The following loans were paid to-day: Demand-1257, Harvey Fisk & Sons, $50000; interest, $250.... #1259, Goldman, Sachs & Co., $47280.15; interest, $236.40....#1260, Vermilye & Co., $195000; interest, $975 .Total interest credited.... Time-#1261, Steinway & Sons, $12562.50....#1264, W. H. Kimball, $8806.31. Bills discounted due to-day as per city discount tickler have been paid in cash excepting #15169 which we have instructions to charge to the account of G. W. Adams.

Columbia National, Washington, encloses draft on its general account for credit collection account, $15700.35.

Debit National Bank of Redemption, Boston, for draft $30000 on general account, their collection account having been credited from the collection credit book for this day.

Letters advising payment of time collections were received from the following correspondents, from which the proper debits and credits are to be made, less exchange, and the particulars recorded in the collection and remittance registers, discount and collection ticklers: National Bank of Redemption, Collection Nos. 4, 11, 29, 37, charges 1/10 per cent....First National, Chicago, Collection Nos. 1, 33, Discount #15162, no charges... Boatmen's, St. Louis, Collection Nos. 5, 32, Discount #15166, charges 1/20....Bank of California, Discount 15165, charges 1/10....Commercial, Syracuse, Collection #22, charges 1/20....National Bank of Commerce, Kansas City, Collection Nos. 9, 34, charges 1/8 (open new collection account)....Hibernia National, New Orleans, Collection #13, charges 1/20....Industrial Trust Co., Providence, Collection Nos. 19, 26, charges 1/12.... Debit Exchange for charges on Discount Nos. 15166 and 15165 as above.

Checks certified this day as per certification-book, A-L, $——————; M-Z, $.

National Lafayette, Cincinnati, requests us to transfer $15000 to the credit of City National, Dallas.... National Bank of Commerce, Kansas City, telegraphs us to forward $25000 by express to American National, Baltimore.

Paid expenses as follows: Directors' fees, $45....Telegrams, $7.25.... October salaries, $3350 .... Expressage on $22000 certificates and notes from Treasurer U. S., $3.30..

Received quarterly dividend of 11⁄2 per cent. on $300000 Klondike Improvement Bonds.

The following items due in this city as per collection tickler, have been paid and credited less exchange as specified National Bank of Redemption, 14, exchange 1 20.... First National, Chicago, Nos. 16, 17, no exchange.... Boatmen's, St. Louis, #23, exchange 1,8.... Bank of California, 20, exchange 1/12, charged to account of E. R. Durkee & Co....Detroit National, 36, exchange 1/10....Collection #25 has been protested and returned, fees charged to Boatmen's Bank, $1.35.... Total exchange credited.

Commercial Bank, Syracuse, returns unpaid check remitted to us for credit by Fourth National, Philadelphia, $319.75....We return check remitted to us by National Commercial, Albany, payment being refused by E. Z. Slowman & Co., $37.16.

Cashier's checks issued to-day: #7621, Holbrook & Co., $16069.01....#7622, Blake Bros., $49359.72.... 7623, F. W. Allen, $17412.50....#7624, Kissam, Whitney & Co., $47161.05....#7625, W. C. Sheldon & Co., $45000....7626, A. M. Kidder & Co., $21871.60....#7627, Dominick & Dickermann, $38900....#7628, Day & Heaton, $75000....#7629, Strong, Sturgis & Co., $95000.... 7630, J. C. Hendrix, $833.33.... 7631, E. O. Leech, $416.67....7632, H. H. Swasey, $333.33. #7633, Allen Durand, $300.... 7634, E. E. Esdaile, $250....#7635, C. F. Christian, $200....#7636, David E. Austin, Receiver of Taxes, $3360.

Certificates of deposit issued to-day: Albert Ross Parsons, $3000.... Mrs. Theodore Sutro, $400... F. H. Shepard, $12500.... Walter L. Hervey, $700.... Thomas Hunter, $200 ... Wm. H. Goodyear, $1500. Customs checks issued to-day, to be charged to dealers: Andrew McLean & Co., # 388, $192.87; #390, $31.60; 394, $433.62....Lord & Taylor, # 389, $1200; # 391, $5843....Gilbert Manufacturing Co., #392, $490.82.... Denny, Poor & Co., #393, $4462.80; #395, $378.43; #396, $18.16....H. Maillard, #397, $4471.35 ..Steinway & Sons, #398, $2000.... Bulkley, Dunton & Co., # 399, $875.43.

