The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-28
BANKS ARE FEELING
PROSPERITY'S TREND
Milton E. Allies Optimistic
Over Business Outlook
In Capital.
CONTINUED from FIRST Page.J

diu,naI strides in ls1e that viii give it
precedence over many Of the great
cities.
'"fhis prosperity which we are now
feeling seems 70 be a universal senti-
ment with the people as well as ma
teral thing" says Mr. Allies
while tha banks do not as a rule feel
prosperity until other lines Of business
ere affected. there are too many evil
dences Of commercial and Industrial ac-
ti1dty around US . deny that Washing
tons financial institutions are looking
to the close of ttis year TO show larga
business gains.
Outlook Bright
by the last OF September or the mid
die Of October he continues. our local
bar ks, IlOst Of which feel a slump in
business when the summer exodus oe-
gins. viii see large business gains, and
an outlook for a decidedly prosperous
year during lolO.
"A striking Illustration of how Wash
ington's great prosperity is reflected
was brought vividly 10 my mind re-
Gently when 1 entertained a visiting
New York banker here he had not
visited shis city in abohI three years
ana the great building activities amazed
him. Imperial he exclaimed as he si.w
L
ed at the new Senate and House office
buildings. the new Municipal building.
the improvements around Potomac
Park, and the many magnificent private
residences already erected and being
erected by wealthy people who have
made Washington their home after ae-
cumulating fortunes elsewhere, his Won
der at ehe marvellous change III the
Capital in a short stretch Of years in
creased.
! know OF no other city in Ameri-
ca whose face rejects greater material
prosperity, he said It certainly
seems that nothing can now retard the
progress Of this city, which is destined
70 rank among the greatest cities OF
the world
Patent to Visitors.
This gentleman" continued AIR.
Allies. could forsee in a glance what
should be obvious 10 all who live herr.
and vet we are perhaps too close TO Ihe
scene to feel the prosperity IL reflects
as would oe visitor. This tide Or
money needed 10 make these improve
ments has. OF course, passed 10 and fro
through the channels of our banks, and
in this way the banks have felt and ere
feeling the impetus OF the present bust
ness boom.
Local banks. too. have had their de-
posits materially increased by the num-
Der Of wealthy families who have come
to make Washington their home either
part Of or all the year. These residents.
being accustomed TO liberal spending.
have let loose an additional flood Of
money through their patronage of local
business firms New firms, seeing the
older ones pTosperins through this pat
ronage have sprung into existence un-
iii tine whole complexion Of the Capital s
business field has undergone remark
able change. These new enterprises
have had to have capital. and IN this
way the Washington banks have ali re-
Gently felt a remarkable money circula-
tiOn.
Astonishing Growth.
some time ago 1 was asked TO pre-
pare a financial statement for the Amer
lean Bankers Association which showed
the advance Of the Capitals banking
institutions 1 was astoUnded by the
revelations my Investigations showed
In the short space of ten years, / found.
the deposits in local banks had trebled,
or had increased from 81, 100000 TO $685.
OOOOO0 This showing was truly remark
able Going further. / learned that such
elsewhere, and that the whole country
seemed 10 be enjoying the prosperity
that had turned Washington from a
hating, uncertain community into a
foremost city
..Who is so wise that he can accurate
~ forecast how great Washington fu-
ture will be2' suggested Mr. Allies. re-
fectiveiy. Certainly the substantial
evidences Of prosperity around US are
enough 20 I'll most anybody with op-
timism.'