The Cook County herald. [volume] (Grand Marais, Minn.) 1893-1909, 1899-06-03
ga WIN BY NJ CHINE.
PENNY IN THE SLOT SCHEME.
IN LONDON.
Tho Saver Puts in His Penny and Gets q
= Negotiable Cheok---A Great Rainy
Y Day" Combination from the British
Standpoint. :. =s.@S#

The man who has penny to put by:
for rainy day will soon find it ,neces-.
sary either to save UP a shilling or to
walk around to the penny bank, says
the London Mail. He will be able to-
drop it into a slot machine on the side
walk or at railway station and then
by working lever he will be provided
with deposit receipt, upon any num-
Der of which he may realize at his con-.
venience. Mr.. Alfred J. Faulding of
Ii and IA Abchurch lane, the promoter
or the penny-in-the-slot bank, told
representative all about his interesting
scheme. II 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 coppers
into secure and profitable keeping. At
present, when one considers how large
the population of London is, but COM
paratively few people think of taking
their, pennies along to the bank, while
the number Of those who hoard their
pence until they have saved sufficient
to constitute savings-bank deposit
is also very SMALL Now, what I pro-
pose to do is to establish in London
1000 boxes or banks for the reception
OF pennies. These boxes will be
placed in the streets, at the railway
stations and in factories and schools.
Inc man, woman or child who has
penny to spare and wishes to save it
Will drop the coin through slot, move
a lever and take the receipt which will
be presented at the bottom of the ap-
paratus. These receipts may be taken
around to the penny-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
preparations" continued Mr.. Faulding,
ito meet the enterprise OF the bogus
coin deposition, 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 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 sue
cessively, we shall, having before us
the number of the box and the date of
the deposit, be in a position to inter-
view 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 a
complete quittance. Say we had Fl 900
for investment in a particular stock
on behalf of a number of depositors
In that case we should issue fractional
certificates and hold the stock in the
names of the trustees. If, on the other
hand, depositors should desire us to
pay each FL as it arrived into another
bank, we should be willing to do so.
believe that the penny-in- the-slot bank
will be success for the promoters and
boon to the great want-to-save-a-bit
section of the public. If the penny
bank proves profitable, it will be fol-
lowed by six-penny and shilling ma
chimes. Meanwhile company is be-
ing formed to carry the scheme into
execution"