Word: frasers
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Smart, brisk Banker Fraser is only 43. By training a lawyer, he has never worked in a bank which received or paid out cash. At Basle they send and receive cablegrams and telegrams transferring millions and hundreds of millions, on paper. Often a telephone call suffices. In their safe, some two feet wide by four high, they keep as a solemn joke two coins, a tiny 25? California gold piece (genuine) and a reputed Spanish sovereign (counterfeit). The important thing is that since the B. I. S. was founded in 1930 it has slowly become "The Central Bank of Central...
Keen, tactful President-elect Fraser sprouted and matured amid the rich mess of Reparations and War Debts. Prior to the War he had been elaborately educated, made up for that by reporting one year for the New York World, next year was admitted to the bar. Enlisting as a private in 1917, he was swiftly promoted to major, and Assistant Judge Advocate of the A. E. F.'s quarrelsome Service of Supply. Decorated with a chestload of Allied medals, he practiced international law with Paris' Coudert Brothers after the War and sprouted definitely in 1924 as general counsel...
When Seymour Parker Gilbert, who is three years younger than Leon Fraser, was appointed Agent General of Reparations in Berlin there seemed no reason why so young a man as Lawyer Fraser should not be appointed the Agent-General's agent in Paris. Making a huge success of this appointment, Agent Fraser was in at the Paris birth of the Young Plan in 1929. It abolished Reparations as such, abolished the Agent Generalship of Reparations (S. Parker Gilbert cheerfully became a Morgan Partner) and substituted a "businesslike" system of German payments to the Allies through an office at Basle...
...Scotch-blooded Gates W. McGarrah, then board chairman of New York's Federal Reserve Bank? On the other hand what U. S. citizen knew the whole European set-up well enough to act as august President McGarrah's adviser? From the first Banker McGarrah took to Lawyer Fraser. He was elected...
...Greatly Enhanced.' President Hoover's moratorium stopped Young Plan payments, apparently for good & all, but oddly enough the Cash Register of the Young Plan continues to function. Between them President McGarrah, Alternate Fraser and their Board have developed profitable B. I. S. sidelines in handling League of Nations loans, and transfers among Europe's central banks. In his 1932 report President McGarrah was able to show a B. I. S. profit for the fiscal year of 15,182,818 Swiss francs ($2,929,524) and proudly declared, "It is a satisfaction to confirm that the usefulness...