VII 
IMMIGRANT INSTITUTIONS 
In the immigrant colonies of industrial towns and 
cities, institutions have been developed to meet the 
peculiar needs of the immigrant population. 
Unregulated Immigrant Banks* 
Investigations by the United States Commission, 
as well as by several of the individual States, have 
developed the fact that a large number of so-called 
banks, organized for the purpose of doing business 
with the unassimilated immigrants of recent years 
from southern and eastern Europe, have been estab 
lished in most of our industrial localities of any size 
or importance. The larger proportion are located 
in the manufacturing areas of the Middle States 
and New England, but in smaller numbers they are 
doing a flourishing business in all sections in which 
Italians, Slavs, Magyars, or other southern and east 
ern Europeans are employed. Immigrant banks are 
* An investigation of Immigrant Banks was conducted as part of the 
general Industrial Investigation of the Immigrant Commission. A number 
of field agents collected data from these institutions, Messrs. W. II. Ram 
say and Raymond Kenny being chiefly engaged in this work. A special re 
port was prepared by Mr. Ramsay, which, after some revision by Mr. F. J. 
Bailey of the editorial staff of the Commission, was published as a special 
document.—See Report of the U. S. Immigration Commission on Immi 
grant Banks, Senate Document No. 381, 61st Congress, 2d Session. 
Accurate figures for later years are not to be had, although at the pres 
ent time the total sum of money being sent to Europe must be very 
large. According to Commissioner Husband, of the United States Immi 
gration Bureau, “the flood of American money going to Europe is greater 
than at any time in history.” Approximately $100,000,000 or more is 
being sent out in the form of gold, currency and drafts. 
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