The following checks and certificates were paid by the first teller or received from the clearing-house: Cashier's Checks—7480, Lazard Frères, $12320....#7582, Speyer & Co., $25000....#7586, Seth Low, $4985.427598, Blair & Co., $9726.62....7600, United States Leather Co., $7870....#7602, Dunham, Buckley & Co., $34750....#7603, Goldman, Sachs & Co., $47280.15....7604, Vermilye & Co., $195000.... #7605, W. H. Kimball, $8762.50....➡7609, Mutual Life Insurance Co., $3000.........‡7610, Corlies, Macy & Co., $37.18....7630, J. C. Hendrix, $833.33.... 7631, E. O. Leech, $416.67 ....‡7632, H. H. Swasey, $333.33.... #7633, Allen Durand, $300.... 7634, E. E. Esdaile, $250....#7607, H-O Company, $12442.71.

Certificates of Deposit-Henry H. Rogers, $4500.... Whitelaw Reid, $2120.60.... Ashley Ladue, $375.... Mrs. Gertrude H. Murdough, $500.... Edward A. MacDowell, $750.

Customs Checks— 381, $3560.20....#382, $1170....#383, $825....#384, $349.27....#385, $24.75.... #386, $13 45... 387, $92.18.

Certified Checks (To be entered also in the certification-book)-Chas. H. Baker, $1975.50....G. G. Haven, $61480.50.... A. Iselin, Jr., $1500.... Knickerbocker Trust Co., $741.50, $3460, $83409.97, $469.25....

Morton, Bliss & Co., $29000, $9989.19, $20000, $6981.86....John L. Riker, $275.45....Samuel Sloan, $50000 ....Steinway & Sons, $3625.45.... United States Leather Co., $15610.50, $10000, $2400, $60000.

The following correspondents should be credited for interest on their average monthly balances, rate 2 per cent. per annum (accurate):

National Bank of Redemption, Boston, $378194.88.... Detroit National, $151881.11.... Wisconsin National, $65342.68....Industrial Trust Co., Providence, $392988.25.... Bank of California, $570557.26.... Hibernia National, New Orleans, $99373.79.

Received from Treasurer U. S. $20000 coin certificates in exchange for National bank notes remitted him for redemption October 2; also $3840 new bank notes to replace those destroyed October 2 (page 50).

• Forwarded to Treasurer U. S. for redemption $10000 notes of other National banks.

Received $2000 notes of this bank redeemed by Treasurer U. S. Deposited same amount with Assistant Treasurer in U. S. notes.

Amount charged off for taxes, $3360.

[It is customary among banks to distribute the annual amount paid for State and City taxes among the several months of the year. Supposing that the tax rate should be fixed at 114 and that the assessed value of the stock were 200, the tax then upon each share of stock would be $2.28. Multiplying by 12000 (the number of shares comprising the capital stock), and we have a total of $27360 to be paid let us say on November 1. The general ledger shows that a total of $24000 has already been paid, or $2400 each month, leaving a difference to be paid at this date of $3360. Different plans may be pursued in making credits for the several monthly payments. Some open a Contingent account, others issue certificates of -deposit for the several sums, etc. In this instance, the payment being the final one, a cashier's check will be issued.]

100. Third Period.-December 1-The loan clerk reports demand loans made as follows: 1273, J. S. Bache & Co., $120000....1274, Ladenburg, Thalmann & Co., $64300....1275, C. C. Edey & Son, $80000....1276, J. W. Davis & Co., $140000....1277, Rogers & Gould, $19575.

$.

; total, ; total, $_ total, $ ...1281, proceeds 1282, by cashier's check to

Time Loans: #1278, proceeds credited to Otis Brothers & Co., $60000; interest 60 days, $1279, proceeds credited to Chas. H. Baker, $12600; interest 38 days, $. 1280, proceeds credited to G. W. Adams, $17000; interest 44 days, $. credited to J. H. Newman, $20000; interest 30 days, $—————; total, $— Blake Bros., $75000; interest 30 days at 4 per cent., $; total, $ Bills discounted debited as per discount register.... Exchange, Discount, Dealers, credited as per discount register for this day.

