Imperial Valley press., 1931-11-07
CIANNINI TO
SEEK CONTROL
OF CORPORATION
Noted California Banker
Plans Fight On Present
Directorate.

SAN FRANCISCO, Nov. 7. W.P)-
A. p. Giannini, founder of the $780,
000,0 Transamerica corporation.
opened his fight to regain control
of the giant holding concern today
with a demand for a sweeping in
vestigation of transactions by the
corporation and its subsidiaries.
Giannini, assuming leadership of
the associated TranSamerica stock
holders, charged through this or
ganization that there are many
who believe the present unfortunate
position of Transamerica stock is
due to manipulation
The legal firm of Sullivan, Roche,
johnson and Barry, which includes
U. s. Senator Hiram w. Johnson,
was retained by the association in
an open fight against Chairman
Elisha Walker who succeeded Gian-
mini in the control of Transamerica.
A letter was addressed to all
stockholders asking that they give
their proxies to Giannini to be used
in voting against Walker and his
Transamerica reorganization poll
cies at the next annual meeting.
Giannini, however, said that the
proxies will be used only in event
enough are received to assure vic
tory in the battle with Walker.
The famous California banker
and financier, who built Transam-
erica into the largest holding con-
Germ in the United States, was voted
out as a director at the last meet
ing of the board in New York. AT
that time a reorganization was ap-
proved by the board whereby
Transamerica would relinquish con-
trolling interests in its subsidiaries
which include the Bank of America
in California, N. T. & S. A.. the
Bank of America in New York and
the First National Bank of Port
land.
Promises Fight
Giannini promised opposition "to
| the extent of my resources" against
! this plan and later the stockhold-
ers' association was formed to sup.
port him.
| The directors, however, continued
with their plan and first merged thu
New York Bank of America will
the National City Bank there. max
ing it the second largest institu
| ton of It's kind in the nation
Giannini's letter, which also wa.
signed by Chairman Charles w. Fa,
of the stockholders organization
charged Walker with making state
| ments of the corporations condition
not borne out by its financial state
| ments.
"A comparison of the present po-
sition of Transamerica corporation
and subsidiaries with certified
statements of December 81, 1929. or
| file with the New York stock eX.
| change, will show that the asSe1
values given in the published let
ter of Chairman Walker Of Sep.
tember %, 1881, are materially a
variance with such statements anc
also with those made by the pres.
ent chief executives in the fall o.
1880 during a statewide speaking
tour" the letter said
though three-fourths o.
TranSamerica stock is owned II
| California alone, under the Walkel
plan the west has been given only
two directors, both of whom arr
salaried officers of the corporation
/ The control Of the affairs of thu
corporation, which from the begin
ming has been in the hands of Cali
fornians, has now passed to Wal
Street interests. This we would cor
rect by giving more adequate rep
resentation to western stockholders
I'VE oppose the sale or other dis
position of the major assets. o
other authorized and unisSued stool
of Transamerica without the previ
Gus consent or approval of TIN
stockholders. This recently wa
done with the Bank of America il
New York, and thus control of ;
vast property belonging to all stock
holders was disposed of withou
their consent.
I'VE do not favor the reelection
of Elisha Walker as a director or a.
an executive"