Salt Lake Tribune | 1919-07-27 | Page 1 | Banks Planning New Enterprise

BANKS PLANNING NEW ENTERPRISE Arranging for Formation of Foreign Credit Clearing Clear-ing House. ! (Chicago Tribune Special Service.) NEW YORK. July 26. Flans are being discussed anions bankers and business men for the formation of a foreign credit clearing house as a means to simplify present methods employed In RatherlnK and distributes credit information from abroad and the elimination of much wasted effort, the result of present overlapping over-lapping systems. No plan has yet crystallized, crys-tallized, but It was learned today lhat amonc the orcanlzations studying It are the Chamber of Commerce of the United States, the American Hankers' association associa-tion the Investment Bankers' association, the Council on Foreiprn Relations, the National Na-tional KorelKn Trade council and the American .Manufacturers' Exrort association. asso-ciation. Amonir the suggestions marie are that the proposed foreign credit clearing house he organized "s a co-operative aftalr and In direct contrast to that, that It be organized as a business corporation to be operated for gain. While many are known to favor the co-operative plan, others iust as strongly favor a clearing house operated for gain. The latter assume that such a concern would be more up-to-date and more alive. Meetings at which the matter has been discussed have been held in recent weeks, and it Is understood that others will be held In the near future.