The practical work of a bank : a treatise on practical banking which aims to show the fundamental principles of money, the practical work of a bank in detail, and particularly, credit in its relation to banking operations . ts will be made in this respect cannotat this Avriting be stated. But the intent of the law being-plain, and the necessity being acknowledged, no doubt theFederal Board will evolve a plan that \si\l meet the approvalof the country as well as the city banker.^ 3At the time these pages go to press, the check clearing arrangements ofthe Federal Reserve Banks are being complete
The practical work of a bank : a treatise on practical banking which aims to show the fundamental principles of money, the practical work of a bank in detail, and particularly, credit in its relation to banking operations . ts will be made in this respect cannotat this Avriting be stated. But the intent of the law being-plain, and the necessity being acknowledged, no doubt theFederal Board will evolve a plan that \si\l meet the approvalof the country as well as the city banker.^ 3At the time these pages go to press, the check clearing arrangements ofthe Federal Reserve Banks are being completed, and it is expected that beforelong the members of the Federal Reserve Banks will make the bulk of theirclearings through this medium. It is yet too early to give any adequate descrip-tion of the clearing process. 334 THE PRACTICAL WORK OF A BANK The Nu:\ierical Transit System The greatest development that has attended transits andcollections in recent years is the Numerical Transit System,whicli has heen in operation for about three years. The plansimply designates places and banks by numbers instead ofnames. Thus, instead of referring to the National CityBank of New York, either in correspondence or in conversa-. TRAXSIT ADDING JIACHIKE, BUILT SPECIALLY FOR TRANSIT WORK, USING THE NUMERICAL TRANSIT SYSTE:MBy courtesy Adding ^Macliiiic Co., Detroit, Mich. tion bv name, the numerals 1-8 would be sufficient; mean-ing city No. 1, New York, and bank No. 8 in the clearing-house, which is the National City Bank. Thus, for everybank there is a number, and in listing checks the numberwhich is on the face is all that is necessary to designate thecity and the bank. Banks have readily taken to the idea as a time saver,and it is fast replacing the use of names. The saving in CHECKS AND THEIR COLLECTION 335 time can readily be seen when to indicate the Continentaland Commercial National Bank of Chicago, two numeralsare all that is necessary. The system of numbering wascareful
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