Pay

The Federal Reserve Board sought, for two months, a chairman of the Federal Reserve Bank of New York. The man must have "skilled banking judgment" and be "qualified for the assumption of responsibilities public in their character." Last week they persuaded Gates W. McGarrah to take the job by May 7. Before then he must resign as chairman of the executive committee of the Chase National Bank, as U. S. member of the General Council of the German Reichsbank, and all other business affiliations. His pay for all this will be $16,000 yearly.