The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1914-08-08
No PROSPECT, HOWEVER, THAT
1T WILL BE NEEDED ANY
TIME SOON.
BANK OF COMMERCE JOINS
LA. CURRENCY ASSOCIATION
non. d. p. Harrison Responsible For
Precautionary Step To Protect Peo.
pie OF Mississippi in Case Of Finan.
cial Sistress-Local Banks Never
Had More Money.

e Ghe national banks of the state of
mississippi are fully protected against
any emergency which may arise in the
hnancial world. BY special arrange
ment with the Secretary of the Treas
ury they will become members of the
National Currency Association of Lou
lsiana, which has been organized for
the purpose of issuing currency when
the occasion demands. The credit for
the precautionary step is ascribed by
the bankers to the Hon. B. P. Harri-
son, representative in Congress of this
district. He went before Mr.. McAdoo
and together they threshed out plan
by which the people of his state can
have financial security.
In accordance with this plan the
First National Bank of Commerce, of
this city, today, at meeting of the
Board of Directors voted to join the
Louisiana association.
The National Currency Association
of Louisiana was organized under the
Albridge-Vreeland act providing for
emergency currency. 1t has no connec-
.ision with the federal reserve act. The
,ul 1t provides for the organization of a
Uate association, where the capitali-
F1ot Af cot nj Il c
amounted to $1,000 OF more.
Limit Five Millions.
The capitalization OF the national
banks of Mississippi does not amount
to $5,O00,000, so it became necessary
in order to gain the protection afford
ed by the Aldridge-Vreeland act to
Join with some other state. 1t was this
arrangement, which was made by Mr.
Harrison with the Secretary of the
Treasury.
The bills have already been engrav'
ed by the government printing office
and are now in New Orleans awaiting
distribution in a financial emergency
Such an emergency in the estimation
of the local bankers will not arise in
this state They have entered into the
association simply as a precautionary
step. 1t affords them, however, unllm
tied resources in financial stringency
A leading banker said today that the
financial institutions of Hattiesbur'
Ne more money on hand now thai
thlA have ever had before in the his
tory of the city.
fThe First National Bank OF Com
merce before the end of next week VII
have in spite of the war scare, lou
times the usual amount of money o.
hand and more is coming in every DAY
F. W. Foote today said the loca
hanks are gaining every day. "Ther
is nothing abnormal about the loca
situation and we will not have to resor
70 any unusual measures" he says
Local manufacturers are still sellln
,o,n rroducts at satisfactory price
and general market conditions are d
most a hundred per cent petter '""
they were sixty days ago anu niu'
better than even two weeks aso
Mr. Foote says that Mr.. Harriso
,.s shown unusual enterprise Nan
thoughtfulness in this case anu y
serves the bulk of the prize for p"''i"
across the measure.
Mr. Harrison, in letter TO ano'h'
fxrDd, says that as a member vi :, :,
fhreign relations committee vi !"
Mouse, which at the present tr'he IL
more to do than all the rest OF tht' '0'
mittees he has been kept rather ''
but still has time to devote 10 .''
terest of the people of his stat.