The trustees of a large mutual savings bank are divided into committees with duties quite similar to the directors of a commercial bank. The finance committee passes upon all applications for loans on mortgages and approves all purchases of securities. In New York State, a trustee may not receive a loan from the bank. An auditing committee examines the books of the institution and verifies all receipts and disbursements, while appointments and discharges of employees are made by a personnel committee. The duties of the higher officers are about the same as in a commercial bank. The president, as a member of the board of trustees, presides over meetings. As chief executive he manages the bank, and in this task he is aided by one or more vice-presidents. A treasurer performs duties similar to those of a cashier in a commercial bank. He has custody of cash, securities, and other property of the bank; he also records the Minutes of trustee meetings, keeps the bank ledgers, conducts correspondence, and in general directs the work of the staff. In a large bank the treasurer is relieved of these purely clerical duties, which devolve upon a secretary. The work is sometimes divided further by transferring the keeping and the auditing of the books to an officer known as the comptroller. As the operation of the savings bank is much simpler than that of the commercial bank, there are fewer departments. There is no need for an exchange division, since savings banks do not present checks on one another. The departments deal principally with deposits and investments. One department concerns itself exclusively with the opening of new accounts. Deposits and withdrawals are handled by a receiving and a paying teller; another department has charge of loans on mortgages and investments in securities, and a head bookkeeper supervises the work of the ledger clerks. In general, the bookkeeping of a savings bank does not present the many difficulties found in a commercial bank, and the handling of deposits and the making of investments possess the only distinctive features which need consideration in detail....

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