\^..A^ 
 
 
 
 "i>A 
 
 4^ 
 
Class H I^Zll 7 
 
 Book 
 
 Copyright N°_ 
 
 7=^ 
 
 COPYRIGHT DEPOSIT. 
 
Publications of the 
 Academy of Pacific Coast History 
 
 Vol. I No. I 
 
 THE SAN FRANCISCO CLEARING 
 
 HOUSE CERTIFICATES 
 
 OF 1907-1908 
 
 Bt 
 
 Carl Copping^ Plehn 
 
 Professor of finance, Uni'versity of California 
 
 University of California 
 
 Berkeley, California 
 
 January, 1909 
 
 Price 10 cents 
 
 liono^rrap'' 
 
ACADEMY OF PACIFIC COAST HISTORY. 
 
 (Founded 1907.) 
 
 MEMBERS OP THE COUNCIL. 
 
 William B. Bouen , William G. Iewin 
 
 William H. Crockek Livingston Jenks ^ 
 
 Guy C. Earl James K. Moffitt 
 
 Joseph D. Grant Frederick W. Sharon 
 
 Mrs. Phoebe Apperson Hearst Leon Sloss 
 
 William F. Herrin Sigmund Stern 
 
 Richard M. Hotaling Rudolph J. Taussig 
 BEisyrAMiN Ide Wheeler, Ex-OflBcio 
 
 Henry Morse Stephens, Secretary 
 
 Frederick J. Teggart, Curator 
 Porter Garnett, Assistant Curator 
 According to the Constitution of the Academy, there are still six places 
 to be filled upon the Council. 
 
 Extracts from the Constitution of the Academy of Pacific 
 Coast History: 
 
 Article I. 
 
 The name of the Academy shall be the Academy of Pacific Coast His- 
 tory. 
 
 Article II. 
 
 Its object shall be the promotion of the study of the political, social, 
 commercial and the industrial history, and of the ethnology, geography, 
 and literature of the Pacific Coast of Amercia, and the publication of 
 monographs, historical documents, and other historical material relating 
 thereto. ^ 
 
 Article III. 
 
 The Regents of the University of California have entrusted the control 
 and administration of the books and manuscripts collected by Mr. H. H. 
 Bancroft and known as the Bancroft Collection, together with such other 
 historical material as is already in their possession or may come into their 
 possession, to the Council of the Academy of Pacific Coast History, on 
 condition that the President of the University of California be, ex-officio, a 
 member of the Council, that the Secretary of the Academy be appointed 
 by the Regents, and that the names of members of the Council be sub- 
 mitted to the Regents for their approval. 
 
 Article IX. 
 
 Any person approved by the Council may become a Fellow of the Acad- 
 emy of Pacific Coast History upon the recommendation of two fellows and 
 the payment of ten dollars; and after the first year may continue a fellow 
 by paying an annual subscription of ten dollars in advance. On payment 
 of one hundred dollars, any fellow may become a Ufe-fellow exempt from 
 further subscriptions. 
 
 Article X. 
 
 The publications of the Academy of Pacific Coast History shall be for- 
 warded free of charge to all Fellows of the Academy of Pacific Coast His- 
 tory, and they shall be entitled to additional copies of these publications at 
 a reduced rate from that charged to the general public. 
 
 Applications for Fellowships in the Academy of Pacific Coast 
 History may be made to the Secretary, Curator, or to the Secre- 
 tary of the Board of Regents, University of California, Berkeley, 
 California. 
 
f *ii«*»MMaa>w»wwwsaiw<i«w*tg 
 
 '\l 
 
 S3Bf««55S5ilK5»*?55!!SeEKj 
 
 
 " M a< M <H> ^J »»M<»»«*» > &W>»»HKUMy?<wa^ftM^e/v»wgc^flly*M><>yyi^ 
 
 Fi<i. 1. Old Issue. 
 Note.— The signature of the President was printed, that of the Secretary was wi-itten l>y 
 hand. The text on other denoniinalion.s was the same. 
 
 ^B 
 
 
 ^^^^^^^^I^^^^^^^^H 
 
 iJTi.'i^'WM 
 
 B^^Mff 
 
 K^9 
 
 
 fm^^KiMJp^^ 
 
 Sl^^^K ''^' CHHH 
 
 WB^ffly [ It^ ty^YBwKr ^ ^BBy 
 
 fl^^H 
 
 
 jHl^gji 
 
 H^^Hmp 
 
 ^^B^^^^^HB^^^ 
 
 SHHHP 
 
 Fk). 2. New Issue. 
 XOTE.— The signature on the one-and two-dollar denominations were both printed, on 
 the five-, ten-, and twenty-dollar certificates that of the President was printed, while 
 that of the Secretary was written by liand. The text of the other denominations 
 was the same. 
 
