g. The Coin and Bullion Division handles the coin and bullion.
to. To another Division are allocated the applications for federal re serve notes, the redemption accounts for federal reserve notes and federal reserve bank notes, the account of the bank with the United States government, the gold settlement fund, and the care and determination of the reserve position.
The Custody Department I. The Custody Division has the custody of the collateral for all de partments, including the investments of the federal reserve bank itself, the collateral on discounts and advances, collateral for government deposits, items for safe-keeping, fiscal agency collateral, and the clipping of coupons as they appear.
2. The Vault Division has the general care and management of the vaults; it watches their opening and closing and the combinations.
The Check Department x. The Incoming Mail Division handles the general distribution of the mail, prepares the morning exchanges for the clearing house, re ceives and credits remittances, advising immediate credits and proving deferred credits.
2. The Transit Division remits checks by mail for payment, and ad vises deferred debits and def erred credits.
3. The Redemption and Return Items Division examines and returns unpaid cash items, attends to the afternoon clearing house ex changes, and handles redemptions.
4. The Adjustment Division handles lost items, traces errors, and makes adjustments.
The Collections Department 1. The Government Check Division receives the Government checks out of the exchanges from the clearing houses, sorts and schedules them, and attends to the accounting for them.
2. The City Collection Division makes collections by messenger, or through the clearing house.
3. The Country Collections Division handles maturing rediscounts, up-town city collection items, and country collection items.
4. The Coupon Collections Division collects coupons and matured bonds.
The Loan Department 1. The Credit Division receives applications for advances and discounts, handles the commercial statements of borrowers, and makes credit investigations.
2. The Loans and Discounts Division handles advances and rediscounts made to member banks and other federal reserve banks, and the collateral to secure these, keeping records, schedules, ticklers, and making necessary statements and reports.
The Foreign Department The Foreign Department handles the accounts of foreign govern ments and banks, the allotments and purchases of foreign exchange for other federal reserve banks, and all government regulations of foreign exchange operations.
The Certificate of Indebtedness Department The Certificate of Indebtedness Department handles the subscrip tions, the deliveries, and the redemptions of the certificates of indebtedness of the United States Treasury, and also the account of the War Finance Corporation.
The Government Deposit Department The Government Deposit Department handles the applications of the banks for government deposits, the receipt and delivery of securities for collateral, the calculation and receipt of interest on the deposits, the records of redeposits and withdrawals, and the records of collateral and of coupons from the collateral.
The Government Bond Department z. The Bond Division handles the incoming and outgoing mails that pertain to government bonds, the loans records, and records of individual subscriptions; the conversion, registration, exchange, transfer, and preparation of the bonds; the work in connection with the war savings stamps and thrift stamps; and all incidental work.
2. The Coupon Paying Division pays due coupons from the United States government securities, the British government securities, the federal farm loan bonds, and the issues of the War Finance Corporation.
The Government Securities Sales Department The Government Securities Sales Department includes a number of divisions, the name of each indicating its function in the sale of securities: z. Certificates of Indebtedness Sales 2. War Savings Societies 3. School 4. Advertising 5. Women's 6. Labor 7. Press 8. Foreign Language 9. New York State ro. New York City ri. New Jersey 12. Office Service The Liberty Loan Association Department The Liberty Loan Association Department includes five divisions which perform the various operations connected with the Liberty and Victory Loan issues: r. Consignment 2. Financial 3. Liquidation 4. Subscribers' Service 5. Office Service The Bill Department The Bill Department performs the open-market operations concerned with bills of exchange, keeps records of bills purchased for the reserve bank itself and for others, makes allotments to and pur chases for the other federal reserve banks and for other correspond ents, and makes and keeps the purchase and the sales con tracts.