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WEDNESDAY. APRILI THE BOSTON WOMAN'S BANK.I ji am*n ' Mrs. Howe Goes to Canada with $50,00010niFleeced from Confiding Women of New England — HiBtory of HerBank.”nIiBGLLATl(»\geron dollars Interest on one hundred a month, three months In advance.Oflice hours from 9 to 4.# Mits. Howe, Agent.To a visitor a woman in charge of the house is reported as saving at that time: ‘ It you deposit $100 today you can carry awav with you 821 of interest, and if vou deposit $100 the day after you get the same interest, and so on up to $1000. When people put their money into the hanks they do so without asking questions.” iShe further claimed that the breaking up of the W oman’s Hank was not the work of Mrs, Howe. “She did not fly to Montreal,” she said, “or elsewhere, and now came nobly forward wirh a proposal to pay 6 per «ent. a year during the time she was in prison on all deposits made with her tho year slio was arrested.”Later developments show that Mrs. Iiowe is not in New Brunswn k, but is hiding in a village less than twenty miies from Hos-ton. Evidence is accumulating against her, so th t it is hoped uu arrest and conviction will follow.Royal Musical Composers.Princess Beatrice, who four years ago composed a kyrio in E llat for Ht. George’s Chapel, has written a song to Heine's “gunny Month of May,” which has been published. '1 he melodv is light and pretty. Many of the royal iamily of England have some knowledge of music, but. with the exception of the late Li iuce Consort, v. ho wrote a whole musical album, and tho late Duke of Albany, author of the “lontaino-1al 1m j Mrs. Sarah K. Howe, who has boon con-ro ducting a “women’s bank” in boston for ts the past few years, “skipped” out with $50,-lg i 000 of the depositors’ money on Tuesday re | last. That was the brief announcement 1 )a j tbat greeted a lady depositor who called on i a | that day to inquire as to th© fate of some 1 moneys left in the “hank.” A warrant foe j c *t® Mrs. Howe’s arrest was asked, but she had J ■ p I so guarded her me hods that the le I district attorney could not see his it i way to granting a warrant. Tho story told by the latest victim is that she depusi-H i ted $7» with Mrs* Howe last Lecember.1 upon the ft.vice of a friend who told her i that Mrs. Howe’s scheme w s a good thing i I to go into. Mrs. 1!owe accepted the *79. e *T agueing to allow her $7 a mouth interest F ! upon it for three months; that is. she might ‘ I call for it at the end ot the three months, and would then be given $100. which m would be *79 principal and $21 interest. At ? I tHe end of the three months, or in March, Miss {Sanderson came to this city from Augusta, Me., and called upon Mrs. Howe to get her money. She was Informed that Mrs. Howe was and had been sic*, and tbat w . she could not attend to her just then, but 7 that if the woul i come in April she could _ get the $100, with $21 more interest.Miss Sanuerson was imliued to be suspicious, but she thought that she would wait a month and see what Mrs. How© would say or do .She came to boston with the result above stated. The matter was laid be lore the district attorne. and a warrant asked ior Mrs. Ilovve, but District Aitornev Stevens informed tho officer that Mrs. Ilowo had guarded h r work so well that she was not liable to arrest and he refused to grant ihe warrant,Mrs. ftaruh L. Howe is known not only to the peope of this city but to the country at large as the woman’s bank swindler.Mrs. Howe started her Ladies’ Deposit Bank about 187b m the house No. 2 Garland street, Boston, and offered to par 8 per cent, per month on all deposits, paving three months’ interest in advance. Accord* in« to her story, some benevolent Quakers©mi». lUhed it large lund In irt4b for the benefit of poor and needy women. The oeneiits were to be \ aid out in the form of interest in the manner stated. Mrs. iiowe claimed to be unaer heavy bonds to carry out the trust. Deposits were only received from women, llio fact that Mrs. Howe paid such largo interest and paid three months of it in advance, induced a largo number o women to entrust their little savings with her. Home women even went so far that they borrow ed money to invest in tbe Ladies* Deposit Lank. Business was so brisk that Mrs Iiowe was finally forced to remove to a larger and elegantly furnished house on Brookline street. A Mrs. Julia A. Gould was her chief assistant in carrying on the business of the bank. About 1880 the “bank” was shown up in the newspapers, and in consequence there was a “run” upon tho institution. At that lime the enormous sum ol $(00,000 was on deposit in the bunk. Mrs. Howe maintained I I a l old trout, and for »hree months she paid 3 1 all depositors who presented their accounts not only their principal but interest as well, in all between $125,000 and *150,001) in interest -ml 890,000 of principal. Finally the “bank” went to smash. 1lt; aviug 819 depositors who presented claims for tho large sum of $289,490. The court allowed a rebate for interest on this amount of 88«,8l9 when the case came to trial. Mrs. Iiowe and Mrs. Gould wore arrested and tried. Mrs. Iiowe was sentenced to three years in the house ol correction, she pleading guilty to four counts ot obtaining monev by false pretences. Tho creditors bold several meetings, and in July. 1881, a dividend of 6 per cent, was declared to them. In December. 1884. upon getting out of the house of correction. Mrs. Howe re-established her bank, this time oa \\ est Concord street, and circulated cards bear-ing her name and tho iollowingbhotlnfiaw0flflciA
Newspaper Details
Boston Weekly Globe
Boston, Massachusetts, US
Wed, Apr 20, 1887
Page 8
Full Page
Clipped by
Jared M.
USA 25 Jan 2023
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