New York CORRESPONDENT
to business houses and banks throughout the world that are in any
way in contact with the mighty current of foreign trade, and makes
it possible for the Bank to handle all financial transactions arising
from international commerce. Special facilities which the Bank’s
foreign organization enables it to offer include:
1—Collection of drafts anywhere in the world.
2—Negotiating or advancing against approved foreign bills, documentary or
clean, drawn on any foreign point.
3—Caring for all phases of foreign exchange transactions, including the sale of
foreign drafts, payable in any foreign country; transfer of funds by mail,
telegraph or cable; and purchase and sale of foreign currency.
4—Making available the Bank’s foreign draft service, under which correspondents
draw their own drafts direct on foreign countries.
5—Acceptance of drafts covering commercial transactions, domestic and foreign,
in accordance with the regulations prescribed by the Federal Reserve
Board.
6—Issuance or advice of import or export commercial letters of credit, and of
travelers’ letters of credit, and travelers’ checks.
7—Gathering and supplying to the Bank’s clients reliable credit information on
foreign firms, and forwarding to the Bank’s foreign branches correct credit
information on American firms.
8—Aiding in securing legal services in foreign countries.
9—Study of, and reporting upon, foreign market conditions and possibilities for
the sale of American goods abroad.
10—Through the Bank’s Foreign Trade facilities or connections, bringing together
the foreign buyer and the American merchandiser, and vice versa.
11— Assisting customers in disposing of rejected merchandise in connection with
dishonored foreign bills.
12—Supplying letters of introduction to the Bank’s foreign branches and foreign
correspondents.
13— Execution of orders in this and foreign countries for the sale or purchase of
securities.
The advice and counsel of the officers of The National City Bank of
New York—those concerned with foreign, as well as those concerned
with domestic affairs—is always at the disposal of every one of the
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