The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1896-11-26
HER DREAM DISSlPATED.
Gail ua-nilton's idea of woman's Bank
Proves ChimericaI.

Proves Chinerical.
"Gail Hamilton said Philadel-
phia banker to a Bulletin reporter
recently, was very able woman,
but like good many other women,
and men,. too, for that matter, she
didn't understand finance. Her ig
norance on this subject led her into
q grave mistake at one time, and
thereby hangs one of the most curl
Gus tales of human incredulity that
ever came to light.
About IS or 20 years ago wom-
an named Howe opened bank of
deposit in Boston. It had several Pc
culiar features, among which were
It was owned and operated by wom-
en-; the accounts only of women
were solicited, though there was a
proviso that the sterner sex should
be allowed the privilege of deposit
ing money, though under no cir
cumstances would they ever be al
lowed voice in the management;
no limit was to be made, as in ordi-
nary savings banks, as to the amount
that would be secured on deposit.
This was all very well, and if
there were nothing made the inno-
walton might do-for Boston. But
the circular wound up with the star
ting announcement that the rate Of
interest would be s per cent a
month! Not only that, but this rate
of interest was in all cases to be paid
in advance!
"One would think that such an
asburd proposition would be laugh
cd at in any intelligent community,
but it wasn't, and the bank was &C.
tually in operation in Boston for
over year. The concern was looat.
cd in fashionable quarter of the
city and did a rattling business.
The Howe woman, if she didn t un-
derstand banking, as she afterward
acknowledged at her trial, certainly
understood the business she was en-.
gagged in, which was simply to get
all you can and keep all you get.
The bank was patronized by high
and low, rich and poor, and bore ev-
cry outward evidence of prosperity.
A few of the knowing ones, who got
in on the ground floor, made money
out Of it, for it was only necessary
for any one to deposit 81, 900, say,
and get back 81, 480 in six months.
1T was only by accident that the
concern 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 in
vestigate. The story got into the pa
pers, and the bubble burst. Great
was the CONSERVATION among the
women folks, and Mrs. Howe came
out with a pronunciamento, saying
that the bank was all right and
would continue to do business, but
in three days the concern was closed
by the sheriff, and Mrs. Howe was
arrested
Gail Hamilton was among the
woman's dupes. She wrote two
column article in defense of Mrs.
Howe, in which she intimated very
plainly that the failure of the bank
was entirely due to the jealousy of
the men; that Mrs. Howe and her
system were all right, and that all
bankers could pay 8per cents month
if they wanted to.
"Of course there were lots of peo-
pie who could see after the bank
failed that no lone could pay per
cent month, and she was merci-
lessly ridiculed in the press, and
from the fact that she never retort-
ed, as was her invariable custom on
the slightest provocation, I guess
her friends got hold of her and kept
her quiet.
"How much did Mrs. Howe get
away WITH"
II forget the amount, but it was
something over $500, 900. "-Phila.
delphia Bulletin.