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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: New York correspondent

Collection:: Economics Books

NEw York CORRESPONDENT an organization as The National City Bank’s Washington Bureau is frequently indispensable. Interest on Balances—CQCollections Pu To its correspondent banks The National City Bank of New York pays the rate of interest permissible under the rules of the New York Clearing House Association. The Bank receives at par for their credit, its correspondents’ items falling under the discretionary rules of the Clearing House. Those items upon which an exchange rate is obligatory under the Clearing House regulations are received by The National City Bank of New York for correspondent banks at the minimum permissible rate. Trust Department oe The Bank, through its Trust Department, is authorized and pre- pared to act in any fiduciary capacity in which trust companies and state banks in New York State are permitted to act. Among the principal functions which the Trust Department per- forms are the following: For Individuals Executor and trustee under will; Trustee under living trust, and insurance trust; Administrator of an estate; Guardian of the property of minors; Committee of the property of incompetents; Depositary of property placed in escrow. For Corporations Trustee under mortgages or indentures securing issues of bonds or notes; Fiscal agent for foreign governments and states; Transfer agent; Registrar of stocks or bonds; Fiscal agent for the payment of dividends, coupons, and principal of bonds and notes; Depositary, as follows: Under escrow agreements; under voting trusteeships; under reorganization or adjustment agreements; of subscriptions to stocks or bonds. [5]

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