AUTOS: And Then There Were None

By an overwhelming vote of their stockholders, the only two remaining independent automakers last week gave up their independence. In Detroit, Packard stockholders voted 89.9% to join forces with Studebaker; at the same time in Wilmington, Del., Studebaker stockholders voted 99% to merge with Packard. The new company (official name: Studebaker-Packard Corp.) will have a full line of low-to high-priced cars for the competitive battle ahead. Its combined assets: $251 million. But Studebaker-Packard's biggest asset is the opportunity to compete better by pooling the resources of the two old independents.

For its part, Packard will get the advantages of the...

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