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

NEW YORK CORRESPONDENT A EW YORK CITY, the money market of the country, is also the L « heart of the nation’s business organization. It is well nigh im- possible to conceive of a bank located anywhere in the United States which would not, on almost any business day of the year, be in con- tact in one way or another, with this great commercial nerve center. From the standpoint of the banks outside New York, therefore, it is essential that a connection with a New York bank be maintained, and to the formation of this connection should be given the greatest thought and care. There are some elements of the relationship that will be pre-as- sumed as a matter of course; safety, credit accommodation under certain conditions, and the other usual banking functions. But within recent years there has grown up an idea of bank service which in proportion far transcends these fundamentals. Measured by this much broader idea, the term “National City Bank Service” has become a familiar and vitally significant phrase in the minds of those bankers who maintain a New York connection. “National City Bank Service” means not only the performance of those fundamentals of banking which are taken for granted by all those who deal with an eminently strong financial institution; it means also rendering in a wide variety of helpful ways the extraordinary and unusual services which only a very large organization has the machinery for providing. Domestic Divisions For purposes of organization, the domestic work of The National City Bank, outside of New York City, is divided territorially into anits composed of various states. Each general division is in charge of a vice-president of the Bank, assisted by several other officers. This system enables the Bank to give the most minute care to the interests of its correspondents, since the various officers, by devoting especial attention to particular territories, are constantly familiar with all those financial, industrial, and commercial conditions which may have direct bearing upon a correspondent bank’s business. The 3

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