Business & Finance: Rumor Monger

In the purlieus of brokerage houses last week an alert ear might have heard these things whispered: 1) Irving Trust Co. would shortly absorb $191,000,000-in-deposits Chatham Phenix National Bank & Trust Co.; 2) Chatham Phenix was heavily involved in frozen real estate loans; 3) Chatham Phenix had substantial losses through an investment in Empire State Building; 4) The assets of Chatham Phenix were depleted through the sale of Chatham Phenix Allied Corp., an investment trust sponsored by the bank's securities affiliate (TIME, Feb. 9).

James H. O'Connell, 25, customers' man at Burley & Co.,...

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