The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-08
CHILDREN BANKING CENTS.
Good Resulta on the East Side Accomplished
by the Penny ProyLdent System.

Good Resulta on the East Side Accomplished
by the Penny Proyident System.
A casual visitor to the Neighborhood Guild
in Delaney street one evening last week found
the room crowded with eager children, each
carrying q small book, and all impatiently
waiting for the striking Of a gong that was to
be the signal for them to form in line and make
their deposits. 1t happened to be the banking
hour. Each little depositor expected to in
crease his or her bank account by a sum that
might range from 8 cents up to possibly 25 or
SO cents Each was a capitalist, on a very
small scale to be sure, but still a capitalist,
and a bank depositor. with a real bank book
to show for 1t.
whether these children have five cents or
five dollars in their bank accounts" said a man
who has studied them, doesn't matter SO
much. A valuable lesson has been taught 10
them the when y they hay We once s, az ed an account,
scious pride with which each one presents him
self, or herself TO add to the important account"
The system under which they were banking
was the Penny Provident system, which pre-
sents the anomaly Of a savings bank that al
lows no interest on deposits. AS n matter OF
fact, it is IA kindergarten for the regular saw
ings bank. and during the last half dozen years
many an account has graduated from the fund
Where do those children get their pcnniesi'
asked the visitor.
That IS q hard question to answer. / can
tell you about several OF them because l have
their confidence and l have acted as their finan-
with the very Rrimy hands and tho old yacht
ing, cap sells papers. From his protts each
family and whenever there: happen 70 be a few
cents left over he adds them to his, bank 40
count count, :. Here ters ! ~ e # who also sells papers:
that was given to them by their parents or rel
ativeS. Some of the others work In shops or
small east side stores and the amount that they
may call their own at the end OF the week Is
small; Once they have, opened q bank account
d dap hsHs G she Sifees Ia 70 noticeable 5tEsalb ~i' 1 e SonSi
tell You results from thess, ht!lo bank accounts
40 deposItors with ssi. so5.H in net deposits.
depositors is maintained by tho Hebrew Insti-
tnte at East. broadway. and Jefferson street.
deposits now on hand amount to 81 .O04.4l.
making an average deposit OF a little more than
Il cents; The United States Savings Bank con-
and there are 2.096 interested in the fund at st.
Bartholomew's Parish House, in East Forty
SECOND street The Neighoorhood Guld- has
The method Of deerosia,tng + simple and well
stations purchases from the headquarters OF tho
Fund atthescorncr of Twenty-second street and
Fourth Avenue a given amount Of stamps at face
10, rs, and so cents and 81, and when a do
post is made the stamp representing its
pasted on a card for the deposition as the de-
posts may warrant. Money can be withdrawn
only upon presentation and surrender of the
card at tho stamp station where the deposit
was made. and one weeks notice OF the inten-
ton TO withdraw money may be required. The
mission Of the Fund Is the Incubation OF a de-
sire to save the pennies. and experience has
arc adults. Its growth has demonstrated the
fact that Its value is appreciated. In 1890 the
Fund had only 55 stations and 1880 deposit
tors, with an aggregate OF IS, 56s.5 in de-
posits. Two hundred and one stations had
been established In 1893. and now there ara
3ol.