Green’s Dictionary of Slang

hike n.2

[? comb. of kike n. (1) + hunky n. (1)]

(US) a derog. term for an Italian immigrant.

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[US]N.Y. Herald 13 Jan. n.p.: The average Pennsylvanian contemptuously refers to these immigrants as ‘Hikes’ and ‘Hunks’. The ‘Hikes’ are Italians and Sicilians. ‘Hunks’ [...] includes Hungarians, Lithuanians, Slavs, Poles, Magyars and Tyroleans [R].