The citizen., 1896-10-02
HER DREAM WAS DlsslpATgD
.;aiI Hamilton 5 Idea of a WOman's Bank
Proved ChimericaL

;aiI Hamilton $ idea of a Woman's Bank
Proved Chimerical.
Gail Hamilton" said Philadelphia
banker to a Bulletin reporter recently,
was a very able woman, but, like
good many other women, and men, too,
for that matter, she didn't understand
finance. Her ignorance on this subjecr
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 1S or 20 years ago woman
named Howe opened bank of deposit
in Boston. 1t had several peculiar fea-
lures, among which were: Ii was
owned and operated by women; the
accounts only of women were solicited,
though there was a prov;so that the
sterner sex should be allowed the priv
ilege of depositing money, though
under no circumstances would they
ever be allowed a voice in the manage
ment; no limit was to be made, as i'll
ordinary savings banks, as 70 the
amount that would be secured on de-
posit.
''This was all very well, and if there
were nothing more the innovation
might do-for Bosto;a. But the cir
cular wound up with the startling an
nouncement that the rate of interest
would be eight 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 alb
surd proposition would De 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 rattling
business. The Howe woman, if she
didn't understand banking. IS she after
ward acknowledged at her trial, certain
ly 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 OF the ground
floor. made money out of it, for it was
only necessary for anyone to deposit
$1,000, say, and get back $1,4S0 in six
months.
1T was only by accident that the con-
cern was exploded. A servant girl in
the family of 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-
BILE burst. Great was the CONSERVATION
among the women folks, and Mrs. Howe
came out with pronunciamento say
ing that the bank was all right and
three days the concern was closed by
the sheriff and Mrs. Howe was arrested.
"Gail Hamilton was among the
woman's dupes. She wrote a two-col-
umn 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 eight per
cent. month if they wanted to.
"Of course, there were lots of people
who could see after the bank failed that
no one could pay eight per cent. a
month, and she was mercilessly ridi-
culed in the press, and from the fact
that she never retorted, as was her in
variable custom on the slightest provo
cation, / guess her friends got hold ot
her and kept her quiet"
"How much did Mrs. Howe get away
with?"
81 forget the amount, but it was some
thing over half a on."-Philadel-
phia Bulletin.