Publications of the 
 Academy of Pacific Coast History 
 
 Vol. I No. i 
 
 THE SAN FRANCISCO CLEARING 
 
 HOUSE CERTIFICATES 
 
 OF 1907-1908 
 
 BY 
 
 Carl Copping Plehn 
 
 Professor of Finance, University of California 
 
 University of California 
 
 Berkeley, California 
 
 January, 1909 
 
^^^ 
 
 <:^.^'^ 
 ^^\^ 
 
 \s> 
 
 Copyright, 1908, 
 
 BY 
 
 The Academy of Pacific Coast History. 
 
 f^ocaivcd from 
 
 Copyright Office. 
 
 MN 22 1910 
 
 © 
 
 SEP''23t 1909 
 
 BERKELEY : THE UNIVERSITY PRESS 
 
THE SAN FRANCISCO CLEARING HOUSE 
 CERTIFICATES OF 1907-1908. 
 
 Note. — Through the courtesy of the San Francisco Clearing House, six 
 complete specimen sets (cancelled) of the various forms and denominations 
 of the Clearing House Certificates used in San Francisco during the recent 
 financial stringency have been placed in the library of the Academy of 
 Pacific Coast History, where they will be preserved for future reference. 
 This memorandum is written to accompany the deposit and to provide a 
 permanent record, for historical purposes, of the origin and use of the cer- 
 tificates and of the events of this interesting episode. 
 
 In October, 1907, the banks in San Francisco experienced 
 great difficulty in securing coin to supply the needs of the com- 
 munity for circulation. This stringency was San Francisco's 
 participation in the general stringency felt all over the United 
 States, and, as it had no local origin or local peculiarities, need 
 not be reviewed in this connection. 
 
 Two means of meeting this stringency and of avoiding dan- 
 gerous results were applied. One was the device of "legal" 
 and "special" holidays, declared by the Governor from day to 
 day. The first "legal" holiday was October 31st, 1907, and the 
 last was November 30th, 1907 ; these were declared under an old 
 provision of the Political Code which empowers the Governor to 
 declare any day a legal holiday. As these legal holidays inter- 
 fered with certain proceedings of the courts and with business 
 other than banking and finance, the legislature was called in 
 special session, one of the main purposes of which was to devise 
 a special kind of holiday which would apply only to the classes of 
 business transactions affected by the stringency. The "special" 
 holidays declared under the new statute began December 2nd, 
 1907 (December 1st having fallen on a Sunday) and the last one 
 was December 21st, 1907. As to the exact legal effect of these 
 holidays, "legal" and "special," there seems to be more or less 
 
 [3] 
 
4 Academy of Pacific Coast History. 
 
 question, and some litigation thereover is now before the courts. 
 The practical effect, however, was to create a general impression 
 in the minds of bank depositors and with the public, that the 
 banks could not be compelled to do business. This had been the 
 opinion generally held as to the holidays after the great fire in 
 San Francisco. Entrenched behind this view of the effect of the 
 holidays and using them as an excuse, the banks throughout Cali- 
 fornia, while open for business as usual, were enabled to stave off 
 demands which might otherwise have embarrassed them or have 
 depleted their reserves. 
 
 The other device was the issue of Clearing House certificates, 
 both for use between the banks and for the use of the public 
 generally. The latter use of this device presented peculiar diffi- 
 culties in California, because the people are not accustomed to 
 any kind of paper money. 
 
 The first step in this direction was the issuance of so-called 
 "Loan Certificates" in large denominations ($1,000, $2,000. 
 $3,000, $4,000, $5,000, $10,000 and $20,000) for use between the 
 banks and in making settlements through the Clearing House. 
 The plan under which these were issued was practically identical 
 with that under which similar certificates have been issued in 
 New York and other cities during periods of stringency. The 
 first of these certificates were issued October 29th, 1907, under 
 the following agreement : 
 
 For the purpose of enabling the banks, members of the San Francisco 
 Clearing House Association, to afford proper assistance to the business com- 
 munity, and also to facilitate inter-bank settlements resulting from the daily 
 exchanges, we, the undersigned, do bind ourselves by the following agreement 
 on the part of the respective banks, namely: 
 
