By David M. Kotz
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The only important exception was the period of banker control of General Motors during 1910-1915, discussed above. Morgan and Company had considered raising the capital to float the General Motors Company in 1908 but withdrew when some of its advice was rejected by William C. Durant, the founder. See Seltzer, pp. 35-36. 80 Henry Ford's independence of bankers left him free to pursue a policy of long-term price reductions, a type of competitive behavior frowned on by the bankers. Although kept out of the Ford Motor Company, the leading bankers were able to obtain a position of strong influence, if not control, over the second largest automobile manufacturer in this period, General Motors.
3 3ff. 22. Carosso, pp. 35-36. 29 30 BANK CONTROL OF LARGE CORPORATIONS last for five, and sometimes ten, years. J. P. " Through a voting trust Morgan and the other leading investment bankers were often able to maintain control of a railroad after it had begun making profits again. 24 What were the economic consequences of the rise of investment banker control over the railroads? There were four interrelated economic consequences which were the most significant. First, the investment banks encouraged consolidation of the railroads into giant systems, both before the 1890s and during the period of reorganizations.
The five year period of banker control was characterized by caution and retrenchment. Several lines of autos were discontinued and others were consolidated. No dividends were paid on the common stock. This contrasts to the policy of rapid expansion under entrepreneur William C. Durant prior to 1910. In 1915 Durant returned, with duPont backing. See Seltzer, chap. 4. THE EVOLUTION OF FINANCIAL CONTROL securities of light manufacturing and retail trade companies. Beginning in 1906 two small New York investment banks, Goldman, Sachs and Company and Lehman Brothers, began to handle the securities of such companies, starting with Sears, Roebuck and United Cigar Manufacturers.
Bank Control of Large Corporations in the United States by David M. Kotz