Show FINANCIAL GOMBIN CONSIDERS BRAND NEW BANK Men in hi Corporations r Believed Believed Believed Be Be- j to Be Sponsors of Scheme I NEW YORK Dec 10 FOrmation 10 Formation of ot a new bank with paid-in paid capital and surplus amounting to is beIng be be- be ing discussed in certain banking and I business circles of the Wall street dis ds- tract The plan which has not ad ad- ad beyond a tentative stage Is in the hands pf Df a halt half dozen men mep of means who believe bellevo that the time is opportune for establishing a n bank whose principal function will be the financing of transactions transactions trans trans- actions in securities The bank will make mako a specialty of or call and time owns cans fin R I on r n 1 o e i A M. M l Martin r Vogel g assistant t t treasurer of the United States has been asked to to examine into the possibilities ot of such of-such such a bank and the sponsors of the plan I intend to invite him to be president in case the bank is organized Mr Vogel declined to 19 comment on the proposal I except to to fo state that the matter had been brought to his attention Ife re He-re te- te from naming any of the men who are back of it NATURE OF PROPOSAL Little could be learned outside of the I fact tha that t a call and time loan bank I was under discussion but it was supposed supposed sup- sup supposed I posed that men more directly interested in the affairs of several large I I corporations corporations corpora corpora- than in commercial banking were sU supporting r the plan i I h p I I v otner producing concerns concern's concerns concerns' are at times heavy lenders of call money During the seasons seasons seasons sea- sea sons when their is not invested in Jn raw materials or In periods of the year when cash is flowing into their treasuries for goods and materials I sold many of the ahe industrial companies put jut out their funds funds for temporary use I in n the stock and bond markets These lenders usually act through the banks where they have their deposits I and in some quarters it is considered that the controlling forces in certain ertain corporations would desire to have an interest in a bank whose chief I endeavor was to meet the demand for call and period fixed-period money MAY BE ABANDONED It seems probable that the final decision de de- about the bank will be deter deter- determined mined in part by developments de in procedure procedure pro pro- of oo on the stock exchange The exchange recently put ut into operation a system through the he the Stock Clearing corporation which reduces the turnover of loans on onse se se- se I es I Prior to the establishment of the corporation corporation cor cor- it was made clear by stock exchange exchange ex ex- change authorities that the credit situation situation sit- sit lation and other factors made preferable preferable prefer prefer- able a medium for reducing the daily payment of old loans and the making of f new ones without going to the extreme ex- ex reme of the European method of settlements settlements set- set every fortnight Should the exchange in cooperation with bankers decide in the next few months that a method approximating the fortnightly settlement could be put into effect here it t is possible that the idea of the new lew bank woud be abandoned I Mr Vogel has announced his intention tion ion of remaining in his present office I until the at New Now York is I I dosed closed This is expected to occur around January 1 1 I |