The following loans were paid to-day: Demand-1265, W. C. Sheldon & Co., $45000; interest, $225.... 1268, Day & Heaton, $75000; interest, $375....#1190, Speyer & Co., $400000; interest, $2738.76....1160, Kountze Bros., $750000; interest, $3924.50....Total interest credited........ Time-1262, Gilbert Manufacturing Co., $5050....‡1269, Redmond, Kerr & Co., $40200....#1272, Strong, Sturgis & Co., $95475.

Bills discounted due in this city to-day as per city discount tickler have been paid in cash.

Debit Atlanta National for draft on general account, their collection account having been previously credited for same, $1247.65.

Letters advising payment of time collections were received from the following correspondents, from which the proper debits and credits are to be made, less exchange, and the particulars extended in full in the collection and remittance registers, collection and discount ticklers:

National Bank of Redemption, Boston, Collection #39, Discount 15164 less 1/10 per cent.... First National, Chicago, Collection Nos. 8, 30, 45, no charges.... Boatmen's, St. Louis, Discount #15188 less 1, 20.... Bank of California, San Francisco, Collection Nos. 2, 7 less 1/10....Commercial Bank, Syracuse, Collection Nos. 35, 56, 61, Discount #15161 less 1/20...........Industrial Trust Co., Providence, Collection Nos. 38, 53, 59 less 1/12....Denver National, Collection #27 less 1/20....Second National, Toledo, Collection 64 less 1/10.... Atlanta National, Collection #41 less 1/8.... Bank of Kentucky, Louisville, Collection 67 less 1/8....Galveston National, Discount #15168 less 1/4. . Fidelity Trust Co., Discount #15179 less 1/10....Tacoma National, Discount 15180 less 1/10.... Detroit National, Discount #15185 less 1/15.... Debit Exchange for charges on Discount Nos. 15161, 15164, 15168, 15179, 15180, 15185, 15188 as above.

Checks certified this day as per certification-book, A-L, $

—; M-Z, $.

Boatmen's Bank, St. Louis, telegraphs us to transfer $35000 to Hanover National, City, for credit of Tootle, Lemon & Co., St. Joseph, Mo. (cashier's check).

Paid expenses as follows: Stationery, Homer Lee Bank Note Co., $235.48.... Telegrams, $13.25.... Directors' fees, $45.... November salaries, $3678.50.... Expressage on $10000 U. S. notes from Treasurer U. S., $1.50.

Sold $300000 Klondike Improvement Bonds at 165 and commission at 1/8 per cent.

The following items due in this city to-day as per collection tickler have been paid and credited, less exchange, as specified: National Bank of Redemption, Nos. 15 and 51, exchange 1/20.... First National,

Chicago, Nos. 18, 54, and 88, #18 charged to E. R. Durkee & Co..... Bank of California, Nos. 21, 57, 89, and 90, exchange 1/12.... Boatmen's, St. Louis, Nos. 62 and 92, exchange 1/8....Detroit National, #69, exchange 1/10.... Hibernia National, #104, exchange 1/8....Total exchange credited.

Industrial Trust Co. return unpaid check remitted to us for credit by National Bank of Commerce, Kansas City, $1200.... We return check remitted to us by National Lafayette, Cincinnati, payment refused by Querrara & Somborn, $312.50.

Cashier's checks issued to-day: #7637, Goldman, Sachs & Co., $78629.03....#7638, Dix & Phyfe, $315!.40 #7639, Denscomb & Jennison, $6439.64....27640, Blake Bros., $75000....#7641, Hanover National, $35000....#7642, Homer Lee Bank Note Co., $235.48.

Certificates of deposit issued to-day: Hamilton W. Mabie, $2450.... Bradford Rhodes, $20000....C. M. Depew, $14750....Frank Thompson, $9000....John A. McCall, $35000....Geo. W. Bidwell, $3000.

Customs checks issued to-day to be charged to dealers: #4co, Gilbert Manufacturing Co., $4758.12.... #401, Bulkley, Dunton & Co., $3118.50....#402, Lord & Taylor, $9768.45.. #403, Denny, Poor & Co., $34.75

#404, H. Maillard, $123.98....#405, Andrew McLean & Co., $367.28.

