5. Duties

a. Must keep Record of Directors' Meetings. One of the specific duties of the cashier is to keep the record of the meetings of directors. Of this he always acts as the secretary. The certificates of stock and circulating notes of the bank are also signed by him; also checks drawn on other banks for moneys deposited in them, though, if he is absent, the president, or perhaps the assistant cashier, would sign these. Drafts and notes that need indorsement before sending them away to another bank for collection are also signed by the cashier.

b. Must conduct Bank's Correspondence. Another duty, of varying magnitude, is to conduct the bank's correspondence. Every bank receives and sends many letters pertaining to collections and other matters. In some banks the correspondence is very large and is conducted by several persons. In these banks the work is carefully systematized. For example, the work relating to collections forms a department, and all correspondence is done by those who conduct it except matters of unusual importance or difficulty. Again, banks often have overdue loans which are in litigation, or in process of adjustment, or claims against banks or individuals that have failed : all lead to correspondence and often conference. The cashier generally has charge of these matters, though sometimes the president may take them in hand. In truth, it is not easy to draw the line between much of the work of a president and that of a cashier in many banks where both are active officers. It may be said that perhaps the work most exclusively committed to the president is that of making loans, in banks where he possesses this authority. But in addition to making them, he may do as much more as he pleases. To facilitate their work they usually have desks close by each other, so that intercourse is easy.

c. Has General Oversight. It may be said that the cashier has a more general oversight into the internal workings of the bank. Questions are often arising relating to the proper indorsement of checks; the condition of depositors' accounts; changes in the security for loans; settlements at the clearing house; the receiving of new customers; the purchasing of supplies; payment of the expenses of the bank : matters like these fall more especially within the province of the cashier.

"A cashier of one of the best conducted banks in New York City has thus described the usual daily routine of his business. After examining a dozen papers to which the bank subscribes, he looks around to see that all the clerks are on hand and are preparing the exchanges for the clearing house. By a few glances he can tell whether the work is progressing satisfactorily. If a vacant place is seen, then it is presumed that a clerk is absent, and somebody must be found CO supply his place. In the morning, almost all the clerks, except the bookkeepers and the heads of the departments, are engaged in preparing the exchanges. In that bank the letters are so numerous that a large force is necessary in order to get the exchanges ready in time, and a vacancy must be speedily filled if possible. Sometimes he is obliged to assist himself. If a clerk docs not appear within ten minutes past nine, he is regarded late, "The special letters are brought to the cashier, and those requiring immediate attention are answered at once; others at a more convenient time. Then letters containing remittances are brought in from the bookkeepers. Those requiring special attention are laid on one side, and the instructions they contain are entered in a special letter book for the use of the corresponding clerk. For example, if an advice concerning a payment is requested, it is the duty of the corresponding clerk to make the necessary advice. The last duty which the latter performs in the day is to examine his special letter book, for the purpose of assuring himself that all letters requiring special attention on his part have been answered.

"When the directors meet, as we have seen, the cashier meets with them. Besides, he examines loans secured by collateral, to reassure himself of the sufficiency of the security, or perhaps with a view of calling the loan, if the collateral that is securing payment be of a kind which the bank does not wish to hold longer. He also examines the balance books and directs all the detail of the bank, keeping himself informed concerning the business done. Such are the leading features of his daily business, interspersed with frequent calls and interruptions. The afternoon hours are not so pressing, and the duties are more varied.

"It is not possible for the cashier to supervise the books of a bank personally, but he should look at them frequently enough to satisfy himself of their correctness. Clerks sometimes get careless and negligent, and may carry over their work from day to clay, or portions of it, if they are not watched. A supervision of this kind is needed in order to maintain the best discipline. Without it clerks too often become careless and inattentive and delay their work in various ways. A cashier should have an intimate knowledge of the theory of accounting maintained by his bank, so that when he examines any book he will be able at once to understand it. We do not suppose that every bank has such a cashier, but unquestionably it should have. Bank bookkeeping is generally quite simple, and no very high order or ability is required to master it. Hanks differ from one another in many details of doing business, but in no case are these difficult to comprehend." 1

1 Bolles, Practical Banking, 11th edition, page 139.