ROMANCE OF THE CHEV.

NZ Truth, Issue 1181, 19 July 1928, Page 15

ROMANCE OF THE CHEV.

Durant's Epic Struggle To Top Of Financial Tree

LOOKING at the Chevrolet as it runs quietly on its mission of carrying passengers or goods, one might have difficulty m realizing that the popular "Chev." was once the key to an all-in fight for the control of the world's greatest motor organization — General Motors.

HTHIS concern was; of course, not al--1 ways the successful and powerful organization . it is now. The-founder of>it was W." C. Durant,a man of dynamic energy and forceful-ness-of character, who would have made. his mark m any sphere of industry. ■ •:♦ . . . He was once a most successful representative of a big tobacco- concern, and .later one of the world's largest producers ■ of carriages • • and farm wagons. '• '.' ■ ........... He went into the car business m its early days, ' and found backing m buying up three or four struggling little plants which were trying to produce cars, then known as horseless carriages; . This was m Flint, m the State of Michigan. None of these four companies was successful. The cars they were trying to turn out were the Cadillac, • Oldsmobile,. Oakland and Bui.ck. ■ Durant concentrated on the Buick; and under his: magic control, the sales of the Buick leaped into figures at that time considered . to be almost miraculous. The other cars followed m a lesser degree. Durant had the foresight of a Bonaparte, and, m 1910, prophesied that before long General Motors would be selling 1000 Buicks a week. This statement, made at a meeting of big business men,. was heartily derided,~and within a week General Motors was facetiously referred to as "Durant's folly." Durant, however, proved himself a true prophet, and his forecast was actually greatly exceeded. The success of, the General Motors organization, naturally, attracted the attention of some of America's biggest capitalists, and one day Durant found himself no longer the controlling force of the concern. A coterie of bankers had usurped his place. Durant immediately laid plans to recover control of the child of his creation, and within a brief time a new car had appeared upon the market — the Chevrolet, Into the making and selling of this car Durant put all his amazing skill, and within five years it was enjoying enormous sales. Then came a, dramatic day m the history of Motors. In 1915 Durant suddenly appeared, uninvited, at a meeting of General Motors directors, and made the astonishing announcement that from its profits, made m a brief five years, the Chevrolet Company had purchased control of General Motors. Durant was m again. From then on until 1921, General

Motors made still greater strides under the guidance of the all-powerful Durant. But m the meantime forces had been working towards his defeat, and m 1921 Durant was for the second time deprived of his control of the huge organization. What type of man he is can be gauged froiri the fact that he sacrificed his entire fortune of £18,000,000 to ; protect his stockholders. Even this could not save him or them. Wall Street was too strong and Durant was ' forced to let go. General Motors was once again under control of the bankers. Durant, however, was still not beaten, and forming Durant Motors Incorporated, he has placed its productions, the Rugby, Flint and Locomobile, the latter one of the world's most luxurious cars, and one of the highest priced, m a commanding position. At the present time Durant is one of the big powers m the motor world, and is reported to have big holdings of. General' Motors stock. Only a few months ago, it was recognized publicly that he was going bapk into business "tooth and nail" to recover the dominant position he once held. : .... He has recently returned to America from a European tour, m which plans were successfully laid for a chain of agencies from one end of Europe to the other. With such a history behind it, .the Chevrolet would be a very proud little car if it could know the part it has played m what was certainly the greatest fight for the control of an industry that has so far been waged on this old earth.