New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-28
SELECTIONS FROM THE MAIL.
THE PENNY PRovIDENT FUND.

To the Editor Of The New-York Tribune.
Cir. In YOUR excellent review Of "New-forKs
Savings Banks" in The Tribune OF the 1T" i"''''
you omitted to name the one when mas ,he mus
unique features OF any bank In the state ana "h'c
reaches class OF the poor which Is virtually cut OIL
from the benefits OF the ordinary savings INSTITUTION
I refer to the Penny Provident Fund, inausurateo
NV the Charity Organization Society, and now in the
eighth year of its existence.
Its peculiar features are
First-It receives deposits as small as one cent,
Second-It has over 300 places where deposits may
Third-It has over $1,000 depostors. whose deposits
average less than dollar each
Fourth-It allows no interest on deposits, anu ~
peals to no other sentiment or inducement IMAM inc
sef-evident benefits OF habits of providence.
The fund is to the ordinary savings bank what the
kindergarten is to the grammar school. an agency
to SOW the seed of thrift and savings and. soon
as the plant is large and strong enough. to trans
pant 1t into the savings bank. The managers oi
the fund do not desire 10 retain large deposits Out
to graduate depositors as fast as possible INTO the
larger institutions. 1t has had since It's inception
over 40 900 depostors and very large proportion
of the 5000 who have dropped out nave done So
because they have been educated by the fund to be-
come regular depositors in tho larger banks.
The fund is like the postal-savings system OF the
British Postofice, in that II stamps, wnich can
be purchased at any OF its 300 stamp stations The
purchase and affixing of stamp to n card, when
the fund supplies gratuitously. constitutes de-
posit and the deposits be withdrawn on demand
at any time. More stations for the sale Of stamps
will be opened fast opportunities Offer and 1t Is
hoped ultimately to make it easy TO lay up
nickel In the fund as TO invest 1t In beer
Stations for the sale OF the Penny Provldent
Fund stamps exist In several of the public schools
under the charge of the teachers. and thus many
children are reached and induced to cultivate regu-
lar habits of saving. Other stations are also
opened in some of the large retail department
stores under the kind and capable supervisor OF
daughter of J. Pierpont Morgan.
Some instances Will suggest how II works:
The treasurer OF one of our largest stations
saved cent took out a card and began to save
When he had an amount large enough 10 earn
Out another card, deposited the amount saved in
that bank. and so on. The result is, he mas Jusi
bought a nice little home in the suburbs of Hack
A teacher in charge of a fourlslrg school sta
assstance Of her her mother mas SAVED $50 in the
fund, with which they are going TO open grocery
store" ~ r,,-.
Another treasurer writes: "A little English
woman, in whom we have been greatly Interested
no EnSand 70 her old mother and there begin
new life. She never could have saved this money none.
il it had not been for the Penny Provldent Fund
and I want thank you all for the privilege OF
helping these poor creatures ,..,..s
one OF our store stations The owner, poor fruit
pedler, who sells fruit to the employees, heard Of
money was spent for SUIT of clothes.
clergyman va writes Our nun, nnm
that number The Stamp Bank Is great institu-
We recently cashed the card Of a little boy who.
from the impetus given him through the fund now
"4 That AZ the fund s carefully guarded be sats
faotory Inferred from the fact that Charles bode
Charles s. ' Fairchid Abram S. Hewitt, Walter
Jennings and James Speyer are It's trustees, Otto
COMPANY Oe'"s 40 ''''''' '''' c. D. K