The morning times., 1896-09-20
HER DREAM WAS DISSIPATED
Gail Hamilton's Idea of a WOman's
Bank Proved Chimerical.


Gail Hamilton" said a Philadelphia
banker 10 a Bulletin reporter recently was
i very able woman. but like a good many
other women and men. too, for that matter,
she didn't understand finances Her IL.
uorance on this subject led her into grave
mistake at one time. and thereby hargs
one of the most curious tales of human
incredulity mat ever came to light
About eli 5hteen or twenty years ago
woman named Howe opered a hank Of de-
post in Boston. 1t had several peculiar
features. among which were: ltwas owned
and operated by women, the accounts only
of women We're solicited, though there was
q proviso that the sterner sex should lie
allowed the privilege of depositing money.
though under no circumstances would they
ever be allowed a voice in the management;
no limit was to be made. as in ordinary
savings banks. as TO the amount that woud
be secured OF deposit.
This was Ill very well, and II there
Were nothing more the innovation mlGht
do-for Boston But the circular wound up
with the startling announcement that the
rate of interest would lie per cent a
MONTH Not only that hut this rate of in
terest was in all cases to be paid in adj
vaDcei
-.One would think that such an absurd
proposition would be laughed ut in any in
tenigent community. but it wasn't, and the
bank was actually in operation in Boston
for over a year. The concern was located
lin fashionable quarter of the city, and did
a rafting busbess, The Howe woman. II
she didn't understand banking as she after
ward acknow lodged at her trial. certainly
understood the business she was engagedln,
which was simply to get all you can and
keep all you got the bank was patronized
by high and low. rich and poor, and bo5e
every outward appearance of prosperity A
few of the kno wing ones, who put IN on the
ground floor, made money cut OF it. for II
was only necessary for any one to deposit
81 900 say, ard get back 81 $50 III SIX
months :
1T was only by accident that the concern
was exploded. A servant girl in the family
OF Il banker had an account IN the woman
bank and her employer saw IL ana Deeah 10
investigate. The story got into the papers,
and the bubble burst. Great was the CON
sterna tion a mong { he women folks, ana MIS-
Howe came out with pronunCiamento say
ing that the bank was all righ1 anu wouiu
continue to do business. but in Three days
the concern was closed oy the silerni anu
Mrs Howe was arrested
"Gail Hamilton was among the woman's
dunes She wrote a two-column article in
defense of Mrs. Howe, in which she
animated very plainly that the failure OF
the bank was entirely due TO the jealousy
of the men: that Mrs. Howe and her systena
were all right and that all bankers coald
pay per cent a month il they wanted TO.
.sOf course. there were lots of people who
could see after the bank failed that no one
could pay per cent a month, and she was
mercilessly ridiculed in the press, and from
| the fact that she never retorted. as was her
invariable custom on the slightest provoca~
tor. guess her friends got hold OF her and
kept her quiet
20" much did Mrs. Howe get away
with?'
'"I forgetthe amount. butit wassomething
over half million"