USA > Massachusetts > Suffolk County > Professional and industrial history of Suffolk County, Massachusetts, Volume II > Part 35
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The financial condition of this bank, as reported to the comptroller of the currency at close of business, March 6, 1893, was as follows:
RESOURCES.
Loans and discounts
Overdrafts
1,053.95
$430,457.40
313
BANKING INSTITUTIONS.
U. S. bonds to secure circulation
50,000.00
Due from approved reserve agents
32.863.69
Due from other National Banks
14,092.38
Check-books
308.98
Real estate, furniture and fixtures
8,000.00
Current expenses and taxes paid
4,073.23
Premiums paid
2,000.00
Checks and other cash items
2,722.39
Exchanges for clearing-house
9,371.68
Bills of other national banks
4,923.00
Fractional currency (inluding nickels)
93.68
Specie (including gold treasury notes)
39,714.00
Legal tender notes
14,869.00
Redemption fund with U. S. treasurer (5 per cent. of circulation)
2,250.00
Total
$021.792.68
LIABILITIES.
Capital stock paid in
$200,000.00
Surplus fund
10,500,00
Other undivided profits
13, 242.72
National Bank notes outstanding
45,000.00
Individual deposits subject to check
327,988.29
Demand certificates of deposit
4,075.00
Certified checks
2.857,72
Due to State Banks and bankers
18,128.95
Total
$621,792.68
1
As an interesting summary of the condition of the banks of Boston, and also as a more convenient form for reference, the following table is given, made up from the reports of March 6, 1893, showing the capital, the surplus and undivided profits of each bank, with other items which directly bear upon their condition. As will be seen, the sixty national banks of Boston represent a capital stock paid in of $54,600,000. The banks also show a surplus of $14,881.558, and undivided profits of $1,488.968. Expenses and taxes paid amount to $1,212,981. The un- divided profits, less expenses and taxes paid, were $6,275, 98%. A com- parison with the returns for December 9, 1892, shows the following changes: The surplus has increased $460,100, the undivided profits have increased $1, 828,945. The undivided profits, less expenses and taxes paid, have increased since the last statement $1.285,382. The amount of United States deposits held by the various depository banks of the city at the date of this statement was $249, 465, divided among two banks as follows: Shawmut, $204, 206; Merchants, $45, 259.
BANKS.
Capital Stock.
Surplus.
Undiv'd Exp.and Profits, taxes pd
Prem's paid.
Atlantic National
$750,000
$300.000 872,093 812,042
$7,000
Atlas National
1,500,000
200,000 278,527
15,269
Blackstone National.
1,500,000
230,000 120,218
30,025
1,000
Boston National
1,000,000
154.000 120,092
18,365
8,000
Boylston National
200,000
315,000 137,059
17,350
Broadway National
200,000
150,000
116,024
14,421
Central National.
500,000
100,000 338, 283
17,157
Columbian National
1,000,000
155,000
90,309
20,178
31,500
Commercial National
250,000
5,000
23,990
8,641
2,000
Continental National ..
1,000,000
200,000
192,358
13,6681
Eliot National
1,000,000,
500,000
121,700
14,512
Everett National. .
400,000
39,458
34,6-18
12,735
15.400
Faneuil Hall National.
1,000,000
200,000 237,537
19,476
First National
1,000,000
1,000,000 327,944
34,881
First Ward National
200,000
100,000
24,518
9,546
6,500
Fourth National
500,000
100,000
17,541,
20,002
Freemans National
800,000
135,100
90,761
15,188
Globe National
1,000,000
65,500
92.714, 26,519
5,500
Hamilton National
150,000
200,000 129,313
15,171
Howard National
1,000,000
200,000 118,627
27,574
7,00
Lincoln National,
500,000
49,500
35,000
15,781
,000
Manufacturers' National.
500,000
41,300
102,996
17.203
28,249
Market National.
800,000
105,000
80,359
19,162
8.000
Massachusetts National
800,060
100,000
44,981
17,139'
6,000
Mechanics' National
250,000
100,000
42,788
18,6-13
Merchants' National
3.000,000
1,500,000 244,343)
62,034
Metropolitan National
500,000
67,000
32,724
10,271
7,725
Monument National
150,000|
160,000
10,610
4,342
5,600
National Commerce ..
1,500,000
300,000 309,073
33,206'
National Commonwealth
1,000,000
300,000
174,254
23,510
National North America.
