Word: transamerica
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Calm, dignified but surprising was an announcement made by the $1,162,000,000-in-assets Transamerica Corp. last week. It said that Transamerica's shares had been unduly depressed,† that a group of executives had formed a $20,000,000 syndicate to support the stock, that all shareholders were invited to participate in this syndicate...
Potent in banking, Transamerica Corp. also has an interest in many an industrial such as General Foods. Last week it became associated, on an international scale, with a major utility. Prelude to the deal was formation of General Telephone & Electric Corp., whose primary purpose will be to extend the development of Associated Telephone & Telegraph Co. Behind the new company with Transamerica are Theodore Gary & Co. of Kansas City ($20,000,000 stock to be taken by them) and British interests who have participated with Theodore Gary & Co. in Associated's development (to this group: $6,000,000 worth...
Chairman of General Telephone & Electric's executive committee will be Elisha Walker, Chairman of Transamerica's executive committee. Last week he expounded the reasons that make this deal logical, reasons realized by Ivar Kreuger when he bought into Ericcson Telephone, a similar deal. Said Mr. Walker somewhat verbosely: "It deserves to be noted that in an era distinguished not infrequently by industrial overproduction, there has been no excess of production by manufacturing plants producing the requirements of telephonic communications systems overseas. . . . We may anticipate, I believe, a continuing development in telephonic communications overseas...
...passing of the greatly famed name "Bank of Italy" is seen the policy of the new Transamerica management to remove any local, partisan significance attached to the Giannini structure. Mr. Giannini himself saw this was essential and, shortly after old Bancitaly stock crashed, the company was succeeded by Transamerica Corp. Yet Transamerica is influential in Italy through control of the Banca d' America e d'ltalia which only last week expanded further through purchase of the seven-branched Banca-Italo-Britannica...
...last week's deal-plans is evidence that Transamerica's management still believes nation-wide branch banking is sure to come, prepares...