Drafts on Chemical National Bank, New York City

Special Agents or Correspondents bank does not enter into business relations with every individual bank from which checks and drafts may be received. In the course of a month a large bank would have paper for collection payable at many hundred banks located at different points throughout the country. To send this paper to the various banks upon which it is drawn would be most inconvenient as well as expensive. To obviate this, banks have special agents or correspondents located at convenient centers through which it makes its collections. This arrangement simplifies the whole business of collecting paper and reduces the correspondence of the bank to a minimum.

We have this day made the following remittances to out-of-town banks for credit. (See form for remittance letter, page 42.)

To Traders National Bank, Buffalo.

Check of Bates, Torey & Co., dated Feb. 26, on Second National Bank, Buffalo, indorsed by Spencer, Mead & Co., for $1340.20; check of A. B. Murray, dated Feb. 25, on Central Bank, Rochester, indorsed by Manufacturers and Traders Bank, Philadelphia, for $1321.72; draft of First National Bank, Worcester, dated Feb. 25, on Traders National Bank, Buffalo, indorsed by Alliance National Bank, Springfield, for $722.40.

To Bank of Commerce, Baltimore.

Check of F. E. Barry, dated Feb. 25, on Commercial Bank, Baltimore, indorsed by Spencer, Mead & Co., for $342.90 ; check of M. E. Gay, dated Feb. 24, on Bank of Commerce, indorsed by Alliance National Bank, Springfield, for $142.16.

To Fourth National Bank, Chicago.

Check of A. B. Tonner, dated Feb. 23, on First National Bank, St. Louis, indorsed by Alliance National Bank, Springfield, for $1721.95 ; check of D. O. Manning, dated Feb. 23, on Commercial Bank, Cincinnati, indorsed by Farmers Bank, Albany, for $122.75; check of F. W. Wayne & Co., dated Feb. 23, on Union Bank, Minneapolis, Minn., indorsed by Farmers Bank, Albany, for $1420.50.

To Chemical National Bank, New York.

Check of C. E. Bolles, dated Feb. 23, on Eliot National Bank, Poughkeepsie, indorsed by Spencer, Mead & Co., for $1343.46; check of Morton & Mills, dated Feb. 21, on City National Bank, Peekskill, indorsed by Thomas Bennett & Co., for $1325.62; check of D. E. Brown, dated Feb. 21, on Second National Bank, Brooklyn, indorsed by Thomas Bennett & Co., for 8 1462.91; check of Earl & Henderson, dated Feb. 20, on Merchants Bank, Paterson, indorsed by Thomas Bennett & Co., for 8142.10; check of A. B. King, dated Feb. 24, on Rockland National Bank, Brooklyn, indorsed by E. L. Howard, for $142.60.

To Alliance National Bank, Springfield.

Check of C. W. Gray, dated Feb. 24, on Bay State Bank, Worcester, indorsed by C. E. Denison, for 81590.60 ; check of C. H. Thurber, dated Feb. 26, on A-lliance National Bank, Springfield, indorsed by E. L. Howard, for $1121.40; check of W. H. Greeley, dated Feb. 24, on National City Bank, Northampton, indorsed by E. L. Howard, for 824.16.

To Ninth National Bank, Hartford.

Check of Jones Dairy Co., dated Feb. 23, on City Bank, Hartford, indorsed by E. V. Buckley & Son, for $621.40; check of Oak Grove Creamery Co., dated Feb. 23, on Citizens Bank, Torrington, indorsed by E. V. Buckley & Son, for 8340.

To Chase National Bank, Providence.

Check of C. F. Gray, dated Feb. 21, on Second National Bank, Providence, indorsed by Fourth National Bank, Chicago, for $1694.25; check of E. C. Delano, dated Feb. 21, on Union Bank, Providence, indorsed by Fourth National Bank, Chicago, for $1500; check of C. A. Snow, dated Feb. 20, on Union Bank, Providence, indorsed by Alliance National Bank, Springfield, for 81166.37.

To Farmers Bank, Albany.

Check of F. E. Smith, dated Feb. 23, on Central Bank, Troy, indorsed by Fernald, Son & Co., for 81750; check of Crescent Mfg. Co., dated Feb. 24, on Commercial Bank, Utica, indorsed by W. I. Pratt, for 81900.

Enter the above paper in the remittance register, showing each item in detail. The letters containing a description of this paper are sent away, and unless we take a copy of such letters we have nothing to show in detail the amounts of our remittances from time to time.

The note teller has advised you, by means of charge tickets, of the following debits to out-of-town banks.

Traders National Bank, Buffalo, note for 85000 (discount No. 842); Traders National Bank, Buffalo, note for 87500 (discount No. 866); Farmers Bank, Albany, proceeds of collection No. 650, 8723.25; Farmers Bank, Albany, proceeds of collection No. 702, 81198.80.

Enter the foregoing items in the remittance register. Consult your instructor if necessary.