 First — That a Clearing House Loan Committee of three, to be appointed 
 for the purpose, be and it is hereby authorized to issue to any bank member 
 of the Association, loan certificates bearing eight per cent, interest, on the 
 deposit of bills receivable and other securities to such an amount and to such 
 percentage thereof as may in its judgment be advisable. Provided that, in 
 no case, shall certificates be issued for a greater amount than seventy-five per 
 cent, of the market value of such securities; such market value to be deter- 
 mined by said Committee. These certificates may be used in settlement of 
 balances at the Clearing House and they shall be received by creditor banks 
 in the same proportion as they bear to the aggregate amount of the debtor 
 balances paid at the Clearing House. The interest that shall accrue on such 
 certificates shall be apportioned monthly among the banks which may have 
 
 [4] 
 
Plehn — Clearing House Certificates, 1907-1908. 5 
 
 held them during that period; the Committee to have the right, however, to 
 apportion such interest at more frequent intervals. 
 
 Second — That the securities deposited with the said Committee shall be 
 held in trust by it as a special deposit, pledged for the redemption of the 
 certificates issued thereon, the same being accepted by the Committee as col- 
 lateral security, with the express condition that neither the Clearing House 
 Association, the Clearing House Loan Committee, nor any member thereof, 
 shall be responsible for any loss on said collaterals, arising from failure to 
 make demand or protest, or from any other neglect or omission concerning 
 same, other than the refusal to take some reasonable step which the said de- 
 positing bank may have previously required in writing, and which step the 
 Committee may deem to be fairly reasonable. 
 
 Third — That on the surrender of said certificates, or any of them by the 
 depositing bank, the Committee will endorse the amount as a payment on 
 the obligation of said bank, held by them, and will surrender a proportionate 
 amount of securities, the character whereof shall be determined by the Com- 
 mittee, except in cases of default of the bank in any of its transactions 
 through the Clearing House, in which case the securities will be applied by 
 the Committee: first, to the payment of outstanding certificates with in- 
 terest; next, to the liquidation of any indebtedness of such bank to the other 
 banks, members of the Clearing House Association, and any expenses con- 
 nected with the same. 
 
 Fourth — That the Committee shall be authorized to exchange any portion 
 of said securities for others, to be approved by it, and shall have power to 
 demand additional securities from the banks depositing same, at its own 
 discretion. 
 
 Fifth — That the Clearing House Loan Committee shall be authorized to 
 carry into full effect this agreement, with power to establish such rules and 
 regulations for the practical working thereof as they may deem necessary, 
 and any loss caused by the non-payment of loan certificates and all expenses 
 incurred in carrying out this agreement, shall be assessed by the Committee 
 upon all the banks in the ratio of the average daily amount which each bank 
 shall have sent to the Clearing House during the preceding calendar year. 
 
 Sixth- — That the Clearing House Loan Committee be and they are hereby 
 authorized to terminate this agreement, upon giving thirty days' notice 
 thereof to all the banks, members of the San Francisco Clearing House 
 Association. 
 
 Seventh — That, upon the deposit of securities with the Clearing House 
 Loan Committee and the receipt of loan certificates therefor, such bank shall 
 execute and deliver an obligation in the following form : 
 
 The Bank has this day received of the Clearing House 
 
 Loan Committee of the San Francisco Clearing House Association loan cer- 
 tificates issued by said Committee in pursuance of an agreement of the 
 
 members of said Association, passed (which is made part 
 
 hereof) to the amount of thousand dollars and has de- 
 
 [5] 
 
6 Academy op Pacific Coast History. 
 
 posited Tvith said Committee the securities, a statement whereof is hereto 
 
 annexed; and said Bank has received said loan certificates 
 
 on the terms set forth in said agreement, and agrees to pay the amount of 
 said certificates with interest thereon, as provided in said agreement and in 
 said certificates. 
 
 Eighth — That statements shall be made to the Clearing House Loan Com- 
 mittee of the condition of each bank, on the morning of each day, before the 
 commencement of business, which shall be sent to the Chairman of the 
 Clearing House Loan Committee, specifying the following items, namely: 
 
 1. Loans and discounts. 
 
 2. Bonds and securities. 
 
 3. Balances with other banks, subject to check. 
 
 4. Money on hand. 
 
 5. Deposits. 
 
 6. Loan certificates. 
 
 Ninth — This agreement shall be duly and regularly authorized and rat- 
 ified by the respective banks belonging to the San Francisco Clearing House 
 Association, and a certified copy of such authorization and ratification be 
 delivered to the Chairman of the Clearing House Loan Committee. 
 
