Los Angeles Circulating Clearing House Certificates Form - 1907

Los Angeles Circulating Clearing House Certificates Form - 1907

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Los Angeles Circulating Clearing House Certificates Form - 1907

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The Panic of 1907 was a major financial crisis that exposed the fragility of the modern economy pivoting on an archaic banking system. In the summer and fall of 1907 a loss of confidence hit depositors, who began demanding cash for their deposits. The severe shortage of cash was met in large part by new issues of Clearing House certificates from a consortium of banks, which were accepted as currency and which eased the crisis. In 1907, a group of banks joined the Los Angeles Clearing House Association to help deal with the financial panic of 1907. As part of this association, the clearing house would receive paper money to be redeemed from the participating banks and issue new temporary currency in the name of the Clearing House. The Clearing House Certificate was used during the 1907 financial crisis which enabled banks to discharge their mutual obligations without a transfer of cash and was effectively a guarantee by the clearing house. The Circulating Clearing House Certificates signed Form was used to show how much money came in from a participating bank and how much was re issued to the bank. This form was divided by $1, $2, $5, $10 and $20 denominations and was signed by representatives of the clearing house and the respective bank. This form was used during November and December of 1907. The participating Los Angeles banks included were the Farmers and Merchants National Bank, Merchants National Bank, National Bank of Commerce, Commercial National Bank, National Bank of California, Security Savings Bank, First National Bank of Los Angeles, United States National Bank, Central National Bank of Los Angeles, Citizens National Bank of Los Angeles, Southern California Savings Bank, American National Bank, Merchants Trust Company, West Side Bank, and the Broadway Bank and Trust.

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Item Details:

  • Reference #
  • ciclhocefo19
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  • 1
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  • Coins & Currency
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  • Antiques
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