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Show BANKS ORGANIZE UNDER ALDRICH, ACT By Associated Press. WASHINGTON, Aug. 20. National banks in Louisiana havo formed a pur-reney pur-reney association, such as is authorized by tho Aldrich-Vrccland act of 1908 and yesterda' reported its organization organiza-tion to the treasury. Currency associations associa-tions hnve been reported previously from six other cities and banks in twenty twen-ty more are in correspondence with the trcasur' preparing for organization. organiza-tion. Through the currency associations the law authorizes national banks to issuo additional currency on certain securities. securi-ties. Such issues are highly taxed with a view of forcing early retirement. Although Al-though authorized in 3908, it is only within tho last few woeks that the banks of tho country havo begun to tako advantage of the law. Somo bank ers in reserve cities havo opposed tho organization of the association, because the' thought it miht increase the hoarding of money. Others havo thought that the law provides no way for a bank to get out. of a currency association after it has entered. Secretary MacYeagh, howevor, in tho last few weeks, has intorestcd himself in tho formation of the associations. The operation of tho law has boeu somewhat simplified and whatever objection ob-jection may havo beon felt in financial circles seems to havo disappeared. |