CALIFORNIA STATE UNIVERSITY SAN MARCOS THESIS SIGNATURE PAGE THESIS SUBMITTED IN PARTIAL FULLFILLMENT OF THE REQUIREMENTS FOR THE DEGREE MASTER OF ARTS IN HISTORY THESIS TITLE: "Doc Will Lend Money" AUTHOR: Walter B. "Wally" Taibleson DATE OF SUCCESSFUL DEFENSE: December 3, 2009 THE THESIS HAS BEEN ACCEPTED BY THE THESIS COMMITTEE IN PARTIAL FULLFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS IN HISTORY. Dr. Jeffrey Charles I 2 /.,. JD 9 THESIS COMMITTEE CHAIR ~ 12-/3) tJCf DATE • ''Doc Will Lend Money'' The Life and Career of Dr. Attilio Henry Giannini Walter B. "Wally" Taibleson Thesis Abstract The principal purpose of this contextual biography of Dr. Attilio Henry Giannini, known as Doc, is to recognize his importance to the City of San Francisco. He was a major contributor to the community as a medical practitioner and as a member of the Board of Supervisors on two occasions. The major part of this thesis also documents Doc's innovative presence as a banker, on both the country's East and the West Coasts. He was a key factor in the early financing of both Broadway and Hollywood. The biography will improve and correct the historiography of the Southern California Motion Picture Industry. It is important to be correct in recognizing the individual who initiated the financing of the Southern California Motion Picture Industry. The industry leaders recognized Doc as the initial principal lender of what became Hollywood, and that is an impelling reason to research and write Doc's biography. He was the first banker to recognize motion picture making as a legitimate industry and was the major financial contributor to the initiation, development and growth of the motion picture industry and its capital city, Hollywood. Doc was a medical practitioner and part time branch bank manager of the Bank of Italy as he initiated and developed the bank's loaning policies and practices toward the movie industry. As Hollywood became the showcase of the country, Dr. Giannini loaned $130,000,000 to the Southern California Motion Picture Industry without suffering a single loss. However, the history of Hollywood's main initial financial backer was lost to obscurity, this thesis will restore Dr. Attilio Henry Giannini, the man nobody knows, to his rightfully deserved prominence. Keywords: Dr. Attilio Henry Giannini, A.P. Giannini, Bank of America, Bank of Italy, Broadway, Hollywood, Southern California Motion Picture Industry Table of Contents Dedication, Some Background, & Acknowledgements ........................... .i Introduction .............................................................................. 1 Chapter I, Making of a Doctor and a Civic Leader ................................ 11 Chapter II, Banking in San Francisco and New York ............................. 38 Chapter III, A Financier in Hollywood ............................................... 76 Conclusion ............................................................................. 108 Bibliography ........................................................................... 112 Taibleson i Dedication I dedicate this thesis and my degrees to my wife and best friend, Clare. Clare and I were married in 1944 and we were still together, fifty-six years later. In November 2000, my world was shattered-the most important person in my life passed away. Clare was my inspiration, and upon reflection, I realize I was still trying to impress her until the day she left me. We were soul mates before that expression existed. Some Background For many reasons I did not attend college when I graduated from high school in 1939. A child of the Great Depression, I couldn't see spending four years going to college to acquire a degree. I felt I could acquire an education on my own without the formality of a college or university to guide me, and avoid the cost of a college education that my family could not afford. Instead, I enrolled in accounting courses at a business school while I worked at menial jobs. At the age of eighteen, in 1941, I commenced my full-time business career that ended with my retirement at the age of sixty-two in 1984. After retirement, I had plenty to do; my wife and I had all our friends as well as associates with whom I continued my relationships. I began every day with a five mile walk, did some business and financial consulting, played a lot of golf, did a lot of gardening, continued to visit and explore far away places and was generally very active physically as well as socially. Clare and I moved to California two years later continuing our retirement in a more desirable climate. We had nobody here but each Taibleson ii other. We made new friends, our children visited us regularly, and we visited them regularly. All in all life was good; we had no unfulfilled needs. A few years later, I was reminded of my mortality when I was diagnosed with life-threatening medical problems. During the long period of recovery and rehabilitation, it became apparent that with the