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Show CLEARING SYSTEM j IS NOT PERFECTED Governors of Federal Reserve Banks Fail to Agree on Any Special Plan- WASHINGTON, Dec, 12. Conferences Confer-ences between governors of the federal reserve banks and the federal reserve board ended here today without any definite understanding having been reached as to how far the clearing house functions of the banks shall be exercised. All the governors appeared before the board iu the two days they spent in Washington and argued on the merits mer-its of clearings through reserve banks. Board members took virtually no part in the discussion and were said tonight to bo waiting to see what developments may follow the deliberations of a special spe-cial committee appointed among the governors to go further into the sub-ject. sub-ject. Three reserve banks, those in Chicago, Chi-cago, Kansas City and St. Louis, already al-ready have undertaken clearances to a limited extent. |