Bank, Cin. M. B. Scott 1500 3 75 149 G 25 34 V Moss Bros., Sand y D. P. Eells 700 1 75 693 25 V 49 tf Exch. Bk., Buf. Geo. A. Crocker 750 750 ^ 33100 ^135 50 32964 50 = 326 PASSED COLLECTIONS. Ck. On Wltose Account. Amonnt. CoL&Ex. Proceeds. Ck. June 22 Ourselves Duncan, Sh. .t Co. 6000 60 4950 V 31 do. Franklin Bk., Col. 750 750 V 44 do. John K. Penn 7000 7000 V 47 do. Geo. M. Penn. 1500 1500 \ V 6(3 do. Exch. Bank, Bnf. 700 3 50 GOG 50 V 67 do. Exch. Bank, BuE 3r,00 17 50 3432 50 V 68 do. Geo. M. Penn 600 600 V 35 V Toledo Br. Bk. W. IT. Clark 3000 7 50 2092 50 V 37 V Far. Br. Bk., Ash. Duncan, Ph. & Co. 750 9 38 740 62 V 38 V Lorain B., Elyria Duncan, Sh. & Co. 900 11 25 888 75 V 39 V Laf. Bank, Gin. Duncan, Sh. & Co. i 1200 15 1185 V 43 V D., Sh.&Co., X. Y. J. R. Penn 1750 1750 V 4t3 V Toledo Br. Bk. Geo. M. Peun 2000 5 1995 V 49 V Laf. Bank, Gin. Jas. W. Lusk 500 1 25 498 75 * 60 V Lorain Bk., Klyria H. D. Stratton 1500 3 75 149G 25 V 53 V Franklin Bk., Col. Duncan, Sh. & Co. 750 9 33 740 62 66 V Toledo Br. Bk. Duncan, Sh. & Co. 600 6 25 493 75 V 68 Exch. Bk., Buf. M. B. Scott S50 350 V 61 V Toledo Br. Bk. W. H. Clark 750 1 83 748 12 v 63 V Exch. Bk., Buf. John S. Woolson 500 500 V 33500 i 141 64 33353 36 ADDITIONAL AUXILIARY BOOKS. INDIVIDUAL LIABILITIES. 33. Bryant. When Discounted. No. Oilier Parties Liable Dixcoiwtcd for Him. I Liable, as Payer. LM le <7,9 Endorser. When Due. Remarks. Jau. i 1 Wrijrht G. & Rawson 5000 5000 Mar. 5 Pa.J Mar. i 18 \V. B. Ofyderi 12000 May Pnid May i 4o It. C. Spencer 3500 June 12 Paid May i 46 William Smith. 7000 July a June 1 i L 58 K It. Finuey. 600 July 12 . D. Stratton. Jan. 1 2 J Peter Cooper 4000 Mar. 5 Paid War. 1 19 D. Appleton 3000 May Paid Apr. 1 28 Geo. M. Penn 5000 June 2 Paid May 1 36 H. D. Clark 7500 July 3 i! 11 1 James . I-rusk. Feb. Mar. Mar. 1 1 1 5 10 11 n= John Pi. Penn Claiilin, M. & Co. M. B. Scott 2500 2500 4000 6000 _j Apr. Mar Apr. 18 16 5 Paid Paid Paid iPeter Oooper. Jan. Apr. May 1 1 1 2 22 37 H. D. Stratton Wilson G. Hunt John R. Perm 4000 15000 | 1 6000 Mnr. June June 5 26 28 Paid Paid Paid T. _ 1 Feb. 1 6 D. P. Eelh 1600 May 24 Paia Mat. 1 15 Parker Handy 7000 Apr. 19 Paid Api^ j^ 23 N. C. Winslow 7000 June 2 Paid Mav 1 47 H. B. Tuttle 10000 June 3 Paid May 1 48 E. R. Morgan 4000 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 ll 1 I Oliarles Hiokox. Feb. 1 8 Jnco>> Hinds Mar. 1 16 Jas. Armstrong May 1 41 J. Kennedy May 1 42 J. Gillett 1500 7000 : 7000 , Apr. 6 Paid 3000 Apr. 3 Protested 1500 July 27 7000 July 2 ADDITIONAL AUXILIARY BOOKS. CASH BOOK. Jan. 1. Feb. I. March I. April I. May 1. June 1 Citv Bank Notes i 36700 62817 72119 69175 85960 7.">060 Stito " 12750 25600 27150 37240 22710 38700 Eastern " -J283 5617 12300 13720 12900 19850 Western " 7508 8759 17916 12916 7618 15825 Chocks, etc. 1500 5500 10 130 14125 50 500 12(100 Gold .... 69UO 7418 7340 8725 7510 8900 Silver . . . 3J12 90 3594 15 4719 25 3627 50 4460 35 6792 .; : Pennies . . . 398 95 599 98 170 94 416 02 564 87 679 46 73752 85 119905 13 151S45 19 159945 02 142223 22 176806 78 STOCK LEDGER. . D. StrsLtton. 1862 Jan. July 1 1 100 Shares. 1st Instl. 2d histl. 60 Shrs. from H. B. B. 6000 4000 5000 150 Shares $100 15000 Brysunt. 1862 . 1 1862 1 me 1 50 Shares to H. D. S. 5000 Jan. 1 100 Shares, 1st Instl. 6( )00 iy 1 50 Shaves 5000 May 1 2d InstL 4( K)0 100 10000 100 10( 00 |j July 1 50 Shares, $100 5000 1 TRANSFER B L.F. June 1, 1862. .50 SJar :$. Clcbclaitb, Jim* f , /<f/2. { _3J 2 1 H. H. 50 B. Bryant, Dr. D. StraUon, Or. Shares $100 i 500C o^i tia-Me itcetvea, Q) Stetevu afiryn ane/ Slan.y J@ ^D ^t^ torv ^/f , W i <&< ns/ " ^ llw j ^ -* ^ aw/ & 6 7ele<l9 *^ t^ijtij e% &/ Oj f *6 Capital Stock of the NO. OF CEP.TIKICATM. Commercial College Bank, <^an^^ <^ m^ Igyaed. Redefined* \ name on /ie ^AJOOKJ Pjf data ^AjanA, l4 2 D. ^0. JDUjtuv t yftJneM, 9. P. ^PocHa^. L. P. - Clcbclitnb, - /cf^ <&>t va&te lecetvea ncl ,6u atnan ana flan, t/ &/- aff itpM, St : /te, am/ tnSelejj <n && ./ //^ Capital Stock of the NO. OF CF.RTIFICATE8. Commercial College Bank.^/ ^y <* , Issued. Redeemed. natre 01* Sne ^Qo&KJ of jatit ^aan. <ff WV 329 ADDITIONAL AUXILIARY BOOKS. OFFERED, FEBRUARY 1, 1862. No By Whom Offered. Payers and Endorsers. Time to Run. Amount. Av. Bal. Remarks. 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. Lu.sk John R. Perm 76 ds. : 2500 3000 A. 6 John Driscoll He man Barker 63 ds. ji 4000 R. 7 K. R. Felton T. P. Handy, D. P. Bella 112 ds. 1600 3800 A. 8 K. H. Felton Jas. Pilchards 63 ds. || 3500 A. 9 Thos. Barrows H. Emans & Co. 90 ds. 5000 R 10 M. B. Scott Chas Hickox, J. Hinds 64 da. 7000 2800 A. 11 Horace Mahew James Earl 79 ds. 3500 R. STATEMENT BOOK. SEMI-MONTHLY STATEMENT. Dale. Discounts on Hand. 1 Bills of other Banks. ; Due Foreign Banks. Specie. Circulation. Due Deposi tors. Jan. 1 9000 34841 11011 85 29953 35 Feb. 1 31 GOO 75G76 11612 13 35000 il 64294 Mar. 1 64100 102316 12230 19 35000 144G67 56 Apr. 1 95100 107576 12768 52 35000 180583 31 Mar 1 174000 101228 12535 22 35000 203111 17 June 1 99050 123575 15371 ! 78 | 35000 323535 11 Jl J J ; j QUARTERLY STATEMENT,* JUNE 1 ? 1863. 1. Loans and Discounts . . . 2. Overdrafts 99050 | 3. Due from Banks .... 4. Duo from Directors, $7500 5. Due from Brokers, 88137 90 C Real Estate 140850 25 | 15371 78 8. Cash Items, viz. : Checks, etc. 9. Stocks, $36400 ; Treasury Notes, f 9800 .... 10. Bonds and Mortgages . . . 1 :. Bills of Solvent Banks 12. BiOs of Suspended Banks 13. Loss and Exp. % (Fixtures) 12000 46200 123575 575 437622 03 _ i 1. Capital 2. Circulation Registered, $35000 Less Notes on hand, 25860 Leaves Outstanding Notes . 3 Profits i 200000 9140 4946 92 4 Due to Banks 5. Due to Individuals and Cor porations other than Bunks and Depositors .... 6. Due State Treasurer . . . 7. Due Depositors on Demand . 8. Amt. due not included under either of above Heads . . | 223553 11 437622 03 * Form prescribed by the Banking Laws of New Tork. 330 FORMS OF BANK PAPER. CERTIFICATE OF STOCK. 3fo. 3. ONE HUNDRED DOLLARS n Of //if ^omme tctat <^sjanK c-f 7 7 s / / \- K ai1(rt -ftu lu/w vO> I-" -.".> CERTIFICATE OF DEPOSIT. mI College anlu ?i. \, \oW (v)\. wrw\ JiaJ ae/iaJiVecc tn. <//it j <_/san/t Q)U\ ivIxauuimA " ctU, Si(ryafi?e So <yL>muu OVuJta. ^ o4c/et, on ie/utn of /At fi/iei/u en(/o-Mec. / i/ lama 8). SLa. re^r. 3 3 1 CERTIFIED CHECK. < aui i, /# 62. mnrcrcial College ^Baniu ^ J 4 ^! OJMU (yVvtno.VtjQ . \;owv=\Ji,i|w._l__ c (.A. OL/UAOMM. _^W^y. i >(S (J jno. SM. Q/M 331 FORMS OF BANK PAPER. . , T . n ^ (Mmmxraiu College jmttk* , 28-5. ow. 1 /^ ,/w ^ tR, d. i.. vauie J-ecetvec/. Cashier. Q)O ON V9.o., US^ ^ NEGOTIABLE NOTE. )wckv 2) 3 a, . A, /^ 62. e So /iau ftxuun g>V. 5 m/. / <s C l, o/ tute vea, AA \S) ACCEPTED DRAFT. . *Q \ Qj\\GMi>.aMA . , vezfiie -tecetvea. \ MvwvnA. 332 FORMS OF BANK PAPER. COLLATERAL NOTE. -* o, ?<? oz. ,- v \ A, / / \ , , , , ,/> (* . , vy,ixvu xio\vs aff&i aafe, cy Sitam<.Je /a /KTU /a fAe \Sowmc\cva\ y o & / / <? (* PP ^ ? / t i- t? \ 6t\ f? /> s VSuVW QDauU c^ ^r^^ G),xvw;uUv o).UausaAid aJJo.UaXi, ^ vafae tecetvet/ 4 z) / a/ /Ae -ia/e a/ MX Ae4 cen/. Sie-l annum., Aavt na. a eAaJt /ef/ -uw//f //fern, %/ af ^| mowixutu Aiavu* xx ,7 at <fa/e, el/ G/AeU&iJe, a^ S/ieU/ a A /ton, on //ie/ nan-Aetyfa-ltnance oS 4&4 / / / / Me, and/ ^c^Vnou^ no/ice./ NOTICE TO DRAWER OR ENDORSER. / , v s y / ate no/ice/, SAut-, a note &t QJMu (yUft Vto a* Su uc /uJ e/a*u AlG/eJ/eat f< ctA <//ia/ /c*Mc4s /oc/J /a -ycu Ja4 S/fe/ Aa Sirrumen^i Gf S/ie/ dame* Aawio Veen wtj c/ftw aemanc/ed and \ P & Jajmxtd Qy. i. Ifotary Public. 333 FORMS OF BANK PAPER. PROTEST FOR NON-PAYMENT 09 III** ,-S V V rr,""^ - - " "7 i oo . / OO tate of gew fork, ^fo lla vA <aM Q$a/nk <3^ 1 ./;//, /, / /? // / unt etefmtrfeeP ana/ <fi&ain. auteiii/ia -e-n f/ie/ ci?u ^ato, aia/ Stie<fen> //ie/ c-itamaz viit ais na/e/ w/uc/i tJ <nete/a annexed^ , ana / & ecv /iaurnen^-> wetec/, wntc/i ivaJ <te/uJea . Of, S/tetei-frLe, on S/te / (7 ff ff t/ daw ancv -iteai. av&ve/ tttitfr&n. ana aflei. daicv aetnana ana -te/aJat, <7 <7 & ff cut ft/, na/t/iea i//ie/ atawe l/ ana S/ie/ deve-izi enaa^e-i<f of //te/ non-/iaumen^~> Of 7 / / /S J /ie dame/ a<f )u Jeivtna. Ae Manafr//. on <? i (/ vna tn we/ fyoJ^-t Giyftce. tn. i/nij cv/w. aac/ie/Jea Sa ^ <7 / \Ljv eyvlcitoa. VSleraeLanvA. Vi)., </AaS vetna we/ -te/iuSea -teJiaence o/ we/ Jaca </ / e /ia^!./u. ana we t^W^ (?ffice nea-ieJ^> S/iele/a. / </ fff n Of, S/fe/ Jail/ T&o/cUU, a . anc/ c/o jafemnfa /t-lc</e<f/, ayatnj^ We/ cUawe-i ana/ enebiJeM of <7 / </ V Jaia* LAAA, anO/ atf oS/e4J conceinec/, j&l a/f excnanae, <te-exc/ia>we, cotdf, c/amaaeJ, and 1 tn/eiejA <#ice*Uedt, tu 4eaJan o/ Me non-Aa^menA of Sate? / </<sa^ <y Gjtftce. <P D ffti neieaf Qs nave aeteun/a JuMciifrea mu, name, ana a/fa / 4F ffff S / //> 9nu Jeat of c/jft IAMOHU Notary Public. 334 BROKERAGE AND EXCHANGE : EMBRACING CASH BOOK, GENERAL LEDGER, STOCK LEDGER, AND BLOTTER, WITH FORMS OF GOVERNMENT AXD RAILROAD STOCKS, FOREIGN BILLS OF EXCHANGE, ETC.; WITH A FEW GENERAL REMARKS ON CURRENCY AND STOCKS, REPRESENTING THE BUSINESS OF A STOCK AND EXCHANGE BROKER. BROKERAGE AND EXCHANGE. BROKERAGE AND EXCHANGE. THE 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 respect*, who are not versed in the details of the particular departments for which special agents are properly employed. lu fact, the system of agencies or brokerage which so thoroughly porvadcs all departments of bnsinos?, 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 sub served by a properly adjusted division of labor. lu 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 which 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 10 avail themselves of favorable conditions of the market to speculate on their own ac count. 