Giannini to Nevada

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 for the first full year of Giannini management since the interregnum. Profits were up from $7,900,000 to $11,300,000 or 48-c- for each of 23,000,000 shares outstanding. Bank loans had been shaved from $10,950,000 to $4,800.000. Expenses had been pared and dividends resumed. Enormous blocks of industrial stocks including 80,000 shares of Union Oil, 14,000 Tidewater Associated Oil, 36,000 General Foods had been liquidated. More notable, however, was an increase of 28,000 shares in National City Bank. Already National City's largest stockholder by virtue of the shares received in payment for old Bank of America (N. Y.), Transamerica (with affiliates) now owns 588,000 shares, nearly a 10% interest. Amadeo Peter Giannini was evidently busily rebuilding his eastern pier or something just as good.

Too late for mention in the annual report was news of Banker Giannini's latest excursion out of his native California across the Sierras. Last fortnight Transamerica announced that it had purchased Nevada's biggest bank, First National of Reno. Nevada is as short of banks as it is of rain. It was the first state to declare a moratorium during the Depression--Nov. 1, 1932, day after it celebrated the 68th anniversary of its admission to the Union. No banks have failed since but a tottering chain of twelve institutions, owned by George Wingfield, oldtime gambler and mining speculator, never reopened. Transamerica's eastward move brought promise of a desert blooming of new banks. Reno's First National has long been hand-in-glove with Amadeo Peter Giannini and Nevadans welcomed the deal, hoping that under his control the $7,500,000 bank would soon begin to branch into bankless communities.

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