1,000,000
200,000
215,326
12,466
National Redemption
1,000,000
400, 000|158,548
4.1,265
55,000
National Republic __
1,500,000
1,000,000 292,840'
39,245
National City
1,000,000,
108,000
50,858
19,966
National Eagle
1,000,000
112,200
112,005
20,374
7,6,00
National Exchange.
1,000,000
250,000 246,997
28, 128
National Hide & Leather
1,500,000
300,000 152,417
27,408
National Market, Brighton
250,000
50,000
19,925
38,459
5,000
National Rockland
300,000
150,000
42,364
8,-101
National Security
250,000
200,000 190,306
5,961
25,000
National Union.
1,000,000
400,000 236,943
11,322
National Webster
1,500,000
242.000
98, 7401
21,933
New England National
1,000,000
North National
1,000,000
350,000
95,372
19,268
14,060
()1d Boston National
900,000
250,000!
70,4671
17,503
47,522
People's National
300,000
175,000|
31,650;
10,802
Second National
1,400,000
900, 000 270,918
40,830
Shawmut National
1,000,000
Shoe & Leather.
1,000,000
85,000 103,335
19,826
23,844
South End.
200,000.
10,500
13,243
4,073
7,000
State National
2,000,000,
400,400 194,198
12,275
Suffolk National.
1,500,000
300,000 152.179
12,825
Third National.
2,000,000
95,000 102,158
48,710
90,000
Traders' National.
500,000
50,000
44,240
29,607
47,500
Tremont National
2,000,000
375,000
99,982
11,405
5,000
Washington National
750,000
300,000
54,680
22.538
Winthrop National
300,000
10,000
65,312
9,686
1,375
National Revere.
1,500,000
140,000
600,000 151,481
24,155
Mount Vernon National
200,000
50,000
54,623
10,435
22,735
7,250
Bunker Hill National
500,000
350,000
200,000 100,561
33,313 192,000
NOTE .- The writer of the foregoing chapter on the history of the financial institutions of Boston was greatly indebted to gleanings from the files of the Commercial Budetin, which contained valu- able material on this subject.
BOSTON CLEARING-HOUSE.
BY DUDLEY P. BAILEY.
THERE are now in the city of Boston and vicinity about one hundred banks, of which the sixty national banks of Boston represent a capital of $54,600,000. Of these sixty banks, fifty-three with a capital of $52,700,000 are associated together to form the Boston Clearing-house, which, though an entirely voluntary association without any corporate privileges, wields a mighty power.
Each of these banks in its daily dealings receives large amounts of checks and drafts on other banks, so that at the close of the day's business every bank has in its drawers a large number of checks and drafts thus due it by other banks. It is also the debtor of other banks which have during the day received its bills and checks drawn upon it.
Before the establishment of the Clearing-house, on March 29, 1856, it was necessary for each bank every morning to make up its account with every other bank, and to send its porter to pre- sent the bills and checks so received to the debtor banks for pay- ment. The balances of their indebtedness were adjusted by pay- ments in gold. This course, which became laborious, complicated, and even dangerous, was obviated by means of the clearing-house system, through which the settlements are so quickly effected that the exchanges adjusted through it, amounting in one day to $31,321, - 817, were settled within an hour and the balances within a short time afterwards.
The exchanges are prepared at the bank by sorting the checks re- ceived according to the banks on which they are drawn, the totals held against each bank being entered upon a blank called the " Settling Clerk's Statement," of which a sample is given below, the " first debit " representing the cheeks received the day prior to the clearing, and the second or "total debit," the total including those received in the morning mail. The column " Bank's Credit" is left vacant and is filled up at the Clearing-house.
GLOBE NATIONAL BANK. Settling Clerk's Statement, April 22, 1893.
No.
Banks.
First Debit.
Total Debit.
Bank's Credit.
No.
1
Massachusetts National
118.28
6,118.28
50.00
1
National Union .