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 wo 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 con ducted iu establishments combining the two. . C U R R E N C Y, . In its general application, means the accepted medium or standard of commercial values. When the banks of the country were paying their debts in specie which was also the only legal tender gold and silver consti tuted the standard of value, and were themselves currency; but when paper credits were made legal tender, thus displacing the precious metals from circulation as currency, specie at onco 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 tliati of gold a;:d silver as at a premium. But whatever the theory, the practical fact still exists that so long as all values aro measured by local currency, that currency must be considered as the standard. Thus, while in the United States, C:mu.da 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 differ ent local currencies. And although this difference is very slight varying from 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 cur rency in exchange. The uncurrent money thus purchased is sometimes sent home for redemption, sometimes disposed of at a small profit, and not unfrequently paid out at par. The margin on such transactions is neces sarily small, but their frequency and extent, in well established houses, render tho business on tho 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 per centage of yearly disbursements to the holder. Stocks may be properly divided into two classes, which, for the sake of distinction, we will denominate Ii- ttrest 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 secur ities 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 tho character of tho securities upon which they rest. Dividend Stocks are those which call for a dividend of tho 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 fiuctu- ate in value according to the pecuniary success and prospects of tho business which they represent ; and as tho intrinsic value of all property depends upon its producing power, so the dividends which are declared upon these shares it the same are known to be from tho legitimate earnings of tha business regulate, in tho greatest de gree, 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, tho parallel between earnings and commercial value must hold good. There is, of course, a difference in the value of what wo have denominated Interest Stocks, not dependent upon the percentage of disbursements. Such difference must of course be owing to the character of tlio securities themselves. For instance, when the country was at peace and tho national debt inconsiderable, United States Stocks, paying only 6% per annum, were always at a premium of from 1 to tO;/, while the best railroad securities, declaring from 7 to 8$, varied from 1,2 premium to 10,2 discount. At tho present time tho very best government securities, or those paying the highest rates of interest, command a premium of not over 6, while the first mortgages on our northern railroads sell at from 5,2 to 302 premium. It requires but little reflection to assign adequate causes for this state of facts. Tho government is engaged in a desperate struggle for self-presorvation, and tlie national debt is accumulating at tho rate of over two millions of dollirs per day; while tho very business of war, shutting up as it does some of the fine.-t channels of commerce, creates an im mense 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 bo patriots of the most approved kind; but in their relation to stock dealing they are simply speculators; and in that capacity will not hesitate to use the kind of argument best calculated to promote their individual interests. While tho war goes on with varied results, the bare possibility of ultimate failure, together with tho certainty of an immense public debt, must keep government securities within moderate limits; while- tho fact that in any event, the railroads will not ceaso to prosper, will enable the holders of securities based upon them to maintain their superiority in the market. The true basis of value in 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 tho public, and if one could always be sure that things are called by their right names in these statements, the process of estimating tho 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 1 cal institu tions, will be uniformly secured, and hence not liable to those violent and disastrous fluctuations which have so affected the issues of western bunks under state laws. With a uniform currency, or a local currency having a uniform basis of redemption, the ratri of exchange between different parts of the country can never be excessive, nor subject to extensive fluctuation 22 337 BKOKERAGE 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 ttio 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 products 6^ cents, how much wilt be required to produce 26 cents? The solution is as follows: 6^ : 26 : : 100 : 400. Or, 26-r6=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 $100,000. During the year the bank declared a dividend of 1$, 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 4J. What is the value of the stock? Solution as before: 6:4f :: 100: 73. Atlantic Bank stocks were quoted at 70$, which varies but slightly from the above result. While it is true that upon a basis of this kind the approximate value of a large portion of the current stocks may bo ascertained, the parallel will not hold good in all cases. For instance, many of the railroads were pay ing annual dividends of from 7 to 8$, 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 isltnow-n, in fact, that railroad dividends are often declared without reference to earnings, f;ir the purpose of giving a fictitious value to the stocks. Of course, when such is the case, money for this pur pose 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 "cooking up" the financial affairs of a large corporation, 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 sobor-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 BROKER AGE . 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 ela boration 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 mako. Neither would . the knowledge, could it bo 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 bo 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 a.s 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 \virh a "private opinion" as to the effect of this or that line of policy one reasoning to an inevitable conclusion that if certain plans arc adopted, the country will instantly hasten to financial ruin; and another, with quite aa 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 resling-place between the two extremes. The practical financier is, in this sense, no theorist, lie must have, it is true, intelligent and well settled yievs upon all the great questions of the day, political and otherwise, which have a bearing upon his particular iuo He is, or should be, a careful observer of all public movements calculated, eitl-ei immediately or remotely 338 BROKERAGE AND EXCHANGE. to affect the interests of the people at large; and is usually prepared to estimate the cfl oct of such movements apon the various classes of securities in market. Ills 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 hesiia- tiou in following them out. True, ho 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 dibits, disaster still comes, bring ing with it defeat, he does not, like a timid foe, lie tarn -ly down, giving up all for lost, but with what wreck he may gather from tlu strife, he pushes for safer shelter, congratulating himself tnat if he bears no other trophies! from the field, he has won the guerdon of experience, which will be invaluable to him iu all future contests. Xo one will attempt to deny that speculation in stocks, even under favorable circumstances, is extremely ha/urdous ; neither will any one, careful of his reputation for plain speaking, pretend to say that unworthy mcang arc not often resorted to, ibr 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, ex cept to recogivze it as a general fact; but were we permitted to arrange the good and evil in this matter on op posite 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 temporarj" evils- to which individuals resort for their own ag grandizement. 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 quota tions 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 tfcat 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, m-iy for a time disturb the healthful equi poise ; but such disturbances aro necessarily brief, and the evils which they engender, so often " like cursss come home to roost," that the antidote may b~> 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 bo in flicted by mythological "bulls" and "bears," may, like countless other evils to which flesh is heir, prove an ultimate goad; and the vigilance induced by a sense of self-preservation, constitute the great bulwark and de fense of national as well as individual prosperity. The most reputable among the stock-dealers are members of the Stock Exchange, a regularly organized as sociation, having for its purpose tho 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 servo 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 therclbr on the d. iy succeeding the contract. Often, however, the buyer or seller is allowed three days in which to fulfil his p-irt. 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 beibre two o clock of tho day chosen. " Cash 1 sales are deliverable and payable on the day of sale. To sell "short," is to sell without at the time owning the properly sold, ex pecting to purchase before the date of delivery at favorable rates. To sell "fiat," 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, upou 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 im portant hou.-:cs. That they are thoroughly compatible, however, will be evident to all. It, will bo necessary to mark the distinction which we have drawn between monoy and stocks, and to notice the difference in their treatment. That which passes as currency in any part of (he United Stales we treat as caxh. counting it as such in making up our cash items at the close of tho day. Gold, Silver, Canada and Ster ling currency we treat as stocks ; they having passed beyond the precincts of our owu currency. In purchasing and selling uncurrcut funds, the margin of profit or loss needs particular!} to be noted; and as a formal entry of purchase and sale would be quite out of tasto and unnecessary, we simply indicate e:oJ little discrepancy in a kind of memorandum-book, called a " Blotter," which is fully explained here. let. 339 BKOKERAGE AND EXCHANGE. THE BOOKS AND THEIR USE. In prescribing the forms of entry for the various dep irtinents 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 1o the purpose, with such improvements of our own as the exigencies of the case seemed to suggest, to arrange the whole into such a system as would be best calculated to subserve the purposes of an economical and satis factory record. In the business before ns there is little chance to display ingenuity ; and no necessity for a large number of books, with an intricate system of counter-checking. The transactions are exceedingly simple and monotonous; and, after the first two or three entries are completed, the student will bo able to proceed with little or no assistance. The forms are simple and dicect, having very few marked peculiarities; and are quite sufficient for the most extensive business of this kind. The main book of entry is THE CASK 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 hand will need to be included. THE GENERAL LEDGER contains all the accounts of the business except Ca^h 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 bo 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 wo 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 MEMORANDUM BOOK, 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 enable 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 undent ind. 