How much did clearing houses issue in Oct. and Nov. 1907 versus New York?

"Clearing house loan certificates were essentially “bridge loans” arranged between clearing house members. They enabled and were issued in anticipation of gold imports, which took a few weeks to arrive."

"The large, New York City national banks acted as private liquidity providers by requesting (and the New York Clearing House issuing) a volume of clearing house loan certificates beyond their own immediate liquidity needs, in accord with their role as central reserve city banks in the national banking system."

"They enabled and were issued in anticipation of gold imports, which took a few weeks to arrive."

"The large, New York City national banks acted as private liquidity providers by requesting (and the New York Clearing House issuing) a volume of clearing house loan certificates beyond their own immediate liquidity needs, in accord with their role as central reserve city banks in the national banking system."

"In terms of volume, the New York Clearing House issued over $80 million in clearing house loan certificates, which was substantial when compared to New York Clearing House"

"in 1907, the borrowers of clearing house loan certificates paid a 6 percent annual rate of interest to the holder of the certificate."

"The big six national banks account for more than half of the initial issues of clearing house loan certificates."

"One of the big six, Hanover Bank, took out no Clearing House loan certificates."

"Muhleman (1908, pages 191-192) shows that New York Clearing House member banks had $267 million in reserves on October 19, 1907, and the level of reserves fell to $216 million on November 23, 1907."

"Outstanding NYCH CLCs peaked at $88 million on December 16 before gold imports from Europe expanded the supply of legal tender."

"By the time the NYCH canceled the last remaining CLCs in March, it had issued more than twice as many CLCs than in any previous crisis."

"Clearinghouses in other cities quickly followed suit by issuing CLCs and limiting cash payments."

"As an alternative means of relief Clearing House loan certificates will be issued. George F. Baker, pres president - ident president of the Clearing House, said no amount has been specified, but that the same method as that used In 1S03 will be followed."

"Meanwhile the Clearing House loan certificates will be issued as a pre precautionary - cautionary precautionary , measure."