 The following is a photographic reproduction of one of the 
 "Loan Certificates"; the text was the same for all the different 
 denominations : 
 
 J^o $20,000 
 
 Loan Committee of the San Fbancisco Clearing House Association 
 
 SAN FBANCISCO 1907 
 
 EljlB (BtrKfitB that the 
 
 has deposited with this Committee securities in accordance with the proceedings of 
 a Meeting of the Association held October 28, 1907, upon which this Certificate is issued. 
 This Certificate will be received in payment of balances at the Clearing House for the 
 sum of Twenty Thousand Dollars from, any member of the Clearing House Association. 
 On the surrender of this Certificate by 
 
 the depositing bank above named, the 
 
 Committee ifill endorse the amKoint ae a 
 
 paymeni on the obligation of said banJe 
 
 held by ijtem, and surrender a proportionate 
 
 share of the collateral securitiee held there- 
 
 for. 
 
 $20,000 
 
 The maximum issue of "Loan Certificates" occurred on De- 
 cember 24, 1907, when the amount outstanding was $12,339,000. 
 
 Although the agreement as cited above permitted the issue of 
 certificates up to 75 per cent, of the appraised value of the bills 
 receivable and securities deposited, the Committee did not in 
 
 [6] 
 
Plehn — Clearing House Certificates, 1907-1908. 7 
 
 general authorize issues beyond from 50 per cent, to 60 per cent. 
 of what it considered the sound value of the security offered. 
 
 The following table shows the issuance and redemptions of 
 these certificates by weeks : 
 
 [7j 
 
Academy of Pacific Coast History. 
 
 W 
 O 
 
 H 
 
 Eh 
 
 H 
 02 
 
 CO 
 
 OoOOoOOO 
 OoOOoOOO 
 OoOOoOOO 
 
 CO lo^'o o cTo o io~ 
 
 t— 0-1 Oi CO o t^ '^ CO 
 Tj<50i— iTtl-^fOCOi— I 
 
 cvTr-rr-r 
 
 oooooooooooooooooooo 
 
 oiOOOOOOOOOoOoOoOoOOOo 
 ■^ o_o_o o^o o^o OOOOOOoOOOO "^O 
 
 jPCDODOO-acJJt-lTtlOC-lCO-^t-^t^TtlrHlOr-ICQ O 
 '^ro T-H I— ICO-^l^aiiO'*COO-^-*i— I r-l 
 
 OOOOOOOOO 
 — OOOOOOOOO 
 oOOoOOoOOO 
 S- O O (S <^ o o' <^ Ci' o 
 
 gCDQOC-lOOO'^OOOO 
 ■€6-lO(>JTt<00C<ICQ<MT— I 
 
 o '=5 "^^ 
 §00 
 
 o O O 
 
 §00" 
 «-^ CO 
 
 OOOOOoOOOO o 
 
 OOOOOOOOOO o 
 
 OOOOOoOoOO o 
 
 crcro~o^o~crcrcro"cr o" 
 
 ocoo-*^coo]oao-<*< w 
 
 iHCdiHi— llCCqiHoarH iH 
 
 o O 
 
 So 
 
 O o o o o o o 
 O o o o o o o 
 o o c?_o 000 
 
 05 00 O ICi lo O 1— I 
 t^ 10 >— ' >— ( r-l I— I 
 
 OOOOOOOOO 
 
 OOOOOOOOO 
 
 o^o_^o^o_o_^o^o O O 
 . o'~o'~io~o'"o'"cro'~o'~io~ 
 
 T— It^COOlCOCOCOlO-"* 
 ■ »0 CO CO i-H 
 
 0000 
 o o o o o 
 o o_^o_^o_^o_ 
 
 ^- "^ "^ CO "^ 
 
 cvi oa i-H 
 
 o o o o 
 o o o o o 
 o o_^o o o_ 
 ^f ao^otTo'cT 
 ^ 00 o Ti< 10 
 
 CO CO 
 
 w 
 
 ooooooooooooooo 
 
 oOOOOOOOOOOOOOOO 
 OOOOOOOOOOOOOOOO 
 
 0000 0000000000000 
 
 0000 0000000000000 
 
 o^o_^o^o_ o^o__o_^o_^o_^o__o_^o_o o^o^^o^o 
 
 ■ cTo^o'irT in <S (S in lo lo '^ o cP iS ci' to o 
 
 OOi— It— I I—IC^ICVIIOCOOCOIOCOOOCO OJ 
 
 I— I rH O-<*<rHr-IC<IC0 
 
 
 
 1— 1 
 
 „ 
 
 
 
 00000 
 
 
 
 Eh 
 
 «=> 
 
 
 
 00000 
 
 
 
 
 
 
 
 o_^o_^o_^o o_^ 
 
 ^^'^ 
 
 M 
 
 
 
 
 s 
 
 
 
 
 CO 
 
 cT fo" co" t--^ t-T 
 
 Oi 
 
 
 C-1 -"*! 
 