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 fur ther instruction on these points, we have deemed it unnecessary to repeat them here. For similar reasons wo Lave omitted to include in the transactions any thing relating to the expenses of conducting the business. 340 NARRATIVE. NARRATIVE. Monday, March 2, 1063. Commenced business with $150000 cash capital Bo t $2000 Illinois currency, @. 2% discount Bo t $1000 Kentucky currency, @ \% disc Bo t $2000 Canada currency. $1 S3; 1500 do., $1 ^i Bo t $10000 U. S. Registered 6 1881, at par: Accumulated interest on same from Nov. 1, 1862, $ Rec d from II. R. Muiiger $10000 on deposit, to be invested as per futuro advico Sold $1000 Illinois currency, at \\% disc. Bo t $15000 U. S. Coupon 6% 1881. @ $1 -; Interest on same from Jan. 1, $ * Bo t $2500 Missouri currency, @ 1% disc Bo t for II. P. Hunger, per instructions, $8000 N. Y. C. R. R. stocks, @ $1 1S : Our commission, \% on amount invested. Tuesday, 3. Sold $2500 Canada, $1 w Bo t $3500 X. Y. State currency, \ disc Bo t $2000 Baltimore currency, \ ,c disc Rec d of S. S. Packard on deposit, $20000 Bo t $10000 Del aware and Lackawana 1st Mortgage, $1 22, fiat. Sold $10000 U. S. Reg. G> , 81, @ $1 ; : Interest from Nov. 1, 1862, $ Sold for J. E. Jenkins $20000 N. Y. and E. R. R. 5th Mortgage, 1888. $1 ", cash ; for winch we credit him less our J^ commission Bo t $10000 Gold, @ $1 65 Bo t for S. S. Packard, as per advice, $15000 Cleveland & Toledo R. R. Stocks, 94 J: Our commission on same. tf. ..... Bo t $5000 N. Y. State currency, \i disc Bo t $3000 on State Bk. Indiana, 4 disc Sold $2500 Missouri, \% disc.; $1000 Kentucky, J disc. Sold for II. D. Stratton, $15000 N. J. R. 11. Stocks, @ $1 k" , cash; for which we credit him less our \% commission. Wednesday, 4. Bo t uncurrent money as follows; $1000 Wisconsin, @ !! disc. ; $900 Michigan 1^ disc. ; $500 Missouri, 2,7 disc. ; $300 Indiana, 2# disc Paid J. E. Jenkins, cash in full of a / e , $ . ..... Sold for II. R. Munger, $15000 Gold, @ $1 c; , cash: Credited him amount less our \ S commis sion Uo t $15000 7r"o Treasury Notes, $1 Oi : Accumulated interest from Nov, 1, 62, $ Sold for J. E. Jenkins, $25000 Michigan Coupon Bonds of 1888, $1 0", flat : Credited him amount less our 1 commissio:i Bo t $3000 Wisconsin, @ 1-J disc Bo t Sterling Bill of Exchange for 2000 $1 -f.-f- Bo t fir J. E. Jenkins, $50000 Gold, $1 C4 : Our commission, by special arrangement, \ H ,. ..... Sold $4000 Wisconsin, \% disc Sold for Geo. A. Reed, $15000 N. Y. & Erie (preferred), @ $1 -: Remitted amount, less our \% commission Sold $1000 Canada, $1 ^>. Bo t $15000 Gold, @ $1 G "; Sold $3000 State Bk. Indiana, 2,V disc Bo t for II. R. Munger, $10000 Panama R. R. Stock, $1 S9 J: Our commission, \$ Sold $25000 Gold, $1 Bo t $25000 U. S. 1 Yr. 6; r Certificates, $1 01 : Interest accumulated as follows: $5000 from Jan. 1, 6:>, to date, $ ; $10000 from Jan. 15 to date. $ ; $10000 from Feb. 1 to date, $ Sold $10000 Delaware & Lackawana, $1 25. Paid II. D. Stratton, cash in full of %, $ Sold 2000 Sterling Exchange, $1 8J Sold for Culver, Pcnn & Co., $15000 N. Y. C. R, R. Stocks, $1 20; Credited amount, less \% commission Paid Culver, Pcnn & Co. s draft on us of $10,000 favor of H. B. Bryant. Inventory, March 4. Interest on U. S. Coup. 6?, 1881 150 42 U. S. 7il Treas. Notes 369 " U. S. 1 Yr. 6; Certificates 184 93 U. S. Coupon 6?, 81. 15000, 1 " ~~ ~ U. S. 7iVi? Treasury Notes, 1500, 1 <" U. S. 1 Yr. G;i Certificates, 25000, 1 i 704 15450 15600 25250 35 NARRATIVE FOR THE STUD EXT. TO I!E CONTINUED IN THE SAME HOOKS. Thursday, 5. fold $1000 Illinois, \% disc Bo t $7500 N. Y. State, Y, disc Sold $15000 U. S. G% Coupon, @ $1 J : Interest on samo from Jan. 1, $ Bo t for S. S. Packard, $10000 N. Y. & E. 1st Mortgage, 18G8, $1 - 1 : Our commission, \ r , , Sold for Frederick W. Warner, $15000 Gold, @ $1 6 ~s : Our commission, J Bo t $2000 Missouri currency, 2 disc Bo t $3000 Wisconsin * Interest on Government Stocks is always computed at the rate of H65 days to the year. t The quotations of sterling currency are alwayr, based on the exchange value of the pound sterling, which is $4 44*. To compute the value of sterling currency at any given rate, reduce H first to federal, at the above standard, and then proceed in tl.o usual way. 341 NAEKATIVE. currency, Iftf disc Sold $300 Indiana, 1 disc Sold for J. E. Jenkins, $20000 Cleveland 4 Toledo R. R., @ 95? : Our commission, ^ Bo t $7000 Canadian currency, $1 51 Bo t $25000 U. S Coup. 6.?, 1881, @ $1 O l : Interest due on same as follows: on $5000, from Nov. 1, 1SG2, $ ; $10000, from Dec. 1, 18G2, $ ; $10000, from Jan. 1, 1SG3, $ Sold $900 Michigan, \% disc Bo t, un- c-urrent funds as follows: $1000 N. Y. State, \% disc.; $3000 Indiana Free Banks, 2 disc.; $4.000 Wisconsin, \\% disc Sold $5000 Wisconsin, \% disc Sold for Ira Packard, $.1000 Mich. Central Stock, & 98Jf: Remitted him amount, less \% commission Bo t for J. E. Jenkins, $10000 Gold, @ $1 G ": Our commission, \%. Friday, 6. Bo t Bill of Exchange on London for 1500, $1 "6j Bo t $3500 N. Y. State currency \% disc Bo t Ibr 11. R. Hunger, $GOOO X. Y. & Harlem, preferred, 78?: Our commission, \% JSold for Chester Packard, $10000 La Crosse Land Grants, 31<P; Remitted him amount, less our commis sion Bo t uncurrent money, as follows: $2000 Free Indiana, 1% disc. ; $1000 Michigan, \% disc. ; $2500 Iowa, disc Bo t $20000 Gold, @ $1 *>7 Bo t for F. W. Warner, $15000 Cleveland & Toledo, 95?: Our commission, J# Bo t $15000 U. S. 1 Yr. Q% Certificates, $1 ^; Interest accumu lated on same from Jan. 1, 18G3, to date, $ Sold $15000 U. S. 1& Treas. Notes, $1 0; ">: Interest on same from Nov. 1, 1862, $ Sold for J. E. Jenkins, $17000 Metropolitan Bank Stock, $1 04 : Our commission, ^ Sold uncurrent funds, as follows : $500 Missouri, \% disc. ; $2000 Baltimore, i;j disc. ; $4000 Wisconsin, @ \% disc Bo t for S. S. Packard, $10000 Gold, $1 67 : Our commission, < . 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, 92^?: Our commission, \% Bo t $30000 U. S. 1&% Treas. Notes, $1 ] J: Interest due on same from Nov. 1, 1862, $ Received cash of J. E." Jenkins, in full of <%, $ Sold $20000 Gold, $1 681 Sold for S. S. Packard, $25000 Gold, $1 ^ : Our com mission, \% Bo t uncurrent funds, viz. ; $4000 Missouri, 2% disc. ; $3000 Free Indiana, 2$ disc. Saturday, 7. Sold $7000 Canada currency, $1 5! Paid Culver & Perm s draft on us for $7000. Bo t $10000 U. S. 1 Yr. Certificates, $1 -A ; Interest on same from Dec. 16, 1862, $ Sold for Culver, Penn & Co., $20000 Pacilic Mail Steamship Co., $1 6 < : Our commission, \% Bo t uncurrent funds, viz. ; $5000 New England, \% disc. ; $4000 New York State, \% disc. ; $1500 Michigan, \% disc. ; $2500 Kentucky, %% disc Paid S. S. Packard s draft, favor Culver, Penn & Co., for $25000 Sold $25000 U. S. Coupon G, 81, $1 H : Interest on same, as follows; $5000 from Nov. 1, 18G2, $ ; $10000 from Dec. 1, 18G2, $ ; $10000 from Jan. 1, 1863, $ Sold $5000 U. S. 1 Yr. <o% Certificates, $1 4 : 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 %, $ Sold 1500 Sterling Exchange, $1 "8. Sold $6000 Missouri funds, \% disc. ; $4000 Indiana, \% disc. Inventory, March 7 U. S. 1M Treasury Notes, $30000, $1 05 Interest on same, from Nov. 1, 1862 . . Statement, March 7. 31500 75fi Resources. Cash ........................ 106987 24. I Interest .................. 75g U. S. Treasury Notes ................. ] \ 31500 W. W. Harder ..................... 312 15 162363 - - Liabilities. ~ H. R. Munger ................... 1797 29 1 S. S. Packard ..... ............. | 4G51 47 I 6448 Net Capital ........... 155914 342 76 03 BLOTTER. Hew York, Monday, March 2, 1863. Description. Rait. Out. Description. Rule. In. 1000 Illinois . . . 1* 15 80 2000 Illinois 2 i 2 40 5 50 SaL to B 1000 Kentucky 2500 Missouri 95 95 Tl tesd ay, 3. ^f)00 Vipsour j i 25 2 Jan 50 75 "3500 N. Y. State 2000 Baltimore i \ 4 8 20 12 120 75 60 1000 Kentucky BeJ. to C B. . . . 5000 N. Y. State 3000 Indiana 161 23 161 26 Wed nesjday, 4. 3000 Wisconsin . ... 4000 Indiana . .... 1 1 40 75 1000 Wisconsin it 1 2 If 15 9 10 G 52 12 5C 6C j 900 Michigan 500 Missouri 300 Indiana 3000 Wisconsin Sal to C. & . . 115 115 1 343 CASH NEW YORK, MONDAY, o i ?, Stock Amount invested ......... 150000 10000 3 4 Com. and Brokerage . . . H. R. M. on $8000 N. Y. G. R. R. . . . Exchuir- O ....... Balance from Blotter ..." . . 23 80 CO i Afn ni RC\ .^ /^ 160103 GO 3 11 Balance brought down .... Canada Currency .... 2500 l 54 3850 119630 65 5 S. S. Packard Deposit . 20000 12 U. S. Reg. 6 f c , 1881 . . . 10000 1 01 10100 6 7 Interest On same from Nov. 1, 1862 J. E. Jenkins Sale of New York & Erie Bonds, 20000 . . @ LOT . . $21400 00 Less i % Com. .... 53 50 200 21346 55 50 3 Corn, and Brokerage ... As above 53 50 3 8 Com. and Brokerage . . . S. S. P. on 15000 Cleve. & Tol. . . . H. D. Stratton Sale of N. J. R. R. Stocks, 15000 . . @ 1.55 . $23200 00 35 23142 44 3 4 Com. and Brokerage ... As above 58 133 75 78919 74 198550 39 4 fl Balance brought down .... 155639 95 15000 . . @. 1.66} . . $25012 50 Less J % Com 62 53 24949 97 3 Com. and Brokerage . . . As above ~T. 62 53 7 25000 . . 1.02 . . $25500 00 Less \ % Com 63 75 25436 25 3 Com. and Brokerage ... As above ~. . . . 63 75 8 Com. and Brokerage . . . j. E. j. on $50000, Gold 102 50 3 Com. and Brokerage . . . Sale of N. Y. & E. for G. A. E., 15000 . . @ 1.02 . . $15300 00 38 25 11 Canada Currency .... 1000 1.55 1550 3 Com. and Brokerage . . . H. R. M. on 10000 Panama ..... 47 38 15 42000 14 Del. & Lack. 1st Mort. . . 10000 1 25 12500 17 Sterling Exchange .... 2000 $88S8 89 ... 1 80 16000 9 Culver, Penn & Co. ... Sale of N. Y. C. R. R. Stock, 15000 . . @ 1.20 . . $18000 00 Less J % Com. .... 45 00 17955 3 45 140750 63 296390 58 Balance brought down . . .. . ) 58728 __ 55 BOOK. MARCH a, 1863. 11 3060 * 1500 1.5:4 2302 50 Ifl U S. Reg. 6 %, 1881 . . . 10000 1.00 10000 6 198 90 13 U S Coupon 6 #, 1881 . . 15000 1 03 15300 6 Interest ....... On above from Jan 1, 1S63 ... 147 95 2 H. R. Hunger 8000 N. Y. C. R. R 1.18 9440 23 60 40472 95 Balance carried down . . . ! 1 1 o o r. o C5 160103 GO 14 Del. & Lack. 1st Mort . . 10000 1.22 12200 15 16500 6 S. S. Packard 15000 Cleve & Tol 94} 14175 35 44 42910 44 Bounce carried down .... 1DJC30 05 / 198550 39 7 21346 50 16 U. S. 7ro Trens. Notes . . 15000 ... 1 04 15600 (; 3G9 17 Sterling Exchange .... 2000 $8838.89 1.T8 15822 9,?, 7 J. E. Jenkins 50000 Gold . . 