Bacigalupi Up

From the many-storied, many-winged banking temple that is Transamerica Corp., the spirit of its builder has faded slowly. Master of the temple for one year now has been Chairman Elisha Walker, a quiet, diplomatic, keen-eyed New Yorker. It is he who keeps watch over Transamerica's resources of $117,191,644, who reports to the 217,000 owners of its 23,823,413 shares. The great shouts of big. jovial Amadeo Peter Giannini have faded further and further into the distance, are gradually becoming echoes. Yet when a major change in Transamerica's management took place last week, the Founder's spirit was still present and active. Out of the company's presidency went his son, Lawrence Mario Giannini. Into it went one of his oldest and best friends, James Augustus Bacigalupi.

Son Giannini is 36, not physically strong, nor considered nearly so able as his able father. When he resigned last week he said: "This has been my desire for some months past, but in the interest of the corporation I have remained as president through the most acute period of the business depression. ... I feel, however, that because of my personal views I should follow the course which I have now chosen."

New President Bacigalupi is 48, a lean, lively gentleman whose teeth flash in frequent smiles, whose jet hair and dark eyes proclaim his nationality. Like Giannini he was raised in California. He went to high school in Santa Clara County, wanted to be a druggist. But the parish priest urged him to go to Santa Clara College. For a while he thought of being an actor, then went to Hastings College of the Law (San Francisco) and was given his degree in 1907. Looking for work, he met Amadeo Peter Giannini who offered him a room, rent-free, if he would attend to some small legal matters. A few years later this association led to his becoming general counsel of Bank of Italy and in 1924 he was made president and chairman of that multi-branched institution. He has been twice decorated by the King of Italy for his work among Italian immigrants. He is a staunch advocate of bigger, stronger, fewer banks. At Los Gatos, Calif., he is president of a golf club, but never has swung a club himself. At home he raises berries and fruit. Mr. Bacigalupi's excitability and sense of humor were both illustrated a dozen years ago in Oroville, Calif. Insulted by a county attorney named Goldstein, he struck him in the nose, pitched in. After standers-by intervened, Lawyer Bacigalupi turned to reporters, laughed, remarked: "There are more peacemakers than fight fans here."

President Bacigalupi's election statement contained a flourish of humility: "My decision to accept is based entirely upon an abiding attachment to our splendid institutions and organizations, conceived and founded by A. P. Giannini, and upon an ardent desire to contribute my best endeavors toward the continued success of our undertakings. . . . I have no delusions regarding my ability to contribute anything of an extraordinary nature. . . ."

This file is automatically generated by a robot program, so reader's discretion is required.