 CO 
 
 ■ee- 
 
 < 
 
 
 
 
 CO i-H 
 
 
 
 
 
 
 
 000000 
 
 
 
 
 
 
 
 
 000000 
 
 
 
 
 C3 
 
 o_^o^ 
 
 o__o_^o_^o_o_^o 
 
 
 
 
 
 
 CO 
 
 
 ^ 
 
 co'ocT 
 
 CvT ■^" 0" tJh' 00" 
 
 00 
 
 
 
 r-t C\l Oi CO 
 
 t^ 
 
 
 
 
 CO I— 1 1—1 
 
 ■»■ 
 
 
 
 
 
 o o o o o o 
 o o o o 2 o o 
 
 o O O O 0^0 O 
 
 - oTo io~o o^cT 
 
 <:»+ CO Oi 10 OJ C<1 C^I 
 ^ Ol i-l 
 •33- 
 
 00 
 
 o 
 
 Oi 
 
 lOdOS^UtiCvlOJCOOr 
 iH iH eg iH r-l <M <M 
 
 _000 OOOOOOOOO 
 goOO OOOOOOOOO 
 OOOO OOOOOOOOO 
 
 .S "-H 
 
 o o o 00 
 
 o o o 00 
 
 o o o^ 00 
 
 CO 
 
 CM t^ 
 
 
 ^i 
 
 ft 
 
 F^ 
 
 ^Q 
 
 f^ 
 
 a. 
 
 <1 
 
 [8] 
 
Plehn — Clearing House Certificates, 1907-1908. 9 
 
 To supply the need for an additional circulating medium in 
 the hands of the public, scrip, consisting of Clearing House cer- 
 tificates of smaller denominations, was issued. In many respects 
 this was a new departure in the functions of the Clearing House. 
 The first of these certificates designated in the accompanying 
 tables as ''old issue" were in denominations of $5, $10, and $20. 
 (See Fig. 1, frontispiece.) They were first issued November 4, 
 1907, and, having been hurriedly prepared to meet an emergency, 
 were without protective design in engraving, although printed on 
 ''protected" paper. A total of $1,980,320 of these was issued. 
 
 These were replaced a week later by a new issue in denomi- 
 nations of $1, $2, $5, $10, and $20. The new issue was protected 
 on back as well as front with elaborate engraving. (See Fig. 2, 
 frontispiece. ) 
 
 Banks desiring this scrip deposited the interest bearing ' ' loan 
 certificates, ' ' above described, with the Clearing House Commit- 
 tee. Upon the return of the scrip or circulating certificates to the 
 Committee the banks withdrew an equivalent amount of loan 
 certificates which they could then present, if they so desired, for 
 return of the original securities. Until that was done the interest 
 charge continued. 
 
 These smaller certificates were first authorized under the fol- 
 lowing resolution passed by the Clearing House Association No- 
 vember 1, 1907: 
 
 Eesolvecl, That the Loan Committee be authorized to issue to members of 
 the Clearing House, Clearing House Certificates of Deposit in denominations 
 of $100 and less to a total amount of $2,500,000 at such times as it may 
 deem necessary; that such certificates of deposit shall be secured by the 
 pledge of Loan Certificates issued under resolutions of the Clearing House 
 adopted October 28, 1907; that same shall be signed by one facsimile and 
 one written signature and that the issue shall be under such regulations as 
 the Loan Committee may prescribe. 
 
 At a meeting of the same body held November 6, 1907, the 
 following amendment to the resolution was passed : 
 
 Eesolved, That the resolution adopted by the Clearing House Association 
 at its meeting held November 1, 1907, authorizing the Clearing House Loan 
 Committee to provide for the issue of Clearing House Certificates of Deposit 
 be amended by removing the limit of $2,500,000 on same. And further 
 
 Resolved, That should the Clearing House Loan Committee in its discre- 
 
 [9] 
 
10 Academy of Pacific Coast History. 
 
 tion provide for the issue of Clearing House Certificates of Deposit in de- 
 nominations of One Dollar and Two Dollars, such One Dollar and Two 
 Dollar Certificates of Deposit shall only be signed in facsimile by the Presi- 
 dent and Secretary of the Clearing House Association. 
 
