Business: Newest Gnome

Sculptor of dollar diplomacy

The gnomes of international central banking have a new pixie. Under Secretary of the Treasury Anthony M. Solomon, 60, last week was named president of the New York Federal Reserve Bank. World moneymen welcomed the appointment as further support for the battered American dollar.

Early in the 66-year history of the Federal Reserve system, the president of the New York bank was often more powerful than the Washington-based Fed chairman. Because of its location in the nation's financial capital, the New York office carries out day-to-day operations in money markets...

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