The following checks and certificates were paid by the first teller or received from the clearing-house: Cashier's Checks-7560, C. E. Sprague, $4127.58....#7591, D. O. Underhill, $800....#7597, Allen Durand, $11.27....#7601, Harvey Fisk & Sons, $50000....#7606, U. C. Varick, $3135.58 ...#7608, Columbia National, $7500....#7615, H. K. Nevius, $125.. #7619, Charles Mann, $45....#7620, S. Mountain, $75.... #7621, Holbrook & Co., $16069.01.. 7622, Blake Bros., $49359.72....7623, F. Wallen, $17412.50....#7624, Kissam, Whitney & Co., $47161.05 .7625, W. C. Sheldon & Co., $45000....7626, A. M. Kidder & Co., $21871.60 #7627, Dominick & Dickermann, $38900....#7628, Day & Heaton, $75000....7629, Strong, Sturgis & Co., $95000.

Certificates of Deposit-C. H. Parkhurst, $3000....R. S. Hayes, $5000.. .F. Cromwell, $278.50.... F. P. Olcott, $2587.84.... Mrs. Theodore Sutro, $400....Thomas Hunter, $200. .Walter L. Hervey, $700.... Baul & Co., $1359.13.

Customs Checks-388, $192.87. .389, $1200.. .390, $31.60.... 391, $5843.... 392, $490.82.... #393, $4462.80....#394, $433.62.... 395, $378.43....#396, $18.16....# 397, $4471.35. #398, $2000... #399, $875.43.

Certified Checks (To be entered also in the certification-book)-Morton, Bliss & Co., $2471.87, $380.06.... Knickerbocker Trust Co., $372.75, $12.73, $36950, $44760.29. ..J. H. Newman, $44.90....G. G. Haven, $7000 ....United States Leather Co., $1950, $45475, $17840.26....Gilbert Manufacturing Co., $471.95.... Redmond, Kerr & Co., $3174.28, $25278.45.... Cooper, Hewitt & Co., $22600, $61.25, $4978.25.... Bulkley, Dunton & Co., $72800.... John L. Riker, $11500.

The following correspondents should be credited for interest on their average monthly balances, rate 2 per cent. per annum (accurate):

National Bank of Redemption, $392688.13....City National, Dallas, $43498.37....Columbia National, Washington, $158801.02.... National Commercial, Albany, $21289.23.

Forwarded to Treasurer U. S. for redemption $15145 notes of other National banks.

Received $10000 coin certificates in exchange for National bank notes remitted for redemption November I.

ΙΟΙ. Fourth Period.-—December 31—The loan clerk reports demand loans made as follows: 1283, Heidelbach, Ickelheimer & Co., $500000....1284, J. & W. Seligman & Co., $60000....1285, Winslow, Lanier & Co., $15000....1286, Hatch & Foote, $34360....1287, Brown Brothers & Co., $50000....1288, August Belmont & Co., $10000p....1289, Chrystie & Janney, $75000....1290, H. B. Hollins & Co., $25000. #1291, Kuhn, Loeb & Co., $12000....1292, Henry Clews & Co., $1385000.

Time Loans: 1293, proceeds credited to Steinway & Sons, $25000; interest 15 days, $——————; total, $- -....#1294, proceeds credited to Morton, Bliss & Co., $30000; interest 7 days, $- -; total, $. #1295, proceeds credited to Denny, Poor & Co., $12000; interest 19 days, $; proceeds credited to Lord & Taylor, $17300; interest 28 days, $———; total, $check to Acker, Merrall & Condit, $30000; interest 30 days, $

; total, $

total, $

1296,

#1297, by cashier's #1298, by cashier's check 1299, by cashier's check to

to Arnold, Constable & Co., $11900; interest 45 days, $— ; total, $ B. Altman & Co., $19800; interest 35 days, $——————; total, $— Bills discounted debited as per discount register.... Exchange, Discount, Dealers, credited as per discount register for this day.

The following loans were paid to-day: Demand-#1266, A. M. Kidder & Co., $21871.60 and 60 days' interest.... 1267, Dominick & Dickermann, $38900 and 60 days' interest....1273, J. S. Bache & Co., $120000and 30 days' interest....1276, J. W. Davis & Co., $140000 and 30 days' interest....#1198, Simon Borg & Co., $491850 and 98 days' interest at 21⁄2 per cent.....1163, Maitland, Coppell & Co., $745000 and 123 days' interest

at 3 per cent. #1178, Corbin Banking Co., $98543.58 and 103 days' interest at 34 per cent..... Time—1263, Redmond, Kerr & Co., $16739.67....1270, Lord & Taylor, $25250....#1282, Blake Bros. & Co., $75250.... 1281, J. H. Newman, $20100.

