I just found this sorting through some notes.
John R. Bunting. 1964. The Hidden Face of Free Enterprise: The Strange Economics of the American Businessman (NY: McGraw Hill). He was a vice president of the Philadelphia branch of the Federal Reserve Bank. 104: A Philadelphia banker in 1962 said to him that much of the overcapacity at the time came as a result of "defensive investment in industries dominated by a few large firms. Each company invests more and more to make sure that it maintains its share .... The firms are able to do this because the big business which dominates American industry finances itself largely from the internal flow of funds." -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu
