92 Years Ago

Having been recently rebuffed by J.P. Morgan & Co. in his quest to form a new automobile company, William Crapo Durant - along with 355 investors - gathered on Sept. 16, 1908 to file incorporation papers with the New Jersey Secretary of State's office for the General Motors Co. Organized as a holding company capitalized at just $2,000, GM's stated purpose was to buy the securities of automobile and components businesses. Although Mr. Durant actually ran the company, George E. Daniels became the firm's shortest-serving top official, lasting less than a month as president. On Sept. 28, the board raised the company's capitalization to $12.5 million, and the following day GM bought its first asset - Buick Motor Co.- for $3.75 million, most of it in GM stock.