Evening star., 1936-02-09
VIC. Durant's Comeback Effort
Ends in Bankruptcy Petition
T,Uice Rich, Former Auto
Mdgndte Hits Snag
in Proceedings.
Lists Assets at $3.50
Worth of Clothing, LA
biIities $9I4,OOO.

BY the Associated Press.
NEW YORK, February ga come
back attempt by william Crapo Du-
rant brought the former automobile
magnate and spectacular stock market
dealer into bankruptcy court today.
As president of the Pomeroy-Day
Land Co., he filed q voluntary petition
in bankruptcy which lists his assets
at $3.50 worth of clothing. He has
liabilities of $914,23l, the petition said.
Once leader of the bull forces in
Wall street and founder Of General
Motors in 1908, Durant was In seclu-
sion in his Fifth avenue home tonight.
His secretary issued for him q terse
statement:
my petition in bankruptcy filed to-
day Is due to frequent and repeated
court proceedings instituted by a few
creditors, representing less than 5 per
cent of my total obligations. who have
attempted to obtain q preferential
position.
Action by the creditors referred to
has prevented me from giving my best
efforts to rebuilding my fortune and
no longer propose to be harassed and
annoyed I wish to state that all my
creditors without exception will be
treated alike and If fortune favors me
all will be paid in full"
Career Is Spectacular.
Some of the creditors he listed as
being owed upward of SITS. 900. Others
ranged down to $4,000.
Durant's spectacular dealings m the
stock market won him prominence in
Wall street and throughout the coun-
try during the boom period of the
l920's.
He was said to have built up a
great fortune on his market opera
tions, but after the crash of 1929,
Wall street r,lmor had it that a large
part Of it had been dissipated in his
efforts to protect his holdings in q
crumbling market.
Durant, now "A, was q millionaire
before he was 80. He was a carriage
manufacturer when the motor car in
AhotAy 90 Al 4141dAlSy
The Buick Motor Co. was his first
endeavor in the automobile line. Cad
lilac, Oakland and Oldsmobile we're
added and grew into the General Mo-
tors Corp. capitalized at $4,000, 900.
Pounds Chevrolet Company.
Forced out of the corporation by a
banking syndicate which had obtained
control. he promptly organized the
Chevrolet Motor Co, which was so
successful that in 1916 he was able to
regain control of General Motors.
The stock market fall of l920-21
practically wiped out his huge for
tune. But his comeback trail then
included a plan in 1923 to found
Liberty National Bank with 100000
partners" the winning Of fortune
in the stock market in 1925 and re-
ports he was trying to buy back into
control Of General Motors. which he
denied, and the forming Of q virtual
open pool to trade in Durant stock
Injured in a train wreck in January
of 1926, he returned to New York and
from his hospital bed distributed buy
ing orders for thousands Of shares of
stock among his brokers. He was cred
tied thus with turning the course Of
the market upward after an early pc
riod of weakness. One newspaper
story later said he had made $50, 0,000,-
900 in General Motors stock alone that
year.
In April, 1927, Durant announced
the organization of Consolidated
Motors. Inc, to merge several automo-
bile companies and pledged his per-
sonal fortune. then estimated at about
500, 900 900, to guarantee the financial
responsibility of companies producing
the Star car.
Later his entry into the airplane
manufacturing field in Kansas City
was rumored. He offered $25, 900
prize for plan to make the eighteenth
amendment effective, and 10000
entries were submitted.
In January, 1929, Durant announced
withdrawal from active direction of
Durant Motors, Inc, and said he
planned to reimburse every single
OI lildl StOCkIlOlOcE Oh buTdEt MOLOTS
and of every other organization with
which his name was connected.
Three months later, in a radio ad-
dress, he criticized the Federal Reserve
Board for efforts to curb speculation
by restricting brokers loans.
Casualty Of That Speculation.
In May he went to London and con-
Quoted his extensive market operations
from there by leased cable. In June
he returned from Europe and issued a
statement in which he reiterated his
charge that the Federal Reserve Board
by seeking to restrict speculative
credit had forced interest rates to
dizzy heights" He called for con-
gressional action to define the boards
power.
Early in 1888 a suit against Durant
for $4,000 by Charles H. Meyer, q
lawyer, was disclosed in the issuance
Of Supreme Court writ for the at
tachment Of bank accounts, and 20
banks which held his accounts were
served.
After that he dropped out of the
picture until last Summer, when his
attempt to recoup his fortune in n