75.96
75.76
1,287.50
2
3
Old Boston National
3,982.02
3,982.02
4
State National
2,009.42
2,122.58
4,500.00
1
New England National
599.25
38.95
5
Tremont National
1,401.00
1,401.00
405.20
6
Columbian National
50.00
1,268.57
195.56
9
National City
320.69
9
10
Washington National
16.50
10
11
North National
159.74
2,971.82
5,410.55
11
12
Atlantic National
14.70
14.70
93.15
12
13
Merchants' National
1,310.88
8,356.05
664.57
13
14
Traders' National
5.70
5.70
14
15
Ilamilton National
9.00
9.00
34.42
15
16
Market National
69.91
69.91
16
17
Second National
28.00
1,156.73
3,518,56
17
18
Atlas National
10,054.68
10,054.68
648.13
18
19
Shoe and Leather National
164.14
164.1-1
112.6-1
19
20
Shawmut National
603.49
2.884.05
1,284.63
20
21
National Exchange
869.01
3,251.14
761.10
21
23
National Bank of N. America
99.26
2,099.26
164.00
24
26
Eliot National
7.00
15,376.50
306.00
26
27
Howard National
430.83
430.83
399.87
27
Suffolk National
36.93
36,93
1,142.49
25
29
Globe National.
29
31
Freemans National.
203.05
31
32
Boylston National
63.36
68.36
1,264.50
1,147.82
1,397.82
145.33
33
33
Boston National
223.55
223.55
334.64
34
36
National Hide & Leather
11.59
294.04
294.77
36
5,399.99
105,686.79
32,307.33
89
40
National Revere.
40.25
21,173.11
1,222.00
40
41
National Bank of Republic
162.69
162.69
20,100.00
42
43
Mt. Vernon National
610.83
610.83
20.75
43
44
'Third National ..
70,00
70.00
$06.32
41
45
Everett National
12.19
45
16
National Security
110.70
110.70
1,887.86
16
47
Broadway National
213.45
47
48
National Bank Commonwealth
355.08
355.08
1,775.97
48
49
Central National
22.45
505.97
49
50
Manufacturers' National
7.00
7.00
30.00
50
51
Fourth National.
26.84
17,647.81
5.1,141.20
51
53
Merchandise National
228.04
228.04
243.95
54
50
Mechanics' National
13,374.40
25,200.15
93.49
55
56
Commercial National
7,374.07
18,200.20
50.40
56
Footings.
51,128.80
271,232.36
150,655.56
Balance.
120,576.80
22
24
Faneuil Hall National
11.70
311.12
9,175.33
23
National Webster
46.33
46,33
22.16
25
Blackstone National
49.90
241.41
2,950.36
1,053.80
41
42
Continental National
292.26
292.26
65.30
Metropolitan National
50.00
53
Lincoln National.
271,232.36
1-
1,000.00
National Eagle
National Bank of Commerce
National Bank Redemption.
First National
15,950.00
e
FHRandall
317
BOSTON CLEARING-HOUSE.
The mode of doing business at the Clearing-house is as follows; Each bank is represented at the Clearing-house by a settling clerk and a messenger. These representatives assemble at the Clearing-house at or before 10 o'clock every morning. Each settling clerk brings with him first, his settling elerk's statement made up at his bank before leaving, which he retains; secondly, a credit ticket, which he hands to the manager on entering, which is filled up on a blank in the following form:
No. 1.
CREDIT TICKET.
BOSTON CLEARING-HOUSE.
IS9. .
Credit Globe National Bank $271,232.36.
A. B., Settling Clerk.
The figures from the credit tickets are rapidly entered by the manager or clerk in a blank called the "Clearing-house Proof" in the column headed "Banks Cr.," representing the amount of the checks brought by the different banks to the Clearing-house. When these entries are made they are footed while the exchanges are in progress.
Each bank has a number in the Clearing-house and a desk num- bered to correspond with the number of the bank. At precisely 10 A. M. every settling clerk must be in his place inside the desk appropriated to his bank, with his settling clerk's statement. On the outside is each messenger having the actual cheeks or other matter to be exchanged with the other banks. The manager calls the Clearing-house to order and sounds the gong at precisely 10 A. M. At the sound of the gong each messenger moves one desk forward or to the left and deposits the checks and other Clearing-house matter drawn on that bank with its settling elerk, and at the same time drops in a small aperture in the desk an exchange slip, so called, as follows, showing the totals drawn upon that bank :
48
318
SUFFOLK COUNTY.
No. 33, BLACKSTONE NATIONAL BANK,
FROM
No. 13, Merchants' Nat'l Bank,
38,965 DOLLS. 39 CTS.
In this manner the messengers advance from desk to desk, depositing with each the checks drawn upon the bank there represented and the exchange slip, until each has passed entirely around to all the desks and comes back again to the point from which he started in front of the desk of his own bank. This occupies usually five minutes.