1 64 82000 Our Com. on above, J % 102 50 15 Gold 15000 I 65J 24825 2 18950 Our Com. on above, \ % 47 38 18 U. S. 1 Yr. 6 % Cert. . . . 25000 l 01 25250 Interest 5000 from Jan 1 . . .... 51 78 10000 "15 8055 1 0000 " Feb 1 6260 184 1 93 g H. D. Stratton . . . . To balance % 23142 9 Culver, Ponn & Co. . . . Draft favor H. B. Bryant 10000 4 Exchange . .... Balance per Blotter 22 50 237G62 0* Balance rwri .-d down . . . 296390 55 58 345 GENERAL LEDGER. Stock. 1863, 1863. | Mar. 4 Balance . . . 1 r.oi fir, GO Mar. 2 Amount invested . 150000 ii 4 Loss and Gain . . 2165 152165 60 152165 Mar. 4 Balance .... I 152165 . IVliinger. 1SG3. 1863. Mar. 2 8000 N. Y. C. 1.18 9440 Mar. 9, 10000 tt Our J $ Com. . 23 60 <i 4 Proceeds of Gold . 24i)i9 97 11 4 10000 Panama 1.89J 18950 H a ii Our 1 % Com. . Balance . . . 47 o-jss 38 90 1 1 34949 97 34943 97 Mar. 4 Balance .... 6488 99 Commission and Brokerage. 3 I 1863 1863 Mar. 4 Loss and Gain 529 05 : Mar. 2 H. R. M. on N. Y. C. 23 GO 3 J. E. J. on N. Y. & E. 53 50 S. S. P. on Clev. & Tol. 35 44 H.D.S.onN.J.R. R. 58 4 H. R. M. on Gold. . 62 53 J. E. J. on Mich. Coup. 63 75 " " on Gold . . 102 50 G. A. R. on N.Y. & E. 38 5 ii ii H. R. M. on Panama 47 38 ii u C. P. & Co. on N.Y. C. 45 529 95 529 95 " Exchange. 1863 1863 M " Mar. 4 Balance pr. Blotter 22 1 01 50 Mar. 75 2 Balance from Blotter 80 33 213 75 !: 213 75 i ! 5 1863 Mar. 3 15000 Clev. & ToL Our J % Com. . . S. S. IPaokard. 14175 20000 1863 ^ i 20000 20000 Balance .... 5789 60 346 o GENERAL LEDGER. Interest. 1863 Mar. it 11 Mar. 2 u 4 4 U. S. Reg. 6 %, 81 U. & Coup. 6 % . U. S. TT O Tr. Notes U.S. lyr.6Cert. Loss anil Gain Bulauco .... 193 147 369 184 4 90 95 93 1 i 90 1863 Mar. u 3 4 OnU. S. Reg. 6 , 81 U. S. Coup, 6 <?, 81 U. S. 7A 7raw. . . U. S. 1 Yr. G ; Cert. 200 150 SG J 184 55 42 93 904 904 90 704 35 7 18t]3 Mar u J. E. Jenkins. 7 ~" 50 25 26 3 4 To balance % 50000 Gold . . Our | % Coin. . . Balance. . . . 1.64 21346 82000 102 50 50 1863 Mar. (i 4 Proceeds N. Y. &, E. Proceeds Mich. Coup. 21340 25436 ! r.ficcc 103449 103449 Mar. 4 5GG66 25 8 H. ID. Stra/tton. 8 1863 Mar. 3 To balance % . . 23142 1863 Mar. 3 Proceeds N. J. R. R. 23142 9 Culver, Fenn <Sz> Co. 9 1865> #ar. 4 Dft. fav. H. H. B. Balance . 10000 1863 Mar. 4 4 Proceeds N. Y. C. . Balance .... 17955 17955 17955 Mar. 7955 1O Loss a,n 60 60 d. C 1863 Mar. 3-ain. 1O 1863 .a/a?-. 4 Slock . . . 2 1 6 r, 4 Com. and Brokerage Exchange .... 529 191 4 37 100 150 300 675 177 2165 95 25 12 50 - T8 Canada Currency U. S. Reg. 6 % . . U. S. Coup. 6 % . . Del. & Lack. 1st Mort Gold Sterling Exchange . 2165 60 | 11 STOCK LEDGER. Oeineicla, Oiirrencry. 11 1863 Mar. 2 2000 1.53 3060 U 4 1500 L. <e G. 1.53J 2302 37 50 50 3500 5400 00 1863 Mar. 2500 1000 1.54 1.55 3850 1550 3500 5400 U. S. PLeg. 6 p. o., 1881 1863 Mar. ~^, 1863 2 10000 L. & G. 1.00 10000 TOO Mar. 3 10000 1.01 10100 10000 10100 10000 10100 13 U. S. Oo-upon, 6 p. o., 1881. 13 14 L. & G. 1.02 1.03 15300 ^ no 1863 Mar. 4 1 5000 Sal. . . 1.03 \ r.-ir>o 15450 15000 1545^ 15450 IDelguwsire sund. Lsioka, wanna,. 14 L. <fc G. 1.22 12200 son 1863 Mar. 4 10000 1.25 12500 12500 10000 12500 MS STOCK LEDGER. 15 Q-old. 15 1863. 1863. Mar. it 3 4 10000 15000 L. & G. 1.65 1.65$ 16500 24825 75 Mar. 4 25000 1.68 42000 25000 42000 25000 42000 16 U. S. 7 T 3 a p. o. Treas. IsTotes. 16 1863. Mar. 4 15000 1.04 15600 17 Sterling Exchange. 17 1863. 1863. Mar. 4 2000 $8888.89 L. <fc G. 1.78 15822 1 77 22 7S I Mar. 4 2000 $8888.89 1.80 16000 2000 16000 2000 16000 18 -U. S. 1 Yr. 6 p. o. Certificates. 18 1863. tfar. 4 25000 101 25250 ^ i^^-^pjxf j ^EI /{^, i Q) G3<] -^ a S Fil 4 ^ w Si N >,,K "W o O ^ \ w 1 ^ ^ 8^PJfT V^v s soi v^ j_ "v .1 N > ^ """"S. J * S \ N ii f?s ^ ^ -I 4 5 di $ ^ x - \ \ i 1 \ ^ -: S S;| XS ^ )] M IN 1K 2 CO o 89 . 05 GO g to f/; - . S s s> K i I -, ^ 1^ te 6 J _ a Is 3 S* fcl * CJ CO 3 1 P E 1- *" O ** ^S 4 j 13 N ~ V, o cfe Bfi IS e M a H for Six Mo; upon Jiond S1000. M O * r^ J E P; ^ llgLs e ^ ~ b ! = 3 S| g 1 ^li- 1 M J if 2 r.. 09 E /: K rH CJ e *" k 1 ^ i A e S :?/ We 6cr DOLL s B 1 _ li - e 00 a 1 - li * V x PC aw D e 3 B H E- (? ^ 1 O H ^ <u .3 3 "2 ^ &%=38&3^}Ki U. S Registers Bond. No. public Land* pledged to p a y jr, of * ^SfayL. xifpv % >.:< <*^%3&&s>& TVea r. Department LOAN OF : 1847. * " aie .. VV t w .10,000. <*>.:< *>. / /. *x_wx w >.y v ^x-- Register^ Qfflc*. fad dat tfa UNITED STATES OF AMERICA, ***/ / fo PETER COOPER. c*O &* affean*, MA awm ct / r A awm ct TE3XT /iom tfie J0i/t day o/ Ktne, Jf^f , tncJLuvt, at &ix fiel cent. Jtcl annum/, fia-y-a-fti on ttie /citt ctaud <ff January and .feWi tn emu yc&t. Q/n<4 dcvt i<t aufnoifzed vu an <2<ict e* ^yortMfM aft/ilou-ed /iznaalu w, 4<$ J*y, and HI (ianMe.tavC6 on tne VCOKJ eft t/u* Entered, June 10, 1847. Recorded, June 12, 1847. IJSEAL.JJ Signed, REGISTER U. S. TREASUEY. Railroad Shares. Number. RAILROAD COMPANY, STATE OF PENNSYLVANIA. Sharea, ra H ra * to to O!N"B HTJlSUDPtEID GsrKalf* o/ tne ua/u tat DELAWARE, IACRAWANM & WESTERN RAILROAD COMPANY, a&t6 only on tne J2aoc&t <> t/if vomhanu tn t/t& ^t tu <* QsYeat rfit &m ot W4 Q- ttt&t K&w, ufion Sfo tutlcndel of tteHt ^Gtci tj ficate. 3n Itestt mtmj) fofctrtof, the said Company hare caused this Certificate to le signed ~by their President and Treasurer, and sealed with their corporate seal. NEW YORK, January, 1860. W D H o 10 v/.o_ > ij<* Prest c " - V7 , ,.. j pC 1 ^A 351 fi O W w a " ^ H S x~ Sgg.C|Tl > ^r- \ n j^ KM -"= = 5 *> Bg <v> | ^T r^ a j= t,~ " ~g -s wrftV *" ^ fi 73 g 5 ^ ; M ^ *niiii^ifl,ails"? 5 oov ooS$ a> i O i illPii -fc -o t. 2 S el g c - s i --,g- (O n S III H ^ UJ <J ^^ iii Si < ^ H ^ 3 * w 3 f fe 9 S 2 i * ** ^ ^-^ 6 *:.$! Q 3 - g S-pts-g c.^ v " & "cfe^^^^o *. S w *S a H* i (O <* t5 > n > CQ ^;7i ^^W^QD^ */" .5 c E^". = ^ = O C, K * 2 Srt5Si Q . B 1 r^lliflas^j . S Si I mmm f! o K - i _, 5 _. < H -S* i f1|ffifl5 L>e|3|g : g ,S = "**--- ^T^^O^rtbcS ^ A_ ^ (^ i r a -- 5 "=5 to 9 ^ ^ 5 ts-3 ^- - S.>H^o^ . J , ~.2 3 S3 t -i =3 Z* j E c Ig-C^WcTT: 3 !^ ^K !U a-fc^^r^ r ? l-sl IH!i? 1 .Bda W C % 00 L tt S_ST; 5 =J |.|l2 _.= ^^ " x: js y c o, ^i^.g .jfcS S ifsissi 3 ~.i r c . * 2 -T M -,- C >cJj e = --n;-w--^- ^ S n "i t-, O.H _ j, l; O a ._ E o .- s a ~ - fc /o 5 -r ^i . > & "" -?!S W> 3 a ?5 .2 = f. a] I O fc^S 352 FOREIGN BILLS. NOTE. 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 "sola." 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 for <S/e auj FIRST o (><z:c/ia>iae, f<fecana/ and 1 </At4ay &n/i </ I / ctc/el a/ ELIHTJ BURRITT, One Thousand Pounds Sterling, va/t>e icv fuci ) BRYANT, STRATFOX & PACKARD. im J %*>*, ^fa^ /, /^.?. ^ a y* a /^ e " *y& <>///(* SECOND * fS 6 C/ C/ &ccc/ia)iye, //ilJ^ oner S/ulfV w/iacc/J Stay. Sa we S - Iff / / / </ a4.c/e-t ofTBLXSU BURRITT, One Thousand Pounds Sterling, va/tte ff BRYANT, STRATTON & PACKARD. i//w fyfolif, istfalcSi J uc/y e/au<f a/Ve4S <*< y&-, o/ S/ tj SOLA c S 7 / / 7 ^ <gxc/any.e, fay So //* olt/eV o/ CHESTER PACKARD, * . / S / *, One Thousand Bremen Pois Thalers, M^M *#*<#&/, a>i(/ . /> ,/> , c/iiye/ we/ Jame/ <fa accattn !/ 23 *> \ u7) ( ^fjififn. | 353 BRYANT, STRATTON & PACKARD. 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 he 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 sug gestions 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 car rying 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. ^rxt Pi ocean. 1829.25 743.18 2552.28 J 48.1 9 21.23.25 7fc7i. 28 4-291.83 25.64 19994.90 333.25 EXAMPLES. Second Process. 1st. column 50 2d. 3d. 4th. 5th. 6th. 29 34 39 39 19994.90 Third Process. 5 2 4 32 36- 3 6 16 19994.90 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 re gard 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 use of money. 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 /it/ 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 neces sarily understood. In calculating per annum interest, it is customary to reckon "60 days to the year, and 30 days to the mouth ; all hough in some states the whole number, 365 days, is reckoned to the year, and any number of days as a proportion of 365. In the State of New York the basis of 800 days to the year is fixed by la\v. 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- 356 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 > j more than by the basis of 865 days to the year. In the illustrations which follow we shall adopt the usual standard of 360 days. The rate, or per centaye 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 lloboken,) 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 Columbia, 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, tO 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 rale, 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 dat/x in the year, and 12, the number of ?*,/<///. 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, prr 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 1 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. Solution: 37 | 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 = 1 month. - 11 6875 = 15 days. 81J8125 REMARKS. "We first, find tlie interest for 2 months by the process already given, which is $46.75. Divid ing 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, $1 1.6875. 