Word: transamerica
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When Amadeo Peter Giannini retired in 1930, his Transamerica Corp. rested on two great piers, with a continent between- Bank of America in San Francisco and Bank of America in Manhattan. His successor as Transamerica's chairman, Elisha Walker, soon sold the Manhattan pier to National City Bank. From the depths of his retirement Amadeo Peter Giannini, growing mightily alarmed over the future of his handiwork and his name as No. 1 branch banker of the U. S., emerged in an historic proxy battle to regain control (TIME, Feb. 22, 1932). Last week Transamerica published its annual report...
...Randolph Hearst's shrewd, hawk-nosed general counsel, were elected directors of Manhattan's National City Bank. Taking two of the three seats vacated by Charles Edwin Mitchell, Hugh Benton Baker and Percy Avery Rockefeller, Messrs. Giannini & Neylan will speak for National City's largest stockholder, Transamerica Corp., of which Mr. Giannini is the rambunctious chairman. Transamerica acquired its block of nearly 600,000 shares when it sold Manhattan's old Bank of America to National City in 1931. No traditionalist, Banker Giannini, whose Bank of America, N. T. & S. A. (San Francisco) has 411 branches...
...other partners were admitted last January: Hugh Knowlton, onetime vice president of the Manhattan Co.'s International Acceptance Bank, and Elisha Walker, once allied with Amadeo Peter Giannini who later ousted him as head of famed Transamerica Corp. As novices in K. L. they can, however, tell the Senate little, though they know well the general business of the house they serve, a house that stands next to Morgan in reputation but that is apt to tackle different jobs...
...first major boost to prominence and profits. The fall in the exchange value of Spanish and South American currency told heavily on net earnings. Telephone & telegraph traffic declined. In Europe rose a rangy, six-foot competitor, Theodore Gary and his General Telephone & Electric Corp., backed by Transamerica Corp., largest of branch bankers. At home, Mackay-Postal was bravely bucking the competition of Western Union but could show no profit. Mr. Behn, who had watched I. T. & T.'s profits climb in six years from $1,930,000 to $17,732,000, now saw them tumble to less than half...
...became definitely established that on Jan. 1 Elisha Walker, bankless banker, will become a partner of Kuhn, Loeb & Co. Mr. Walker served for many years as president of Blair & Co., and when in 1929 that company was acquired by Transamerica Corp, he was chosen to succeed Amadeo Peter Giannini. His policies angered Mr. Giannini, brought him back from retirement, led to one of Wall Street's greatest proxy fights which Giannini won with 63% of the shares. It was also established last week that Jerome J. Hanauer, a Kuhn, Loeber since 1890, partner since 1912, will resign at the year...