For weeks the auto industry has been alive with rumors of a merger between Studebaker and Packard so that the two independents could compete better against the Big Three. This week directors of the two companies scheduled a meeting in Manhattan to close the deal, tie up a few loose ends, and pick a boss for their hopeful new company.
In effect, Packard will take over Studebaker. Packard President James J. Nance, 53, who has put new life into Packard, will take over as president of the new company. Studebaker's Board Chairman Paul Hoffman will become board chairman of Studebaker-Packard,...