The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-11

tention TO carry out Mr.. Peavey's plan,
the following explanation is made:
On Jan.l1, 1896, sthe late Frank H. Peavey
made an offer to seventy Ave newsboys Of
Minneapolis whereby he agreed to put up 81
to the credit CT each boy who would deposit
a similar amount during the year in savings
fund created for the purpose, the whole
amount to remain on deposit for twelve
months, when the s. to the credit Of the
depositor was to become HE absolutely.
This scheme was inaugurated for the pur-i
pose Of teaching the boys who took advan-i
tage Of 1t the habit of saving their money
and to familiarize them with business meth
DDS. The plan was SO successful that on
the following Jan. l, 1897, similar offer was
made to fifty telegraph messenger boys OF
Minneapolis; and on Jan. /, 1898, to seventy
five boys of all classes, residents OF Minne-
apolis In all $50 boys took advantage Of
these offers and in all cases the contracts on
the part Of the boys were carried out to the
end The funds were continued after the
two years had elapsed and per cent interest
was paid to depositors. sa4$ss
On Dec. I, 1901, after carrying these saw
ings for Ave, four and three years respec-
lively, Mr.. Peavey decided that they should
be closed out and that the depositors, should
take out their money and invest IT. for them-
selves, either depositing 1t in some regular
savings bank or disposing OF 1t as they saw
ft This action was taken on the theory
that the boys had had the benefit OF ltheE aid
and training furnished by the scheme and
should now be able to stand ON their own
responsibility, and in this way learn self
reliance. .>$ar Gs ~
At the time this was done there were sixty
depositors left and the amount to heir credit
wa So, 040.S0 In giving notice to the boys
Of the proposed closing out OF their accounts
the opportunity was seized to get as COM
plete a history as possible of each boy since
he first became a depositor till now, each
boy being asked to answer certain questions
in relation to the matter. compilation of
these personal histories has disclosed re-
markable state OF things. OF the sixty de-
positors all but two or three were attending
school at the beginning Of the partnership
between them and Mr.. Peavey. At present
few Of them either attending school or
the university; three are looking for work and
all of the rest are in permanent positions
with banks, mercantile houses or similar in
stitutions. -Four Of these boys are employed
by +. H. Peavey & Co., several are In the
Northwestern National bank and others are
to be found in good concerns all over the
city. =t.
Before his death Mr.. Peavey had planned
to make another similar offer to the new
generation Of Minneapolis newsboys and all
arrangements to this end had been perfected
to make the offer effective Jan. l. 1902 j. !.
In order to carry out his wishes the firm
Of F H. Peavey & Co. makes the above offer
Some Prosperous Partners.
A reference to the records shows that
of the sixty boys whose accounts were on
deposit in the Northwestern National
bank on Dec. l last, eight different boys
had more than 500 each to their credit.
The largest amount on deposit was
$51645, and the boy in whose name it
stood is employed in the Peavey office.
The next largest amount is $SO2.25, cred
tied to the account of boy now en-
ployed by the Minneapolis Journal OF
the other boys whose accounts exceeded
$500. one is in the employ of the Mime
with the Chicago, Milwaukee & st. Paul;
still another is employed by Max A.
Kohen, the jeweler; while the remaining
three have secured employment with
Wyman, Partridge & Co.; Easthagen, the
tailor, and the Enterprise Machine COM
pany respectively. The smallest amount
to the credit Of any depositor was cents.
Geographically the boys have become
somewhat scattered. Two are in Cali
fo1nia, one now resides in Wisconsin, and
another makes his home in Blue Earth.
MINI. The others are still In Minneapolis,
although several are employed by rail-
roads or are in other lines of business
which take them much from home.
Of three brothers who took advantage
of Mr.. Peavey's first offer, one had
$1349S the second, $106.5S, and the third,
$S0.18: One is employed as operator by
the Chicago, Milwaukee & st. Paul road.
and is stationed at Stewart, Mimi; an
other is with tailoring establishment,
| and the third is still attending school.