The record-union., 1896-12-15
HER DREAM DISSIPATED.
Gail Hamilton's Idea of a Woman's
Bank.

Gail Hamilton" said Philadelphia
banker to a Philadelphia Bulletin" re-
porter recently, was very able wo-
man, but, like good many other
women, and men, too, for that matter,
she didn't understand finance. Her lg-
norance on this subject led her into a
grave mistake at one time, and thereby
hangs one of the most curious tales
of human credulity that ever came to
light.
About eighteen or twenty years ago
a woman named Howe opened a bank
of deposit in Boston. 1t had several Pc
culiar features, among which were: 1t
was owned and operated by women; the
accounts only of women were solicited,
though there was a proviso that the
sterner sex should be allowed the priv
ilege of depositing money, but under no
circumstances would they ever be al
lowed a voice in the management; no
limit was to be made. as in ordinary
savings banks. as TO the amount that
would be secured on deposit.
This was all very we'll, and if there
We're nothing more the innovation
might do--for Boston. But the circular
wound up with the startling announce
ment that the rate of interest would be
5 per cent. per 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 be laughed at
in any intelligent community, but 1t
wasn't, and the bank was actually in
operation in Boston for over a year. The
concern was located in fashionable
quarter of the city, and did a rafting
business. The Howe woman. if she
didn't understand banking, as she af-
terward acknowledged at her trial, GER
tainly understood the business she was
engaged 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 every 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 ,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 bubble
burst. Great was the CONSERVATION
among the women folks, and Mrs. Howe
came out with a pronunciamento say
ing 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. Sne 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 was all right,
and that all bankers could pay 5 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 8 per cent. per 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 provocation,
guess her friends got hold Of her and
kept her quiet"
How much did Mrs. Howe get away
with?'
Il forget the amount; but it was
something over half a million"