Word: mcgarrah
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Dates: during 1930-1939
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Starting with six banks, the B. I. S. now represents 26, and of 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...
Prestige was the prime requisite for the first President of the B. I. S. and who had more prestige than gruff, 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...
...director and the official alternate of President McGarrah...
...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...
...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...