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The Boston Herald gives an account of the novel banking institution bearing the title of “The Ladies’ Deposit.”lts prospectus, printed on a little patch of red paper, says that “ the Deposit is a charitable institution for single ladies, old and young, snd contains the following startling j reposition t-rlo terest at the rate of Bdoia. bn jLUOdoJs. per month, is paid every three mbnths’an advance. The principle can be withdrawn upon call any day except Sunday. -Flo deposits received from persoris owning a house,” The Herald reporter was not able to get all the information that he wished )at the “ Ladies’ Deposit,’’ though ;he visited that institution in petticoats, and, according to his own account, very naturally conducted himself in his character of a woman. He could not learn from ; the manager, Susan Orandell,, how the concern cou £ afford to pay 95 per cent, a-year on deposit, or what disposition was . made of the money received, that made it so valuable. Nevertheless, he saw. a depositor come in, and saw her advance interest paid over to her in the manner stipulated. Later in the day a reporter for a commercial agency called at the “ Ladies’ Deposit,” but he could not learn- much more. He was told that Mrs S. E. Howe was president of. the concern,.land the money deposited was not loaned, but employed for. charitable purposes.' It could not be learned how the Deposit could afford to pay such a high rate of interest, the president replying simply, .” Excuse me, that is my business. ” It is said that the questionable character of tlm business has been the subject of attention by the authorities," who have decided that, as no complaints have- ever rbeen, made by persons claiming to have been .swindled in any way, and as the “ bank *’ does not solicit patronage, they are not called upon to interfere. Although their business is conducted upon an apparent preposterous basis, and with the utmost secrecy, the fact that the managers solicit no business, but receive money only from those who come voluntarily, is said to cl ear them from legal responsibility should anyone fail to receive principal and interest according to agreement. It is remarkable that such a business as this has been going on in the heart of the city for nearly two years, with an apparently increasing number of depositors.

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Bibliographic details

Ashburton Guardian, Ashburton Guardian, Volume 1, Issue 95, 4 May 1880

Word Count

A NOVEL BANK. Ashburton Guardian, Volume 1, Issue 95, 4 May 1880