The San Francisco call., 1898-12-25
ECONOMY BY MACHINERY.
Penny-in-the-Slot Device to Help Those Who Cannot Keep
 Their Cash

Early next year the man who has a penny to put by for rainy day will not find it necessary either to save up a shilling or to walk around to the Penny Bank.
 He will be able to drop it into slot machine on the sidewalk, or at a rail- way station, and then, by working a lever, he will be provided with a deposit receipt, upon any huber of which he may realize at his convenience.
 MT. Alfred J. Faulding of 13 and 14 Abchurch lane, the promoter of the penny-in- -the-slot bank, told Daily Mail representative yesterday all about his interesting scheme.
 'I am convinced he said. that there are thousands of people in London alone who would gladly save little if they only had a convenient means of putting their odd cop CTS into secure and profitable keeping. At present, when one considers how large the popu- lation of London is, but comparatively few people think of taking their pen- nies along to the bank, while the num- Der of those who hoard their pence until they have saved sufficient to constitute savings bank deposit is also very small.
 Now, what I propose to do is to es- tablish in London at the beoinning of next year a thousand boxes or banks for the reception of pennies. These boxes or banks will be placed in the streets, at the railway stations. and in factories and schools. The man. woman or child who has a penny to spare and wishes to save it will drop the coin through a slot, move a lever. and take the receipt, which will be presented at the bottom of the appa- ratus. These receipts may be taken around to the penny y-in-the-slot bank and left on deposit, or, of course, they may be realized upon at any time. The company will pay 21a per cent in terest and the scheme of working will be the same as in older banking insti- tutions.
 We are making elaborate prepara- tions," continued MT. Faulding. ito meet the enterprise of the bogus coin depositor, and by the time the boxes are out we shall be quite ready for him. The boxes, or banks. will be so constructed that the pennies will fall into a perpendicular tube. By that means we shall be in a position to find out by counting from the bottom just how many pennies had been dropped before the spurious coin arrived. Then as the receipts will be numbered suc- cessively, we shall, having before us the number of the box and the date of the deposit, be in position to interview the holder of the receipt when he or she puts in an appearance at the bank.
 "In the case of depositors who might desire us to invest their money. they would have the right to nominate the stock, and the investment would be made, the depositor giving us com plete quittance. Say we had 21000 for investment in a particular stock on be- half of number of depositors. In that case we should issue fractional certifi- cates and hold the stock in the names of the trustees.
 If, on the other hand. depositors should desire us to pay each f1 as it arrived into another bank. we should be willing to do so. I believe that the nny-in-the-slot bank will be suc- cess for the promoters and a boon to the great want-to- saye-a-bit section of the public.
 "If the penny bank proves profitable. 1t will be followed by sixpenny and shilling machines. Meanwhile a com pany is being formed to carry the scheme into execution. ."-London Daily Mail.