The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1911-04-09

MILTON E. ALLIES.
One of the younger commercial lead
ers of Washington, who migrated to this
city when a very young man and took
advantage of the opportunities over
looked by the fond parents of the ambi-
tious George for whom Washington
held no future is Milton E. Allies, vice
president of Riggs National Bank, presi-
dent of the Commercial Club, and direc-
tor in a number of important local cor
porations. Allies came to us out of the
Middle West about twenty-four years
ago.
He is a native of Sidney, in Western
Ohio. In his early days he was attracted
by the newspaper field, and went to
Knoxville. Tenn, where he helped estab-
lish the Knoxville Daily Sentinel In 1887
he secured an appointment in the Treas
ury Department. While so engaged he
studied law in the evening, and was ad-
mitted to the District of Columbia bar
in 1890. He intended to practice law, but
decided to hold on to his government
berth while longer. He became a law
clerk in the department. and moved into
the Assistant Secretary's office as pri-
vate secretary shortly afterward. He
became a firm friend of Vanderlip, pri-
vate secretary of Secretary Gage When
Vanderlip became Assistant Secretary of
the Treasury, Allies succeeded him as Mr.
Cages private secretary, and subsequent
~ followed Mr.. Vanderlip as Assistant
Secretary of the Treasury. In this ca
pacity Allies served during the last six
months of Mckinley's administration and
until 1903 under Roosevelt
BY that time Vanderip had become a
power in the National City Bank of New
York, and Allies left the Treasury De-
partmcnt TO represent that bank in
Washington. He became vice president
of Riggs Bank, which, through his Offices,
now has an affiliation with the immense
ly powerful National City Bank.
Our Banking Strengh.
Allies is one of Washingtons greatest
boosters. His views Oh this city as a
banking center are as interesting as they
are authoritative.
washington is unique in its banking
strength he said I'VE have no great
trade, but we have a great paymaster
who never defaults. Uncle Sam. He
pays out about s2.O0O.O00 a month to
his employees. There are no strikes and
no market fluctuations of values and
prices-which goes to insure financial
stability. No city, for instance, was bet
ter off during the depression of 1907 than
Washington. 1t was practically the only
city of its size in the country that
went right ahead with its cash payments,
and its banks and other financial institu-
tons did not flutter under the pressure.
AT all times Washington is a reflex
Of the rest of the country. Its banking
power has increased in proportion with
-that OF the cities all over the country.
In the ten years from 1894 to 1904 the
banking power of Washington practically
trebled We now have five kinds of
banking institutions in this city. There
are the national banks the trust COM
panles. the savings banks under the Dis
ulct statutes, the savings banks doing
business here under the laws of various
States, and the private bankers. This
naturally has created the keenest sort of
competition, until TODAY there is no
more active city in banking operations
than Washington, considering its size "
The fundamental principles of banking
according TO Allies, have not changed ma.
terially under the influence of the mod
ern spirit. Time and labor-saving de-
vices are about the only things to dis