VI
PROCEDURE
(a) At the close of business each Wednesday night, each federal reserve bank shall telegraph to the Federal Reserve Board, confirming such telegram by mail, the amounts in even thousands due to each other federal reserve bank as of that date, as indicated by its "due to" account provided for in Rule V. If Wednesday is a holiday in the State in which a federal reserve bank is located, then such bank shall telegraph as herein provided on Tuesday, at the close of business.
(b) The settling agent shall, on each Thursday, make the proper debits and credits in the accounts of each federal reserve bank with the gold settlement fund, and shall telegraph to each bank the amounts, in even thousands, of credits to its settlement account, giving the name of each federal reserve bank from which each of its credits was received and also its net debit or credit balance in the weekly settlement.
(c) Each federal reserve bank shall, on receipt of the telegram from the settling agent, debit the "due to" federal reserve banks' accounts, and shall credit the gold settlement fund; and shall credit the "due from" federal reserve banks' accounts and charge the gold settlement fund. The difference between the total debits and credits shall equal the net debit or credit to the gold settlement fund, as advised in the telegram from the settling agent.