|Topics: E-M-F, Studebaker
The New York Times
March 10, 1910
Special to The New York Times.
DETROIT, Mich., March 9.-There are big doubts in automobile circles here, especially in the minds of men close to the E. M. F. people, that the purchase of that company by J.P. Morgan & Co. was for the Studebakers. The Morgan statement and the incorporation of the Studebaker Company in Albany have little effect on these doubts. As the responsible officers of the E. M. F. Company are i New York, nothing absolute can be learned. But to-night a man who probably knows more about the affairs of the company than any man not on the Board of Directors, said that the purchase of the company by the Morgans was the initial step to gain control of the entire automobile industry of the country. He explained the Studebaker end by saying that that company was to be simply one of the constituents, although a very big one.
When the General Motors Company began to demand the attention of the automobile world it was found that the principal interests identified with that corporation were represented by Herbert L. Satterlee, son-in-law of J.P. Morgan.
When it was announced recently that the United States Motor Company had organized with the Maxwell Briscoe Company as its nucleus it was found that Herbert L. Satterlee was one of the organizers. Herbert L. Satterlee was also one of the principal stockholders in the Maxwell Briscoe Company. In the purchase of the E. M. F. Company, however, the automobile industry finds J.P. Morgan & Co. openly interested for the first time. The announcement that this purchase is for the recently organized United States Motor Company would not surprise the automobile trade. In fact it is confidently expected.
Color is given to this conclusion by the statement of Dr. B. Book, one of the principal stockholders of the E. M. F., to the effect that Morgan & Co. will increase the Detroit capitalization to between $30,000,000 and $50,000,000. This cannot mean solely the E. M. F. plants, but must contemplate the extensions to the industry that the Morgan people plan making in Detroit.
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