Wall Street and Later Years
In the 1920s, Durant became a major "player" on Wall Street and on Black Tuesday joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks, against the advice of friends, in order to demonstrate to the public their confidence in the stock market. His effort proved costly and failed to stop the market slide. By 1936, the 75-year-old Durant was bankrupt.
After the fall of Durant Motors, Durant and his second wife lived on a small pension provided by Alfred P. Sloan on behalf of General Motors. He suffered a stroke in 1942, which left him "a semi-invalid", and managed a bowling alley in Flint, Michigan until his death in 1947. He was buried in a private mausoleum at the Woodlawn Cemetery in the Bronx, New York. Durant was inducted into the Junior Achievement U.S. Business Hall of Fame in 1996.
Durant Park in Lansing, Michigan is named after him.
Read more about this topic: William C. Durant
Famous quotes containing the words wall street, wall, street and/or years:
“On Wall Street he and a few others—how many?—three hundred, four hundred, five hundred?—had become precisely that ... Masters of the Universe.”
—Tom Wolfe (b. 1931)
“But I would cry,
rooted into the wall that
was once my mother,
if I could remember how
and if I had the tears.”
—Anne Sexton (1928–1974)
“[I]t forged ahead to become a full-fledged metropolis, with 143 faro games, 30 saloons, 4 banks, 27 produce stores, 3 express offices—and an arena for bull-and-bear fights, which, described by Horace Greeley in the New York Tribune, is said to have given Wall Street its best-known phrases.”
—For the State of California, U.S. public relief program (1935-1943)
“The tremendous outflow of intellectuals that formed such a prominent part of the general exodus from Soviet Russia in the first years of the Bolshevist Revolution seems today like the wanderings of some mythical tribe whose bird-signs and moon-signs I now retrieve from the desert dust.”
—Vladimir Nabokov (1899–1977)