Word: transamerica
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...hundred of the 250,000 stock-holders of Transamerica Corp. went to Wilmington last week for the annual meeting, determined to support Amadeo Peter Giannini in his attempt to oust Elisha Walker's management (TIME, Feb. 15). Much sooner than was expected the 200 stockholders heard what they wanted, yelled and cheered. For their votes and other votes gave founder Giannini 15,371,578 votes...
Members of the new Transamerica board, most of whom are "dummies" to be replaced later by Californians. elected Mr. Giannini chairman. Taking a last crack at the Walker management, Mr. Giannini announced that he would serve without compensation in contrast to the former chairman's salary of $100.000. John M. Grant, manager of Transamerica's London office, was made president, replacing James Augustus Bacigalupi, onetime staunch Giannini friend...
Apparently knowing he was beaten, Elisha Walker did not attend the meeting. After conceding defeat he said ironically: "As the largest stockholder of Transamerica, I wish the management every possible success." Mr. Walker's 400,000 (estimated) shares were worth $1.900.000 last week against...
...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, and has since labored tirelessly to turn Transamerica fiction into...
...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...