New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-17
FINANCE & INVESTMENT
SIXTEENTH ARTICLE)
By Marc M. Reynolds.
German Clearing Houses.

Germany has more clearing houses than
Great Britain. The system was organ
lied in 1888, but there were clearing opera
tions prior to that date. not. however
embracing Berlin, Cologne, Leipsic, Dres-
den. Stuttgart. Frankfort and Hamburg.
The title of the German institution 10
"Abrechnungs Stelle." which means set
Element place" The Berlin clearing mousse
is like the Others in Germany in its opera
tons The whole system was ORGANIZED
through the efforts of the Imperial Bank
and the Berlin Clearing House mas It's
official home in the Imperial Bank build
ing. The items OF clearing are local
checks. drafts and acceptances; also there
is an adjunct for clearing country checks'
Settlements are similar TO London, orders
being given on the Imperial Bank where
each member has a special account, ana
balances must be kept under penalty Inc
clearing system is the same throughout
Germany and differs only slightly rom
all general systems. In Hamburg the
transactions are the largest In Germany,
and include a system for clearing stock
operations. conducted by the Wechster
Bank.
French Clearing System.
The French clearing system does not
play an important role in financial opera
tons owing to the fact that checks are
not used extensively. as is the case IN
all Continental Europe. However. the
Chambre de Compensation de Banquers
Of Paris, the official title OF the clearing
Spcfit,iAi0n and
it's constitution states that the Paris
Clearing House is planned after the
model OF the London Clearing House,
solely for the purpose Of making OK
changes. The exchanges are not confined
to checks; other negotiable instruments
constitute a large part of the transac-
tons.
There Is only one clearing daily. which
extends from 10 o'clock q. IN. until 2:io
D. IN. on ordinary days. and one hour
later on the 18th and last day OF each
month. the two general settling days for
many financial institutions.
Usually one hour is allowed for settling
after the doors close, when the balance
is struck and the manager transmits a
copy TO the Bank Of France. accompanied
by an order from each OF the debtor
members against his balance there. The
orders are then certified in favor OF the
creditor members. and the sums are
transferred to their accounts.
The system Of clearing in use in France
is the prevailing one throughout Latin
Europe. There are clearing houses IN
Rome. Naples. Milan and Genoa IN
Italy: I'm Madrid IN Spain and other com
mercial cities which border on the Medi-
terranean. The system In Naples is an
old one and Is said 10 date back 10
the sixteenth century. but the system N
vogue in the earlier periods has Ions
since, passed and the present one IS based
on modern requirements. Antwerp dis
putes the claim OF Naples and lays claim
to priority Of clearing house systems. bun
the period Of recognition very probably
is sentimental rather than practical with
both. Holland and Belgium arc In the
front rank as money contres and natu'
rally have adopted the best devices 70
facilitate the operations OF finance.
Go be continued Monday. February ~