 No interest was charged directly on the circulating scrip, or 
 certificates of smaller denominations; but to procure such scrip 
 the several banks had to deposit Clearing House loan certificates 
 with the Clearing House Loan Committee. The loan certificates 
 so deposited continued, of course, to bear interest in favor of 
 their holder; in this case in favor of the committee. The loan 
 certificates and the circulating scrip were immediately convert- 
 ible through the Loan Committee, one into the other, both ways. 
 As the bank depositing loan certificates for scrip lost the interest 
 it would otherwise have received on the loan certificates, there 
 was a strong inducement for it to withdraw the scrip from circu- 
 lation as fast as possible and redeem an equivalent amount of 
 loan certificates. This tended to contract the scrip, which, when- 
 ever it became in any degree redundant, was presented to the 
 Loan Committee in exchange for loan certificates. The interest 
 earned on the certificates in the hands of the Loan Committee was 
 used to defray the expenses of the committee, which were very 
 heavy. The balance of net profit was afterwards divided among 
 the banks in proportion to the amount of their clearings, which 
 in as much as the certificates were accepted in payment of bal- 
 ance through the Clearing House was the actual basis of their 
 guarantee of the various issues; and not in accordance with the 
 amount of use made of the Clearing House certificates. This in- 
 direct interest charge was the cause of the prompt retirement of 
 the scrip. For as long as any bank had scrip outstanding it bore 
 the 8 per cent, interest charge thereon, less only its proportion of 
 the relatively small sub-profit made by the committee. Banks 
 using little scrip profited most. A member of the Clearing House 
 Loan Committee writes: "The plan worked beautifully, the 
 circulating scrip being driven in rapidly after the greatest tension 
 was over. ' ' It should be added that the general aversion of the 
 public in California to any kind of paper money, even to bank 
 notes, treasury notes, and gold certificates, or to "currency" as 
 it is commonly called to distinguish it from "money" or gold 
 
 [10] 
 
Plehn — Clearing House Certificates, 1907-1908. 11 
 
 and silver coin, aided greatly in the redemption of the scrip, 
 which was returned to the banks as promptly as possible, together 
 with other kinds of paper money which passed into circulation 
 during the stringency. 
 
 The connection of the "scrip" with the "loan certificates," 
 involving as it did an indirect interest charge for the use of the 
 "scrip," is a new feature in the history of Clearing House certif- 
 icates. Somewhat similar ' ' scrip ' ' was issued in Seattle, Portland, 
 and Tacoma, but without relation to the loan certificates or other 
 provision for retirement or conversion. This failure to provide 
 for conversion, in the cities just named, caused some embarrass- 
 ment from which the San Francisco banks were free. It is re- 
 ported that some banks in those cities became embarrassed by a 
 plethora of scrip and a dearth of loan certificates while others 
 suffered from the reverse condition. 
 
 The smaller certificates circulated freely throughout Cali- 
 fornia, Nevada, and Southeastern Oregon, some reaching as far 
 east as Philadelphia and some as far west as the Hawaiian Isl- 
 ands. It is reported that one was returned from Berlin and 
 several from China for redemption. In all, both "old" and 
 "new," $7,179,000 were issued. 
 
 The following tables show the issues by weeks : 
 
 [11] 
 
12 
 
 Academy of Pacific Coast History. 
 
 Week ending 
 Nov. 14, 1907 
 
 Old Issue Issued. 
 
 $5.00 $10.00 
 
 $580,320 $890,000 
 
 $20.00 
 
 $510,000 
 
 Totals 
 $1,980,320 
 
 Totals $580,320 $890,000 $510,000 $1,980,320 
 
 Old Issue Eedeemed. 
 
 Week ending 
 
 $5.00 
 
 $10.00 
 
 $20.00 
 
 Totals 
 
 Nov. 
 
 14, 
 
 1907 
 
 $173,280 
 
 $283,540 
 
 $147,820 
 
 $604,640 
 
 
 21 
 
 
 79,000 
 
 145,000 
 
 81,500 
 
 305,500 
 
 
 27 
 
 
 69,500 
 
 93,000 
 
 52,000 
 
 214,500 
 
 Dec. 
 
