A worried group of stockholders met in Detroit early this week at the Studebaker-Packard annual meeting. There they heard a statement from President James J. Nance that the company was in trouble.
Trouble was a mild word for Studebaker-Packard's plight. Instead of the strengthening expected from the October 1954 merger, the combined company has been losing money heavily. Production is running 30% below 1955, the backlog of Packards in dealers' hands is big, and the company has used up nearly $25 million of its $45 million line of bank credit.
But what President Nance did...
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