Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-02-24
OUTFLOW OF MONEY
Aggregate of S275,000, 900
Annually Sent Abroad.
EARNINGS OF THE ALIENS
Figures Given in Report Of the: I'm.
migration Commission.
BANKING SYSTEM MAINTAINED
More Than $500 Persons Through.
out United. States Conducting
Unregulated Financial Places.

Savings of immigrants in this country
to the amount OF 500, 100000 are annually
sent abroad to be used in foreign coun-
| tries. according to estimates in report
of the immigration commission submitted
| to Congress today.
THE sum is sent abroad for the pur-
pose of supporting families in foreign
countries. for bringing other immigrants
| to the United States, for the payment OF
debts or for savings and investment in
the countries from which the immigrants
come says an abstract of the report pre-
pa red by the commission. 1T has been
impossible to estimate how much, if any,
of this money might have. been retained
In the United States had better facilities
been afforded.
1.-THE. losses and Inconvenience to
which the foreign population of the United
States is subject in transacting this bust
ness are ascribed to the failure of Amer
lean institutions to develop the requisite
machinery for transacting the financial
business OF immigrants, SO small in indi-
vidual cases. but SO large in the aggre-
gate"
Immigrant Banks.
The report deals exhaustively with inn
migrant banks and was prepared for the
commission by Special Agent w. h. Ram
sey, jr., under the direction OF w. Jett
Lauck, superintendent of agents. 1t Is
regarded as particularly opportune at this
time, when the Senate is considering pos
| tai savings bank legislation.
The investiga ton, according to the re-
port indicated that more than 1900 per-
sons throughout the United States are
doing an unregulated banking business,
handing annually hundreds of millions
of dollars, their customers being found
wholly among Immigrant laborers, who
for the most part do not speak English.
Except In Massachusetts and New Jersey,
the report says. the bankers do not con-
form to the general banking laws.
So untrustWorthy and without security
is this system. the report says, that
through failure or by reason of dishonesty
on the part of the less scrupulous among
these bankers the immigrant labOrers are
mulcted Of large sums.
Specific Instances Cited.
Specific facts are given in support Of all
these assertions and study Of represent
| alive cases of failure or ENLIGHTENMENT is
made for the purpose Of showing clearly
to what the situation in each case was
due. The report shows that this system
Of banking arises. not only out of the
the ignorance of the immigrants them
selves. who frequently bring their say
ings to men Of their own race and insist
| that the latter care for the money, often
without exacting the Formally OF a pass
book on even Of the most primitive kind
of receipt.
The typical immigrant banker secures
and holds his customers in part be-
| cause he performs many slight services
! for them, such writing letters. re-
ceiving and forwarding mail, and acting
as the immigrants general adviser. These
| so-called bankers are almost always
| steamship ticket agents as we'll. and the
| fact that they represent steamship COM
panies of standing helps them to Sc
| cure business. They are further aided
| in securing business through connections
| as recognized correspondents of large
and reliable banking institutions in finan-
cial centers, which banking institutions are
enabled to profit from transactions with
| out mourning the slightest responsibility
| for the solvency or honesty of the cor
| respondents who do business through
| them.
i