Four into One

Four New York banks which are not in themselves of great importance last week threatened to cause a major disturbance in the size ranking of U. S. banks. At present the five biggest banks in total resources are: Chase National, New York.$2,432,434,809

National City, New York. . 1,845,758.452

Guaranty Trust, New York. 1.786,425,140

Bank of America National Trust & Savings Asso., San Francisco 1,250,000,000*

Continental Illinois, Chicago 1,245,804,450

All of these overshadow the four New York banks of last week's news:

Manufacturers Trust $491,000,000

Bank of United States 254,000,000

Public National 246,000,000

International Trust 30,000,000

If these four should combine, the consolidated resources would be just under a billion dollars, enough to rank the combined institution as fourth in New York, sixth in the nation. And last week there was every indication that soon a merger, the first New York merger ever to combine four active banks at one time, will be accomplished. Universal opinion was that the combined banks would use the name and charter of Manufacturers Trust Co., and that Manufacturers' chairman, Nathan S. Jonas, would continue as head. Famed for many Jewish philanthropic activities is able Banker Jonas. Once he worked as an errand-boy for New York Safe Deposit Co., but that was as close to banking as he got until 1905 when, at the age of 36, he was chosen to be president of Citizens Trust Co., Brooklyn, at its formation. In the interim he had worked for wholesale dealers in basket and willow ware, first as bookkeeper, then as salesman. Selling suited him and he started selling life insurance, soon led all Brooklyn salesmen.

After his entrance into banking he put his bank through many mergers from which Manufacturers Trust evolved, continued growing. He is proud of his branch system, as each branch is equipped as a complete unit with all services. Each of the four banks involved in the merger has many branches, and if these are retained Banker Jonas will head a 148-branch system, largest in the New York area. Even if conflicting branches are eliminated, the total number will probably be in excess of Bank of Manhattan's 70.

Banker Jonas is 61, prosperous in appearance. He likes to recall that once as a boy he broke a store-window, escaped a thrashing when the owner exclaimed: "You're the skinniest boy I've ever seen." The reason he remembers this is that now, 5 ft. 9 in. tall, he weighs 190 lb. despite the fact that he devotes all of Saturday to golf. His excuse: "Perhaps my wife has fed me not wisely but too well."

President of the merged banks will probably be Emanuel Chester Gersten, 42, also a self-made banker. His rise from messenger boy in National Bank of Commerce to a vice-presidency took 20 years, was completed in 1929. Now he is president of Public National. Unlike Banker Jonas, he is roaringly jovial; like Banker Jonas, he is very dark.

*After merger with Bank of Italy, Bank of America of California.

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