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 1 3, we can take 1 and 12, or 3 and 10 ; 1 being the sixtieth part, 12 tflie 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 two figures fr*m the right of dollars in Uie principal, by a perpendicular line ; tlie rexnlt it-ill be tlie, interest for 6u dnjft",tht dollars being on tlie left, and the cents and mills on the rir/Jit of the line. Multiply this result by one-J:<~df the number of month* required, to which add, for days, that proportion of the interest for 60 dai/x which tlie given number of days ix 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 orf in the product is thus happily dispensed with, and the work is brought witlra 3.37 (JOMMEBCIAL 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 ; if 7 per cent., add ; if 8 per cent., add , or ; if 9 per cent., add ^, etc. DISCOUNT DISCOUNT is an allowance rifowfpr the payment of a debt before it is due. The present worth of such a debt is that sum which being put c-t 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 yt&r, without interest, and money is worth 6 per cent, per annum, the pres ent worth of the debt is $100; beciSlse $100 at 6 per cent, will amount in one year to $106. The discount would, in such case, be $6 ; which is ike difference between the present value of the debt, and its value one year hence. vj To find the present worth of any sun&due at any given time and rate, it is only necessary to divide the sum by the amount of $1 at the given rate.Jpid;. tune. To find the discount, subtract the present worth from the given sfibhJtijft Vk- tiil *^ ^**P - rfJto F. 1. What is the pressnt worth of a note for $750; dueln 4 months, without interest, if the use of 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 -f. $1.02 = 735.29 + present 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 from 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 dis- tount 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 36 cents, which, it will be seen, is the interest on the true 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 bunine-is 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^md business houses, we must concede its practical authority. EQUATION OF PAYMENTS. EQUATION OF PAYMENTS, or AVERAGE, as it 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 i iict that the value of the use of money is in proportion to the amount used, and the time 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 COMMERCIAL CALCULATIONS. EXAMPLE 1. A owes B $1200, payable as follows: $100, in 30 days; $400, in 60 days; and $700 in 90 days. Ulicn 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 GO days ; and $700 for 90 days ? The use of $100 for 30 days is equal to the u^jf,^|;fyr 3000 days. $-100 " 60 " " " ^? jJEJE 2400 " " $700 " 90 " " " v5P^ toSOOO " $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 si for 90000 days is equal to that of $1200 for 75 dafs. The ai eraije 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 amount^ due at different times. <& vy RULE. Jfuttiply each payment by the number of day* before uis due, and .divide the snm^fjKie PRODUCTS by the sum of the payments. The quotient wilfbe flic number of daya (to be counted forward from the datJftf reckon ing), to the average time of payment. \^ EXAMPLE 2. Abrarn Jones purchased of Samuel Lincoln the following bills of merchandise : Jan. 1, I860, 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 firxt or last amount, and .feckoh backwards or forwards, counting the average time accordingly. As the purchases are all made on 4 m ontfaV 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 whic.h to count, we shall have the following solution : Amount*. Day* before (lire. Products. 175.34 x = 538.25 x 104 = 55978.00 180.60 x 119 21541.40 400.00 x 159 = 63C.OO.OO $1294.19 ) 141119.40 ( 108+ days. The average is 108 clays; which is the number to be counted forward from the date selected, Jan. 1. The note musl. 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 \9 called " Com pound Equation," or "Compound Average." The usual process is, Jirxt to average each aide of the account; nn-1 I lien multiply the amount earliest due by the number of days between the average dates, and divide the product by the balance of the account. T/ie quotient mil bf the number of dm/x from the latent date, when (lie balance iri?l a,tr<tfie due ; to be counted FORWARD if the amount latest due is the larger, and BACKWARD if the amount latent dite in the smaller. COMMERCIAL CALCULATIONS. A better process than this, we think, because more easily comprehended and practical, is the averaging by interest. Ivot 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. JOHN ANDERSON. Or. Jan. 15 To Mdse ?7f> Feb. 1 By Cash 500 A fir. in 650 425 925 923 1 Solution. First assume the date of settlement to be the latest date on which any amount, debit or credit, tails 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 fi>, 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 bal ance of account ; but, instead of this, it is proposed that Mr. Anderson pay me the exact balance shown to bo due by his account, at sitcfi timers 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 dale. 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 f per annum, is $.n708. Then, $1.85 -4- $.0708 = 26+ = the number of days. In 2fi 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 iterus to be due at their several dates ? T).. ALONZO MITCHELL. r,,. *-/ 1 O/ Nay July 1 16 1 To Mdse 185 750 475 1410 June 15 By Cash 400 200 810 1410 ii Salaii,ce ..... Solution, Assuming the date of settlement to be July 1, we have: Debit Interest. $185 from May 1 , to July 12 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 accoun^ but a balunce of interest, ($4.98.) It is evident, then, that the balance of account has been due long 3GO COMMERCIAL 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 -. 5. From the foregoing examples, we adduce the following rule for obtaining the date when the balance of an account will average lue: RULE. Assume ax the date of settlement the latest date at which any amount, debit or credit, falls due : axcer- tain the. balance of interest due at that date, at any given rale, and how lony it will take the balance of account to accumulate (hi* interest, at the same rate. The answer will be llie time before or after the average date. If iht oa,ancc of interest, and the balance of account are on, the name side, reckon BACKWARD ; if on opposite sides, reckon FORWARD. N TK Although to average an account is to obtain a date when no interest is due from either side, yet r.he important principle recognized is, that the use of money is valuable to the user, in the compound raiio 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 rule of interest is unimportant, so long as the same rale 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 A Co. (Page 71.) Da e. Article. Amount. Time. Interest. Dale. Article. Ammmt. Time.. Interest. Mar. 2 To Cash . . . 100 66 da 1110 Mar. 6 By Cash . . . 7500 62 da 7750 " rr Storage, etc. . 325 62 da 3 86 May Tt " ... 4500 Ifet proceeds . 11575 Bal. interest . 73 04 12000 77 50 12000 7750 1 1 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. 88 days before May 7, or March 30. EXAMPLE 4. Account Sales of Nails and Lead, sold on joint % of Logan, Wilson & Co., and ourselves, each|, (Page 110.) Date. Article. Amount. Time. Interest, Date. Article. Amount. Trme. Interest. Apr. 3 To Cash . . . 100 36 da 60 Apr. 5 By Cash . . . 1400 34 da 7 .;-; " 6 Storage, adv. May 9 3300 Com. and Gain;]: 463 75 33 da 2 50 A el proceeds . 4136 26 Bal. of Interest 78 4700 Ijr ..: 4700 i 7 a 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 Tliis 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 .tlthough the consignee is. in this case, a partner, his account is rendered sim- ply as an agent, or consignee. In this view, his own share of the net gain is as much a part of the " charge*" as is his claim tor commission. In all these statements of Company sales, wo have considered the invoice furnished by the consignor as subject to the same time of settlement as the average sales. The/i/rf in all such matters sl. uilJ properly be stated in tho partnership contract. It the consignee s share of the invoice is considered due when the property is shipped, it will, of course, varv the time of equation. 361 COMMERCIAL CALCULATIONS. EXAMPLE 5. Account Sales of Vinegar, Linseed Oil, and White Lead, sold on joint ff / c of W. K. Sadler and ourselves, each ^. (Page 111.) Date. Article. Amount. Time. Interest. Date. Article. A nnnnt. Time. Intfrfst. May 1 To Cash . . . 50 62 da 52 May 3 By Cash . . . 750 60 da 7 50 3 Storage, Adv. July 8 " ... 2370 Com. and Gain 189 60 da 1 89 & i-t proceeds . 2881 Bid. of Int. . . 5 09 8120 7 50 3120 7 50 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. EXAMPLE 6. Account Sales of Sugar, sold on joint % of F. A. Boyle & Co., N. 0., Campbell & Strong, and ourselves, each . (Page 111.) Date. Article. Amount. Time. Interest., Date. Article. Amount. Time. Interest. Sail To Cash, paid Fre t 6001 2 da 17 May 8 By Cash, Note, etc. 7500 00 8 Storage, Ad. etc. 237 50 Bal of Int. 17 " 8 Our net gain . 25417 Net proceeds . 6508 33| 7500 00 17 7500 00 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 1 * share tr- subject to the same terms of payment as the net proceeds. ACCOUNT CURRENT, AND INTEREST ACCOUNT. The following illustrations arc 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: j.)r. Or. 1860 To Mdse. . . . Amount. Days. Interest. 1860 By Cash . . . Amount. Days. Interest. Jan. 1 10 500 475 100 91 3 33 2 46 Feb. 1 16 675 400 69 55 7 3 78 68 Mar. 10 1 ... 700 870 86 40 1003 5 80 Bid. of Int. . Bal. Due . . 1480 20 10 20 Bal. of Int. . To Balance . . 10 20 69 2555 20 21 62 2555 20: 21 Apr. 10 148020 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 m-ci ,1. iiHerest columns on each side. We think this form altogether preferable to the one used by most aa .lior.-;, necessitating the frequent transfer of interest from one side of the account to the other. 362 ^ i- O S 1 (N I <M - |^l 1 a? s j. o M (M 1O t*> J3 rz ^ 1 G 5 (NO <M 1 d TH I 1 o . - s OT 1-1 1C fi m i> 8 2. a <N O .t- <M OS <N Tj< rH H - | -H co .t o ; <N 1 1 tn o f Ijfo If r?<$0<1 O H 3 o o o o I rH rH ,, 1 1 e : : to 00 3 1 ^ O O O O (Mr-IT-H O O O O f-Hi 10 O CO * O CO i- r-i C<? . CO o" S r-T T3 O J H a d M w *0 rt 1 p c a Eg g e (H i i P . 5?= | ^ ^ - c 1 ^ xtas^5^ o *S s a -,- | s l s3 ^ g 11" 1^-rf, OQ Q^M - be deducted from --- j ~ r a ri a 4J E o -H -H O <N 1 - - I 1 Eg to r/D g^>) ^^^ S a tn E s T J w a w ,j a^ to o oo 1-1 o i i . i >ra oi O d i --- 0) H P d * C<S OO J> iM (M ~ 5 -. a -J ?; 00 00 I O T- 05 I 1 a 1 | f B a 6 OS fH O IJJ rH 3<l o 5> D s o =>> (5 1-1 OS O -* -H ,_| CO O TJI O CO Ci o "3 : e C D a> i rH 1O O O rH rH T-l rH !M 1 1 o - > 3 g 4 (> >l^j W O O S u 5 P 4> ^?50 <1Q d s o s _ .-. w~ a 1 IS 1 1 3 j <n a hH i! O O 1O O >O O O O O 1 O ! O O *J< O * O5 CO O "- 1 co cq ^ E > o r | D i w fc . o 3 IM 3 * C5 i ^ ^ ::- o CS B OQ 00 05 -.J -a . r3 .rfl : 9 qs "S"^ g J o A o c s a gcj CO O * O CO _^J m /=j-\ KS\ co /^ .5 (S 0> vi) 03 SJ^q oJ B _ _ Balance . . . settlement takes p ^ d : i ; a S B ^ ~ >d 1 g B -- <q o :- 9 J3 -: O r 1^ O O 1 rH r-l <N <5 -. a _Q CO co . S^STA kS " =J 3 "J Oi 1^) r-j 1-5 <, CO \f I V) ^ 3 -.- a r --: I - <f oTcc OOOO O O O t- OO TC 1O JO R5 B P II "2 "S rC 2 --j< co O w % a bc i ? >> o J ^ ^ S s o > c: S 5 ,2 la -- o r ^ d " q T? <u -3 &^ o "5 ? = 73 O rt II 00 1 2 - l ^ o S c.5 ^> C 3 ^3 O ~ > w S -S -^ M S3 tfto = c I * e * 5-9 1 I 2 8- -- 8 S III I ^-^^3=3 O g rt <y o 5 "~ ~ Ci rt-. -^ C ~ c S 5 S 2 S Si ~ -S rt cj o S H S -r .2 r= e o 3G3 COMMERCIAL CALCULATIONS. PARTNERSHIP SETTLEMENTS. The adjustment of accounts between partners involves, often, the nicest discriminations, fviiu U 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 par ties ; thv 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: l- n-xt. 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 ejiprexxed in the contract, and not &p predating 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 compe tent 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 pene a purpose in the solutions under this head : 1. The present worth of a concern is its net resources ; or the excess of its resourceb 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 >/ct investment, in business, is the amount invested, less the amount drawt, ut by the partners. 