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Amalgamated Bank Transmits Money to Russia

January 30, 1923
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The Russian American Industrial Corporation has made final arrangements for the immediate transmission of money to Russia, through the offices of the Amalgated Trust and Savings Bank of Chicago, transmissions now being accepted by the foreign Exchange Department of that bank.

The contract for transmissions between the United States and Russia was concluded with the Industrial Bank of Moscow, and the Russian-American Industrial Corporation was made the agent for this enterprise. It is said to be the first concession to be granted officially to an American Corporation. It makes possible transmission at the premium of 7%, with a minimum charge of one dollar, to all points in Soviet Russia and paid in American dollars.

The Russian-American Industrial Corporation is incorporated in Delaware and is capitalized at $1,000,000 which is to be invested in Russian clothing industry. Sidney Hillman, Joseph Schlossberg and J. S. Potofsky, all officers of the Amalgamated Clothing workers of America, are the president, vice-president and secretary-treasurer, respectively of this Corporation.

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