The messenger then receives from the settling clerk of his bank the checks and other matter left at the desk by the other messengers, and returns with them to his own bank.
The taking up of the exchanges usually occupies three minutes more, so that within about eight or ten minutes from the time the ex- changes begin at the sounding of the gong they have been fully com- pleted, and the messengers have left for their respective banks with the checks they have received. When received at the bank they are delivered to the Clearing-house clerk, by whom they are examined and entered, or returned, as the case may be. All checks not good must be returned by one o'clock.
As fast as the exchange slips and cheeks are received they are entered in the settling clerk's statement in the last column headed " Banks Cr." and rapidly footed.
Each settling clerk, as soon as he has footed the credit column of his statement and carefully revised the work, strikes a balance be- tween the total debit and the total credit exchange, which shows how much his bank is to receive or pay.
He then copies these footings into what is called a " balance ticket" as follow :
349
BOSTON CLEARING-HOUSE.
No. 29.
BOSTON CLEARING-HOUSE.
BALANCE TICKET.
APRIL 22, 1893.
Dr. Globe National Bank, Amt. Recd. $ 150,655.56. Cr.
Amt. Brot. $271,232.36. Balance, $ .due Clearing-house. Balance due Globe National Bank, $ 120,576.80.
A. B., Settling Clerk.
These balance sheets as fast as they are filled out are passed to the manager. Some of them are handed up almost immediately after the close of the exchanges, perhaps by ten minutes past ten, and they con- tinue to come in until nearly half-past ten, by which time the proof must be made under a penalty of a fine upon the delinquent bank ac- cording to a scale fixed in the Clearing-house regulations.
The total of the amount received, as shown by the balance ticket, is entered on the Clearing-house proof in the column headed "Banks Dr." and the balance in the proper column. The amounts received and the balances are then footed. If the totals on both sides agree, the work is correct, the proof is made and the clerks are at liberty to go. If they fail to agree, it is evident that an error must have been made, as the amount of checks brought and the amount of checks carried away must be exactly the same. For instance, on a certain morning there is a discrepancy of $199.90. The manager immediately announces, "The error is $199.90." The clerks immediately procced to examine their figures for the error. In a few minutes one of the clerks reports that he has discovered an error of ten cents, which makes the error $200, which is announced by the manager. The clerks continue to examine their figures and in five minutes more, at 10.40, the error of two hun- dred dollars is discovered and corrected, the proof is completed and the clerks are allowed to withdraw. The two banks whose clerks have thus detained the whole force for ten minutes are subjected to a fine of $2.00 each.
The following is a sample of the Clearing-house Proof :
BOSTON CLEARING-HOUSE PROOF
No.
BANKS.
BALANCES due to Clear- ing House.
Banks, Dr.
Banks, Cr.
BALANCES Due to the Banks.
No.
1
Massachusetts National.
199,548.47
288,909.29
89,360.82
1
2
National Union.
9,179.07
151,066.67
141,887.60
3
Old Boston National
142,518.65
174,804.41
32,285.76
B
1
State National.
242,888.87
346,905.19
104.016.32
4
New England National
518,473.37
638,318.06
119,844.69
5
6 Tremont National
192,102.02
216,288.60
24, 186.58
6
8
National Eagle
97,865.67
199,190.67
121,325.00
9
National City
34,411.99
172,539.88
138,127.89
9
10
Washington National North National
53,271.72
332,684.84
279,413.12
11
12
Atlantic National
24,200.99
66,927.21
42,726.22
12
13
Merchants National
349,615.59
1,466,163.41
1,116.547.82
13
14
Traders National
27,413.09
124,371.54
96,958.45
14
15
Hamilton National.
19,101.81
325,423.74
113,530.37
16
17
Second National
451,089.14
677.623.13
226,533.99
1%
18
Atlas National
145,449.47
179,493.52
34,044.05
18
19
Shoe and Leather Nat'l.
301,686.63
337,630.28
35,943.65 - 19
20
Shawmut National.
1,821,982.82
1,613,738.25
20
21
National Exchange
2,145, 645.51
1,607,760.81 $29,768.32
21
23
Nat'l B'k of N. America.