Bills discounted due in this city to-day as per discount tickler have been paid.

Letters advising payment of time collections were received from the following correspondents, from which the proper debits and credits are to be made, less exchange, and full explanation extended in the collection and remittance registers, discount and collection ticklers:

National Bank of Redemption, Boston, Collection Nos, 60, 63, 76, 81, 102 less 1/10.... First National, Chicago, Collection Nos. 43, 66, 73, 96, 98.... Boatmen's, St. Louis, Collection Nos. 3, 12, 47, 49, 71, 75, 80 less 1/20....Bank of California, San Francisco, Collection Nos. 42, 46, 72, 78 less 1/10....Commercial, Syracuse, Collection Nos. 68, 100, Discount Nos. 15176, 15202 less 1/20....National Bank of Commerce, Kansas City, Collection Nos. 79, 99 less 1/12....Hibernia National, New Orleans, Collection Nos. 28, 85 less 1/20....Industrial Trust Co., Providence, Collection Nos. 91, 93 less 1/10.... Denver National, Collection Nos. 65, 94, Discount #15197 less 1/20.... Atlanta National, Collection Nos. 6, 40, 74, Discount Nos. 15167, 15192 less 1/8....Bank of Kentucky, Louisville, Collection Nos. 31, 97, Discount #15199 less 1/8........Galveston National, Discount #15173 less 1/4.... Fidelity Trust Co., Omaha, Discount 15198 less 1/10.... Detroit National, Discount 15205 less 1/10....St. Paul Trust Co., Collection #48 less 1/20....Columbia National, Washington, Discount 15181 less 1 8....Iron City National, Pittsburg, Discount #15187 less 1/20....Debit Exchange for charges on Discount Nos. 15176, 15202, 15177, 15167, 15192, 15199, 15173, 15198, 15205, 15181, 15187 as above. Checks certified this day as per certification-book, A-L, $. —; M-Z, $

Paid expenses as follows: Stationery, $17.65....Telegrams, $6.25.... Expressage on certificates from Treasurer U. S., $2.25.... Directors' fees, $45.

Bought of Speyer & Co., per cashier's check, $200000 City of New York 321⁄2's at 108.

The following items due in this city to-day as per collection tickler have been paid and credited less exchange, as specified: National Bank of Redemption, Nos. 52, 83, 115, and 116, exchange 1/10....First National, Chicago, Nos. 55, 87, 118, and 119....Bank of California, # 58, exchange 1/12.... Boatmen's, St. Louis, Nos. 24, 123, 124, and 125, exchange 1 8.... Detroit National, 101, exchange 1/10.... Denny, Poor & Co., 109....New York Rubber Co., 110.... Total exchange credited.

Cashier's checks issued to-day (amounts to be supplied from the original transactions of this date): #7643, Hathaway & Co., proceeds of Discount 15208....7644, Discount #15211....#7645, Discount #15217.......... 7646, Time Loan #1297....#7647, Time Loan #1298........#7648, Time Loan, #1299....#7649 to Speyer & Co. 'for City of New York 31⁄2's....#7650, Henry Clews & Co., Demand Loan, 1292.

Certificates of Deposit issued to-day: Joseph Choate, $14000.... H. W. Cannon, $60000....Cornelius Vanderbilt, $270000....Augustus St. Gaudens, $18250..........J. Q. A. Ward, $9000.... Will H. Low, $5000.... W. F. Kline, $800.... Alice Barber Stephens, $750.... Mrs. Charles Scribner, $30000.

Customs checks issued to-day, to be charged to dealers: #406, Bulkley, Dunton & Co., $8391.84.... 407, Denny, Poor & Co., $3195.40....#408, H. Maillard, $8125.75.

The following checks and certificates were paid by the first teller or received from the clearing-house: Cashier's Checks—7635, C. F. Christian, $200... 7637, Goldman, Sachs & Co., $78629.03....#7638, Dix & Phyfe, $3151.40....#7639, Denscomb & Jennison, $6439.64 ...7640, Blake Bros., $75000... #7641, Hanover National, $35000....7642, Homer Lee Bank Note Co., $235.48... 7636, David E. Austin, $3360. Certificates of Deposit-W. H. Goodyear, $1500....Hamilton W. Mabie, $2450.... Bradford Rhodes, $20000....C. M. Depew, $14750.... Frank Thompson, $9000.

