Amalgamated, First Jewish Labor Bank, Shows Great Progress in Two Years Existence

The success of the Amalgamated Bank of New York, the first Jewish labor bank in the United States, was described by officials of the bank when the institution moved to new quarters last week.

The bank was opened in the spring of 1923 with resources of $500,000. On December 31, 1925 the resources of the bank amounted to $6,500,000. The bank has over 12,000 depositors. Up to January 1, 1926, the bank transmitted to foreign countries and amount aggregating close to $15,000,000 in 350,000 individual remittances. Nearly one half million dollars is being sent each month by people in America to their relatives and friends in Russia, Poland, Lithuania, Latvia, Roumania, Austria, Germany, Czecho-Slovakia, France and other European countries, through the bank.

The Amalgamated Bank also has arrangements with the Workers’ Bank, Limited, of Tel Aviv, for the transmission of money to Palestine. Hundreds of transfers are made through the Amalgamated Bank to people who go to Palestine and need funds for entering the country. The Amalgamated Bank is the fiscal agency and the American depository of the Workers’ Bank, Limited, of Palestine.

A tablet containing the inscription, “Dedicated to the service and advancement of the labor movement,” was unveiled Saturday in the new quarters at 11-15 Union Square, once-famous as Tiffany’s, which has been remodelled. The bank now occupies what is said to be the third largest banking floor in New York, covering nearly 15,000 square feet.

Commenting upon the opening of the new quarters of the bank, Sidney Hillman, the General President of the Amalgamated Clothing Workers of America, said:

“While the Amalgamated Clothing Workers of America are naturally much gratified at the outcome of their efforts in establishing the first labor bank in New York, an outcome so successful that in less than three years the bank found it imperatively necessary to secure larger quarters in order to efficiently serve the constantly increasing number of workers who wished to avail themselves of the various services it offered them, our gratification is increased by the fact that we have been able to build up a strong financial institution under the management of skilled bankers without departing one iota from the ideal of special service to the wage earners upon which there would be no reason for its existence.”

The Board of Directors of the Amalgamated Bank of New York are: Sidney Hillman, Chairman; Hyman Blumberg, Vice-Chairman; Joseph Schlossberg, Jacob S. Potofsky, Adolph Held, Leo Wolman, August Bellanca, Max Lowenthal, Abraham Miller, Peter Monat, Murray Weinstein, Joseph Gold, Fred R. Macaulay, Joseph Catalanotti, Max Zucekrman, and Philip Orlofsky. The officers of the Bank are: Adolph Held, President; Jacob S. Potofsky and H. K. Herwitz, Vice-Presidents; Andre F. Pouy, Cashier; John G. Ralph, Assistant Cashier; M. Horton, Assistant Vice-President; Reuben Auerbach, Assistant to the Vice-President.

COMMUNICATION TO THE EDITOR

Sir:

In your issue of Monday, Jan. 18, 1926, in a column entitled “Daily Digest of Public Opinion on Jewish Matters,” you have an article entitled “Argentine Bars Nordics as Undesirable.” You ascribe the ensuing quotation to the “American Israelite.” May I call your attention to the fact that the quotation is taken from an editorial in the “Canadian Jewish Review” of Jan. 11, 1925 on “The Nordic is Challenged.” The “Israelite” probably reprinted the editorial.

RABBI FERDINAND M. ISSERMAN

Holy Blossom Congregation, Toronto, Can., Jan. 19, 1926

Michael Hollander, President of the Charity Chest of the For Industry, announced on Thursday that nearly $450,000 had been raised in the campaign for $1,000,000.