Watertown weekly leader. [volume] (Watertown, Jefferson County, Wis.) 1906-1908, 1907-11-22

Did you know that the smallest
bank in the world is right here in st.
LOUISE" asked an official of one Of
the large St Louis banks. There Is
bona fide banking institution in this
city with total deposits for the whole
period of its existance of only a little
over $500, and its entire business is
conducted by one woman. 1t is the
children's bank in the Ghetto, and
though it Is one Of the most interest
ing financial institutions in the city
it is such a tiny affair that you could
easily put the whole works in your
hat and still have room for your head"
The little bank referred to is an In
teresting nstitution-interestin for
the originality of the idea which it
demonstrates and for the educational
and ethical work it has already accom-
pllshed, and though small in deposits
and depositors-1o child over II years
Of age is allowed banking privileges
there-it is very far from small in the
scope Of it's influence, and is really
one Of the most important economic en-
terprises now being carried on in st.
Louis Through its influence 500 chill
dren have learned many lessons of
economy, self-denial and generosity,
lessons which they are putting into
daily practice, to the great benefit of
all with whom they come in contact.
BY means of the system employed by
/ the bank the Juvenile depositors are
also being taught accuracy and orderli-
ness, and if they are old enough to COM
prehend the instruction are given an
insight into the elementary principles
Of modern business methods. Through
| the agency Of this little bank many
poor families of the Ghetto have had
! pleasures and comforts hitherto I'M
| known to them, because the pennies
| that formerly went for indigestible
! sweets or big fat pickles are now saw
! ed, and when sufficient number of
! them have accumulated they are used
for other larger and more lasting en-
joyments; and there is one case in the
! banks brief history where a boy saved
enough money-$32-to go into bust
ness for himself That boy is now
educating himself and also adding his
mite to the general fund for the sup
! port of his mother and three small sis
| ters
Less than a year ago Philip Z. Sc
! man, superintendent of the Jewish Edu-
cational Mission at Ninth and Carr
streets, established the bank for the
purpose of teaching economy and indie
/ pendence to the children among whom
his association works.
The Penny Provident Bank is really
a remarkable institution, and is the
only one of its kind in the world, so
far as is known. It's depostors are
all children under Il years Of age, and
many Of them are scarcely more than
babies. The youngest depositor at pres
ent is Israel Fellman. who not only
cannot speak English, but is as yet IN
able to converse intelligibly in any Ian
guage. He is not yet months old,
and his account to date amounts to
nearly 80 cents. Many of the deposi-
tors who appear regularly on banking
DAYS and stand in line patiently wait
ing their turn to deposit the money
which they hold tight in their sticky
little fists, are so tiny that only their
eyes are visible above the cashiers
table. Some of them can make out
their own deposit slips, and some can
NOT but all know very we'll what they
are doing and why they do it, and
the child who brings two pennies lays 1t
down with his book with as much of
an air as do those who can boast of
having a whole big dollar" to ex-
change for the fascinating colored
stamps that are pasted in the bank
books.
Stamps are used to register the de
nosits instead of the usual entry sys-
fem. because they are not only more
easily understood by the children, but
they seem to have a stimulating eff
feet. The height Of every child's am
bition seems to be to get a yellow
stamp (the 81 stamp in his book
. and it is one Of the regular events OF
banking hours for the children to 60
off in little groups to compare books
and see which has the most yellow
stamps. The stamps differ in color &C
cording to their denominations, and
even those children estimate their own
accounts by adding the stamps in their
. books in this wise:
Two nickels. That's a dime ain't
it? Two pennies, one penny. two more
pennies. That makes a nickel. I got
a dime and a nickel in my bank book: =
; No amount is too small to be &C
cepted by this little bank, and the
amounts shown by some of the deposit
slips would be really Iudicrous if they
we're not so pathetic. Many of the de
positors seem TO have no acquaintance
with any but copper coins, and few
Of the bank books show unbroken lines
Of 1-cent stamps.
The business Of the bank Is carried
Oh exactly like that Of a regular bank
/ ing institution. modified to come with
In the range of comprehension Of child
lsh minds Each child must make out
. deposit slip and present it with the
money and the bank book to The