This employee of a bank is one to whom the items for collection out of town are turned over.

1 The Wall Street Journal, in its issue of April 21, 1906, refers to these companies as follows:

" Under the guidance of the Corporation Trust Company, or any of the numerous promoting counsel, a wayfaring man cannot miss the path leading straight to the labyrinths of high finance. These gentlemen have printed forms all prepared and will give you on short notice a corporation born full-fledged, capital, dummy directors and all, without even a personal visit to New Jersey. One ' dummy ' may, as in one instance I learned of recently, act for 100 or more corporations. These automatons are mummies as well as dummies. No discretion or responsibility is expected or required. As soon as the fee is paid to the Secretary of State the incorporation, ' equivalent to a special act of the legislature becomes operative. " This fee, in order to encourage these promotions, is, compared with the privileges and opportunities conferred, but nominal. In consequence, all sorts of wildcat schemes receive charters to do as they please and no questions asked."

He must keep a record of everything of this nature sent by mail or express, and see that they are forwarded to the proper points for payment, whether they are demand or time items. He has charge of all coupons payable out of town and has a very large correspondence relating to all such matters.