[Volume XXV
THE CHICAGO BANKER
26
Bankers as Members
Many of the members of the legislature now in extra session in Des Moines are bankers. And the records show that they are leaders in both houses too. The bankers in the senate are: James E. Bruce, of Shelby; C. J. A. Ericson, of Boone; John Foley, of New Hampton; A. H. Gale, of Mason City; E. M. Hopkins, of Guthrie Center; W. B. Seeley, Mount Pleasant; Fred N. Smith, Burlington; R. C. Stirton, of Monticello; Lewis L. Taylor, of Centerville. In the house the bankers are: William Anderson, Tewell; E. D. Baird, North English; E. M. Casaday, Whiting; Willoughby Dye, Macedonia; C. G. Greenwood, Silver City; George E. Grier, Deep River; Thor Hanson, Bode; F. F. Jones, Villisca; George A. Kellogg, Missouri Valley; George W. Koontz, Iowa City; J. H. Lowrey, Pomeroy; W. W. McElrath, Moville; E. R. Moore, Cedar Rapids; H. L. Pierce, Linn Grove; F. E. Sheldon, Mount Ayr.
Can Tell Counterfeit Coin
R. H. Collins, paying teller in the Des Moines National, says he can tell a counterfeit coin by the feeling of it as soon as he gets one in his fingers. “I could do it almost as well without my eyes as with them,” says Mr. Collins. “A counterfeit coin has a slick greasy feeling and slips through your fingers too easily. Then too most of them are lighter in weight than the genuine coin. Then most counterfeit coins have a different color than
bank deposits. The bill was drawn up however and will be presented when the legislature convenes in regular assembly. The bill provides that banks shall become guaranteed only if they so desire. It is not compulsory. Each bank shall be assessed one-tenth of i per cent upon its deposits. Out of the amount thus secured is to be established a state banking department which at its beginning shall work in conjunction with the state auditor’s office. The governor is to appoint the head of the department and necessary clerks. Senator Jamison claims that one-tenth of i per cent will be a sufficient amount to make good on all losses, but it may be increased if necessary. Stockholders shall be liable for too per cent, and if this is not enough, the head of the department may take from the assessment fund to square up with the depositors. The treasurer of state may not loan money except on good security, and the amount raised by the assessment is to be similarly safeguarded.
P. M. Casaday
Judge Phineas M. Casaday, for a half century one of the best known citizens of Des Moines, and founder of the Des Moines Savings, died last week. Not for months has a death so universally mourned occurred in the city of Des Moines. Judge Casaday was go years old and not long ago he and his wife celebrated their sixtieth wedding anniversary surrounded by old friends of pioneer days. Judge Casaday has two sons, Frank and Simon, the latter vice-president of the Iowa National.
Judge Casaday came to Des Moines in 1846. In 1875 he with others organized the Des Moines Savings and was actively connected with its management up to within a year ago when he retired. In pioneer days he was one of the three commissioners who drew up the articles of incorporation for the city of Des Moines. He served in many legislatures and was a member in the pioneer legislature of 1848.
Out of respect for Judge Casaday, the Iowa National and Des Moines Savings were closed all day, the day of the funeral. The pall bearers were selected from bankers with whom he had been affiliated and were W. H. Barnard Earle Craig, AVill Maish, Rufus L. Chase, Harry Wingate, C. H. Stephenson.
Money “Dropped”
A newspaper man in Des Moines stationed himself in one of the city banks and took notice to see how much money was “dropped” in the bank. Not lost or wasted, but actually dropped on the floor. In five minutes, he saw a rich manufacturer drop a draft as it was handed to him by the teller, a working girl dropped a dime that she was depositing in the savings department, and a well dressed woman dropped a dollar from her purse when she opened it to take out some money. The teller told him it is that way all day long.
Des Moines, September 9.—Iowa has been more than ordinarily interested in the extra session of the legislature called by Governor Cummins, to amend the primary law so that the people may vote at the November election upon a successor to Senator Allison. In addition, supporters of the governor have nominated him for short term senator, the opponents of the governor have objected, and the democrats are holding aloof. At this writing, a deadlock seems certain and it appears that the legislature may remain several days accomplishing nothing. The Cummins men lack twenty votes of enough to control the joint, legislative convention.
Special Legislation
The session agreed not to take up special legislation at this time and as a consequence Senator W. D. Jamison, of Shenandoah, did not introduce his bill providing for guaranteed
CLINTON, IOWA
Capital and Surplus, $500,000.00
Send us your Iowa and Western Illinois collections. Our service and rates will please you. BANK ACCOUNTS SOLICITED.