Word: gianninis
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...this shocking challenge old "A. P." Giannini rose magnificently. A Trans-american stockholders' protective committee was formed in San Francisco. Giannini returned from retirement to lead it into a bitter proxy fight for control of Transamerica. After he had toured Italian colonies in California his friends and countrymen rallied to boot Mr. Walker and his friends and countrymen out of Transamerica...
Last week Leo Belden was a Wall Street stock broker and Elisha Walker was a partner in Kuhn, Loeb, while "A. P." Giannini was once again busy spreading his banking empire over the western U. S., which is legally kinder to branch banking than any other section. In 1931 he accepted the loss of his Manhattan bank, concentrated on bringing little Western banks into the fold of San Francisco's great Bank of America National Trust & Savings Association (with 447 California branches) and Portland's First National Bank (with 28 Oregon branches). Two years ago Transamerica edged eastward...
Last week acquisitive old "A. P.'' Giannini made his first foray into the State of Washington by purchasing some 51% of the stock of the $18,000,000 National Bank of Tacoma. Sellers were National's Chairman Samuel Morley Jackson and the estate of the late Chester Thorne. By amicable agreement, the great lumber family of Weyerhaeuser retains two directors' chairs on the board and local officers will stay in office. Presumably the Tacoma bank will become the centre of Trans america's incipient Washington network...
Strictly the Giannini system is not national branch banking, since each big bank confines its expansion to its own State. Transamerica functions not as a bank but as a holding company. Thus Transamerica keeps within the letter of the law of the 1935 Banking Act but cannot similarly invade most Eastern States where laws forbid State-wide branch banking. To unit (one-bank) bankers who violently oppose him as a financial monopolist, Banker Giannini says: "Under a unified banking system it will be possible to have the equivalent of an up-to-date central clearing house for the nation...
...been transferred. Making no secret of their suspicions, policyholders charged that, as late as the first of this year, false financial statements had been issued showing Pacific Mutual $10,000,000 in the black when there was actually a deficit of more than twice that amount, that Amadeo Peter Giannini's Occidental Life Insurance Co. had offered to buy the company for $10,000,000, and keep all policies in force, although Commissioner Carpenter had valued it at only...