Magazine content is available exclusively for TIME subscribers.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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RAY KELLY, New York City Police Commissioner, on the arrest of a New Jersey man in one of the nation's most baffling missing-children cases, the disappearance more than three decades ago of 6-year-old Etan Patz.
