The Chief Clerk of the department superintends the working force, keeps the department tickler and looks after more or less of the important detail work. He sees to it that income of the various trusts is remitted to beneficiaries as received or at stated intervals, that coupons and interest and other income is collected when due, and that statements to courts, beneficiaries and others are duly rendered.

The Bookkeepers of the department keep the books, in which a separate set is kept for each trust, as well as general figures showing the work of the entire department.

For the care of the productive real property in its keeping, this department needs a number of Collectors, who look after the collection of rents, making of repairs, renting to new tenants, etc. In some instances the amount of such business is large enough to call for the establishment of a separate rental department.

The number of reports rendered, as well as the volume of correspondence, requires a number of stenographers in this department.

THE SAFE DEPOSIT DEPARTMENT.

This department is under the charge of a Manager, sometimes called the Safe Deposit Officer. His duties involve the general supervision of the department, in which he often has the help of an assistant manager, and he usually devotes considerable time to the development of new business and to seeing that his department is kept up to the times. The Assistant Manager has charge of setting the time clocks and closing and opening the vaults, makes out the daily reports and assists in waiting on

customers.

The Bookkeeper keeps the records of the departments, sends out bills for rentals and performs miscellaneous duties. He keeps records of all visits made by customers to vaults or boxes.

A Guard admits customers to the department, keeps his eyes open and gives general assistance. In many companies packages are called for and delivered on request by automobile, in which case an extra Guard and Chauffeur is needed.

THE BOND DEPARTMENT.

This department is sometimes in charge of a Manager, whose duties involve the investigation, purchase and sale of municipal and other highgrade bonds, the department conducting practically the same business as a first-class bond house. The department has a natural connection with the investment buying of the company, and sometimes the officer in charge of the Bond Department acts as chief adviser of the investment committees.

The Salesmen of the department, under the charge of a Sales Manager, are engaged in selling securities.

THE FOREIGN EXCHANGE DEPARTMENT.

This department, under the charge of a Manager, ranges in its functions in different companies from the mere sale of foreign drafts, trav

ellers' checks and letters of credit issued by regular dealers, to a large business in the purchase and sale of foreign bills of exchange, notes, bankers' checks, letters of credit, acceptances, etc., involving the maintenance of its own foreign correspondents and the issue of its own drafts upon such correspondents. The number of clerks and tellers, and their respective duties depend upon the volume of business.

THE REAL ESTATE DEPARTMENT.

The Manager of the Real Estate Department conducts for the company a general real estate agency business. IIis duties are similar to those of an ordinary high-grade real estate agent, being the purchase and sale of real estate and the renting of same, acting as agent in the handling of real property, the collection of rents, etc. In a large department he has one or more Assistant Managers, and a force of Salesmen, together with Stenographers, and usually one or more Chauffeurs for automobiles with which to show property to prospective customers.

THE ADVERTISING OR PUBLICITY DEPARTMENT.

The Manager of this department, as his name indicates, is in charge of the company's advertising. The growth of the idea that banks, and particularly trust companies, may with dignity advertise and "hustle" for business, has been phenomenal, and has already reached the point where these institutions are among the leading advertisers. Accordingly, the Advertising Manager of a progressive company has an important. mission to perform, and must be a man of experience in his line, of ideas and of industry in the pursuit of new and attractive ways of drawing public attention to his company. In his work he has the assistance of a number of clerks and stenographers who prepare and maintain advertising lists and send out advertising matter.

THE LEGAL DEPARTMENT.

The number of legal and semi-legal questions which arise daily in the work of a trust company requires constant reference to lawyers. In some cases the need is supplied by the retention of a firm of attorneys under annual retainer. In other cases an Office Attorney is employed in addition to the retaining of a law firm. Many companies, however, now maintain a regular legal department, the head of which is called the Counsel or Attorney. He has one or more assistants, and looks after all of the legal documents handled by the company, in addition to giving legal advice when called upon.

THE STATISTICAL DEPARTMENT.

Some companies maintain a Statistical Department, under the charge. of a Manager, who is engaged in the gathering, tabulation and analyzing of information regarding securities. He has one or more assistants, including a Stenographer. Trust companies handle a large volume of

stocks and bonds, including those owned as investments of the company. those held for estates in the trust department, and those offered as collateral for loans. The files of this department contain all of the information which can be gathered regarding such securities, and this information is tabulated, studied, "boiled down" and analyzed by the Statistician to show the underlying values. The department is in close touch with the loan, trust, investment and bond departments, and is sometimes conducted as a part of the last-named deparment.

