From reliable sources it was learned last night that Professor Oliver M. W. Sprague, banking and finance expert of the Harvard Business School, has been chosen for a post of major importance in the Bank of England. Professor Sprague, a recognized authority on the theory and history of banking, left Friday for England on a hasty three week trip to confer with Montagu Norman, Governor of the Bank of England.
According to close friends of the Harvard economist, Professor Sprague is to direct the relations of the Bank of England with the central banks of other countries. The position, especially in view of the International Bank, recently established, carries with it some of the largest responsibilities in the banking world today.
It could not be learned last night whether Professor Sprague has as yet tendered his resignation from the Harvard faculty, or whether he would be released on a leave of absence for the duration of his tenure of office. Professor Sprague, who holds three degrees from Harvard, returned to the University in 1900, to teach, and since 1913 he has held the Edmund Cogswell Converse Professorship of Banking and Finance. For a three-year period, from 1905 to 1908, he taught economics at the Imperial University of Tokio.
He has published several important treatises on finance, among them "The Theory and History of Banking", and "Banking Reform in the United States".