I have fond memories of the Penny Arcade on Main St. at Disneyland from my childhood. I don't think I'll remember this one-reeler quite as long. It's essentially two old silent films thrown together with new (in 1934) narration, couched in the antics of a family in a penny arcade.
The first silent has Annette Kellerman (an Australian swimmer and diver born in 1887) giving a diving demonstration. Problem here was, she was diving from the deck of the pool. She was just leaning forward into the water. Not a very impressive dive to be sure. Perhaps people were easier to impress in 1910.
The second silent was Mary Pickford playing an American Indian princess. It, and the accompanying "humorous" narration, pretty much insults and denigrates Indians everywhere.
A Penny a Peep has some interest as an oddity, but it's not the kind of thing you'll wish to see twice, even at a brisk 11 minutes. One of Ted Turner's little time killers on TCM. Has that man bought the rights to EVERY piece of film made before 1940?