The Birmingham age-herald., 1914-08-12

umphs of recent years. MT. Kent handles in the course of a year great deal of foreign exchange and is one of the three who are no wspoken of as the great American leaders in this department of international finance.
 John A. Gardine, vice president of the National City bank, prepared the resolu- tions which Were adopted at the confer ence of those who are leaders in the for eign exchange market of this city. MT. Gardine is probably even better known by name in London and upon the continent of Europe than in the United States. Yet in banking circles the celerity and accuracy with which his great service at the time of the panic of 1907 was per formed have become tradition. Cot ton brokers, the day that panic began, were in respair. Unless they Were able to meet their obligations many of them would be compelled to suspend. The im- mediate results of suspension of that kind would be felt in many parts of the south. These brokers had cotton bills in abundance. Behind them stood cotton, one of the best of securities and yet there was fear lest by reason of the panic they would not be able to discount or sell these cotton bills, so that, although solvent they were in danger of becoming bankrupt.
 MT Gardine made it known that the cotton brokers would be taken care of. They brought their bills to him. many million dollars in the aggregate, in a sim gle day. These bills were scrutinized so that 1t might be known that they were all right, and then the brokers received banking accommodations. This went on from day to day until apprehension in the cotton trade was ended
 Rlft this was not the only service Win these bills as a basis. Mir. Gardne was abel to telegraph to London and secure instant remittance of gold the aggregat ( in panic days amounting. according to common understanding, to over $2O DOG, GOO So much of this was represented in the GOO in gold which London sent to the United States in her panic days That gold did much to end the panic. The Great Leader
 Since 1907. an American banking insti tuition operating under state charter, tho Guaranty trust. has become one of tn, great banks if the world A year ags bankers all over the United States wer, amazed to read the official report of tn, l amount of foreign exchange handled b, this institution in a single year Tn, aggregate was in excess of $2, ,000, ,000, ,000, | figure which will compare favorably witt
  to 90 per cent of the cotton bills represent l ing the planters of the south passed through this institution last year. Tn, chief of the foreign exchange departmen l is Max May, and both In Londn and tn, l United States he is now regarded as on, 1 of the greatest masters of foreign ex change international finance has knowr since the day when the bankers of Am sterdam invented foreign exchange. MT May is not only master of the practi cal technique of this science--for it is science-but also of it's philosophy and O I it's history. Mir May and Mir Gardin, 1 in cooperation with other masters O 1 foreign exchange have attempted to pro 1 tect the exchange market and to creat, what will serve as a new precedent 1 namely, a method by which in times O gravest crises a nation like the United States can without suspending specie payments prevent exports of gold ans control cratic tendencies in foreign ex change.