reduced activity, something was missing. I needed more mental stimulation. Where do I find what was missing? My wife and my son, Jim, suggested that perhaps it was time for me to become a college student. It was so obvious that I had to laugh. My academic journey commenced in the Fall 1993 semester. I enrolled in a single three-hour class without any thought of pursuing a college degree. With Clare and Jim's prodding and Clare's participation in my quest, and the support of my other children and grandchildren, today I have earned a Master's Degree in History as a companion to my Master's Degree in Literature and Writing Studies that I earned in 2006 and my Bachelor of Arts Degree in History that I earned in 2002. Clare would have been very happy. Acknowledgements The people of California State University-San Marcos were very important in accompanying me on my journey. This thesis could never have been achieved without the caring contribution and challenging of my thesis chair, Dr. Jeffrey Charles. His comments, suggestions and support and those of the other members of my committee guided and tightened my focus. I am deeply indebted to Jeff, Dr. Jill Watts and Dr. Anne Lombard. They each challenged and supported my efforts, inducing me to respond to the best of my ability. Taibleson iii I could never have reached this plateau without the benefit bestowed by all the professors that contributed to my journey. The librarians were always helpful and available in supporting my research. They supplied needed assistance, and librarian Gabriela Sonntag continuously extended her aid and support of my research efforts. An additional bonanza was the relationships I developed with the faculty members and my fellow students as well as with the administrative personnel during my college career. Thank you California State University-San Marcos Taibleson 1 Introduction This contextual biography has a greater purpose than just relating the story of the notable life and career of Dr. Attilio Henry Giannini, known as Doc. The aim is to improve and correct the historiography of both Bank of America, earlier named the Bank of Italy, and the Southern California Motion Picture Industry. Today's historians have insisted that Amadeo Peter Giannini, known as A.P., the founder of Bank of America, was Bank of America. Not so. Without minimizing A.P.'s accomplishments, his genius and his drive, Bank of America was more than A.P ., Doc, A.P.'s brother, also played a significant and major role in the growth of a storefront bank founded in 1904 that became the world's largest commercial bank in the 1940s. This thesis recognizes Doc's contribution to the bank's success and the important role he played as the first lender and early financier to what became the Southern California Motion Picture Industry. At the outset of the fledgling industry, Doc was one of the main financial backers, yet he was lost to obscurity and became the man nobody knows. A multitude of books and articles have been written about all the celebrated contributors to the success of the motion picture industry. During my research for this thesis, I have discovered multiple biographies on many of Doc's Hollywood associates including: Harry Cohn, Sol Lesser, Jesse L. Lasky, Joseph and Nicholas Schenck, Cecil B. DeMille, Frank Capra, Marcus Loew, Louis B. Mayer, William Fox, Samuel Goldwyn, Jack Warner, Adolph Zucor and Darryl F. Zanuck. However, the history of motion picture financing has been neglected. Historian Janet Wasko Taibleson 2 adds a probable reason: " individual investors ... and assorted entrepreneurs have always been active in film financing ... However, their contributions have been irregular and unreliable." 1 Wasko also reports that during the first 20 years of the industry the source of funds was provided by unusual bankers who shared similar backgrounds with the borrowers. At that time the traditional bankers considered films a transitory business not worthy of their interest. 2 The financing of a motion picture is a crucial factor in the production and exhibition of the artistic result and deserves more attention than it has received. However, it is a subject that does not match the appeal that is inherent in the film itself, and in the exposition of the personalities involved in the aesthetics of the film's production- including the actors, moguls, producers, directors, and many other expert specialists- contributors. Doc's name being lost to obscurity is not fully explained by the fact that financing Hollywood was a neglected topic. The institutional histories of movie finance that have been written focus on two periods. The late 1920s, when the financing became more corporate, and the 1930s when Hollywood's financial needs substantially increased. Since Doc's contribution was personal in these periods, his participation has been neglected by these institutional histories. 3 1 Janet Wasko, Movies and Money, (Norwood, New Jersey: Ablex Publishing Corporation, 1982), xx.