IMMIGRANT INSTITUTIONS
113
While the aggregate sum held by these 31 banks is
comparatively insignificant, yet it represented the
savings of over 3,000 laborers, the average of de
posits being $65.45. The extent of this business is
well illustrated by the investigation made in Massa
chusetts, which gives the number of immigrant bank
ers furnishing bonds to the State Treasurer and the
amount of money received by these bankers as de
posits and for transmission abroad:
YEAR
NUMBER
AMOUNT
I907
68
$5,635,722.63
1908
59
4,451,940.26
J 9°9
64
4>3 00 -953- 00
1910
85
6,377,84900
1911
76
6,336,72700
1912
97
7,110,860.00
TRANSMISSION OF MONEY ABROAD
Immigrant banks act as agents in the transmission
abroad of immigrant money.*
The amount of money sent abroad by various cor
responding banking houses of immigrant banks in the
two and one-half years ending June 30, 1909, was
$*41,047,381.92 in 1907, $77,666,035.46 in 1908, and
$30,780,645.65 January 10th to June 30, 1909. These
figures were furnished "by four general banking houses,
the financial departments of an express company and
of a steamship company and three large Italian banks,
including the New York office of the Bank of Naples.
f A s a rule, immigrant "banks in the interior communities do not handle
thfm 8n mone y except as an accommodation to their patrons, buying from
anri m SUc k. small sums as are not exchanged upon their arrival at New York,
securing for them, usually from New York or local banks, such as
y may wish on departure for Europe.