The Washington times., 1925-07-11
EXCHANGE BANK
NEARLY -FOUR
YEARS OLD
Institution Has Made Remark
able Progress Under Presi-
dent Joseph Schiavone
By RICHARD HATTON.


Schlavone four years ago, the end
OF the present month. The remark
able achievement Of this progros-
sive banking institution, under the
able, direction of President Schia.
vone, is one Of the outstanding H.
nancial successes of the National
Capital and the many friends of the
institution and it's popular president
are arranging for a fitting teSst'
monial. The Italian colony. in par.
ticular. will pay it's respects and
offer its congratulations to Presl-
dent Schiavone and his bank, and a
committee has been appointed 10
outline appropriate ceremonies.
At q recent meeting Of the board
of directors of the Internationa
Exchange Bank per cent dividend
was declared for ali stockholders OF
record June 80 and the bank pur'
chased the lot adjoining the hard.
some bank building at the corner OF
Fifth and II streets northwest. Tho
real estate at ATS H street IL oc.
cupied at present by q three.apats.
rnent building. In line with Its
policy Of adding to the value OF It's
real estate holdings, the 1nterna'
tionai Exchange Bank win enlarge
and improve the building on this
property in the immediate future.
Deposits S643,O00.
1t. is notable that the deposits
Of the Information Exchange Bark,
az reported on June 80, were sea-
600, a remarkable increase Of $685.
600 in two months. President
schiavone declared today that he
was determined to increase bis de-
posits by 100000 and the past
record and the present popularity
Of the institution are warrant Tor
the assertion that this win be done
In the very near future. The bust
ness of the International Exchange
Bank has grown steadily since ats
organization and the institution mas
never shown a decrease in deposits
In its statements at the calls OF
the Treasury Department.
President Schiavone, the founder
and organizer Of the international
Exchange Bank, rs popular IA
banking circles and among the de-
oosftors and clients Of his institu-
ton and has evinced g. humanitar-
ian spirit in his dealings with the
public which has endeared him to
those with whom he has had bust.
ness dealings without detracting
from his keen ability as q practical
financier.
Pioneer In His Field.
President Schiavone has been q
pioneer in advocating a reasonable
charge upon improbable accounts
and believes that the banking pub
lie understands and appreciates the
position of those banks where a
service charge is made upon this
sort of an account carried for the
convenience Of the customer. lie al
no renders every assistance to his
customers who are earnestly strtv-
ing to make their accounts proflta-
Bile to the bank al well as to them
selves.
Speaking today, on the question
of the Improbable bank account,
which is Row so much to the fore
In banking circles, President Schia-
vone said:
"You go into a restaurant and
order a meal. Let US suppose it
costs a dollar. A certain percentage
of that dollar goes for the food
itself. But that Is not all the res
taurant owner must pay fer. He
has what is known as overhead
lighting, rent, laundry bills, silver
and so forth. When you pay your
dollar for your meal you realize
that some part of that goes for
the upkeep Of the things which
the restaurant owner must have
to do business"
when you buy an automobile"
Mr.. Schiavone continued, you DO
not expect the factory to service 1t
forever. You, yourself, after a breif
period, pay all OF the service
charges. When you go to a hotel
receive when you check out in
cludes the overhead your presence
there has caused. All of these things
are paid willingly, ror you realize
that unless you, who incurred
these charges, do not pay them, the
proprietor in each case would have
to stand the loss himself, and, -
a great many cases just these
small sums are the difference be-
tween profit and loss
Charges is Small.
THE average customer" said Mr..
Schiavone, fails to see that the
banks position is the same as that
Of any other establishment so far
as expenses go, except the addi-
uonal costs cannot be just included
in your BILL If an account at a
bank is below $780," declared Presi-
dent Schiavone, "the bank must
lose money on that account or make
q service charge. This charge is
small, just as small as the charge
which the restaurant owner in
ciudes in your check. The only
differences is the bank makes a def
mite assessment and the restaurant
owner or the hotel man or anyNother
business man simply figures that
in with your purchase. The bank,
any bank, has hundred varieties
Of expenses which the public never
dreams of and never stops to think
about. They must be paid and the
bank must progress II the public
Is to benefit. The service charge is
as great q benefit to the public as
It is to the bank"
Sound reasoning, such as the
above, and sound and generous
banking methods combined with a
personality which inspires confidence
and trust are the elements which
have enabled President Schiavone TO
guide his institution to its fourth
anniversary with such conspicuous
sucCess.