Article image
Article image
This article displays in one automatically-generated column. View the full page to see article in its original form.

A NOVEL BANK.

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 The principle can be withdrawn upon call any day except Sunday.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.

This article text was automatically generated and may include errors. View the full page to see article in its original form.
Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AG18800504.2.14

Bibliographic details

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

Word Count
395

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

  1. New formats

    Papers Past now contains more than just newspapers. Use these links to navigate to other kinds of materials.

  2. Hierarchy

    These links will always show you how deep you are in the collection. Click them to get a broader view of the items you're currently viewing.

  3. Search

    Enter names, places, or other keywords that you're curious about here. We'll look for them in the fulltext of millions of articles.

  4. Search

    Browsed to an interesting page? Click here to search within the item you're currently viewing, or start a new search.

  5. Search facets

    Use these buttons to limit your searches to particular dates, titles, and more.

  6. View selection

    Switch between images of the original document and text transcriptions and outlines you can cut and paste.

  7. Tools

    Print, save, zoom in and more.

  8. Explore

    If you'd rather just browse through documents, click here to find titles and issues from particular dates and geographic regions.

  9. Need more help?

    The "Help" link will show you different tips for each page on the site, so click here often as you explore the site.

Working