 5 
 
 
 55,000 
 
 73,500 
 
 44,000 
 
 172,500 
 
 
 12 
 
 
 53,000 
 
 71,000 
 
 45,000 
 
 169,000 
 
 
 19 
 
 
 26,000 
 
 38,000 
 
 26,000 
 
 90,000 
 
 
 26 
 
 
 15,500 
 
 25,000 
 
 10,000 
 
 50,500 
 
 Jan. 
 
 2, 
 
 1908 
 
 23,000 
 
 29,500 
 
 21,000 
 
 73,500 
 
 
 9 
 
 
 42,000 
 
 53,000 
 
 31,000 
 
 126,000 
 
 
 16 
 
 
 16,500 
 
 29,000 
 
 16,500 
 
 62,000 
 
 
 23 
 
 
 9,500 
 
 15,500 
 
 14,000 
 
 39,000 
 
 
 30 
 
 
 4,960 
 
 10,010 
 
 4,200 
 
 19,170 
 
 Feb. 
 
 6 
 
 
 3,770 
 
 6,940 
 
 4,740 
 
 15,450 
 
 
 13 
 
 
 3,270 
 
 7,170 
 
 3,700 
 
 14,140 
 
 
 20 
 
 
 2,575 
 
 4,020 
 
 3,640 
 
 10,235 
 
 
 27 
 
 
 815 
 
 1,340 
 
 700 
 
 2,855 
 
 March 
 
 5 
 
 
 415 
 
 1,320 
 
 760 
 
 2,495 
 
 
 12 
 
 
 205 
 
 880 
 
 240 
 
 1,325 
 
 
 19 
 
 
 400 
 
 430 
 
 200 
 
 1,030 
 
 
 26 
 
 
 235 
 
 330 
 
 260 
 
 825 
 
 April 
 
 3 
 
 
 190 
 
 330 
 
 60 
 
 580 
 
 
 7 
 ;als . 
 
 
 35 
 
 10 
 
 40 
 
 85 
 
 Tol 
 
 .. $579,150 
 
 $888,820 
 
 $507,360 
 
 $1,975,330 
 
 Out 
 
 ;standing ... 
 
 .. $1,170 
 
 $1,180 
 
 $2,640 
 
 $4,990 
 
 [12] 
 
Plehn — Clearing House Certificates, 1907-1908. 13 
 
 000"*k0000 
 WOOrHOlOOO 
 
 o o o o w -^ t~ 
 
 E-i iO CO CO 00 cq 
 
 Tft-jLOOOOoOt^OOi-^COoCOODr-llOO 
 cOrH'ofOOOCOOOiinocO<MTt<"*CO?OCCliO 
 'cSOo'— „'^'*,'— ^l'''— 'COG3iffl00t-lO'~l'~<i— I'— 101 
 O ?£rrn~<M OO «D O cf t^ t-T r-T 00 O^ cT lo" of CO tjT fO cT 
 EH'-lS'*-^C0;D|>.i-lt^C150Ci-*C0<M'-lr-|T-l 
 •Cft- CjOOiloOOcOMi-l 
 
 CO Ol 
 
 CvfovT 
 
 CO iO 
 
 O O O O o o 
 
 _ O O O O o o 
 
 c^ CO 05 t^ CO t^ 1— I 
 
 
 OOOOOOOOOOOOOOOO 
 
 00000«50COOCOc«"^OtO«C'*l 
 
 -*" ■*'~ I--' c r lo" o" i-h" cf lo" of of t--^ co" co" ■*" 
 
 rJllOOi— lOOOCDlOWr-lr-l 
 T-i Tf CO 1— I 1— I 
 
 o o 
 
 (M 00 
 
 Oi i-l 
 
 CO -ee- 
 
 o o o o o o 
 
 _ o o o o o o 
 
 J2. <» CO ^ CO lo w 
 
 ■^ r-( lO rH O] 
 
 o ooooooooooooooooo 
 
 2C0 COOOOOOCOOtJIi— ITtft>.O5 01(MCiC'l 
 
 2 Lo^ o o_ o_ lo^ o^ iq^ o iq^ oi a:^-*__co ao_^oo^o "^^lo 
 jH of oi rC o" i-T i-T -*" N t-" (j^ oT u-T r--' i--^ ■*" co" ■*" 
 
 *^ -35- i-H t^ t^ tC LO l^ CI L- lO CM I-l r-l 
 
 CO O Tfi C<1 r-l 
 
 O 
 
 01 CO 
 
 CO I— I 
 
 oooooooo 
 
 (MOOCOOOOO 
 o CO iq^lO ra lO lO lO lO 
 
 '^ t-Tof of t-^t-f of oft-" 
 
