INTERNATIONAL: Red Tape Cutter

When they adopted lusty, Boston-born Leon Fraser at the age of 18 months, wealthy Mr. & Mrs. Ronald Bonar little thought that in Basle, Switzerland last week the Directors of the Bank for International Settlements would unanimously elect him President.

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...

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