The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-22
NEW INTERESTS PLAN
RIVAL TO FORD CARS
Durant, Ousted President, Gets
Control Of General
Motors Co.
CHEVROLET MAY BUY 1T

The "Oid Guard In the General Mo-
tors Company. represented by william c.
Durant, who was deposed from the
presidency Of the company in 1910. has
returned to power. Backed by the pow
erful du Point and Remington Arms
interests. which have been heavy buy
ers Of the General Motors stock during
the last few months. q group led by
Mr.. Durant has secured q controlling
number Of the shares Of tho General
Motors Company. This step. II was said
yesterday. probably means early ehmi-
nation from the directorate Of J. q
w. seiignan 4 Co. and Lee. Higgin-
son 4 Co.. which helped the company
through the stormy days Of 1910. when
II was believed hat the company was In
dire financial straits and might pass
into the hands of receivers. Since he
was deposed from the presidency Of the
General Motors Company Mr.. Durant
has formed the Chevrolet Motor Com
pany. Of which he 10 the president. He
now pr0pose to offer the controlling
shares Of General Motors, recently pur-
chased. to the Chevrolet stockholders
at a special meeting OF hat company to-
morrow.
It is reported that James Cousens.
who was Henry Ford's partner In the
Ford Motor Company and who recently
left him on being unable to agree with
Mr.. Ford's peace policies. 10 to Join tho
Chevrolet Motor Company and lend his
energies to putting out a q which will
be a big competitor to the Ford car.
-Aa. - 49, (~r.. ~S ~~I
Chevrolet companies said last night
that the common and preferred stock Of
the General Motors Company would be
offered TO the Stockholders OF the Chew
rolet Motor Company OF n basis Of n
share OF General Motors common for
five shares OF Chevrolet and one Share
OF General Motors preferred for n
share OF Chevrolet.
No C0nsOltdat ion Planned.
Control Of General Motors. he said.
would make the Chevrolet Motor Com
pany one Of the largest. II not the
largest automobile company In the
try In respect to business and earnings.
He added. however. that this would be
IN no sense q consolidation OF the WI
companies. az both concerns would be
operated independently and M change In
the policy or management Is contem-
plated.
For many weeks rumors have been in
circulation that the du Pont and Rem
ington interests were heavy buyers Of
General Motors stock TO secure a con-
trolling interest The action Of the
stock which vas pushed up from 90
somewhat over a yea ago TO SIS. indi.
Gated that powerful interests were seek
ing control.
II IL known that several OF the
directors of the General Motors Com.
pany were greatly opposed to the plan
10 give Chevrolet control of the COM
PAM n that they fought the plan
wherever possible. A director o: the
Chevrolet. when told that there was OPP
position 70 tine plan, remarked last night
that tine syndicate did not nave to 60
TO the directors OF the General Motors
Company and ask for permission to pur-
chase the sto k of the company" Other
direc.ors of Genera Motors who are not
closely allied with the Sel!gnan and
I%e-H!gginson interests said yesterday
that they were sorry TO see the plan
going through. adding that the Genera
Motors Company was doing especially
well under the present ma Engagement and
directorate and tina they regretted 10
see conditions disturbed.