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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