The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1925-02-11
EXCHANGE BANK
SHOWS STEADY
GROWTH
International Exchange, Head
ed BY J. schiavone, Has
Resources of $4,000.
By RICHARD HATTON.

DIV tG1NntANO ma AOANS = al ~
Those who believe that q bank
is a heartless, institution, and that
bank presidents; in some rnirac-
ulous.. manner, are born to sump-
tuous offices and polished n1ahog-
any desks should meet President
Joseph Schiavone, the kindly ana
distinctly human founder of the
International Exchange Bank and
hear his unitarian views upon the
business which he has brought to
such a conspicuous success. Mr..
Schiavone is a keen observer and
a kindly philosopher and he has
brought to his efforts an indoni-
table will to win which, according
to his own statement, and he is
proud of it, has lifted him from
the bottom of the ladder to the
head of f1ourishing and prosper.
ops banking institution.
Rapid Rise.
Mr.. Schiavone, who had for some
years been. engaged in private
banking business came to Wash
ington in 1918. In 1914 he con.
ceived the idea Of establishing q
small private bank. He tells with
pardonabIe pride OF his UMPIRE
tentious start and points r1odestly
to the condition of the institution
at the. close Of business on De
cember 81, last, upon which date
his bank statement showed total
resources of over $3.50, 100000
There should be inspiration for
every foreigner, as well as for
every American boy, in the career
of this successful financier, al.
though, according to Mr.. Schiavone.
no man may be credited with being
success until he is dead and the
final chapter Of his career il
example Of the great opportunity
boy or man who will adopt the
tional Exchange Bank that moth
will power and who will work for
what they desire. Most people
fall" said Mr.. Schiavone, today.
because they do not try"
In speaking Of the foreign bank
in the United States, Mr.. Schiavone
said:
THE foreign bank Of today Is an
institution which has no parallel in
any business in the United States.
It's activities are unlimited and
new and pulling questions are
taken up daily. BY the peculiar
nature Of It's services, the foreign
bank comes into close touch with
the public and private affairs Of
its depositors." oAs an example of
the varied services which the for
eign bank Is required to render. ont
side OF the regular banking field,
President Schiavone indicated a
pile of mail upon his desk. From
these he picked three letters at ran
dom. Two Of these happened to be
upon matters connected with iYnnli-
grafton. One letter was from a
father in New York asking the
bank to assist him in preventing
the deportation Of his son who had
overstayed his bond. Another from
New Jersey was from 4 father
and his children who desired the
banks assistance in procuring ad.
mission for the wife and mother.
Another was from the West and
urged the president of the local
bank to see the Secretary Of the
Treasury and .straighten out some
income tax. trouble. s
Many Duties
These letters come every day"
said Mr.. Schiavone Many do
not wait to write but come per.
sonally to the bank for Information
or to secure assistance in untAnx.
ling some personal problem. The
first man to enter the bank on a
recent morning asked that I assist
him in getting a passport Another
desired that / help him fill out nm
application for a Government posi-.
ton. Four matters of immigration
were brought to me for assistance
and one man and wife came to get
information upon the question Of
citizenship.
President Schiavone, according
to his own modest estimate, is
simply a successful bank president
but from the evidence of his many
activities outside of the banking
line, he is lawyer, physician, con.
fessor, general friend and coun.
celor to his depositors. To put it
in his own words: Work in a
foreign bank is not a monotonous
grind, but an activity the variety
of which keeps ones interest at
fever heat"
The international. Exchange Bank
OCCupISS Il IHOuSFH DanK building
at. the corner of Fifth and II
streets northwest. While it IL en-.
gagged in q general banking bust
ness, IT specializes in foreign cx-
change, drafts and money orders
upon all foreign countries, but
especially upon Italy.
While the Foreign Exchange
Bank has registered a large meas
ure Of success, it is impossible to
disassociate the institution from It's
founder and president whose per.
sonality has dominated it's Climb
upward from a modest beginning.
In concluding an interesting inter
view upon the subject Of foreign
banks. and the Foreign Exchange
Bank of Washington. in particular,
Pres dent Schiavone declared: Il
want to emphasize again the fact
that nothing is impossible, pro-
vided it is backed by will power
and work. / wish every young
man could know that the word i'm
possible does not exist" The career
of this Washington banker bears
out the cardinal principle Of his