ABSTRACT OF THE REPORT ON IMMIGRANT BANKS. For the complete report on immigrant banks see Reports of the Immigration Commission, vol. 37. 82401°-VOL 2-11- -27 409 Money exchange. 425 Remittances abroad.. Relative importance of deposits and remittances. General estimate of amount sent abroad in 1907 by immigrants.. 425 425 426 Rate of exchange... Relation with banking houses. Failures and defalcations.. Average amount of remittances Methods of transmission .. Unsoundness of the system.. State laws on the subject. Difficulties of legislation.. General opinions and recommendations. LIST OF TABLES. 427 428 430 431 431 433 434 436 437 TABLE 1. Summary of establishments investigated, by locality and by race of proprietor. 413 2. Approximate number of immigrant banking concerns disclosed by 414 3. Immigrant remittances abroad by various correspondent banking 425 4. Remittances abroad by immigrants in the United States, by country 427 IMMIGRANT BANKS. The "immigrant bank" is a nondescript, unchartered institution which flourishes in every part of the United States where immigrants from southern and eastern Europe are gathered in any considerable numbers. For the purpose of determining the method of operation, characteristic features, and general conditions of these immigrant banks a special inquiry concerning them was conducted in various localities where large numbers of immigrants were resident. Considerable attention was also devoted to the subject in connection with the general industrial investigation in various parts of the country. No attempt was made to interview every immigrant doing a banking business in each locality studied, but it is believed that the inquiry in nearly every community was made sufficiently complete and comprehensive to ascertain representative conditions. Bankers of various races were selected, with due reference to the importance and extent of their business, so as to give a proportionate or representative division in that regard. In the table following there is presented a summary, by locality and by race of proprietor, of all the establishments investigated. TABLE 1.-Summary of establishments investigated, by locality and by race of In addition to those mentioned in the foregoing summary a large number of other immigrant business men not engaged in immigrant banking were interviewed with reference to the business. In various localities American bankers and business men were interviewed for |