In Wilmington

Two hundred of the 250,000 stock-holders of Transamerica Corp. went to Wilmington last week for the annual meeting, determined to support Amadeo Peter Giannini in his attempt to oust Elisha Walker's management (TIME, Feb. 15). Much sooner than was expected the 200 stockholders heard what they wanted, yelled and cheered. For their votes and other votes gave founder Giannini 15,371,578 votes out of 24,153,900.

Members of the new Transamerica board, most of whom are "dummies" to be replaced later by Californians. elected Mr. Giannini chairman. Taking a last crack at the Walker management, Mr. Giannini announced that he would serve without compensation in contrast to the former chairman's salary of $100.000. John M. Grant, manager of Transamerica's London office, was made president, replacing James Augustus Bacigalupi, onetime staunch Giannini friend.

Apparently knowing he was beaten, Elisha Walker did not attend the meeting. After conceding defeat he said ironically: "As the largest stockholder of Transamerica, I wish the management every possible success." Mr. Walker's 400,000 (estimated) shares were worth $1.900.000 last week against $18,800,000 PL 1930's top.

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