Word: frasers
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...them only France is still on free gold. Last week's meeting was to elect a successor to heavy-set President Gates W. McGarrah of Manhattan, re- tiring. Normally there would have been no question of the election of his alternate and chief adviser, Boston-born Lawyer Leon Fraser, Reparations expert at the birth of the Young Plan in 1929. In February B. I. S. directors so moved and appointed him (TIME. Feb. 27). But what about the sidestep of the U. S. from the gold standard? Last week's meeting silenced the quibblers and ratified Mr. Fraser...
...World Conference. Aged 70 and having launched the B. I. S. with conspicuous success, Gates W. Mc-Garrah hinted last January his intention to retire as President next May. Europe buzzed at first with rumors that a British subject would succeed him. Lately reporters changed their tune, asked Alternate Fraser if he knew he was going to be elected President McGarrah's successor...
...That," drawled broad-grinning Mr. Fraser, "is news...
Last week the news became fact. Bankerishly at Basle, members of the Board refused to comment on their unanimous vote. Pikestaff plain, however, looms the fact that President-elect Leon Fraser is slated to play a major role in 1933's great effort at international recovery, the World Economic Conference...
...getting champion of this basic principle of world recovery, President-elect Fraser faces a battling, buffeting year, will need all the stamina packed into his tough, square-shouldered frame. Typical of direct, common-sense Fraser methods was the Bank's settlement last week of the issue of "double taxation" with the City of Basle. Radical aldermen have demanded that the city pry into the private income of each employe of the Bank (already taxed in his home country) and tax it again in Basle. The Bank retorted by offering the city a lump sum payment of 50,000 Swiss...