Amerikai Magyar hirlap = American Magyar journal. [volume] (Youngstown, Ohio) 1911-1942, 1921-01-13

.hu1 AluCIlcdu UdHAAf HdVc avian
cned to the duty they, owe the
stranger from Europe who came
here to furnish the gret industries
Of the nation with needed labor.
A little reflection will show
that the banks are perhaps not
altoghether to blame for being
negligent. Since the Declaration
Of Independence there has been
continuous immigration to this
country, but the immigration up
until the development of our
great manufactory centers has
been from England, Scotland,
Ireland and Wales. 1t has large.
ly been an immigration of Eng
lish speaking people. The only
other large body of immigrants
during the same period came from
Germany and Scandinavia. This
is proven by the fact, that decade
ago, if banks wished to publish
their rules or any literature of
general interest in any other Ian,
guage besides English, they in
variably lchose German, and in
the Northwest Swedish or Nor
wegian in addition.
But when the development of
our manufactures began, great
demand for common labor began;
This demand was supplied first
from Italy, then from Central
Earope and Russia. An entirely
new w'itype Of immigrant speaking
a new language arrived. For
long time the banks failed to note.
the change that had taken place.
They made no effort to. give the
newcmers banking facilities But
unscrupulous fellow countrymep
got on the job at once and open.
ed "banks" where deposits were
received from immigrants. Great
numbers of these "banks" failed,
and the losses sustained by un-
fortunate foreigners ran into mil
lions. Finally the banks of this
country awakened to sense Of
their duty towards these new
comers from Europe and began
to open foreign departments
where immigrants can be waited
upon by tellers speaking their
own languages. Gradually the
prejudice and suspicion against
bankers began to disappear
AS Burns, the great Scotch poet,
said, ga man S a man for a that, F"
even though he cannot understand
the English language, and as soon
as the people from Central Europe
discovered that the banks We're
trying to help them, they began
to patronize them.
The Dollar Savings and Trust
Company was the first bank in
Youngstown to install a foreign
American banks caused by the un.
scrupulous action Of foreign
department. 1t planned a depart.
ment that would give the foreign
er the same service Americans en-.
joy. For several years after its
installation, the department was
run at a loss, but when foreign,
ers discovered that the depart
ment was part of great banking
institution with capital and sur.
plus in excess of six millions oi
dollars, that it was subject to care
full inspection by state and federal
authorities and the best auditing
companies in America, and that
the rates Of foreign exchange
were always at a minimum, they
began to appreciate the service
the department offered, and the
latter grew until now it is one OF
the largest in America.
The foreigners in America
should patronize the banks that
establish foreign departments
OF course real banks, organized
under state or federal charters
and examined by state or national
examiners, are meant when the
word banks is used. This advice
is given because the banks in this
cnnnfru IN somethinp besides re.