Retrieved from “www.archive.org annual assessment upon non- members and members, any fees that may have accrued from the admission of members, and rents due the asso- ciation. There is another important feature entering into the element of expenses which must not be overlooked. In associations where the clearing-house is rented property, it is comparatively easy, in fixing upon newly elected 2OO CLEARING-HOUSES members their proportionate share of the current ex- penses, to do justice to all concerned. But in New York the situation is unique. The association owns its own clearing-house, for erection of which a heavy draft was made upon the members. Clearly, therefore, banks sub- sequently joining should in some way render to the other members a just compensation for the privileges they

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