Show L M NS N'S lEAR N HOSI I Plan for or One in Chicago So Debts Could Be Cleared Outside BanKs Could Can Cancel l ChecKs CHICAGO Jan l lA A A A plan for a commercial clearing house hous an institution institution thron through h which business houses could settle their debts and collect their bills among themselves without recourse to the banks was launched last night at atthe tho the meeting of tho the C Chicago o Credit Mens Men's a association The proposal was enthusiastically received by representatives tives of l large r c business houses A resolution was passed parsed to appoint a special committee to make an investigation investigation gation with a view to devising ways and moans means to put the plan into opera tion Tho The plan is simply the adaptation of tho the bankers clearing house system system to the needs of mercantile affairs Lar Large e mercantile hou houses cg would proceed at once to effect debtor and creditor settlements amon among themselves by tho the exchange n o of canceled checks check to in a n manner man ner ncr similar to the settlements mado made by banks without the n necessity t for the exchange ex ex- exchange chan change e of ot real money These mercantile settlements would be made mado on tho the basis of the tho values of sound mercantile accounts |