The Washington times., 1925-09-08

One OF the staunchest believers
in the future Of the city Of wash
ington is President Joseph SchiavOne
Of the International Exchange
Bank. Mr.. Schiavone does not.
however. confine his effort and his
optimism to the future, but il a
decidedly constructive element in
the present as il indicated by tbs
success he has attained in the f.
nancial world of the National Cap
ital. Believing in the city and its
future Mr.. Schiavone was especially
emphatic In stating his opinion re-
garding the business outlook in
Washington for this fall and win
ter.
Without lookipH further aficld
than the city itself, Mr.. Schiavone
said While. Of necessity. Wash.
ington must be more or less affected
by national and international bust
ness conditions, nevertheless, it has
a. distinct and unique position
which places it somewhat outside OK
the more general economic In
nuences.
saThe desirability of Washington
as a home city and as place for
profitable business investment il
more and more impressing itself
upon many citizens of foreign
BIRTH" said Mr.. Schiavone. I've
notice this, particularly, in our
banking business for we find very
general tendency on the part of
our customers who have in former
times sent large sums abroad, to
keep their money here.
s'These people, undoubtedly believe
in the future of the city and, by
their Investments, they are, IN q
very material way, working Tor the
success of the future. Tendencies
Of this kind upon the part OF
the citizens Of any community IN
dicate that the economic rounua'
ton must be a solid one.
cit is evident to anyone VINO VIII
look up the statistics" continued
Mr.. Schiavone, that the popnlatlon
of washington is steadily increas-
ing and. it is a notable fact that
there is a large class OF weli.paid
people here. both in the Government
services and in private enterprises.
The purchasing power or TINS
class of citizens is large and the
needs are many. 1t is obvious that
as the number of such people IN
crease the spending power win in
crease and business will respond
normally to the stimulation.
Turning more specifically to the
immediate future, Mr.. Schiavone
said: From all present indications
Washington will experience normal
business this fall. There is no rea.
son to expect anything else. and
normal business season in Washing.
ton is one wherein business is
before.
"I can see no evidence that there
will be any change in conditions
this year. Employment here is gen.
eral, there is no idle class, and it
is impossible for conditions TO arise
which would force idleness. The
Washington public is. essentially.
a buying public and. in general, 1t
has funds whereWith to satisfy its
needs or its desires.
Stability" said Mr.. Schiavone,
lis characteristic of business in
Washington. There are no violent
fluctuations either in the way OF
stimulation or depression. This IL
an excellent condition which makes
it possible for the merchant to
gauge his business possibilities
from year to year with consider
able accuracy. Thus, it would
seem that all elements which enter
into the business equation are ia
to a period of healthful
and normal growth. This, be-
lieve, we may expect to witness
during the coming fall and win
fny. -