8. The avermje 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 busi ness, 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 (](tin 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. EXAMPLE 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 f and B of the net gain. At the close of the year, when the division is to be made, the resources and liabilities stand thus : f sources. Cash $5793.25 Merchandise 8500.00 Bills Receivable 1500.00 Personal Accounts, 5500.00 $16293.25 Liabilities. Bills Payable, $3000 Personal Accounts, 1500 $4500 What proportion of the net resources belongs to each partner ? tivlutivn. 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, $11798.25 From which subtract investment, 10000 Leaving Net Gain, $1793.25 3G4 COMMERCIAL CALCULATIONS. Then add each partner s share of the gain to his share of the investment, viz.: i of SI 793.25 $ 448.31, B s share of gain, f " = 1344.9-1, A a " " " 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 EXAMPLE 2. C, D and E invested as follows : C put in $-1000, and drew out $ 700 D " 5000, " 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? Ann. C s, $3800; D s, $4075 ; 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 -^-; G, ; and II, -J. What was the capit:J 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. Arts, to (fie above: F s capital at commencement, $7666.66 + ; G s and IPs the same. F s capital at closing, $8333.33; G s, $9000 ; IPs, $9666.67. EXAMPLE 4. A and B are partners, investing equally, and sharing equally in gains or losses. At com mencing business, their resources and liabilities are as follows: Resources. Cash, $5000 Mdse., 1475 Bills Receivable, ....... 750 Liabilities. Bills Payable $2000 Personal accounts, 125 $2125 $7225 At closing, as follows : Resources. Cash $7000 Bills Receivable, 2000 $9000 Liabilities. Personal accounts, $1500 Bills Payable, 3000 $4500 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. out. Jan. 15,. July 1, Aug. 31, . 050 . 3000 Invented, Jan. 1,. . . $7000 Mar. 1,. . . 6000 L. 365 Drawn out. Jan. 31,. . . $400 Apr. 15,. . . 2000 Sept. 15,. . . 500 Jnvfud I, Jan. 1, . . $800o July 1, . 4000 COMMERCIAL CALCULATIONS. At the close of the year their resources and liabilities are as follows : Resources. Liabilities. Cash, ........... $5100 Bills Payable, ........ $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 ? 1 NOTE. There are two methods of obtaining a basis for the division of gains or losses under sucn 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 tune of its continuance, and divide the sum of these pro ducts by the tune for which the average is wanted : K s Investments. $7000 from January 1, to January 15, \ month = $3500 6500 " " 15, " March 1, 1| " = 9^50 12500 " March 1, " July 1, 4 " = 50000 11850 " July 1, " August 31, 2 " = 23700 8850 " August 31, " December 31, 4 " = 35400 $122350-^-12=$10195.S3, K s average investment. L s Investments. $8000 from January 7600 " 5600 " April 9600 " July 1, to January 31, " April 15, 2 15, " July 1, 24- 1, " September 15, 2 $96850-^-12 = 9100 " September 15, " December 31, 3 , L s average investment. $122350 31,1 month = $8000 = 19000 = 14000 = 24000 = 31850 $96850 K 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 : $101 95.83 : : $3400 : $1897.76 =- K s share. 18266.66: 8090.82:: 3400: 1502.24-= L 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. K & Interest Account. Interest on $7000 from January 1, to January 15, -J month = 6500 12500 11850 8850 15, 1, 1, March July August 1,4 31, 2 August 31, " December 31, 4 366 $17.50 48.76 250.00 118.50 177.00 $611.75 COMMERCIAL CALCULATIONS. L s Interest Account. Interest on $8000 from January 1, to January 81,1 month = $40.00 7600 " " 31, " April 15, 2| " = 95.00 6600 " April 15, " July 1, 2 " = 70.00 " 9600 " July 1, " September 15, 2 " 120.00 " 9100 " September 15, " December 31, 3 " 169.25 $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 investment 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, sub tracting 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 (///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 : li. 0. Drawn out. May 1, . $300 Invested. Jan. 1, . $4000 Mar. 1, . 7000 Drawn out. Jan. 15, . $150 Apr. 1, . 200 Invested. Jan. 1, $5000 April 1, 5000 Drawn out. Invested. Jan. 1, $10000 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 \ net gain to obtain his share of the $1500. Add .each man s sharp thus found to his net investment, to obtain his interest in the business on the first of July 367 COMMERCIAL CALCULATIONS. Operation. A s credit interest, $4000, for 6 months = $1 20.00 7000, "4 = 140.00 $260.00 " debit " 300, "2 " . . . . . 3.00 A s net interest, : $25*7.00 B s credit interest, $5000, for 6 months = $150.00 5000, "8 " = 75.00 $225.00 " debit " 150, " o| " = 4.13 200, "3 " = 8.00 7.13 B s net interest, . . . , ~ 7~~. 217.87 C s credit interest, $10000 for 6 months 300.00 Total interest due partners, . . . $774.87 $1500 _ $774.87 = $725.13, net gain to be divided equally; viz. : $725.13 -^3=$241.71. A s net interest, . . $257.00 " ^ net gain, . . . 241.71 " x, iare of total gain, ^et investment, 408.71 10700.00 apital, July 1, . $11198.71 B s net interest, . . $217.87 " net gain, . . . 241.71 " shnre of total gain, 459.58 " net investment, . 9650.00 " capital, July, 1, . $10U)9.58 $300.00 241.71 C s net interest, . . . " net gain, . . . " share of total gain, " net investment, " capital, July 1, . .$10541.71 541.71 10000.00 NOTE. In a sst of Double-Entry Books, a settlement like the above would be easily effected, by carrying rlie interest allowed the first partners directly to the debit of Loss and Gain account, the same as any other oxpense which would leave in the Loss and Gain account the net gain to be divided. If we take into account tin- 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, J; C, ^; and D, J-. Tht 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 wotdd seem at first view, that there is a hopeless incompatibility in the terms of this con tract. It is true that if $4000 be assumed as the gain, to be divided among the four partners, injustice woulc be done to A and B, as they were not to participate in the expenses ; and it will readily appear that if C anc D had paid the expenses from their own pockets, instead of from the avails of the concern, the gain woulc appear $50.) more. So far, then, as A and B are concerned, the net gain is $4500. J- of $4500 = $1500, A s share of the gain. " 450o= 1125, B s " " 4500= 1125, C 8 " " 4500= 750, D s " " " C and D are each to be charged with one half the expenses, $500, which deducted from their share of tin gain as above, will leave the result : $11 25 -$250 = $875, O s share of the $4000. 750- 250= 500, D s " " " JfoTF. There are, in reality, two distinct contracts to be regarded in the above adjustment; one for tin payment of the expenses, and the other for the division of gain; and they should by no means be made t< conflict. The difficulty which the tyro would be apt to encounter, would be the attempt to divide what seem to be the iii t <jn< $4000. The fact is, C and D had no right to charge the expenses to a general account c.i the concern, thereby reducing the gains, but should have charged their own personal accounts, the same ai fur mon< j y drawn for any private purpose. The net gain is really $45oO, and each partner should receive hi appropriate share. Art and D have already received each $25o, it should be deducted from their gain. 3o8 COMMERCIAL CALCULATIONS. EXAMPLE 9. Three methods of adjusting interest between partners. X, T, 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 th following results Dr. x Or. Dr. Y Or. Dr. z Or. 243.33 300 243.33 250 243.34 180 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 Or. Dr. Y Or. Dr. Z Cr. 63.33 120 63.33 TO 63.34 TJdrd. A Journal entry may be made direct, without taking the amount to the Loss and Gain account, viz. Dr. x Or. Dr. Y Or. Dr. Z <? n 66.67 6.67 63.34 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 pro visions 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 B s " 1200 C s " 1000 $3700 From which deduct gain, 3000 Leaves net loss, A s & net loss, $233.33 ; B s, $233.33 ; C s, $233.34. Therefore, $1500 $233.33 = $1266.67, A s share. 1200233.33= 966.67, B s " 1000 233.34 = 766.66, C s " Total, . . $3000.00 A common fallacy with reference to settlements like the above, would be to divide the $3000 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. 3400: 1200:: 3000: 972.97, B s " 3700 : 1000 : : 8000 : 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 employe s, they gain each the amount of his stipulated salary; as proprietors, they lose each J of $700. 24 3G9 GENERAL HINTS AS TO DIVIDENDS. GENERAL HINTS AS TO DIVIDENDS. IT is customary with all establishments to declare, periodically, the gains or losses in business. Joint- stock companies usually do this twice a year, and all other concerns as often as once a year. It is well to con sider, 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 in. 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 ficti tious fain of exactly the amount of such depreciation of resources ; and any dividend declared on such a basia 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 Jtow worthless the accounts were, or how much of them it would be safe to retain as absolute resources. This uncertainty would suggest the pro priety 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, pr 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 sec 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 cir cumstances, 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 m.iy have been transferred hither may be easily restored. 