Connecticut western news., 1907-11-14
FORTUNES IN PENNY BANKS
THE SYSTEM IS WORKING WELL
It Has Been Decided Success in Albany, N. Y.- Encourages Habits of Thrift and Economy Accounts are Opened in Savings Banks when $500 Have Been Accumulated.

It is predicted that in short time penny savings banks will be established in connection with schools in all parts of the country.
 The following extracts from the~Al- bany (N. Y.) Journal tell about the op- eration of the plan ill that city:
 Every Monday morning just before school hours small army of boys and girls, presents itself at school building No. 13 for the transaction of few min utes' business. The children are con- tributors to the Penny Saving Fund, which may number among its 200 mem- bers some future great financiers, since character is but the result of habit form ed in childhood and these children are accommodating fortunes penny by penny
 The Penny Saving Fund was started about ten years ago by a teacher. It was originally designed to help two or three of the most improyident children of the school, who, although in seeming ly straitened circumstances, continued to eat as much candy and chew as much gum as better clothed children.
 The movement soon became so popu- lar among the school children that a regular system had to be adopted. Superintendent Cole was asked for the use of a school room for the transaction of banking business before school hours And still the Penny Saving Fund is in no way school issue. Any child in the city being willing to abide by its three simple rules to make deposits of one cent or more, to receive no interest and to keep the sum intact until $500 shall have been saved, may become and re- main a member.
 When $500 is saved by any child, his book is said to have matured and the sum is then placed by him in @ local savings bank to draw interest, or may be disposed of at will. Then new &C., count is started. Last year 100 accounts matured.
 From time to time pathetic incidents obtrude themselves in the life of the Penny Saving Fund, causing D with drawal of the small sums. Recently a child closed her account to help her mother buy the first coal of the winter, and not long since little girl contribu- ted her small account toward the pur- chase of an elder sisters confirmation dress.
 Recently ln connection with the Dana Republic there was started similar movement, this being called the "Penny Provident Fund.- This is conducted with stamps which, pasted ill the bank books, represent the amount of deposit, and although the movement is quite young, the contributors are many and enthusiastic.
 Another Penny Provident Fund in prosperous condition is that connected with St. Elizabeth's Guild. Its object is the medication of habits of thrift and the applying of the proper valuation of money. Probably no children's saving system has the human interest attached to it that this one has. Every Saturday morning the boys deposit their weekly savings receiving in return the denomi- national stamps of one, three, five or ten cents, which then and there are pasted in their bank books. In the after noon the girls make deposits. No de- positor may draw on his or her account until he or she has saved 50 cents. Then the account may be closed and new one started. When the $5 mark is reach ed the management, by way of en- couragement, often gives the depositor $1 and starts the child s account regular ly in city savings bank.