He Hercules Life Insurance Co. and the Tribunal
In the years 1920, a man named disgruntled AM Johnson, director of National Life Insurance Co. the USA, for his company bought 11050 shares of the Continental Illinois Bank & Trust Co. In 1929 Continental sells as high as $ 1020 a share. In 1933 a share of Continental has been purchased just under $ 1000, Mr. Johnson’s National Life Insurance Co., it was not surprising that in the administration of bankruptcies. General Robert E. Wood Sears, Roebuck & Co., which sells everything else, decided that for the time being on life insurance business. He Hercules Life Insurance Co. and the Tribunal for the reinsurance contract 112000 National Life’s policyholders. With 112000, he received 11050 shares of Continental Illinois.
Last week, Continental Illinois sale at $ 55 and it was several dividends of the reserve. Hercules Life was the second owner, with some 15000 shares. This attractive Asset eyed hunger for a long time since Peter Amadeo (AP) Giannini of San Francisco, is that the west bank of the business, the Rocky Mountains to its topography. Mr. Giannini’s Trans America Corp., once the largest bank holding company in the world, is now in a trust investment, because AP does not wet your finger more than once to see what direction the wind blows. AP’s Bank of America has 492 branches in California. The First National Bank of Oregon, 42, First National of Nevada has twelve. It is a Giannini-banking chain begins in Washington.
Trans America, but has never limited its shareholdings in banks. It has a portfolio of companies listed common stocks. And he controls Occidental Life Insurance Co. Indeed, insurance companies whose business is not otherwise than in banks, it is largely on the production and economies of investments, has long been a priority Giannini. The auction Gianninis ineffective for large Pacific Mutual If in a rness a year ago and a half.
Last week, Sears, Roebuck’s Wood announced that Hercules Life was sold to Occidental Life. The prize: a mystery, at least until approved by the authorities. Hercules had “done everything in order,” said General Wood, but “you can not sell life insurance through a catalogue.
Hercules 131000000 $ value of insurance in force. In Chicago, but the first financial reaction of the sale has not been regarded as the assurance of a trait of doing business, but as a bank Deal. For La Salle Street thought the Continental 15000 shares of the Reserve Bank of Hercules Treasury. And Mr. Giannini formally withdrew behind the Great Divide, Trans America’s sells Manhattan Bank of America to former National City in 1931. Until this transaction Deal America National City was the largest shareholder, and AP in 1933 and his friend John Francis Neylan went to the National City Board of Directors, where they are based. Hence the idea that the PA was again walking towards the East, a periodic rumours, was a bit absurd, because AP was still a heavy minority if, in the East. His new stake in the bank Chicago is even more of a minority stake 15000 because the Continental represents only 1% of participation.
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