Waterbury evening Democrat., 1907-05-01
s2O,OOO,OOO ON DEPOSIT
Waterbury Money Drawing If-
 tereSt in the Local Banks.

The article on rents in yesterdays
 issue of the Democrat attracted some
 attention. One very prominent cbitizen
 who says he looked it over very care fully, thinks whoever wrote it didn't give the matter sufficient considera- ton else he would not have talked
 about people taking enough money
 out of the banks to build two or three
 hundred houses, because he claims to
 know that no such amount is on de-
 pOsit in Waterbury. The gentleman
 is very much mistaken. At the pres
 ent time there is something in the
 neighborhood of $20,000,000 On de
 posit in the local banks and this is by
 no means all the hard cash at the dis posal of the residents of this town, be-
 cause large numbers who live here have money on deposit in banks in
 other places and quite few have
 snug sums tucked away i'll hiding places known to themselves only. It is not long ago since woman tished over $3,000 in silver from receptacles
 in the cellar, the accumulation of years, thrown in there in nickcls. dimes, half dollars and, dollars accord ing as she could spare it.
 How many nice three-family houses can you build for $20,000,000? Get out your pencils and do the figuring. Divide $2O,OOO0OO by S5,O00 and the answer will be the number of houses the working people of Water bury are able to build and pay for if they want to. But they do great deal better than that. How many pay full price of a house when they buy it? Not one in thousand, so that really by paying few hundred dol amount. people who are now living in houses owned by others are in a position to build 2,00O or 3,OOO blocks, instead of that many hundred as stated yesterday. The trouble in Wa terbury is that tenants are better off than they think. Many of them have considerably more money than their landlords and it goes without saying that they have less responsibility.
 There is not as much money ill ten ement property, especially outside streets, close to the center, as some think. In most cases the person who has his pile out at five per cent in- terest is doing better than his neigh Dor who has it invested in real estate. Between the collector of taxes and water rents, interests on borrowed money, reairs and maintalnance and last, but by no means least the Rnt jumper, owners of tenement property are kept on the hustle all the time and if they can show five per cent earn ing at the close of the year they are lucky. That's pretty poor when you consider that man can get five per cent for the use of his money, where he will not have to turn hand to protect 1t.
 But this is digressing, The point 1 we wanted to make is that well to do ! people who prefer to leave their mon | ey In the banks are the ones who are 1 for high rents in Water bury, and not the so-called landlords. l If every man who intends to make | his home and has little | money ahead would proceed to erect | n suitable building for himself With | one or more tenants for rent, the price of rooms would be cut in two in less than a year. But this will not be lone and as consequence the de- mand will continue to be in excess of the supply and where such condi- ion obtains everybody knows what to expect.