Last March ferocious old Amadeo Peter Giannini compromised his two-year feud with the New Deal by promising to change some of the methods and practices of his 495-branched Bank of America, fourth largest U. S. bank. One provision: a $30,000,000 increase in the bank's capital by this June. To finance the increase, RFC offered a helping hand. A. P. brushed it aside. Instead, he undertook to sell $30,000,000 worth of Bank of America 4% preferred.
Last month Banker Giannini called off the sale. Events in Europe had played hob with securities sales, only 50.460 shares ($2,523,200 worth) had been subscribed....
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