No. 50. Boston Clearing House

March, 3, 19 -

Received from COLONIAL NATIONAL BANK

Twenty-seven Thousand Nine Hundred Sixty 54/100 Dollars in full for balance due the Clearing House.

$27,960. 54

C . A. Ruggles, Manager

At 12.15 P.M. each day except Saturday, and then at 11.30 a.m., the debtor banks must pay to the manager at the clearing house the balances due from them respectively, either in coin or in such other currency as the laws of the United States shall require, or in such certificates as shall be authorized by the clearing-house association, excepting sums less than one thousand dollars, which may be paid in bills of the debtor banks.

Receipts signed by the manager are given to the banks making the payments. (See page 89.)

At 1.30 P.M. each day except Saturday, and then at 12 M., the creditor banks shall receive from the manager at the clearing house the balances due them respectively.

Receipts signed by the cashiers of the creditor banks are given to the manager of the clearing house.

Form of Cashier's Receipt

National Security Bank $24,640.93 Boston, March 25, 19_

Received from C. A. RUGGLES, Manager of the Boston Clearing House, by Robert W. Grant , Messenger of this Bank,

Twenty-four Thousand Six Hundred Forty 93/100 ___ Dollars, being the amount gained by this Bank to-day at the Clearing House.

W. A. Hinman, Cashier

Should any bank not make payment as provided, the manager causes a new settlement to be made and new balances to be ascertained, by eliminating from the settling sheet of each and every bank all the amounts charged or credited thereon to the defaulting bank and also the debit and credit amounts on the settling sheet of the defaulting bank. The new balances as thus ascertained are the balances to be settled by the several banks. In case some of the banks have paid the balances first ascertained such banks are called upon to make an adjustment with the clearing-house manager.

Immediately after the new settlements have been made each bank is called upon to deliver to the manager all the items which were received from the defaulting bank, or in lieu thereof the money, which items or money the manager tenders to the defaulting bank and demands all the items received by the defaulting bank at the clearing house. The items received from the defaulting bank by the manager are then returned to the respective banks from which they originally came.

Scale of Fines. - The following is the scale of fines prescribed by the Boston Clearing House.