The Nashville globe. [volume] (Nashville, Tenn.) 1906-193?, 1909-03-12
MISSISSIPPI IN PROSPEROUS
CONDITION.
Mr.. Chas Banks of Mound Bayou
Gives Good Account.
Tells of their Rise of Progress-EleV-
en- Active Institutions
Now in Operation.

In summarizing the economic prog
ress of the Negro in Mississippi dur
ing the past ten years, that made in
banking comes in for no inconsidera-
BILE part. Beginning with the Lincoln
Savings Bank, which was formerly
the Knights of Honor Bank, about
eight years ago, Negro banks have
steadily grown in number until, to-
day, we have eleven live active, pros
porous, progressive banking institu-
tions dotted over the state.
At Vicksburg we have the Lincoln
Savings Bank under the manage
ment of w. E. Mollison, with re-
sources over $60,000OO, and the I'm
ion Savings Bank, managed by T. G.
Ewing, resources over $60O00.00; at
Indianola is the Delta Penny Savings
Bank, directed by w. w. Cox, re-
sources over $10O,000.0O; at Jackson
is the American Savings Bank and
Trust Company, managed by DR.. S. D.
Redmond, resources over $50, 100000;
and the Southern Bank, under the di-
rection of L. K Atwood, resources
over $60,0000O; at Yazoo City is the
Peoples Savings Bank, managed by
H. H. King, resources over $40 600
90; at Columbus is the Penny Saw
ings Bank, managed by w. l. Mitch
ell, resources $25,00000; at Mound
Bayou is the Bank of Mound Bayou,
under the management of the writer,
resources over $100,oOOO0 at Match
ez is the Bluff City Savings Bank,
under the direction of DR.. ]. B.
Banks, resources over S50,000.00; at
Greenville is the Delta Savings Bank,
under the management of John w
Strauther, resources over $25000.00;
at Hattiesburg is the Magic City Saw
ings Bank organized during the past
year, under the management of DR.
j. H. Howard, resources over $15,
! 100000, this being, in fact, the recog
nized Peoples Bank of Hattiesburg
which went into voluntary liquidation
after the assassination of its founder
ard cashier, the late e. D. Howell
1t may be well here to state that the
retiring bank paid all of its deposi
tors in full; in fact, there has never
been real bank failure on the par
of Negro banks in Mississippi since
their existence. During the panic O
1907, so far as / have been able tt
learn, and l am stakeholder in nearl!
all of them, only two banks suspend
ed specie payment, and no one wa
seriously embarrassed emergin,
from that trying period stronger ant
more trusted that before While en-
joying the confidence and patronag,
of their own people, it is note
worthy fact that the Negro banks O
) this state have the confidence, re
: spect and good will of the whit
/ bankers, especially their neighbors
r In most cases the Negro bank clear
, thro' the white banks in the sam
= town, using it largely as a correspond
e ent. In this way it developes tina
:. the existence of the Negro banks il
: towns where there are also whit
. banks, instead of being hurtful fror
e any view point whatever are mutt
}, ally beneficial. Negroes. who othel
f. wise would not be reached and il
t duced to save, but for the existence
influence, and education of Negr
banks, are made depositors in Negr
banks, who in turn, by using the locs
white banks as repositories and CO.
e respondents, bring into the channel
It of commerce funds that, but for then
l. would not be available. Of course tn
J. Negro banker does not pursue this 20
d icy for mere cancellation. The polio
r is in line with that of all small bank
)r be they white or black, to use large
If ones as correspondents and deposit
IS ries, as well as to clear through then
d because of the advantage and facil
s. ties always had by larger instit,
If ton, both as to safety and maxim
~ par points; but in the operation {