161,520.53
346.106.74
184,586.21 1,839,04
24
25
National Webster
192,382.78
274,850.26
82,467.48
25
26
Eliot National
23,840.08
97,443.35
73,603.27
26
27
Howard National
151,880.93
370,335.92
218,454.99 24,103.10
28
29
Globe National
439,229.25
746,028.97
306,799.72 29
31
Freemans National
80,219.61
161,497.07
81,277.46
31
32
Boylston National
93,280.86
87,158.44
33
Blackstone National
161,560.32
400,694.25
239,133.93
34
36
National Hide & Leather
316,154.89
503,101.39
186,946.50, 36
37
Nat'l Bank Redemption_ First National
436,174.65
518,773,78
82,599.13 39
40
National Revere
743,836.77
946,435.62
202,598.85 40
41
Nat'l Bank of Republic.
849,818.27
1,132,012.72 126,044.93
4:2
43
Mt. Vernon National.
30,427.86
64,321.02
33,893.16
43
44
Third National
140,090.07
998, 125.04
858,034.97
44
45
Everett National
15,749.83
36,332.66
20,582.83
45
46
National Security
88,626.25
190,769.18
102,142.93
46
47
Broadway National
36,096.26
145.547.69
109,451.43
47
48
Nat'l B'k Common wealth
1,021,303.44
1,043,538.69
22,235.25
48
49
Central National
56,566.01
136,900.28
80,333,37
50
51
Manufacturers National. Fourth National
141,117.57
183,990.64
42,873.07
51
52
Metropolitan National
21,380.21
60,940.66
39,360.45
52
53
Winthrop National
26,576.54
109,730,00
83,153.46
5,025.75
54
55
Mechanics National
103,220.22
113,315.26
10,095.04 55
56
Commercial National
70,314.88
85,599,83
15,284.95 56
AGGREGATES
3,106,849.75 20, 460, 711.91,20, 400, 711.91,3, 105, 849. 15,
282,194.45
41
42
Continental National
110,707.75
236, 152.68
1,866,653.80
583,842.77 37
39
Nat'l B'k of Commerce
482,195. 14
1,211,963.46
24
Fanenil Hall National.
112,665.83
119,504.87
28
Suffolk National
454,237.49
478,340.59
6,122.42 113,072.23
340,645.10
227,572.87
34
Boston National
1,282,811.03
306,321.93
15
16
Market National
12,944.70
126,475.07|
29,559.43
10
11
Columbian National
137,937.73
219,323.40
81,385.67
124,738.93
154,298.36
8,318,92
139,496.59
131,177.67
49
50
53
Lincoln National
182,641.34
187,667.09
23
27
208,244.57 433,884.90
EXCHANGES.
.189 ..
381
BOSTON CLEARING-HOUSE.
After the completion of the exchanges the next step is the payment of the balances. The debtor banks are required to pay their balances at the Clearing-house on or before 12:15 P. M., and the creditor banks to receive them on or before 1:30 p. M. The manager gives a receipt to each of the debtor banks paying balances and receives one from the ereditor banks. Balances must be paid either in coin or in such other currency as the laws of the United States require, or in such certifi- cates as shall be authorized by the Clearing-house Association, except that sums less than $1,000 may be paid in bills of the debtor bank. Should any bank fail to pay the balance due from it at the proper hour, the amount of such balance must be immediately furnished to the Clearing-house by the several banks in proportion to their respective balances against the defaulting bank resulting from the exchanges of that day, and the manager makes requisition accordingly. The amounts so furnished to the Clearing-house constitute claims on the part of the responding banks respectively against the defaulting bank. Any such responding bank may cancel its exchanges of the day with the defaulting bank by tendering repayment to the debtor bank of the amount, if any, of the checks and other items received by it (the creditor bank) through the exchanges of the day at the Clearing- house, from or on account of such defaulting bank, and receiving in return all the checks and other items delivered to the defaulting bank. If the defaulting bank shall fail to return such checks, the creditor bank may notify its depositors and customers from whom said checks and items were received of the non-payment and detention of such cheeks, which notification shall be equivalent to the return of such checks and items to depositors of the same, and the amounts thereof may be charged to their respective accounts, it being understood that the banks receive such checks and items payable by other banks for collection and as agents only. Errors in the exchanges and claims arising from the return of checks or otherwise must be adjusted be- tween the banks directly and not through the Clearing-house, and cheeks not good must be returned at or before 1 o'clock.
The New York Clearing-house, -the first in this country-had been in operation nearly two years, and its usefulness had been fully demon- strated before steps were taken to establish a similar institution in Bos- ton. A meeting of the representatives of the Boston banks to consider the expediency of establishing a clearing-house, was held at the rooms of the Merchants' Bank on Thursday, September 22, 1855. Franklin
382
SUFFOLK COUNTY.
