Magnificent McGarrah

Announcements of the most authoritative character made it seem certain, last week, that the governors of Europe's great central banks of issue have told Gates W. McGarrah, now board chairman ol the New York Federal Reserve Bank, that they wish to elect him board chairman of the new Bank for International Settlements soon to be set up in Basle, Switzerland, as "the cash register of German reparations" (TIME, March 25 et seq.).

Massive and magnificent of mien is Gates McGarrah, 67, of striking resemblance to the late J. P. Morgan Sr. He is a director of such large corporations as American Brake Shoe & Foundry Co., a member of practically every tycoon's club in Manhattan.

Banker McGarrah would not comment. Friends spoke of the "great sacrifice" it would be for him to quit his august Federal Reserve post; but few thought that he would not choose to go to Switzerland and shoulder Europe's great task.

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