Word: packards
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Andre Morize, professor of French literature, claimed that the forces of the French government in exile had grown from a handful of 10,000 men to an army of ever 100,000 in the past two years. Laurence B. Packard '09, visiting professor of History from Amherst College, explained the relation of the African theater of war to other Free French endeavors, while C. Crane Brinton '19, professor of History, sketched the background of French control in these areas...
...against odds. All the signs point to a motor industry in which the Big Three will have to face the competition of a vigorous brood of independents, wise in know-how and better founded financially than at any time in a decade. Thus last week Nash, Hupp, Hudson and Packard were the four most active stocks on the New York Stock Exchange-and all four hit new highs for the year...
Thus smart Packard jumped the gun on other automen, got U.S. Navy orders for marine engines back in 1939, British orders for Rolls-Royce aircraft engines a year later. Soon other independents were in the grab bag too. Nash now makes airplane propellers and engine parts, will soon turn out giant flying boats way down in New Orleans; Hudson, new Oerlikon anti-aircraft guns and Naval ordnance goods; Studebaker, trucks and aircraft engines; Willys, jeeps and other items. The independents have more than $1,000,000,000 in war orders...
Hupp's renaissance is symbolic of the reversal of a trend. In 1928 the independents of the industry sold 39% of all new U.S. passenger cars and the four biggest ones-Hudson, Nash, Packard, Studebaker-earned $68,800,000. Then came the Depression plus terrific competition from General Motors, Chrysler and Ford. Result: dwindling sales and mounting losses. By 1933 they had less than 10% of the U.S. passenger-car market; the same four companies lost $9,600,000 (piled atop a $19,500,000 deficit in 1932). For most independents this was too much; they fell like...
Main reason for this rally was higher profits. Last year Hudson, Nash, Packard and Studebaker cleared $12,900,000, highest since 1936 and 450% more than the year before (against a 4% profit increase for General Motors and Chrysler). And many of the independents may do 50 to 200% better this year than last. Long accustomed to pinch-dollar tactics, they are not frittering away this new-found cash. Some of it may be handed to long-starved stockholders, but the biggest part will be used in ways that will make them stronger companies when peace returns...