The Canton times. (Canton, Miss.) 1893-1906, 1896-10-02
HER DREAM WAS DIssIPATED.
Gail Hamilton's Idea OF Woman's Bank
Proved ChimericaL

YrOYed ChtmericaI.
"Gail Hamilton" said Phila]elnhi,
banker to Bulletin reporter recently
twas very able woman, but. like
good many other women, and men. too
for that matter, she didn't understand
finance. Her ignorance on this subiec1
led her into grave mistake at one time
and thereby hangs one of the most curl
GUS tales OF human credulity that
ever came to light.
About IL or 20 years ago a woman
named Howe opened bank of deposit
in Boston. 1t had several peculiar fea
lures, among which were: 1t was
owned and operated by women; the
accounts only of women were solicited.
though there was proviso that the
sterner sex should be allowed the priv
ilege OF depositing money, though
under no circumstances would thew
ever be allowed a. voice in the manage
ment: no limit was to be made, as in
ordinary savings banks, as 10 the
amount that would be secured on de-
post.
This was all very well, and if there
were nothing more the innovation
might do-for Boston. But the cir
cular wound up with the startling an
nouncement that the rate of interest
would be eight per cent. month! Not
only that, but this rate of interest was
in all cases to be paid in advance!
Zone would think that such m alb
surd proposition would be laughed at
in any intelligent community, but it
wasn't, and the bank was actually in
operation in Boston for over a year. The
concern was located in a fashionable
quarter OF the city, and did rafting
business. The Howe woman, if she |
didn't understand banking, as she after
ward acknowledged at her trial, certain,
iy understood the business she was en-
gagged in, which was simply to get al!
you can and keep all you get The
bank was patronized by high and low,
rich and poor, and bore every outward
evidence Of prosperity. A few of the
knowing ones, who put in or the ground
floor, made money out Of it, for it was
only necessary for anyone to deposi.
$1,000, say, and get back $1,4so in six
months.
1T was only by accident that the con-
Germ was exploded. A servant girl in
the family of a banker had an account
in the woman's bank, and her employer.
saw it and began to investigate. The
story got into the papers, and the bub-
Die burst. Great was the Consideration
among the women folks, and Mrs. Howe
anne out with pronunciamento say
ms that the bank was all right and
would continue to do business, but in
hree days the concern was closed by
he sheriff and Mrs. Howe was arrested.
tall Hamilton was among the
dupes. She wrote two-col-
INN article in defense of Mrs. Howe, in '
Which she intimated very plainly that
ne failure of the bank was entirely due
the jealousy of the men; that Mrs. '
lowe and her system were all right and
hat all bankers could pay eight per e
ent. month if they wanted to.
of course, there were lots of people Il
Tho could see after the bank failed that
0 one could pay eight per cent. d
lonth, and she was mercilessly ridi-
lled in the press, and from the fact o
lat she never retorted, as was her in fl
lrlable custom on the slightest provo
ltion. | guess her friends got hold OF Il
Or and kept her quiet"
How much did Mrs. Howe get away d
it'll ?" d
Il forget the amount, but it was some. Il
ing over half million. "-Philadel- N
liza Bulletin.