Customs Checks-400, $4758.12....401, $3118.50....402, $9768.45....403, $34.75.... 404, $123.98 #405, $367.28.

Certified Checks-(To be entered also in the certification-book)—United States Leather Co., $7360.21, $71950, $5792.18.... Knickerbocker Trust Co., $967.82, $8500, $16925.40, $19633.67....Chas. H. Baker, $425.92 ....Redmond, Kerr & Co., $37.28, $460.45.... John L. Riker, $400....Cooper, Hewitt & Co., $376.98.... Union Manufacturing Co., $37.98. $4875, $5000.... A. Iselin, Jr., $2574.68, $1600....Western Electric Co., $45000.... W. F. Wakeman, $1238.75.

Received from Treasurer U. S. $15145 in coin certificates in exchange for National bank notes remitted for redemption December 1.

After posting and preparing Statement, the student will close the following accounts into Profit and Loss account: Expense, Taxes, Interest to Correspondents, Discount, Interest, Exchange, Commission, and Profit on Bonds. The Profit and Loss account will then be closed as follows: To Dividend, 4 per cent. of Capital Stock; to Surplus, $100000; and the balance (Undivided Profits) brought down.... Dividends are paid by cashier's checks, and Dividend account is debited when the checks are issued. The student may omit the dividend checks, as no list of stockholders is given.

CHAPTER VIII.

SUBSIDIARY SUBJECTS.

I. THE CLEARING HOUSE.

102. The Clearing House is a place where the daily exchanges between several associated banks are effected, and where the payments of the balances resulting from such exchanges are made. Before clearing-houses were established, it was necessary for each bank in a city to keep an account with every other bank in that city. These accounts were made up every morning, and messengers sent to the debtor banks to present accounts and receive balances, which were usually adjusted in gold. This finally became so laborious that the messengers sought to shorten the process by meeting at some specified point to exchange their checks and drafts, and adjust the resulting differences. The present perfection of the clearing-house system is the outgrowth of these early attempts of the messengers to simplify a laborious routine.

103. The New York Clearing House Association is an organization composed of 46national and 19 State banks, and the Assistant Treasurer of the United States at New York. It was organized in 1853, and had for its objects the mutual convenience and protection of its members, chief among which was the advantage of settling at one place and at a certain time of the day, the transactions that arose between the several banks forming the association.

The association is governed by a Constitution which may be amended by the vote of a majority of all the members. The general supervision of its affairs is vested in a Clearing House Committee of five bank officers, who appoint a Manager and his assistants, and establish such rules and regulations as are not provided for in the Constitution.

The association is in no wise responsible in regard to the exchanges, nor in regard to the balances resulting therefrom, except in so far as such balances are actually paid into the hands of the manager. The responsibility of the association is strictly limited to the faithful distribution by the manager among the creditor banks, for the time being, of the sums actually received by him.

Every bank, which is a member of the Clearing House Association, must furnish a weekly statement to the manager, for publication, showing its average amount of Loans and Discounts,. Specie, Legal Tender Notes, Circulation, and Deposits.

At the time of admission each member of the Clearing House Association is given a number,. which number is permanently dropped should the member, for any reason, withdraw from the association.

In addition to the direct members, 77 banks, trust companies, etc., make their clearings at the New York Clearing House through the agency of other banks which are members. Non-member banks are required to prepare a weekly statement for delivery at the clearing-house, covering the following facts: (1) average daily amount of loans, discounts and investments; (2) amount of specie on hand; (3) average amount of legal-tender notes, and bank notes on hand; (4) average amount on deposit with other New York banks and trust companies; (5) average amount of deposits; (6) average amount of circulation.

104. Preparation of Exchanges for Delivery. As was indicated in Chapter II. (26), all checks, drafts, notes, orders, etc., which can be collected through the clearing-house, are handed to the settling clerk to be listed. The work of assorting the items for delivery at the clearing-house is facilitated by the use of a case of compartments, or pigeon-holes, technically known as the "rack." This case contains a compartment for each member of the clearing-house, each compartment being designated by the clearing-house number of that member. The items are first stamped with the receipted endorsement required by the clearing-house (68), and next. distributed in the different compartments of the rack.