Ilaven, president of the Merchants' Bank, was chosen president of this meeting and William Thomas, of the Webster Bank, secretary. The president read a paper prepared by Waldo Flint, president of the Eagle Bank, in favor of the establishment of the clearing-house, which docu- ment had been approved by twenty of the Boston banks, representing more than two-thirds of the banking capital of the city. A committee of eight was thereupon appointed to carry out the objects named in this paper. This committee was composed of the following gentlemen : Andrew T. Hall of the Tremont Bank, Waldo Flint of the Eagle Bank, Benjamin E. Bates of the Bank of Commerce, Thomas Lamb of the New England Bank, Almon D. Hodges of the Washington Bank, George W. Thayer of the Exchange Bank, Franklin Haven of the Mer- chants' Bank, and Daniel Denney of the Hamilton Bank.
As one of the obvious effects of establishing a system of daily settle- ments between the banks would be to compel the less conservative in- stitutions to curtail their operations, some opposition was developed to the change. It was urged that the money market was already strin- gent and the rates of interest high and that the clearing-house, by bringing bank transactions to a striet daily specie test, would restrict loans and increase the stringency. To this it was answered that the tightness of the market was due to the encouragement given to specu- lation by some of the banks and that the conservative influence of the clearing-house settlements was just the thing needed to remedy the evil. The opposition proved of no avail. The committee appointed September 22 proceeded with their work and prepared a constitution and rules for the Clearing-house, which were presented, adopted and signed at a meeting of bank officers held at the Merchants' Bank on January, 15, 1856. At this meeting Franklin Haven was chosen chair- man of the association and William Thomas secretary. A Clearing- house Committee was also chosen as follows: Andrew T. Hall, Tre- mont Bank; Waldo Flint, Eagle Bank; Thomas Lamb, New England Bank ; Almon D. Hodges, Washington Bank; Benjamin E. Bates, Bank of Commerce. Henry B. Graves was chosen manager.
Rooms were engaged on the third floor of the Granite Building, form- erly owned by the New England Bank, at the corner of State and Kilby streets. The site with other adjoining land is now covered by the "Exchange Building," so called. The clearings were made in this room until the association removed to its present more commodious and convenient quarters at 66 State street on October 22, 1883. Of the original officers Franklin Haven is the sole survivor.
383
BOSTON CLEARING-HOUSE.
The Clearing-house commenced operations March 29, 1856. The following banks, twenty-nine in number, -the constituent members of the association-participated in the first day's clearings:
Massachusetts Bank,
Market Bank,
Union
Granite
Boston
(now Second National)
State
Atlas Bank,
New England
Shoe and Leather Bank,
Tremont
Shawmut
Columbian
Exchange
Eagle
Bank of Commerce,
City
Bank of North America,
Washington
Faneuil Hall Bank,
North
Webster
Atlantic
Eliot
Merchants'
Howard
'Traders' .4
Suffolk
Hamilton
Blackstone
The exchanges on the first day amounted to $2, 780,000, and the bal- ances to 8384,000. The heaviest exchanges ever made in any day were $31,321,812 on July 2, 1889. The lightest exchanges were $1,311,917 on May 24, 1862. The largest balances resulting from any one day's transactions were $4,072,438 on July 2, 1889. The smallest balances in any one day were $150,811 on August 15, 1856.
In June, 1856, the Globe, National and Maverick Banks joined the association. The Freemans and Boylston became members June 1, 1851; the Hide and Leather in May, 1858; the Bank of Mutual Re- demption in October, 1858; the Bank of the Metropolis in November, 1858; the Safety Fund (now First National) in February, 1859; the Re- vere May 10, 1859; the Bank of the Republie February 5, 1860; the Continental and Mount Vernon November 14, 1860; the Third National June 1, 1864; the Everett National and National Security April 1, 1868: the Broadway National in February, 1840; the National Bank of the Commonwealth in June, 1821; the Central National in May, 1823; the Manufacturers' National in July, 1873; the Fourth National in July, 1825; the Metropolitan in August, 1845; the Merchandise in November, 1845; the Lincoln in 1883; the Mechanics' and Commercial in 1888. The Globe National and Maverick Banks were represented in the original organization, but did not perfect their membership until later. The Mechanics' Bank was expected to join as number thirty, but did not actually enter until 1888, when it came as in number fifty-five, the
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