1. The President As Manager

Banks are officered somewhat differently, depending chiefly on their size and business. All of them have a president, and many, a vice president; and some of them, two or three vice presidents. All have a cashier, and many an assistant cashier, or even two or three. Then follow the paying tellers, the receiving tellers, the note teller, and after these the bookkeepers.

The president of a bank in a city is usually the real head and manager. In the country more often he is only the nominal head, the cashier acting as the real chief. In some banks the vice president is the chief manager, and in banks where there are two or three vice presidents, all of them are actively employed, and also the president. In these cases the most important functions of the bank are divided among them in a well-understood manner.

2. Salary

The president's salary varies from nothing to :$50,000 a year. This sum was recently voted to the president of the Park National Bank of New York, which is said to be the largest salary ever given to a bank president. More often the figures arc between $ lO.Ooo and $15,000. The country bank president, who devotes but very little of his time to the bank, rarely receives any compensation.

3. Positive Duties

The president must sign convey-ances of real estate, the circulating notes, and the certificates issued to stockholders, besides such other duties as are specifically enjoined on him by law.

4. Duties More Clearly Defined Than Formerly

It was formerly said that the duties of a bank president in this country were very few; perhaps the principal one was the looking after the litigation of the bank. The cashier was the important officer, and the courts by numerous decisions gradually defined his duties. Since the president has become the real head of the larger banks, the courts of late years have been asked on many occasions to declare his duties; at last they have become clearly defined.

A recent authoritative statement of the law on this subject by Judge Hawley may be given. "It is now well settled by the weight of reason and authority that, whenever in the usual course of the business of the corporation the president or other officer has been allowed to manage and control its affairs, his authority to represent and bind the corporation may be implied from the manner in which he has been permitted by the trustees or directors of the corporation to transact its business. The acting head of the corporation, whether it is the president, the vice president, cashier, or general manager, through whom and by whom the general and usual affairs of the corporation are transacted which custom or necessity has imposed upon the officers - such acts being incident to the execution of the trust imposed on him - may perform them without express authority, and in such cases it is immaterial whether such authority exists by virtue of his office, or is imposed by the course of business as conducted by the corporation."1 This is a clear statement of the president's legal authority. When he is the active head, he has all the authority which law and custom confer on the head regardless of the name of the office. In other words, whatever the cashier can do, the president also can, except matters which are specially declared by positive law as the peculiar duty of some other officer.

1 Cox v. Robinson, 48 U. S. App. 400.