Word: gianninis
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...California, where the majority of stockholders reside, the Giannini faction has been holding tumultuous meetings up and down the State, has thrown accusations at "the Walker gang,'' has demanded that the opposition speak out in answer. Mr. Giannini has let his men do most of the speechmaking. But his presence on the platform has brought the cheers. While the story has been sensational, newspapers have played it down, knowing that the Giannini attacks did no good to California's Bank of America, which Transamerica owns...
...fight began as a conflict of personalities. There was less reason for Amadeo Peter Giannini and Elisha Wralker to get along than there was for them to differ. If you like and respect Elisha Walker, who is always neatly dressed and who was born to society and Wall Street, who gives an impression of careful, methodical methods, you may distrust the attitudes of Mr. Giannini. If you like "A. P.," a big blustery fellow who does not give a hang how his clothes hang, who has known manual labor, who gives a jovial shout when he sees you coming down...
These two men, with such different personalities, first began to work together in 1929 when Mr. Giannini, anticipating his retirement, looked for a leader to replace him. Mr. Walker, he thought, possessed prestige as well as brilliance and was a man of broad enough vision to carry on the dreams of the branch banking and in vestment empire which Transamerica rep resented. Soon after Mr. Giannini retired friction became apparent. Friends of Mr. Walker think that when, in the early part of 1930, he became fully familiar with the task ahead of him, he was aghast at the true situation...
...most recent Giannini attack contained twelve charges, among them...
...steady decline of Transamerica, and the stopping of the dividend." For this the Walker management has already offered three reasons: general market conditions; the unorthodox, if not utterly improper, methods which Giannini used to put the stock up in the bull market; attempts at artificial support in October 1929, when the Giannini management spent $68,000,000 of the company's cash to keep its stock up. The annual report explained the dividend stoppage by the necessity of conserving cash resources to meet bank loans recklessly incurred by Giannini management and because of asset shrinkage. The report showed...