Caught between the end of the National Banking Era and the beginning of the Federal Reserve System, the crisis of 1914 provides an example of a banking panic avoided. We investigate how this outcome was achieved by examining data on the issues of Aldrich-Vreeland emergency currency and clearing house loan certifi cates to New York City institutions that identify the borrower and the quantity requested for each type of temporary liquidity measure. The extensive provision of temporary credit to a wide array of fi nancial intermediaries was, in our opinion, essential to the successful alleviation of fi nancial distress in 1914. Empirical results indicate an important role for clearing house loan certifi cates that is distinct from the infl uence of Aldrich-Vreeland emergency currency issues.