Duck Hill Bank (Duck Hill, MS)

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172 BANKS IN STATE OPEN Pascagoula National Bank at Moss Point Among Latest Institutions Allowed to Reopen. Jackson, March 17.—(AP)—Further expansion of normal banking operations over Mississippi shared interest today with proposed amendments to the emergency banking act that would open Reconstruction Finance Corporation aid to state banks. State and federal reports today showed that 172 of the state's 240 institutions licensed for normal banking business. The state banking department reported five new licenses today and the treasury department listed a permit for an additional national bank. Interest here, where only one of the city's four banks is functioning unrestrictedly, centered on Washington, where a committee representing three local institutions today began conferences with treasury department officials over a proposed merger. The banks represented are the Merchants Bank and Trust Company, Capital National Bank and the Deposit Guaranty Bank and Trust Company. Definite announcements on developments are expected to await return of the group over the week-end. Supt. J. S. Love of the banking department, listed the following newly licensed banks today, running the state bank total to 153. Progressive Bank, Summit, Bank of Lambert, Lambert, Duck Hill Bank, Duck Hill, Artesia State Bank, Artesia, Bank of Seminary, Collins. The department also announced that the Citizens Bank and Trust Company, Belzoni, was on the original list of institutions licensed to reopen Wednesday and had been inadvertently left off the list. The treasury department last night licensed the Pascagoula National Bank, at Moss Point, as the nineteenth national to resume business on a normal basis in the state. Other nationals recently licensed include: First National Bank, Oxford, and First Columbus National Bank, Columbus. Supt. Love saw in the Bulkley and Steagall measures, offered Congress in behalf of state banks, "material help for Mississippi state banks," some of which are facing reorganization as the department winds up its list of those eligible for full reopening. The Bulkley measure, as the superintendent interpreted it, would permit the Reconstruction Finance Corporation to purchase debentures issued by state banks in lieu of non-assessible preferred stock to repair capital structure. Under Mississippi law, requiring double liability on bank stock, the state would be barred from the corporation's help through issuance of the non-assessible stock. "The provision covering debentures would give us a new vehicle to obtain assistance without running contrary to existing law as I see it," said Supt. Love. The Steagall bill, giving state banks equal opportunity to share federal reserve loan assistance with member banks, also was termed "a valuable move if properly handled" by the superintendent.