When President John J. McCloy of the International Bank for Reconstruction and Development quit his job last week (see NATIONAL AFFAIRS), the bank, as all good businesses should, had someone to step into his shoes. Into the $30,000-a-year (tax free*) presidency went the U.S. Executive Director Eugene Robert Black, 51, senior vice president of Manhattan's Chase National Bank.

The choice was a good one. As a director of the World Bank since 1947, Banker Black has been a strong force behind its conservative lending policies. Almost singlehanded, he put across the sale of...

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