New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-07-16
THEIR FIRST SAVINGS.
WHAT THE FOREIGN POOR DO WITH
THEIR SURPLUS EARNINGS
THE ITALIAN BANKERS LOSING THEIR GRIP
REAL ESTATE NOW IN FAVOR
JEWISH HOARDINGS

JEWISH HOAltDlNGS-
The laws strong arm holds with tight grasp
the latest Of the foreign bankers" Of NewYork
TO prove unfaithful to his trust. George Furzily,
Of the Syrian quarter For the first time in its
existence New Yorks Little Syria" has had a
financial disaster Of this sort and the blow was
all The more felt because Furzilys vas its only
native banking house. Nevertheless. it has not
shown itself a serious blow In the other foreign
quarters Of the city the news has attracted lit
tie attention. and Jewry. the various Italics
and Hungary" have not been whit disturbed.
They would have been wildly agitated some
years ago but the foreign banker" together
with other quaint O.d World institutions, IS
losing MS hold nowadays in New-York
What 10 the foreign poor DO with their saw
ings AMI what is the influence of the foreign
banker? The various Little Italics Syria,
the Ghett, and ITS envrons. Chinatown and
Hungary all bear witness to the fact that the
immigrant. II whatever nationality he be-. IS
seldom delud-d 10y The miscreauts whose only
claim 70 credit is hat they speak the -mmi-
grants own language. Moreover. The money
saved more and more goes INTO other hands.
Anl-rloan.zation II these colonies IS growing
complete. The people ar- learning rapidly what
the savings banks mean. and with great una
nimity each year the first few dollars they can
.ay aside are put into them
some years ago II was very different espe-
cially ~ The I'alian colony. Then the Italians
here We're boarding money vigorously. john
L0rii Giovanni Lordi the famous banker ot
Muibcrry-st.. tells how Little Italy was when
ne arst came here. Ten Or dozen years ago II
vas foreign city within an American one. a
city that had hardly any points u contact with
4 .4.~-
within it were suspicious II the Americans .
they had but me aim. 10 get their money over
20 Ia safely. 20 send it 20 their families. and
later return themselves. Under such conditions
The spcclous and the plausible among their
countrymen found these men an easy prey.
The ERA u the banking house" came TO Mul-
berry Bend. and the most barefaced adVentuTe''
with money enough 70 pay a few months rent
u store and 20 lit 1t out, could gather IN
money all day long.
ITALIAN INVESTMENTS
Little Italy" gcoaned as rascal after rascal
decamped. but did not wake 10 her senses until
recently What is said 20 have brought this
awakening about IS the ,etthng down 4 the
people. The dream If returning 20 Italy IS
growing Jess and .-ss. the one fixed idea IS 90
become good Americans. Month after m nth
families arrive 20 join the pioneers who have
settled here Money is no longer 20 be- 7an'
abroad. he ide1 IS 20 invest il mere. mus me
foreign banker" is out # the scheme II econo-
my Of The Italian m America. the American
savings hank that the Italian has learned after
his hard lessons in other directions % trust, has
come 20 take its place.
The Italian working man. at q wage of from
81 - 20 - ~ a day. can always manage to pu'
some portion ~ IL by. even Il he has large
family. \ corner of ms chest IS his first say
ings bank" Z there IS no chest h. carries t