make up the nation's banking system. But as the largest bank in the country, a member of the National Banking System for sixty years and of the Federal Reserve System since its inauguration, The National City Bank of New York accepts with pleasure the opportunity to give to other banks and to individuals specific, useful and reliable information regarding various phases of national banking, especially as they refer to the Federal Reserve Act. N NEW YORK CORRESPONDENT EW YORK CITY, the money market of the country, is also the heart of the nation's business organization. It is well nigh impossible to conceive of a bank located anywhere in the United States which would not, on almost any business day of the year, be in contact 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 preassumed 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 units 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 corre spondent bank's business. The district system of organization means that every correspondent bank has a group of officers at The National City Bank, definitely assigned to serve the correspondent's interests in every way possible. Washington Bureau ONE of the most significant of the unusual services which The National City Bank of New York renders its banking clients is through the Bank's Washington Bureau, which is maintained for the purpose of giving personal representation before the Treasury Department and similar government divisions. The functions of this Bureau include: 1-Performing the duties of an agent in connection with counting and verifying worn and mutilated bank notes, witnessing their destruction, and examining at necessary intervals bonds on deposit with the Treasurer of the United States as security for circulation or public deposits. 2-Attending to the details in connection with deposits, withdrawals, substitutions, or transfer of bonds for postal savings or other accounts, and the collection of postal savings bonds. 3-Receiving interest and coupons on bonds held at the Treasury, and transmitting coupons or effecting collections as the owners desire. 4-Notifying banks by wire, if requested, when the Comptroller of the Currency calls for a statement of condition. 5-Answering inquiries from correspondents on matters of record in the various departments or governmental bureaus, which are available to the public. 6-Furnishing copies of bills and resolutions introduced before Congress. 7-Supplying copies of Supreme Court decisions or other public documents, as well as rules and regulations promulgated by the various executive departments, boards, and commissions, such as the Federal Reserve Board, etc. 8-Attending to matters relating to government contracts and filing bids with necessary deposit of funds to guarantee them. 9—Filing of applications for passports, and attending to matters relating to patents, copyrights, land titles, pensions, services, claims, etc. Any of these matters will be cared for, without charge, for any of The National City Bank's correspondents. Every bank that is a member of the Federal Reserve System, or which contemplates at some future time entering the system, will find the aid given by such an organization as The National City Bank's Washington Bureau is frequently indispensable. Interest on Balances-Collections 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 THE Bank, through its Trust Department, is authorized and prepared 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 performs 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; 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. THE 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 maintained a separate department, the sole purpose of which is to take care of securities. Apart from their physical safe-keeping, the department 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 correspondent banks, The National City Bank of New York is in an exceptionally 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 country, 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 Paper FROM the lists of commercial paper that are offered to The National City Bank daily, the Bank will be glad to purchase, for its corres |