Salt Lake Telegram | 1916-03-02 | Page 2 | Here's Check for $642,116.02 Largest Ever Drawn in Utah

Heres Here's Check for tf it w. w ei w. w Largest Ever Drawn in i Utah COMMISSIONER COMMISSIONER SCHEID signing check for transfer transfer of f city s funds from Deseret National bank to the National City bank A A. facsimile of the check is shown below S 1 5 S w vr S cl S S S F S. S S 2 ic 5 S 'S S 'S S vt k I It t 5 SALT LAKE F J sa 5 rii r i mci J t l A n P. P ra if 2 M MS S 0 4 s fr a e eS eL L S k Treasurer Carries Check to Bank Wank Unaccompanied and nd Deposits It II I Formal transfer of ot all city funds aggregating was made topa to to- pa day The check drawn on the Deseret Des Desi eret National bank was deposited in inthe inthe inthe the National City bank at 10 o'clock this morning The check was Immediately Immediately immediately Imme Imme- sent through the clearing house and at noon the National City bank had been heen credited with the transferred trans funds But for the convenience e of ot the present present present pres pres- ent day clearing house system it would have required many days and much labor to transfer th the actual cash As it was the transfer was accomplished pUshed with little ado at either of the banks pr at the office ortice of the city treasurer Six hundred and arid two forty thousand one hundred and sixteen dollars would weigh approximately twenty tons or exactly pounds Figuring Figuring Fig that one man could carry pounds at every trip it would have required trips to make the trans trans- fer ter Contrary to the custom when a large amount of mc money ney is being transferred transferred trans trans- through th the city there were no policemen to guard the gold or in inthis inthis inthis this Instance the equivalent of ot gold It was unnecessary because the check was made payable to the National City bank and was worthless t to any person per son other than the bank and then only when properly indorsed S City Treasurer Godbe took the check to the new city depository unaccompanied un accompanied and left It there S The National City bank offered to pay the city an interest rate of 2 per cent which was one ter o of 1 per cent higher than the offer of ot any other bank