Business & Finance: No Deal
Amadeo Peter Giannini of San Francisco sits on top of a great banking pile. His Bank of America has 492 branches in California. Mr. Giannini also controls some 60 other banks and branches in other Western States. His Transamerica Corp., bank holding company now being renovated as an investment trust, controls Occidental Life Insurance Co. of Los Angeles. In June 1936 at a court receiver's sale Occidental bought Federal Reserve Life Insurance Co. of Kansas City and last year acquired Guaranty Life Insurance Co. of Davenport, Iowa. Last month Occidental started negotiating with Sears, Roebuck & Co. for the purchase of Hercules Life Insurance Co. of Chicago (TIME, April 4). Last week this deal was called off. Reason given by President Carl L. Odell of Hercules: "Public opinion seems to be against removal of assets . . . so far from Illinois."
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