International financier. Probably the most distinguished banker to come from Orange County was Monroe native Gates W. McGarrah. He attended grade and high schools in the area and at eighteen went to Goshen where he was employed by the Goshen National Bank.
His first New York job was as a check clerk in the Produce Exchange Bank. In 1892 he was made assistant cashier. Six years later he became cashier of the Leather Manufacturers National Bank, succeeding to the presidency in 1902. The institution merged with the Mechanics National Bank in 1904 and McGarrah was chosen president. He headed this bank until its merger with the Chase National in 1926 at which time he became chairman of the executive committee of the enlarged institution. First Chairman of the Federal Reserve Bank in New York May 1925 through February 1930
August 30, 1924 he was appointed as the American director of the general council of the Reichsbank. McGarrah was one of the founders of the American Institute of Banking and is a past president of the New York Clearing House Association. He was a republican and was long identified with the Union League Club of which he was president for some time.
He was the first president of the Bank for International Settlements in Basil Switzerland from 1930 to 1933.
Time magazine called him "Tycoon McGarrah" in a 1930 story as well as "Silent Gates" in his 1940 obituary.
m Elizabeth Wallace on 6 Oct 1886 in Goshen, NY
Children:
- Marion Lavinia McGarrah (1889-) m1 Herman Henry Helms
- Helen McGarrah (30 Nov 1904-) m1 Jabez Curry Watson, m2 Murray Paton Fleming
grandfather of former Central Intelligence Agency Director Richard McGarrah Helms
His first New York job was as a check clerk in the Produce Exchange Bank. In 1892 he was made assistant cashier. Six years later he became cashier of the Leather Manufacturers National Bank, succeeding to the presidency in 1902. The institution merged with the Mechanics National Bank in 1904 and McGarrah was chosen president. He headed this bank until its merger with the Chase National in 1926 at which time he became chairman of the executive committee of the enlarged institution. First Chairman of the Federal Reserve Bank in New York May 1925 through February 1930
August 30, 1924 he was appointed as the American director of the general council of the Reichsbank. McGarrah was one of the founders of the American Institute of Banking and is a past president of the New York Clearing House Association. He was a republican and was long identified with the Union League Club of which he was president for some time.
He was the first president of the Bank for International Settlements in Basil Switzerland from 1930 to 1933.
Time magazine called him "Tycoon McGarrah" in a 1930 story as well as "Silent Gates" in his 1940 obituary.
m Elizabeth Wallace on 6 Oct 1886 in Goshen, NY
Children:
- Marion Lavinia McGarrah (1889-) m1 Herman Henry Helms
- Helen McGarrah (30 Nov 1904-) m1 Jabez Curry Watson, m2 Murray Paton Fleming
grandfather of former Central Intelligence Agency Director Richard McGarrah Helms
International financier. Probably the most distinguished banker to come from Orange County was Monroe native Gates W. McGarrah. He attended grade and high schools in the area and at eighteen went to Goshen where he was employed by the Goshen National Bank.
His first New York job was as a check clerk in the Produce Exchange Bank. In 1892 he was made assistant cashier. Six years later he became cashier of the Leather Manufacturers National Bank, succeeding to the presidency in 1902. The institution merged with the Mechanics National Bank in 1904 and McGarrah was chosen president. He headed this bank until its merger with the Chase National in 1926 at which time he became chairman of the executive committee of the enlarged institution. First Chairman of the Federal Reserve Bank in New York May 1925 through February 1930
August 30, 1924 he was appointed as the American director of the general council of the Reichsbank. McGarrah was one of the founders of the American Institute of Banking and is a past president of the New York Clearing House Association. He was a republican and was long identified with the Union League Club of which he was president for some time.
He was the first president of the Bank for International Settlements in Basil Switzerland from 1930 to 1933.
Time magazine called him "Tycoon McGarrah" in a 1930 story as well as "Silent Gates" in his 1940 obituary.
m Elizabeth Wallace on 6 Oct 1886 in Goshen, NY
Children:
- Marion Lavinia McGarrah (1889-) m1 Herman Henry Helms
- Helen McGarrah (30 Nov 1904-) m1 Jabez Curry Watson, m2 Murray Paton Fleming
grandfather of former Central Intelligence Agency Director Richard McGarrah Helms
His first New York job was as a check clerk in the Produce Exchange Bank. In 1892 he was made assistant cashier. Six years later he became cashier of the Leather Manufacturers National Bank, succeeding to the presidency in 1902. The institution merged with the Mechanics National Bank in 1904 and McGarrah was chosen president. He headed this bank until its merger with the Chase National in 1926 at which time he became chairman of the executive committee of the enlarged institution. First Chairman of the Federal Reserve Bank in New York May 1925 through February 1930
August 30, 1924 he was appointed as the American director of the general council of the Reichsbank. McGarrah was one of the founders of the American Institute of Banking and is a past president of the New York Clearing House Association. He was a republican and was long identified with the Union League Club of which he was president for some time.
He was the first president of the Bank for International Settlements in Basil Switzerland from 1930 to 1933.
Time magazine called him "Tycoon McGarrah" in a 1930 story as well as "Silent Gates" in his 1940 obituary.
m Elizabeth Wallace on 6 Oct 1886 in Goshen, NY
Children:
- Marion Lavinia McGarrah (1889-) m1 Herman Henry Helms
- Helen McGarrah (30 Nov 1904-) m1 Jabez Curry Watson, m2 Murray Paton Fleming
grandfather of former Central Intelligence Agency Director Richard McGarrah Helms
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