Evening star., 1932-02-20
ECONOMY PLANNED
BY TRANSAMER|CA
New President Holds Stock
holders Should Not Be
Burdened Now.
By the Associated Pre-

By the Associated Press.
NEW YORK, February 2o.-John NJ.
Grant, new president of the Trans
america Corporation. yesterday said he
would advocate salary reductions for
officers OF that company on ground that
stockholders should not be asked to
carry all the burden when times are
hard"
Mr.. Grant gave his first interview In
Wall street. In describing the broad
policies Of the Transamerica Corpora
ton under the changed management
he said "any stockholder can ask US
any question he wants. Our cards are
on the table"
The new company president said he
had already cut his own salary 10 per
cent. He was originally offered $25 900
a year to assume the presidency This
he declined because, he said, he thought
1t was too high under present circum-
stances. His salary was then placed at
$4,000. In the Wilmington, Del, meet
ing last Monday when control of the
corporation was wrested by the Gian-
mini interests from Elisha Walker and
his associates, Mr.. Grant was selected
in place of J. A. Bacigalupi, former
president, who received 100000 an
nually.
Cut Own Salary.
To-day" he said, 'I cut my own
pay 10 per cent do not believe that
officers should expect to receive the
same salaries in bad times that they
did in good times, especially when the
stock Is not paying a dividend"
Transamerica's new president said
he personally would recommend that,
Other officers accept similar cuts, bat,
he explained, this will be determined
by Mr.. Giannini
"Mr. Gianninis policies eia be my
policies"
Mr.. Grant. who went to Transamer-
lea Corporation from the former bank
OF Italy Of San Francisco, was moved
into the presidency from his post as
manager Of the London Office of the
corporation. He paid high tribute to
Mr.. Giannini.
ALREADY" he said, "the Pacific Coast
is feeling the psychological benefit of
Mr.. Giannini's action in again taking
control of Transamerica Corporation.
In giving his entire time and services
to the corporation free of charge. he
has impressed people with his unselfish-
ness and devotion to the company I
don't believe there is another mag
nate OF Mr.. Giannini's ability and in
tegrity who would give his time on
that basis. Can you point out such a
man?"
Plans No Reprisals.
Mr.. Grant said there would be no
reprisals by the victorious Giannini
supporters as a result of the recent
| struggle for control of the company.
4 am here" he said, ito clean up
some affairs in the New York Office of
Transamerica Corporation. We are go
| ing to move the headquarters Office
| from New York to San Francisco.
Business Of the Bancamerica Blair
Corporation will go on as before.
There will be no change so far as
| know. Nor will there be any reprisals.
Mr.. Giannini said after the stockhold-
ers' meeting that every man is entitled
to his opinion. ! feel the same way
and wish to repeat what Mr.. Giannini
previously emphasized"
| Mr.. Grant said that Transamerica
Corporations bank loans were virtually
the same as they were one year ago
when they stood at $40 100000. None
Of these loans, he said, had been placed
with banks controlled by the corpora
tion.
The corporations stock interest in
the National City Bank of New York,
| leCeIEeO III exchange lot tTe company S
| interest in the former Bank of America
of New York, would not be disturbed,
he said, so far as he could tell now. He
said the stock interest. which amounts
to 9 per cent of all National City Bank
! stock now outstanding, was not large
enough, in his opinion, to justify any
attempt by Transamerica Corporation
| to obtain representation on the bank S
board.
| In outlining his ideas as to salary
reductions for officers, Mr.. Grant said
that the corporation had already scaled
down company salaries to the amount
of 100000 annually. Six or seven
vice presidents, he said, have resigned
and their places are not being filled.
There will be no dismiSsals,' he said
! Throughout his interview he repeat
edly said that Mr.. Giannini was the
directing force back of Transamerica
and that his own comments were made
-.