Salt Lake Herald-Republican | 1912-12-11 | Page 10 | Clearing House Not 'Unreasonable,' Says Pres. L. H. Farnsworth

CLEARING HOUSE NOT UNREASONABlE SAYS PRES L H FARNSWORTH r Discusses Statement Made at Inquiry in Washington 1 Investigation TILES and nd regulations of at the RULES Salt lit Lake Clearing House as association IlS as- arc are copied after those timed In other the thc cities the naso asso- elation Is a operative co-operative organization tion o ot of bankers to facilitate business busl busl- ness declared L. L H. H Farnsworth president of or tho the Clearing House association yesterday Mr Farnsworth was WI asked what he thought t of or tho the char charge e made inthe In Inthe Inthe the money trust Inquiry In Washington n tho da day previous that clearing house alsa associations domInated dominated dom dom- the Individual banks and wherein th the Salt Lake organization tion rules were ware exhibited and char- char Mr o Q unreaL unreasonable Farnsworth laughed at the Idea that the clearing house association Is IB neater greater Ire ter than an any bank holding membership therein That Is Ie not true tru In Salt L Lake ke he be said The clearing house association asso asso- elation most certainly Is Ie subsidiary to the banks themselves It w was organized by the banks for con con- The rules may be b seen by anyone It may mar be possible for tor the tho New NewYork York Irk Clearing House association to dominate the banks In that city In fact I think It Is possible but It could not bo be done In a a. c city ty th the size alze of or Salt L Lake e tu said wd A A- D. D aSmith Smith manager o of ot th the Salt SaIt Lake association In New York for tor Instance AIn t A. A tho ho clearing house could virtually drive o a bank out of or business 1 If It chose continued Mr Smith It Is rl ridiculous ridiculous ridic ridic- lc- lc ulous to say that this Is possible In tn Salt Lake The National Copper bank of ot this city Is not a a. member of the th clearing house yet yot ot It has not suffered front from withdrawal ral It does as aa much business now If It not more more than it did when It was was a II number of or tho the association