370 VOCABULARY OF MERCANTILE TERMS. A BAXDOXJIENT, the surrendering of a ship or goods JriL insured, to the fiisurer. Abatement, discount allowed on damaged goods, or for the payment of money before due. Acceptance, the formal agreement to pay a draft or bill according to its terms. Accommodation, the loan of money or of one s name upon which money may be raised. Account, a systematic arrangement of debits and credits under the name of a person, species of property, or cause. Book-keeping is the science of Accounts. Account-Current, a running, or unsettled account. Accountant, one skilled in Accounts, or engaged in keep ing books. Actuary, the active officer in a Life Insurance company ; one skilled in the science of annuities. Adjustment, the settlement of a loss incurred by the in sured ; a general settlement. Administrator, one who administers upon an estate, by order of the Probate Court. Adulteration, the act of debasing by mixing any spurious commodity with a genuine article. Ad valorem, according to the value ; a term used in fix ing the rates of duties on imports. Adventure, a speculation ; usually applied to the shipment of goods on account of the shipper. Advance, increase in price ; money paid on goods before they are delivered. Advice. Information given with reference to a shipment or other important matter. Agent, one who acts; usually applied to a person who does business for, and in the name of another. Agio, a term used to denote the difference between the real and nominal value of money. Allowance, deduction made from weights, etc. [See Tare.] Amalgamation,. The operation of forming amalgam; mixing mercury with any metal. Ante-date, to date beforehand. Appraisal, a value set upon goods or property of any kind. Appraiser, one who appraises. Aqueduct, a channel or conduit for the conveyance of water. Arbitration, the hearing of a cause between parties in controversy; estimating the value of exchange, nego tiated through indirect channels. As?ay, the trial or proof of the purity of metals. Assets, resources of any kind; available means. As-iensment, n valuation of property or profits, for the purpose of taxation. Assessor, one who assesses or values property. Assignee, a person properly appointed to transact business, or receive property for, or on account of any person or estate. Assignor, one who makes an assignment or transfers property or interest. Assignment, the act of making over property or trust to an assignee. Association, the union of persons in company, for the transaction of business. Assortment, a variety of sorts or kinds, adapted to various wants. Assurance, a guarantee or indemnity. [See Insurance.} Attachment, a legal warrant for seizing a man s person or goods. Auction, a method of selling goods to the highest bidder. Auctioneer, one who sells goods at auction. Auditor, a person appointed and authorized to examine accounts, compare vouchers, etc. Average, a term used to denote damages or expenses re sulting from accidents at sea; the mean time for the payment of several items due at difl creut times. Avoirdupois, the common standard of weight for all com modities except precious metals and drugs. BALANCE, a term used to denote the difference be tween the sides of an account, or the sum necessary to make the account balance ; an account in the Led ger, showing resources and liabilities. Balance of Trade, the difference between the value of im ports and exports. Ballast, a heavy substance placed in the hold of a ship to keep her steady in the water. Banking, the business of a bank. Bankrupt, one who is unable to pay his debts. Bill, a general name given to a statement in writing. The following are some of the technical names of bills : Bill of Exchange, an order drawn on a person in a distant place, requesting the payment of a sum of money. Bill of Entry, a written account of goods entered at the Custom-IIouse. Bill of Right, a form of entry at the Custom- IIouse by which the importer may examiue his goods. Bill of Lading, a list of goods shipped, javing the signature of the master of the vessel, or the proper officer of the transportation company. Bill of Parcels, an account given by the seller to the buyer, of articles and prices. Bill of Sale, a writing given by the seller of per sonal property to the buyer, equivalent to a deed. Bill <>f Health, i\ certificate from the proper author ities as to the state of health of a sbip s company on leaving port. Bill of Mortality, a certified account of the deaths at a certain place, during a certain period. Bill of Credit, a document for raising money on the credit of a state. Board of Trade, an association of business men, for the general advancement of commercial interests. 371 VOCABULAKY OF MERCANTILE TERMS. Bona fide, in good faith. Bond, a deed by which the party binds himself, his heirs, executors aud assigns to the performance of certain conditions. Bonded Goods, those which remain in the Custom ware house until the duties are paid. Bottomry Bond, a mortgage on the bottom of a vessel, that is, 011 the vessel itself, for the repayment of money loaned. Broker, a trader in stocks, moneys, or other commodities. Brokerage, the commission or percentage charged by a broker for services. /CAPITAL, investment in business. \J Carat, the weight which expresses the degree of fineness of gold. Cargo, the lading or freight of a vessel. Cashier, one who keeps the cash account; the financial officer of a bank, railroad, or mercantile house. Carrier, one who carries goods for another. Charter, an instrument bestowed with form and solem nity, bestowing certain privileges and rights. Charter-party, a contract between the owner of a ship and the freighter. Clearance, a certificate from the Custom-House that a ship has permission to sail. C fear ing, the obtaining of permission for a ship to leave port ; the exchanging of drafts and settlement of bal ances between different houses. Clearing-House, the place where the operation of clearing is performed. Coasting, the trade carried on between different ports of the same country. Coin, pieces of metal, usually gold or silver, impressed with a public stamp, and used as money. Commerce, the exchange of commodities. Commission, a percentage for the sale of goods or other service. Company, an association of persons for a common enter prise. CHiti/Kitm-d, to settle with a creditor by paying a part only of the debt. Compromise, an agreement embracing mutual concessions. Consignee, one to whom goods are consigned. Consignment, goods consigned to be sold on account. Cn/i. .-i.if/ior, one who consigns goods. CWW-v, an abbreviation of the term " Consolidated Funds," applied to the chief public stocks of England. Gi*ul, an agent for a government in a foreign land. Cot,ttaband, an article prohibited from being imported, exported, bought or sold. tttiitract, an agreement between two or more parties upon sufficient consideration, to do, or not to do a cer tain thing. Coiitra, on ihe opposite side. Copyright, the secured privilege of monopolizing the publication of any book or work. Counterfeit, a spurious article resembling the genuine. (loupim, a French word, signifying cut off. It is applied to interest warrants, attached to public stocks, bonds, etc. When paid they are cut off from the bond. Credential, the official warrant of a delegating power, authorizing the holder to act in a specified capacity. Credit, trust given to one who owes. Currency, a term used to express the collective amount of money used in the business of buying and selling. Customs, the tariff charged by law on imports or ex ports. Onstim-House, the office where the business connected with customs is transacted. DAMAGED GOODS, in the language of customs, are goods subject to duties, that have received injury, either in the voyage home, or the bonded warehouse. Days of Grace, the time allowed by law aud usage be tween the written date of maturity of a note or draft, and the date upon which it must be paid. Debenture, a certificate of drawback entitling the im porter to return duties on goods shipped again. Debt, an amount owing from one party to another. Decimal, from the Latin decem, signifying ten ; any sys tem of counting by tens. Decimal Fractions, fractions having any power of ten for their denominator. Deed, a written contract, sealed and delivered. Defalcation, diminution, deducted from. Defaulter, one who fails to account for money or valu ables entrusted to his care. Deli-very, the passing of goods or money from one to an other. Demand and Supply, terms used to denote the relations existing between consumption and production. Demurrage, forfeit money for detaining a vessel beyond her time. Denier, a small French copper coin. Deviation, the departure of a vessel from the course specified in her insurance policy. Diplomacy, the art of conducting negotiations. Discount, consideration allowed for the payment of a debt before it is due. Dividend, division of profits among stockholders. Drawback, an amount remitted which has been previously paid as duties. Draft, an order for the payment of money. Drawee, the person on whom a draft is drawn. Drawer, the person who draws a draft. Duplicate, a copy or transcript of any thing. Duty, a government tax. EFFECTS, property of any kind. Embargo, a prohibition laid by the government on ships to prevent their leaving port. Embezzlement, the illegal appropriation of the funds of a principal by an agent or employee. Emporium, a commercial center ; a mart. Endorse, to subscribe to any thing ; to write one s name on the back of a note. Engross, to monopolize ; to buy up produce for the pur pose of affecting the market ; to copy in manuscript. Exchange, th.e fundamental principle of trade ; the species of paper by which debts are paid without the trans mission of money; premium and discount arising from the purchase and sale of funds. Exports, goods or produce carried abroad. Express, a messenger or vehicle sent on a special errand; a regular couvenance for packages. FABRIC, manufactured cloth. Face, the amount expressed on a note or draft. Factor, an agent employed to transact business for an other. Factory, a house or place where factors reside; a build ing for the manufacture of goods. Fac simile, an exact resemblance. Failure, becoming insolvent. Fancy Stocks, usually applied to the stocks of joint-com panies, subject to fluctuation in price. Favor, the polite term for a letter received ; a note or draft is in favor of the person to whom it is to be paid. Fee simple, a?i estate held by a person in his own right. Finance, pertaining to money ; the public revenue. 