The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-05-31
THE HOME AS THE
BEST SAYINGS BANK
DEsIRABIIITY OF INVESTING SAVINGS IN HOMESTEADs
HOW 1T LOOKS AS AN INVESTMENT = ADVANTAGES
COMMUNITY HOME BUILDING OPPOSED
TO ACCOMMODATIONS IN BANKS.

A careful computation shows that
there are now about $4,000 deposit
ors of savings in Minneapolis, and
their accumulated deposits now
amount to about SIS. 100000.
This is a. splendid showing for a
city Of the size of this. 1t means that
about "one-fourth Of the people of the
city are saving money in this man
ner. Allowing that in many others
thrift takes a different development
the conclusion Is that a very large
part of the population of Minneapolis
has the ability and the desire to ac-
cun1u1ate.
Savings deposits are largely the ac-
cumulations of wage learners, and for
many years there has been a large
wage-earning class in Minneapolis
steadily employed at remunerative
prices. Even in the hard times Of a
decade past, there was comparatively
little loss to this class Of earners. In
many cases there were no reductions
Of wages and in others the reduction
did not more than equal the reduced
cost of living expenses. And so say
ings deposits have steadily grown for
many years and are now increasing
very rapidly. '*'f .
Minneapolis is fortunate in having
a number of very excellent savings
institutions. Depositors feel satisfied
that their money is in good. hands
and that they can get it when they
want it. ~
1t is not the purpose of this article
to discourage the savings-bank habit
that should be borne in mind while
reading the. next few sentences-but
to raise this point
Would not great many Of the de-
positors make a better use Of their
money and get more satisfaction out
of 1t, and, on the whole, make bet
ter investment if they were to use
their funds to secure homes Of their
own?
This question does not apply, of
course, to many Of the savings depos-
itors. Some of them are young men
and girls who are not yet ready for
home-building; others are single
women who could not easily maintain
their own homes; others are already
home-owners. But it is fair to pre-
sumo that possibly one-half Of the
savings-bank deposits of the city
might be invested in homes
SupPosinS that, say, SS,ooO,ooo Of
the deposits represent the savings OF
10000 depositors, this would mean an
average deposit Of $500. This amount
is an admirable first payment on
suitable for workingman's home can
be bought for $3.50. With the LOT
bought, there is always a way to build
in a manner suitable to the lot and
place. .' OIL. . ~:
But many Of the deposits are much
larger. than the average. A great
number of people have money enough
in bank to pay for a home outright
either buying a lot and building tc
suit themselves or purchasing some
of the many excellent houses ready
built. H.
An Example. -
Take the case Of a man having
| $4,000 in the savings bank. For that
sum he can buy a very complete little
| house. or he can choose his own. LOT
| and build to suit himself Such E
house would rent for about $40 pei
month, and 1t Is supposed that he i!
the kind of man who is paying abou
that much rent. What, then, is hi:
| gain or loss by the changer?