The sun., 1919-04-12
ALIENS TAKE BIG
AMOUNTS ABROAD
Savings Banks Estimate They
Will Garry From ntry
Nearly $4,0OO,OOO,OOO.
B0LSHEvISM rs BLAMED
Deposits Are Being Withdrawn
and Liberties and Houses
Are Being Sold.

The grave situation caused by the
exodus Of former Immigrant aliens has
extended itself to the savings banks and
fduciary institutions, according to let
ter to be sent out to-day by the execu-
lives Of the savings bank section Of the
American Bankers Association. The ef-
feet Of the exodus of 1000 immigrant
aliens as a daily average on the labor
market was described in THE BUN yes
terday. but the menace to savings banks
can DO seen from the estimate in the
letter that about 100000 cannot be
stopped from going and that they will
carry with them nearly $4,000, 000. 900.
Bolshevik propaganda is blamed in
the letter for the fact that IAN alarm
ing proportion of the 100000 foreign
born aliens'' are drawing money from
savings banks. selling Liberty bonds
and houses and returning to Europe. 1t
10 known, however. that many of those
search for relatives who have been scat
tered by the wave OF war and revolu-
ton.
The letter, which IL signed by Victor
Lersner, president Of the savings bank
section OF the American Bankers Asso-
citation. says In part;
"Due to Bolshevik propaganda an
alarming proportion OF the $4,000, 900
foreign born aliens are drawing their
money from the banks, selling their
Liberty bonds and houses and return
ing to Europe. The New York Custom
House authorities announce that those
now sailing from this port carry with
them from $4,000 to $4,000 each in
United States currency.
May Lure 100000 Aliens Abroad.
TT is. estimated that about 100000
cannot be stopped from going and that
they will carry with them nearly $t,-
o0o,000,o00 or an amount four-h
that of the total currency in circulation
and In reserve in the United States
before the war.
ct is estimated that unless vigorous
action is taken over 100000 OF these
aliens may be lured abroad by this
vicious propaganda, taking with them
cash equal to the total present currency
resources Of the United states. This is
certainly serious.
"A stay at home movement Is being
organized which will conduct q vigorous
campaign OF counter propaganda in the
racial leaders in localities where for
eign born labor predom,nates. II is
probable that banks will be asked to
take an active part in this movement
In order to protect their deposits.
an the mean time no effort should
ne spared to increase deposits by Ameri-
can citizens In order to replace the
forecasted loss in deposits which will
occur through the sailing OF aliens al
ready committed to go and who can
not be persuaded to remain"
Accompanying the letter is an analysis
Of the situation confronting savings
banks Just prepared by a prominent
banker. The important points in this
analysis follow: More than $4,000. 900
foreign born persons or OF foreign born
parentage are reported by the Census
Bureau to be dwelling in the United
States, not one-half of whom have be-
come naturalized American citizens.
They represent to our banks a poten-
into the millions-between 6,o0o.o 900 and
10000. 900 is conciusively estimated.
Danger to Banking Interests.
Their value to our nation from this
standpoint alone (leaving aside all con-
alteration of them as a great producing
factor), based upon the known average
savings account per depositor OF over
1915. is between s3.ooo,oo0.oo and
$4,000. 000, 900. Moreover. careful atten-
ton must be paid to the fact that their
cash hoardings plus their real estate and
other Investment holdings represent an
amount equivalent TO. II not largely in
excess OF. the amount deposited by them
in the banks.
at Is for the purpose of bringing these
people and their collective wealth within
reach upon their native soil that the
most insidious of all of the Bolshevik
propaganda IL being practised to entice
them to return to their mother countries
in Europe. with the allurement:
Sell your Liberty bonds and real
estate. Draw out your savings and
bank accounts. Return to your ma
tive country and enjoy FREQ land. only
five hours a day work, no compulsory
military service and unrestricted per-
sonal liberty.
This effect OF this pernicious propa.
Eanda Is appalling and, unless aggressive
steps are taken for its notification, 81
will result very detrinentally to all OF
the banking and business interests OF
our country.
The consensus OF opinion OF racial
leaders u that a proportion as high as 1 I
per cent is % fixed in its determination
TO. leave that II is beyond any attempt
that can be made to reason with OF
change it-this percentage has been con.
firmed by several large corporations who
nave made careful examinations into the
matter among their own employees.
Tho vitality important thing now Is
for all business to get together to pre-,
vent the so per cent or more, whose
minds are not made up. from leaving
This can be done Notwithstanding this
doubt expressed by many of the racia
leaders and Catholic priests, who ars
ready to use all of their efforts in our
cause. not only for the benefit OF oui
country. but for what they know TO be
the best interests of their followers. Al
banking and business interests are
vitality involved In this situation"