Show I i I IRES RESERVE BANKS TO CLEAR Gold Jold l' l Fund und nt lit tn Arranged to Handle lIndle Operation Washington April 7 7 Tho i.-Tho The Tho federal reserve re- re servo serve board tonight ht announced that it had reached a general understanding with representatives of the federal reserve re reserve re re- serve banks for tho the creation of a gold old fund Cund In Washington ton for Cor use In clearings clearIngs clear- clear In Ings s and settling balances between these banks Th The plan Is expected to become effective next month When this fund Is created and put In operation the last important step MCI in setting up the time dealing clearing functions of or orthe the federal reserve 0 system will havo o been taken The federal reserve e banks alread already arc aro clearing for tor member banks hanks in their own oun districts |