Retrieved from “www.archive.org of balances at the clearing-house.” It is worthy of remark that the basis upon which the payment of any loss arising from the issue of loan cer- tificates differed from that at New York, in that in the one case it was required to be paid by the banks in pro- portion to capital and surplus, and in the other in pro- portion to the average daily amount of exchanges which each bank had sent to the clearing-house during the pre- ceding year. The resolution bearing upon this point, adopted at Boston, was as follows : ” Resolved, That any loss arising from the issue of loan certificates shall be borne by the banks comprising the Clearing-house Association, pro rata according to

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