Personnel

Last week the following were news:

John G. McCrory, 73, founder of McCrory Stores Corp. (5-c--&-10-c- chain), resigned as board chairman that he might be free to bid for the bankrupt properties. Farm-born Merchant McCrory, who opened his first store in Scottdale, Pa. in 1882 and who branched until he had peppered the East and South with 244 units, sold control to Merrill, Lynch & Co. two years ago. Because it could not obtain usual seasonal bank financing, the chain was placed in bankruptcy last January.

Amadeo Peter Giannini, No. 1 U. S. branch-banker and John Francis Neylan, oldtime San Francisco newsman and now William Randolph Hearst's shrewd, hawk-nosed general counsel, were elected directors of Manhattan's National City Bank. Taking two of the three seats vacated by Charles Edwin Mitchell, Hugh Benton Baker and Percy Avery Rockefeller, Messrs. Giannini & Neylan will speak for National City's largest stockholder, Transamerica Corp., of which Mr. Giannini is the rambunctious chairman. Transamerica acquired its block of nearly 600,000 shares when it sold Manhattan's old Bank of America to National City in 1931. No traditionalist, Banker Giannini, whose Bank of America, N. T. & S. A. (San Francisco) has 411 branches up & down California, promptly loosed a blast in favor of Federal guarantee of bank deposits, which most bankers view with gravest alarm.

William Ross McCain, brother of Chairman Charles Simonton McCain of Chase National Bank, was elected president of Aetna Insurance Co., succeeding Ralph Burkett Ives who became board chairman.

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