The history of Almerindo Portfolio is a fascinating tale of Italian immigration to the United States, full of successes and significant contributions to the Italian-American community in New York. Here is a summary of the highlights of his life.

From Abruzzo to the United States, a story of Italian immigration

Born in
Schiavi di Abruzzo
In 1878, Portfolio emigrated to New York with his father in 1888, at the age of 10. Their journey was a difficult experience, common for many emigrants of that period, with precarious living conditions during the sea journey.

After a modest start as a delivery boy, Portfolio quickly distinguished himself, becoming sales director of the Mercantile Cloak Company. Subsequently, he founded A. Portfolio & Co., becoming one of the leading clothing manufacturers at the turn of the century. In 1908, Portfolio legally changed his surname from Porfilio to Portfolio.

Career in politics and finance

In 1924, Portfolio donated A. Portfolio & Co. to six of its employees. This generous act reflects his entrepreneurial spirit and desire to share success with those who contributed to his work. After the company’s donation, Portfolio assumed the presidency of the Banco di Sicilia Trust Company and was active in various publishing, financial and commodity activities.

Beginning in the 1930s, he turned to politics, becoming a member of the Republican Party. In 1940, Portfolio was a delegate to the Republican National Convention for Manhattan’s 11th Precinct. In the 1950s, he was close to J. Bracken Lee and the “For America” movement, with ideas in favor of constitutionalism and states’ rights, against federal centralization and taxation, and against international interventionism.

From 1938 to 1945, Portfolio served as Treasurer of the City of New York City during the administration of Mayor Fiorello La Guardia. He contributed significantly to the balance of the city’s budgets. One of New York’s two major airports bears the name of La Guardia.

The link with Italian roots and Abruzzo

In 1945, Portfolio was a member of a committee of Italian-American personalities who sought to promote “Allied Country” status for Italy at the end of World War II. Before World War II, Portfolio also had a confidential meeting with Mussolini, probably on behalf of La Guardia and Roosevelt, in an attempt to counterbalance German influence and emphasize the close ties and support, including financial, of the United States to Italy. Portfolio actively supported Italian-American organizations and believed in the importance of education for Italian immigrants in the United States. He helped found institutions such as the Italian Hospital, the Italia Welfare League, the Italian Historical Society, and was one of the main founders and supporters of Casa Italiana at Columbia University.

Almerindo never forgot his roots and always maintained close ties with his home town in Abruzzo. Between 1917 and 1919 he financed the construction of the hydroelectric power plant that led to the first electrification of Schiavi. Subsequently, he also financed the construction of the first water services that reached the top of his hometown. Today, the course of Schiavi di Abruzzo bears his name. Almerindo Portfolio died on January 25, 1966 in Gabriels, New York, and was buried next to his friend and political mentor Fiorello La Guardia in Woodlawn Cemetery in the Bronx.