372 VOCABULARY OF MERCANTILE TERMS. financier, an officer of revenue; one skilled in money matters. Finn, the general title of a copartnership. Firkin, a measure equal to nine ale gallons. Foreclose, to cut the mortgager oil from the equity of re demption. Forestalling, buying up produce before it gets to market, to enhance the price. Form, a particular arrangement; a systematic method of expressing facts. Forecast^, the part of the upper deck of a ship for ward of the mast. Folia, page of a book ; usually applied to the two pages opposite each other. Franc, a French coin, equal to about eighteen cents of American money. Free Trade, the policy of conducting international com merce, without duties. Freight, goods being transported ; the price of transpor tation. Fund, a stock or capital ; a sum of money appropriated to some special enterprise ; used in the plural to de note wealth, generally. GAUGING, the art of measuring the contents of a cask or other receptacle. Gain, profit; increase in wealth. Gratuity, a free gift ; a donation. Guarantee, or Guaranty, an undertaking or engagement by a third person that the agreement between two parties shall be observed; a surety. HARBOR, a place where ships may lie at anchorage and in safety; a port for loading and unloading. Hawker, an itinerant pedler of merchandise. Highway, a public road or thoroughfare. High Seas, the waters of the ocean, without the bounda ries of any country. Honor, to accept or pay when due. Hypothecate, to pledge as security. IMPORT, to bring from a foreign country. Importation, the act of importing ; the thing imported. Indemnity, a guarantee against loss. Insolvency, the condition of bankruptcy. Insurance, indemnity from loss; the rate paid for indem nity. Installment, part of a sum of money paid or to be paid at a certain time. Interest, the use of money ; commonly defined as a per centage allowed by the borrower to the lender. Inventory, a list of goods enumerated in detail. Investment, the laying out of money in the purchase of property. Invoice, a bill of goods bought or sold. JETTISON, goods thrown overboard to lighten a ship in a storm. Jointure, an estate in lands settled on a woman, in con sideration of marriage. Joint-stocfc, property held in common by a company. Journal, the chief book of the current entries in business. LEASE, a contract demising the use of property for a certain time. Ledger, the merchant s book of accounts. Legacy, a bequest; money or property given by will. Letter of Credit, an open letter of request authorizing the holder to receive money on account of the writer. Liability, a debt or claim against a person. Licenao, a legal permission to do a certain act such as selling goods, etc. Lien, security on land or other property. Lighter, a large, open, flat-bottomed boat used to carry goods to or from a vessel when loading or unload ing. Lighterage, a charge or commission for carrying goods in a lighter. Liquidate, to pay or satisfy demands. Loan, that which is lent for a temporary purpose. Lucre, gain in money or goods. MANIFEST, a list of the articles comprising a ves sel s cargo. Manufacture, the process of converting raw materials into articles of use and sale. Manufactory, the place where goods are manufactured. Marine, a general name for the navy of a kingdom or a state. Maratime Law, law relating to harbors, ships, and sea men. Mark, or Marc, a weight in European countries for esti mating gold and silver. Maturity, the date when a note or draft falls due. Maximum, the highest price or rate. Mercantile Law, law pertaining to business transactions. Merchandise, goods ; the common articles of barter. Merchant, one who speculates in merchandise. Minimum, the lowest price or rate. Mint, the place where money is coined. Monopoly, the sole right to make or use a certain article. Monetary, relating to financial matters. Mortgage, the transfer of property to secure the payment of a debt. Mortgagee, the person to whom the transfer is made. Mortgager, the one who makes the transfer. "VTAVIGATION, the science of conducting ships ot _J_ T| other vessels from one port to another. Net, or JXelt, that which remains of a weight or quantity after certain deductions. Net Proceeds, the amount due a consignor, after deduct ing charges attending sales. NicJcel, a scarce metal resembling silver; used in the composition of the new cent coin of the United States. Notary Public, an officer whose chief business it is to . protest paper for non-payment. Note, an incidental remark made for the purpose of ex planation ; a written obligation to pay money or goods. PAK, equal in value. Partnership, an agreement between two or more persons to share in the profit and loss of any enter prise. Pawnbroker, a person who advances money on goods, having power to dispose of the same if the money is not refunded as per contract. Policy of Insurance, contract between the insurer and the insured. Portage, the amount paid by a captain in running his ves sel ; the price of carrying. Premium, the sum paid for insurance; the excess of value above par. Price. Current, a list of merchandise, with market value. Principal, an employer ; the head of a commercial house ; the sum loaned upon which interest accrues. Protest, a formal notice to the sureties of a note or draft, stating that the same was not paid at maturity ; or to the drawer of a draft stating that the same was not accepted upon presentment. 373 ABBREVIATIONS AND CHARACTERS. QUARANTINE, restraint of intercourse to which a ship is subjected, upon the supposition that she may be infected with disease. EATE, pi-ice; amount above or below par. ) lieliate, reduction for prompt payment. Receipt, a written acknowledgment of having received money or other value. Reprised, the act of seizing ships or property as indem nity for unlawful seizure or ,d.etertUfci. Resources, effects property of . ai}j?JKad. Revenue, the annual produce of rents, excise, customs duties, etc., collected by a state or nation. SAT VAGE, an allowance made by law for the saving of a ship s cargo from wreck or fire. Sample, a specimen. Seaworthy, in a proper condition to venture to sea. Seize, to take possession of by legal process. Shipment, goods shipped ; the act of loading a vessel for voyage. Sight, the time of presenting a bill to the drawee. , Signature, the name of a person written by himself? Solvent, sound ; able to pay all liabilities. Sounding, trying the depth of the sea, and the nature of the bottom. Stock, capital in trade; the title of Jhe proprietor of a business. Stocks, shares in joint-stock companies, and negotiable debts of governments and corporations, drawing in terest. StockiMer, one who deals in stocks. Surety, indemnity against loss; a person bound for the performance oi a contract by another. TARE, an allowance or discount for the weight of boxes and other receptacles of merchandise. Tariff, a list of prices; duties on imports and ex ports. Teller, an officer in a bank who receives or pays money. Tender, an offer for acceptance ; a legal tender is an offer of such money as the law prescribes. Tonnage, the weight of a ship s lading; the capacity of a vessel. Transfer, to convey from one to another. Trustee, a person trusted; one to whom some special business or interest is committed. USANCE, business custom or habit which is generally conceded and acted upon. Usury, illegal interest; formerly, any consideration for the use of money." VEND, to sell, or transfer for a consideration. Voucher, a written evidence of an act performed, such as the payment of money. WAGES, compensation for services. Warehouse, a building in which goods are stored. Wares, merchandise of any kind. Wharfage, money paid for the use of a wharf. Wreck, the ruins of a ship stranded. Wreckers, persons employed in saving property from a wreck. ABBREVIATIONS AND CHARACTEES. Act.... Account. Dec .December. Fi- t .Freight. Oct October. Am t . . . Amount. D ft.... .Draft. 0. L B. Outward Invoice A tin . Answer. Do The same. Gal .... .Gallon. Book. Apr April. Assorted. Doz Dr .Dozen. Debtor. Ilhd.... . Hogshead. p.. . Page Payment. Pay t. . . Any ... August. D s . Days. I.B.... .Invoice Book. P.C.B. .Petty Cash Book. Bal .... B.B... Bll .... Balance. Bill Book. Barrel. . Each. .Errors excepted. . Errors and omis Ins Insurance. .Instant. Interest. Pd PJcg.... Pr .Paid. Package. Pair. E. E... E.&O.E Inst I/it B. Pay. B. Rec. . Bl k.... Bills Payable. Bills Receivable. Black. EmVd. . Eng sions excepted. .Embroidered. .English. Inv t . . . .Inventory. .January. pr, per . Prem . . Ps. By- Premium Pieces. Vo t.... .Bought. Ex .Example. Ibs Pounds. Rec d.... Received. Bro t... .Brought. &ch... .Exchange. L.F.... .Ledger Folio. Cap C.-B . . . Co .Capital. Cash-Book. Company. Exp .... Fav .... .Expenses. .Favor. .February. Mar Mdse . . . Mo March. .Merchandise. Mouth. S.B.... Sept.... Rales Book. September. Shipment. Sundries Com. . . . Commission. Fi /d . . . .Figured. Cont t... .Consignment, Fol .Folio. No . Number. Yds.... Yards. Or, Creditor. For d.... . Forward. Nov . . , .November. Yr.. .Year. @..At <Jc Account. <jjj . . Per cent. . Number. .Sign of addition. .Sign of subtraction. X -Sign of multiplication. -T-. .Sign of division. . .Sign of equality. 374 I 1 . .One and one-fourth. 1 s . .One and two-fourths. 1 s . .One and three-fourths. TIME TABLE. SHOWING the time in months or days from any day in one month to the corresponding day in any other month. FROM ( TO JANUARY. 4 Months. (Days... Jan. 12 305 Feb. 1 31 Mar. 2 59 Apr. 3 90 May 4 120 June 5 151 Jiifr 6 ;;181 Aug. 7 212 Sept 8 243 Oct. 9 273 Nov. 10 304 Dec. 11 334 FEBRUARY. ) Months . (Days... Jan. 11 334 Feb. 12 305 Mar. 1 28 Apr. 2 59 May 3 89 T "<"-i. , Juna, 4 120- # y | Aug. L6 Ssi Sept 7 212 Oct. 8 242 Nov. 9 273 Dec. 10 303 MARCH.. V .[Months. (.Days... Jan. 10 30(5 Feb. 11 337 Mar. 12 365 Apr. 1 31 May 2 61 June 3 92 July 4 122 Aug. 5 153 Sept 6 184 Oct. 7 214 Nov. 8 245 Dec. 9 275 APRIL \ Months. Jan. 9 Feb. 10 Mar. 11 Apr. 12 May 1 June 2 July 3 Aug. 4 Sept 5 Oct. 6 Nov. 7 Dec. 8 (Days... 275 306 334 365 30 61 91 122 153 183 214 244 MAY \ Months . Jan. 8 Feb. 9 Mar. 10 Apr. 11 May 12 June 1 July 2 Ag. 3 Sept 4 Oct. 5 Nov. 6 Pec. 7 (Days... 245 276 304 335 365 31 61 92 123 153 184 214 JUNE ] Months . Jan. 7 Feb. 8 Mar. 9 Apr. 10 May 11 June 12 July 1 Aug. 2 Sept 3 Oct. 4 Nov. 5 Dec. 6 (Days... 214 245 273 304 334 305 30 61 92 122 153 183 JULY \ Months . Jan. 6 Feb. 7 Mar. 8 Apr. 9 May 10 June 11 July 12 Aug. 1 Sept 2 Oct. 3 Nov. 4 Deo. 5 ( Days. . . 184 215 243 274 304 335 305 31 62 92 123 153 AUGUST. . . ) Months . (Days... Jan. 5 153 Feb. 6 184 Mar. 7 212 Apr. 8 243 May 9 273 June 10 304 July 11 3-34 Aug. 12 305 Sent i 31 Oct. 2 61 Nov. 3 92 Dec. 4 122 SEPT BER . ) Months . (Days... Jan. 4 122 Feb. 5 153 Mar. 6 181 Apr. 7 212 May 8 242 June 9 273 July 10 303 Aug. 11 334 Sept 12 365 Oct. 1 30 Nov. 2 61 Dec. 3 91 OCTOBER . \ Months . ( Days... Jan. 3 92 Feb. 4 123 Mar. 5 151 Apr. 6 182 May 7 212 June 8 243 July 9 273 Aug. 10 304 Sept 11 335 Oct. 12 365 Nov. 1 31 Dec. 2 61 NOV MBEB ) Months . ( Days... Jan. 2 61 Feb. 3 92 Mar. 4 120 Apr. 5 151 May 6 181 June 7 212 July 8 242 Aug. 9 273 Sept 10 304 Oct. 11 334 Nov. 12 365 Dec. 1 30 DEC MBER \ Months . (Days... Jan. 1 31 Feb. 2 62 Mar. 3 90 Apr. 4 121 May 5 151 June 6 182 July 7 212 Aug. 8 243 Sept 9 274 Oct. 10 304 Nov. 11 335 Dec. 12 365 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 oetween 1 and 28, we get for the number of days, 154. The Table is one of quite common use, but is none the less imOjiaa. ^ It may be used to great advantage in the processes of averaging. 375 UNIVERSITY 1 This book U due o Renewedbooksaresubjec JAN 3 1955 m APR 2 19t5 3 8 YD 05851 54-0 31