Word: mcgarrah
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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...
...Exchange control . . ." earnestly warned Mr. McGarrah. "forces trade into a kind of straitjacket, leaving little or no room for the play of economic forces . . that normally tend to re-establish equilibrium...
...Inherent Power." Touching short-term credits, which he seemed to regard as one of the sorest spots in the entire Depression, Mr. McGarrah estimated such credits outstanding at the beginning of 1931 totaled 50 billion Swiss francs ($9,647,500,000) and that frightened lenders suddenly called home 30 billion Swiss francs ($5,788,500,000) of their short-term loans...