tes McGarrah of New York, 10 has been generally credited with having devised the inter. national acceptance system which is now common banking practice, has been offered the presidency of the International Settlement Bank prored for by the Young Pian, it wa learned to-day.
Officials here consider that Mr.
McGarrah would be the ideal man for the position, but it is not known whether he will accept.
Mr, MeGarrah is chairman of the board and federal reserve agent of the Federal Reserve Bank of New York,-as well as having connections ith the American Brake Shoe Foundry Ca,, the Associated Dry the Air Redue-Eagle Indemnity fom 1917 to 1919 Mr. MeGarrah was president of the New York Clearing House Association.
Text read from the printed page and cleaned; old type leaves the occasional error.