The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-01-18
A WRINKLE FOR THE TIMES.

The establishment of a savings bank by
our contemporary. the Times. on the very
heels OF the smash up OF all similar insttu-
lions In this city. and OF most of those In the
whole country. was something moro than q
nine days wonder, and furnished the public
with amusement for several weeks. The
Times, however, preserved an attitude OF
severe dignity and while pretending not to
notice the fan that was pokod at Its now
financial echeme, gravely and In sober earn
cat invited a credulous and innocent public
to come up deposit Its shekels, and trust to
luck for their return. The rush on tho day
the bank opened was not percsptibls to the
naked eye, nor has the most vigilant OBJ
server been able to discover any ono In the
act OF handing over even small fraction OF
his surplus cash to tho receiving teller OF the
institution.
No report OF the bank having been pub
lished, 1t Ia quite impossible for the general
public to know what dividend II any. has
been passed round to the deposltors, II any
such coniidlng Individuals there ba; but, IN u
spirit OF kindness, we desire to call the atten-
ton Of tho managers OF the Times Savings
Bank to the following dazz Ing account OF q
bank of deposit In Boston, run by ladies' on u
brand new scheme and withal upon quite as
inoomprehensible q plan as that which the
| Times has adopted. We extract the account
from the Now York Sun:
| BANK AS rs A BsNE-THE BOSTON Ladies DE-
PpsIr. WHICH PAYS % PER CENT YEAR IN
| TERBsr.
| BosToN Jan. 8-The Herald to-day gives an
account Of novel banking institution bearing
pectus prin'ed on u little patch Of cheap red
| paper says that The Deposit Is u charitable
| institution for single Indies. old and young.
| and contains the following startling PROPOSE
Interest ut the rate Of eight dollars on the
| hundred per month. Is paid ey.ry three months
| In advance. Tho principal can be- withdrawn
upon call. any day aept SUNDAY.
| No deposits received from persons owning n
| house.
The Herald reporter was not able 70 got MI
| the infof nation that he wished at the Ladies'
! Deposit" though he vlsited that fnstitu ion In
| petlicoats and. according to hts own account.
| very naturally Gonductei himself In his char
| meter as II woman. He could not learn from
| the manager Susnp Cranda ]. how the concern
could afford to pty 9G ber mt year ON dep ~
| it.. or what disposition WITS made OF money
| received thu nude 1t SO valuable. Neverthe,
lass, no saw depositfr cone Ia. ana cav h"r
advance interest paid over to her Ia tho man
| ner stipulated.
Later 10 the day reporter for a commercial
| agency ,led tho Ladies' D ,posit." bur he
could not learn much more. III, was told that
4 Mrs 4 Il Howe was pre4tdeat OF tho concern
| and that he money dep sitei Wis not loaned,
but employed for charita IL purposes, 1t could
| nor be learned how the Depot could aH 'rd
to pay such high rnte of interest. the president
replying simply Excuse me. that ID my buai-
| ness.
] l. is said that tho questionable character OF
| the business has been the subj ct OF aiehtioa
| by the authorities. who have decided that. "a no
CONF ants hay, ever baen made by persons
| claiming to b We hsen swindat in any way
aud as the bank" does not eol'eit patronage
/ they are not nHlled upon to interfere,
/ Although their business Is conducted upnn nm
! apparebtly prepOsterous basis and with the ut
most secrecy the fact that the managers solicit
no bu mess. hut receive money only from thos,
who come voluntarily, Is satd 70 clear TIM
from legal responsibility should any one fall
| to receive principal and interest according In
agreement. 1t il rema kabie that sach bust
ness ~ this has heen golug on in the heart oi
the city for nearly two years. with an apparent
/ ly incre lsing number OF depositorS
Now we submit that this Is rich to iuioi-
ness, and sinks the Times scheme into utter
| insignificance 1t Is not too late for our con-
temporary to remodel Its bank and convert
1t into grand charitable establishment, on
the gorgeous though somewhat Indefinite
and bewiidering plan OF the Ladies' De-
post" Nlnety-six per cent per annum, pay
able In advance, would be apt to draw such
an amount OF custom as would neoessitate
removal into u much more spacious Office and
the employment OF an army OF clerks to at
tend to the business. Such bank as the one
described by the Boston Herald. provided the
interest on deposits was punctually paid In
advance, would unquestionably be boon te
any community and supply want long
felt" Don't too many people start banks on
this plan now, but let the Times have fall
show for the business
/ aItM rIn1 IauM pApnrp