Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-01-26
THE PENNY PRopIDEsT FUND.
A Savings Fund Which Takes Deposits
From Ono Cent Up.

Communicated.
The Penny Provident system was first
started in the United States about 10
years ago. The Charity Organization
Society of New York City felt the need
of such system, aud its successful
operation in several of the foreign coun-
tries lead to its adoption by them.
Three years later, in the first Of 1892,
the Associated Charities of this city
undertook the worl. as branch of the
New York Penny Provident Fund. The
very successful results of its operation
in New York City made this decision
of the Wilmington organization timely
one.
The ultimate object of all intelligent
charity work is to help the needy TO
help themselves, and with this in mind
it is readily seen why the managers Of
the Associated Charities have fostered
and encouraged such savings system
which guards against the direct waste
of small sums in time of plenty and
provides for the excessive expenditures
which winter clothing, coal, sickness,
old age, &C., require.
Another object of The Penny Provi-
dent Fund, one which many consider
| the more important, is the habit Of
saving that is instilled in the young
\ folks who avail themselves Of the oppor-
| tunities offered. This point is of more
moment than might generally be sup
| posed. When man once starts to save
| in the majority of cases he continues
to do SO as long as he is earning a
reasonable amount. This also applies
to children receiving an allowance and
| to young men and women Just starting
| to earn livelihood, with tho addi-
| tional advantage in the latter cases
that it is much easier to get them
| started " the right system is presented.
The Penny Provident Fund endeavors
10 fulfill the many requirements:
| (1) BY establishing stations for re-
the city.
| (2l BY receiving deposits from one
| (3l BY receipting for the deposits in
the simple manner of attaching stamp
for the amount of the deposit to the
stamp card of the depositor.
i (4l BY redeeming any stamp card
when full and amounting to over 81, on
giving one weeks notice at the station
where the depositor is recognized.
/ (51 By depositing all amounts re-
ceived in trust company for safe
keeping.
The expenses of conducting such a
system are in excess of the interest
received from trust company for such
deposits, and, therefore. no interest 4
allowed on the individual deposits il
The Penny Provident Fund.
1t is hoped that these depositors will
eventually open accounts in the savings
! banks of this city and receive the in.
farauf ftiuar by .,,nb institutions
The success of The Penny Provideni
Fund of Wilmington in its opening
year of 1892, was marked, but the bant
, OF the panic years soon rested on it ano
, has caused its dormant state up to the
present time. Now that the hard times
. are over, the Fund is being placed il
( better working condition and new
stations are opened, list of which
! follows:,
. Drug stores of Gilbert g. Stevens, No
4 1000 French street; Beaton Smith
Seventh and Pine streets; E. r. ALA
: band, Head and A streets; Henry r.
Spruance, Fifth and Poplar streets
Standard Pharmacy, No. COS Yves
Second street; John W. H. Boone
: Lancaster avenue and Franklin street
b S. Chandler McKeever, No. 800 Linder
I street; II. G.. Moore, No. 1901 DelawarI
q avenue: Philip III. Wood, No. lao
h King street.
k The head Office is at the Associated
q Charities, No. COZ West street. Cir
r culars can be had on applying to an.
/ Of the above places.
i The Board of Education has kindl,
given permission to try this work ii
some Of the schools of the city, and i
is hoped that this will turn out as sue
h cessful as in other public schools il
# different sections of the country.