[Volunte XXV THE CHICAGO BANKER 26 UNITED STATES DEPOSITARY The Cedar Rapids National Bank Cedar Rapids, Iowa Has for more than 21 years given particular attention to the accounts of Iowa Banks and Bankers, and is thereby enabled to place at their disposal facilities that are unsurpassed. OFFICERS A. T. Averill, President KentC. Ferman, Cashier G. F. Van Vechten, Vice Pres. Louis Visha, Asst. Cashier Ralph Van Vechten, Vice Pres. A.lt. Smouse, Auditor cent interest rather than in the postal savings depositary at 2 per cent. These government depositaries are for the benefit of people possessed of fear and distrust, and to prevent the hiding of money. They will not be competitors of banks, but on the other hand will be of invaluable assistance to them. By this law the government will furnish a safe place for deposit of money in sections where there are no banks ■within convenient distances of the residences of the people.” Resignation Causes Surprise The resignation of Simon Casaday as president of the Des Moines Savings, and vice-president of the Iowa National, furnished considerable surprise in banking circles throughout the state where Mr. Casaday has long been considered prominent. For over thirty years, Mr. Casaday has been in the banking business in Des Moines, succeeding his father, the late Judge I'hineas M. Casaday, a pioneer banker. While Mr. Casaday's resignation comes as a surprise to other banks, he states that he has for some months considered getting out of the banking business. Since 1875 the Des Moines Savings has been a leading Des Moines bank. Last year it was consolidated with the Iowa National, and the combined capitalization placed at $1,000,000. The combined banks have been most prosperous and now have deposits of over $10,000,-000. It is probable that E. C. Finkbine will be made president of the Savings and vice- pres¡ Asked to give his views of the workings of the Oklahoma guaranty law. Judge Keenan declared that he believed it a success. Judge Keenan’s Views "We do not guarantee deposits in Oklahoma, strictly speaking,” said Judge Keenan. "We have a fund however which cannot exceed 1 per cent of the total of the deposits. From this fund depositors are paid when banks fail. Twice we have drawn from the fund. From my own experience I know that the state banks are more popular with the people than the national, for patrons of the national bank in which I was interested, told me they would withdraw their money and put it in the state banks. The result was that we changed our charter and became one of the protected banks.” A Des Moines Visitor Senator Norris Brown of Nebraska, while in Des Moines a guest of his parents, en route to Washington, discussed in an interesting way his views of prospective financial legislation by the national congress this session. Senator Brown himself, favors postal savings banks but doubted whether Senator Aldrich would v ish to take up the question for some time yet. Senator^Brown’s Views ‘׳The commission of which Senator Aldrich is chairman undoubtedly will report a comprehensive measure relative to the financial system of the government,” said Senator Brown. "Senator Aldrich and his associates 011 the commission have carefully studied the postal savings bank plan of other countries and their report will cover that feature of financial legislation. Of course the committee will desire, therefore, that the whole matter be considered together. One of the objections which has been made to our financial system is that it has been the growth of many years in piecemeal legislation. Senator Aldrich, without doubt, will object to consideration of the postal bank proposition separately on this ground. If the commission has a comprehensive plan of finances to propose, doubtless he would insist on consideration of the whole of the subject at the same time.” Cashier Whisenand’s Paper In his paper before the bankers' club, Cashier Whisenand brought out the fact that foreigners prefer to place their money in the postal savings banks of their home countries to depositing it in our banks. Upon this point he said : "It is claimed that foreigners coming to this country send money abroad for deposit in postal savings depositaries in their home countries because they distrust our banks, and that this money would be kept in our country if we had the postal depositaries. It is said that the records of the post-office department show that during the year 1907 about one hundred million dollars of money of these people was sent abroad for deposit. If people of small means have confidence in the banks they will deposit their savings in them at a rate of 3 or 4 per Des Moines, December 9. -The subject of postal savings banks seems to be an all engrossing topic witli Iowa bankers, particularly in view of agitation along that line emanating from Washington. At the monthly meeting of the Des Moines Bankers Club, the subject was taken up as the main feature of the evening. J. D. Whisenand, cashier of the Central State, opened the discussion with a paper in which he favored their establishment. C. T. Cole, of the Valley National, read a letter from George E. Roberts of Chicago, opposing them. G. M. Van Evera, J. H. Blair, H, T. Blackburn, and W. G. Harvison discussed the question, and from indications the majority of Des Moines bankers are against Mr. Whisenand, and opposed to his views. Judge B. L. Keenan of Tahlequah, Okla., was a guest of the evening. THE DES MOINES NATIONAL BANK DES MOINES - - IOWA OUR DIRECT FIELD-STATE OF IOW