Studebaker Corp. was not the first motor casualty of Depression but it was by far the biggest. The venerable South Bend, Ind. concern which Clem and Harry Studebaker founded as a wagon works in 1852, was brought low not by the usual affliction of reduced sales, but by a legal snarl over a mid-Depression effort to expand. In 1932 Studebaker purchased White Motor Co. (trucks) only to have the deal blocked by minority White stockholders. Upshot was a receivership. Last week it looked as if Studebaker would be both the first motor maker to...
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