Business: Payable At . . .

Many a shareholder last week happily cashing a July 1 dividend check was in reality cashing a dividend draft. A check is an order for a bank to pay a certain sum of money. A draft is a corporation's order upon itself, designating the place of payment. The payment can be at the corporation's own office or, more often, at a bank which is in reality acting as the corporation's agent. Because of this differentiation corporations with large payrolls and many shareholders have found a neat legal...

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