THE CREDIT DEPARTMENT.

Companies which conduct a general commercial banking business sometimes maintain a Credit Department, in charge of a Manager or other officer, who is engaged in gathering and studying credit information regarding the company's borrowers. The work of the department is the same as that of similar departments in banks. In case the company's business is such as to require work of this kind and also that of the Statistical Department just described, the two departments are combined.

THE AUDIT Department.

There is a growing recognition on the part of the best managed companies of the importance of providing for the thorough audit of the company's business. This is effected sometimes by the regular employment of firms of public accountants, and sometimes by the maintenance of an Audit Department. In the latter case, the officer in charge is known as the Auditor. With a force of assistants he is engaged in auditing the work of the various officers and employees and in perfecting the accounting system of the company. He should be employed by the Board of Directors and should make his reports direct to them.

GENERAL EMPLOYEES.

In addition to the employees named above, a large company has need of a number of employees whose duties are less definitely connected with any one of the departments. In addition to the Stenographers assigned to specific departments, there are usually a number whose duties are not so assigned. The same thing is true of Office Boys and Messengers.

The Supply Clerk is in charge of the various supplies, books and stationery needed by the employees and officers of the company. His duty is to see that a sufficient supply of each article is always on hand, which requires, of course, a careful system of keeping track of the amounts of the different articles on hand. Supplies are distributed to the different workers on requisitions initialed by the officer who acts as Purchasing Agent, by whom also orders for supplies are placed as their need is reported to him by the Supply Clerk. In a large company the value of the supplies handled by this clerk in a year amounts to several thousand dollars.

The Expense Clerk is in charge of the records showing the distribution of the expenses of the company. He also is in charge of the expense vouchers, which he fills out from the bills and mails to the payees after they have been examined and signed by the Purchasing Agent.

Progressive companies have an Information Clerk, usually a woman, who is stationed in the lobby to give information to customers.

The Mailing Clerks are charged with the duty of seeing that all outgoing mail is in proper shape; that each letter is signed and is enclosed. in the proper envelope correctly addressed, sealed, stamped and placed in the postoffice.

Other employees whose duties are sufficiently described by the titles are the Telephone Operators, Dictograph or Telautograph or Pneumatic Tube Operators, Elevator Men, Porters, Guards, Night Watchmen and Janitors.

CHAPTER VI.

FORMS AND RECORDS FOR THE TRUST DEPARTMENT.

T is a trite but eminently correct remark to make regarding the books

as

ple, clear and accurate as skill and experience can make them. The remark applies with special force to the books and records of the trust company, and especially to those of its trust department. Here is need of special care, because of the fiduciary nature of the business, because of the necessity of using the records as the basis of frequent reports to the beneficiaries of the various trusts and to the courts, because the history of business handled in trust for others ought to be complete and selfexplanatory.

The wise trust department manager will therefore see to it that provision is made at the start for books and records that shall approach the golden mean between the two extremes of too great fullness of detail and the unnecessary labor and time required thereby, and of too little fullness and detail, resulting either in fatal omission of facts that may be of the utmost importance, or in the waste of much labor and time in the work of supplying the omitted information.

To attain to such an ideal set of books requires large experience and careful study, together with a liberal endowment of "common sense." The records will be inadequate if they do not contain a complete history of all the essential matters pertaining to the trust; they will be cumbersome and unwieldy if they contain more than such necessary information. Yet it is safer to err on the side of too great fullness, if one must err at all, and it is better for the forms for the records to contain blank spaces for details which the intelligent bookkeeper may omit at his discretion in particular cases, than to make no provision to suggest such details to the careless, lazy or incompetent worker.

The matter of simplicity and clearness is of the greatest importance from many standpoints. The bocks ought to be simple enough to be understood by any officer or intelligent employee of the company, without the necessity of special experience or explanation. This has been learned by costly experience in many institutions. The writer knows of one case in which a company had a set of books so complex that the man who regularly kept them was the only one in the company, officers included, who could interpret them without much study. When he was out for lunch or away for the day, it was necessary to await his return to ascertain the simplest facts regarding those accounts. The books were devised by an expert accountant, were perfect from the theoretical standpoint, and were beautifully arranged by the printer, but they required an expert to translate them, and were soon discarded. Similar experiences have been