 ^ m ^ CO o] o CO 
 
 ** I-l -^ CO OJ i-i 
 
 Q oiooiraoooooooooooLoioiniraio 
 
 H oi— imooooooi-iiraoiooi— lOOt^OOl-^ 
 
 p^ in-?frC'O^O^O^lCOO-*OJOi— ICiCOCO-^CO^OJt^ 
 
 „ ^ o" lo" ira" o" o" o' o' «f I--"" CO >o' I-T cT lo" co" co" i-T 
 
 W CO tOCOrtll^i-ICOTtiCvli-l 
 
 P ■* t^ lo oq I— I 
 
 CO to 
 
 o o o o 
 _ o o o o 
 
 « of oo'"co"oo'~ 
 
 ■^ lO O O-l OJ 
 
 «0 OOOOOOCOOOOOOlUDOTflCDOlOl 
 
 >0 OOOC:'OOTt<O01l--«0i-li-it-l0i-l01 
 
 !o_ o^-<s<__o^cq_!0_co_ocoooiq^o«r'cocor-i^ 
 
 I- '*~ crTaTcrr ocrco~t>ri>^co~co of I-T 
 ■ee- oa CO io I-l 
 
 Ttl CO 
 
 o a: 
 Cl o 
 
 O O O '^ lO 
 _ O O O CO Oi 
 
 iH t^t-T -.iros of 
 
 <e- lO O 0-1 03 iH 
 CO iH I-l 
 
 s ^^ 
 
 COr-IOOOoOOoOCi'Xii-l'^COaiOCOCO 
 OOOOOOoOOi— lOCO-^O^OICOO^COO] 
 ■-; O^ O^ 0_ rt ■*_ Ol Oi l-;_ «5 C^ O CO t^ »;_ rH O t~ lO r-l 
 
 ^ rS(S of co" ci of o" 0-7 o" of i-T t-" of i-f i-f i-T i-T 
 
 <B- O-llOCCL't^T-lOcOl-ll-i 
 
 1-1 Ol 
 
 M 05 
 
 CD CO 
 CO o 
 
 DO <^ 
 
 10 010iC0 010i?DC0oCDC0oi>-W01G5^C0t^ r3"S 
 
 r-l I-l Od tH 01 CO I-l Ol Ol I-l I-l Ol ^ -ii 
 
 •G _ OS 
 
 ,.; ri o s- r t-i ^ 
 
 [13] 
 
14 Academy of Pacific Coast History. 
 
 It is reported that the remaining certificates outstanding are 
 coming in slowly for redemption. To overcome the tendency to 
 hold these as souvenirs the Clearing House has arranged to ex- 
 change them for certificates that have been cancelled. 
 
 [14] 
 
PUBLICATIONS OF THE ACADEMY OP PACIFIC 
 COAST HISTORY. 
 
 ) 
 
 Vol. 1. No. 1. San Francisco Clearing House Certificates, hj Carl 
 
 Copping Plehn. January, 1909. .10 
 
 2. The Official Account of the Portola Expedition of 1769- 
 
 1770, edited by Frederick J. Teggart. 
 
 3. The Diary of Gaspar de Portola, 11th May, 1769-24th 
 
 January, 1770, translated by Donald Eugene Smith. 
 
 4. Costanso's Historical Account of the Portola Expe- 
 
 dition, edited by Frederick J. Teggart. 
 
 5. The United States Consulate in California, by Eayner 
 
 Wickersham Kelsey. 
 
 6. Bibliography of the Spanish Press in California, by 
 
 Eobert Ernest Cowan. 
 
 Vol. 2. The papers of the Vigilance Committee of San Fran- 
 
 cisco, edited by Frederick J. Teggart. 
 
 Vol. 3, No. 1. Check list of the Pioneer manuscript biographies in 
 the Bancroft Collection. 
 2-5. Diaries of the Portola expedition by Costanso, Pages, 
 VUa, etc. 
 
 Vol. 4. No. 1. From Alcalde to Mayor, by James Eood Eobertson. 
 2. The Viceroy of New Spain in the XVIIIth Century, 
 by Donald Eugene Smith. 
 
 Vol.5. Archives of California, Vol. 1, 1768-1769, 
 
 Vol. 6. The Diaries of Captain Juan Bautista An2a and 
 
 Father Pedro Font. 
 
 Vol. 7. The Letters of Father Junipero Serra. 
 
 Ordei^s for the above publications may be addressed to The Academy 
 OF Pacific Coast . History, Berkeley, California ; or to The University 
 Press, Berkeley, California. 
 
^«\