econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 10 October 2015

Historical Echoes: The Woman Who Would Be Bank

from Liberty Street Economics

-- this post authored by Amy Farber

Mary Roebling (1904-94) was the first woman to serve as president of a major U.S. bank. (She was also the first woman governor of the American Stock Exchange, among numerous other honors.) According to a New York Timesobituary, she came into her position through a combination of happenstance and preparation:

Mrs. Roebling's own economic power came initially through inheritance, but she increased it vastly once it fell into her hands. She was bequeathed a large block of Trenton Trust stock by her millionaire second husband, Siegfried Roebling, whose family had long been prominent in engineering and cable manufacturing. He was a great-grandson of John A. Roebling, who designed the Brooklyn Bridge, and a grandson of Col. Washington A. Roebling, who completed its construction.

Siegfried Roebling died in 1936, of a heart attack. Mrs. Roebling's father and father-in-law then urged her to try her hand at running the bank. She had preparation for the job: she had worked for a Philadelphia investment house while taking business courses at night and, the two men told her, she had another important qualification, common sense.

The rest was banking history. She took her husband's seat on the bank's board and, on Jan. 21, 1937, was elected president.

Here's the fun part: she had 200 commemorative mechanical banks made in her image! (See alternate views andmoving images of other banks.) That's right - and the last time we looked, one was selling on eBay for over $1,300 and another on an auction site for over $1,800. Why were these banks made?

According to a 1967 issue of Hobbies Magazine,

she sets aside certain time to the avocation of collecting mechanical banks and has a deep interest in her collection. Sometime prior to 1963, the 75th anniversary of her bank the Trenton Trust, Mrs. Roebling came up with the idea of creating a mechanical bank to commemorate the occasion. She wanted the bank to have the characteristics of the old cast iron type and be made in the same fashion and material. This required a bit of ingenuity on her part, and to begin with she acquired the services of the well known sculptor, Anthony Greenwood of Philadelphia, Pa. He worked for some six months to develop the original idea and two working models were made. These at a later date completely and mysteriously disappeared.

It was decided by Mrs. Roebling to make a limited edition of 200 of the banks, each to be numbered. The Grey Iron Casting Company of Mt. Joy, Pa., made the bank from designs by J.E. Brubaker. The Mary Roebling-Trenton Trust mechanical bank was designed to symbolize the free enterprise system upon which our country's economy thrives - to commemorate 25 years during which Mrs. Roebling has served as President and Chairman of the Board of Trenton Trust - to show the bank's location, significant in historic times, as well as today, where it is the highest building in Trenton.

According to the descriptive entry for the bank on the artsconnected.org website, here is how this mechanical bank works:

bank building with female figure seated in front in blue dress; lever on back activates woman's arm which "shovels" coins into the side of the building and then a sign saying "Trenton Trust" pops out of the top of the building like toast.

Here's a different description of the bank's mechanics from the Hobbies Magazine article (we like the detail about the movement of the head):

The bank operates as follows: A coin of any size, including a silver dollar, is first placed on the key as shown in Picture 1. The Trenton Trust sign on top of the building is then pressed down and it snaps into place (the bank is pictured with the sign up to better illustrate same). A lever, located to the back of the building, is then pressed down. Mrs. Roebling's right arm raises and moves forward causing the coin to slide from the key into the bank, Picture 2. At the same time her head turns toward the building and the sign atop the building springs into the position as shown. All parts except the sign return automatically to position on releasing the lever. The sign is again pushed down and the bank is ready for another coin.

Disclaimer

The views expressed in this post are those of the author and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author.

Source

http://libertystreeteconomics.newyorkfed.org/2015/07/historical-echoes-the-woman-who-would-be-bank.html#.VgUyDPlViko


About the Author

Amy Farber is a research librarian in the Federal Reserve Bank of New York's Research and Statistics Group.

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Econintersect Contributors


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
Empty Rhetoric: On the Work of Deirdre McCloskey
Men Without Work
News Blog
Early Headlines: Asia Stocks Down, Dollar Up, Gold, Oil Steady, Senate Takes Russia Probe, Income - Tale Of 2 Countries, London Off. Values Face Big Drop, Russia Cuts Oil, Border Wall In Mexico?, And More
Documentary Of The Week: America Before Columbus
American Doctors: The Prognosis Isn't Good
Brexit: 'Leave' Voters Showing Most Signs Of Doubt
Crumbling Comet? The Great Debate About Whether Rosetta Rock 67P Is Breaking Apart
ISIS: Income Has More Than Halved Since 2014
What We Read Today 29 March 2017
The Best Hilarious Prank Ideas For April Fools' Day
February 2017 Pending Home Sales Index Improves?
The Need For Very Low Interest Rates In An Era Of Subdued Investment Spending
America's Missing Workers Are Primarily Middle Educated
The Share Of American Women In The Labor Force Is Slipping Even As It Rises In The Rest Of The Developed World
Infographic Of The Day: Which Countries Are Going In The Right Direction
Investing Blog
Where In The World To Invest? A Search Of The Globe
Boom Or Bust: Tech IPOs Can Go Either Way
Opinion Blog
Scarborough Shoal: Will America Help The Philippines?
Why Did Preet Bharara Refuse To Drain The Wall Street Swamp?
Precious Metals Blog
Following The Yellow Brick Road
Live Markets
29Mar2017 Market Close: DOW Closes Down 42 Points, SP 500 Up At Close, Nasdaq Clearly The Winner Closing Up 0.4 Percent, Wall Street Investors Happy
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government































 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved