The Washington herald., 1918-02-05
US. PRESTIGE
DUE TO SOAR
Holland Believes After War
Financing Important to
America.

For q month or six weeks rumors
have been persistently circulated in
the financial district that Fred /.
Kent was speedily to be appointed by
the Secretary of the Treasury. Mr..
McAdoo. as director of foreign ex-
change.
The reports were of especial interest
to the brokers and others who make
a speciality In dealing in foreign ex-
changes and yet no one seemed to be
able to give any reason. hardly q
guess for the selection of Mr.. Kent
or Of anyone else for an important
post such as this would be-
About the time these rumors began.
reports came from Washington that
some Of those in high authority were
considering the expediency OF estab-
fishing a foreign exchange bank. II
this were done the institution was
to be under the control of or in in
direct alliance with the Federal Re-
serve Board at Washington. There
came a little later what seemed to
be authentic reports that this project
had been posponed until after the
war is ended.
Now the appointment of Mr., Kent
as director of foreign exchange ap-
pears to be confirmed. There is, how
ever. some doubt respecting the duties
which the responsibility devolves upon
him Some are Of the opinion that he
VIII do no more than thoroughly to
oversee or supervise or concentrate
within such department as he may
create. the entire foreign exchange
operations Of the country. These
transactions already, however, by
comand Of Secretary McAdoo are re-
ported
There seems to be a lurking be-
lief that IL will be found essential
after the war is ended to establish
foreign exchange bank allied with
or under the authority of the Fed
eral Reserve Board at Washington.
And, II this surmise be correct, then
Mr.. Kent may be placed in authority
over an institution of that kind. His
appointment as director Of foreign
exchange is possibly a first step to-
ward the establishment by and by
of Federal foreign exchange
bank. although this, of course, now
is mere surmise.
Mr.. Kent's Qualifications.
None Of those who have been as
sociated for the past fifteen years
with Mr.. Kent has the slightest
doubt of his qualification for an i'm
portant post of that kind. He has
been for some years esteemed one
of the two or three great American
authorities upon foreign exchange.
He mastered that exceedingly diff
ficult and technical science even be-
fore he came to New York from Chi
cago. The Bankers Trust institu-
ton selected Mr.. Kent chiefly on ac-
count of his mastery of foreign ex-
rhan~e as its representative in the
delicate and very important work of
establishing correspondents in Great
Britain and throughout the -conti-
nerrt of Europe: in fact. to some eX-
tent throughout the world.
Mr.. Kent was spoken of as having
succeeded admirably in this work.
He has been and is now vice presi-
dent of the Bankers Trust Com
pany. and Is one of the men of the
younger generation who have shown
remarkable ability and qualifications
sTor meeting satisfactorily the great
financial emergencies occasioned by
, the war -..- .-
An Almost Mystic Science.
1t has sometimes been said that
the mind that can master the
science OF foreign exchange. could
il it's attention was turned to high
or mathematics or astronomy. mas
ter the exceedingly difficult and
delicate mathematical problems, the
solution Of which has been the
achievement of the great astron-
omers.
Foreign exchange has played a
far more important part in the de-