The Birmingham age-herald., 1921-03-20

New York. March B.-(Specia1J-- in order that he might correct some Of the doubting views respecting the For eign Trade Financing corporation which a few of the Chicago bankers have been reported to hold. No better authority than Mir. Kent could have been selected Chicago and Chicago bankers, having come from Chicago bank to New York chiefly for the purpose of establishing as he succeeded in doing intimate bank ing relations between the bankers trust institutions and banking institutions in with a reputation which has been sus- tained, of having mastered the difficult ties associated with the science and prac- tiee of foreign exchange. During a pro- longed visit to Europe he became fa- miliar with industrial and trade charac- teristic of almost all of the nations.
 Mir. Kent. if not the actual inspiring force which led to the formation of the Foreign. Trade Financing institution. was among the original promoters of that undertaking. He had good information respecting the methods by which the pur- chases of commodities in this country by corporations and individuals of other na- tions had been made possible. 1t has sometimes been said of Mir. Kent that he possesses fuller information of the credit advances to other nations which have been made by American banks, corpora other one man. He believes that If we are to hold and increase our markets in other parts of the world it is necessary that American financing institutions be so organized and operated as to facilitate the granting of credits and also to make 1t possible for the public to aid in work of this kind. For if the public is per- suaded to buy the stock or the debentures of trade financing corporations, then in that way the great public of the United States will aid Europe and other parts or the world in making purchases in the United States.
 Exactly what the doubt is which has been reported to prevail with some of the Chicago bankers and which has caused them to refrain from giving warm sup
 
 stitution is not known But MT. Kent believes that doubts can be removed, and that the institution with perhaps a few changes which may be authorized by law in its organization scheme will ulti- mately be in full operation. When 1t is in going order the probabilities are that W. P G. Harding will become its chief executive. He, however, will remain for time as governor of the federal reserve board at Washington. One of the esti- mates which have been made of the ca pacity of this Foreign Trade Financing organization to aid other peoples than our own in purchasing commodities in the United States is that it may provide ul- timate1y an aggregate of one billion in credits This, of course, is a rough esti- mate, but it has been made. There is no doubt this institution will be organ ized. and before the present year is end- ed the influence which it will exert in aiding Europe, especially in the purchase of. American commodities, will become visible through the reports which tell oi our increasing exports.
 THE DAY OF THRIFT
 Some weeks ago report was made in this column of the tendency which has been shown since 1919 by wage-earners to practice thrift, tendency which has been made evident through the unexpected | increase in savings banks deposits. Al the time that report was published it was not authoritatively known whether this tendency to thrift prevailed elsewhere than in New York, New Jersey and two of the New England states. Authoritative | reports have now come from other parts | of the country which show that this dis. | position is not confined to few of thu eastern states. It seems almost mex plicable that in the year when consid- erable depression in industry prevailed and when wage-earners were in large numbers laid off there should neverthe-