National banking under the Federal Reserve System

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Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: New York correspondent

Collection:: Economics Books

NATIONAL BANKING UNDER THE FEDERAL RESERVE SYSTEM Tue Trust Department will be pleased, at all times, to assist the clients of the Bank in solving their fiduciary problems. Custodian of Securities For many years, The National City Bank of New York has main- tained a separate department, the sole purpose of which is to take care of securities. Apart from their physical safe-keeping, the depart- ment attends to collection of coupons and dividends as they fall due, and principal when it matures. It will make such disposition of principal and income as directed, and use its best endeavors to notify of subscription privileges, securities called for payment prior to maturity and requests for tenders of bonds and notes for sinking fund purposes. Under special arrangements, this department keeps investment accounts, renders statements thereof periodically, and furnishes data for income tax returns. This department gives expert attention to securities entrusted to its care and the charges made for this service are nominal. When it is asked to obtain or dispose of securities for its corre- spondent banks, The National City Bank of New York is in an ex- ceptionally fortunate position. The Bank's affiliate, The National City Company, is the most extensive dealer in securities in the United States, carrying on its list of daily offerings the choice investments which appear in the market. The Company at all times holds itself ready to be of service to the Bank's correspondents. National City Company offices are located in all of the important cities of the coun- try, and where time is an essential element, in the purchase or sale of bonds, it is thus not always necessary to deal with the New York office. Commercial Paver From the lists of commercial paper that are offered to The National City Bank daily, the Bank will be glad to purchase, for its corre- spondents’ account (without responsibility on the Bank’s part but using the same care and discretion as in purchasing for its own account) any amount of such investments that may be desired. Commercial paper thus acquired is bought on 10 days’ option; per- tinent information regarding the firm or individual responsible for the 6 5

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