Harold Sines Vance
Encyclopedia
Harold Sines Vance was an American
automobile
company executive and government official, notable for being chairman (1935-54) and president (1948-54) of the Studebaker Corporation and for a four-year term on the Atomic Energy Commission
, where he encouraged the industrial use of nuclear energy
.
in 1890. He achieved moderate grades in school and, having failed the entrance examination for West Point, he went to work briefly for his father's law partner whose death terminated the arrangement. In 1910, he obtained a job as a mechanic at the Port Huron branch of the E-M-F Company
, which was being acquired by the Studebaker
Corporation. He moved to the Detroit plant and was production vice-president in 1926 when he supervised the plant's closure and move to Studebaker's primary plant at South Bend, Indiana
. By the time of the Great Depression
, Vance was production vice president in the company at South Bend, working with Paul G Hoffman who would later take charge of the Marshall Plan
and the Ford Foundation
.
A series of financial mistakes by Studebaker's long-serving president Albert Russel Erskine
, led to his suicide and the corporation's insolvency in 1933. Vance and Paul G Hoffman gained control of the company as receivers with Ashton G Bean of the White Motor Company
and began to reinstate the operation which owed the banks $6 million but had current assets of $7 million, being an operating concern with a big stock of cars on hand. In 1935, a $6,800,000 new stock and bond issue, underwritten by Lehman Brothers
, Goldman Sachs
and others, took Studebaker out of receivership. At that time, Vance became chairman and Hoffman became president.
A new era of success arrived with the popular 1939 Studebaker Champion
car range. A sales record of over $364 million was set in 1943 Contracts during the Second World War brought in $1.2 billion, and led to the production of 290,000 trucks, 64,000 engines for Flying Fortresses, and 16,000 amphibious vehicles (the Studebaker US6
truck and the unique M29 Weasel
cargo and personnel carrier, in particular). With Hoffman’s departure to head the Economic Cooperation Administration
(administrator of the Marshall Plan
) in 1948, Vance became both chairman and president of Studebaker. On February 2, 1953 Vance was featured on the front cover of Time Magazine.
In 1952, Vance was called to Washington, D.C.
to chair a committee on mobilization relating to the Korean War
. To Defence Secretary Robert Lovett
, Vance reportedly commented "Bob, I understand that the Army has 60,000 trucks in Texas just sitting around." This disclosure led to the cancellation of a $100 million order for such trucks which had been placed with Studebaker. The reports attracted the attention of President Dwight D. Eisenhower
, who requested that Vance direct the mobilization process, however Vance declined.
In 1954, Studebaker was merged with Packard Motors Company
and Vance left the corporation. A year later, in on October 31, 1955, Vance joined the United States Atomic Energy Commission
, and worked there until August 31, 1959.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
automobile
Automobile
An automobile, autocar, motor car or car is a wheeled motor vehicle used for transporting passengers, which also carries its own engine or motor...
company executive and government official, notable for being chairman (1935-54) and president (1948-54) of the Studebaker Corporation and for a four-year term on the Atomic Energy Commission
United States Atomic Energy Commission
The United States Atomic Energy Commission was an agency of the United States government established after World War II by Congress to foster and control the peace time development of atomic science and technology. President Harry S...
, where he encouraged the industrial use of nuclear energy
Nuclear power
Nuclear power is the use of sustained nuclear fission to generate heat and electricity. Nuclear power plants provide about 6% of the world's energy and 13–14% of the world's electricity, with the U.S., France, and Japan together accounting for about 50% of nuclear generated electricity...
.
Biography
Vance was born in the city of Port Huron, MichiganPort Huron, Michigan
Port Huron is a city in the U.S. state of Michigan and the county seat of St. Clair County. The population was 30,184 at the 2010 census. The city is adjacent to Port Huron Township but is administratively autonomous. It is joined by the Blue Water Bridge over the St. Clair River to Sarnia,...
in 1890. He achieved moderate grades in school and, having failed the entrance examination for West Point, he went to work briefly for his father's law partner whose death terminated the arrangement. In 1910, he obtained a job as a mechanic at the Port Huron branch of the E-M-F Company
E-M-F Company
The E-M-F Company was an early American automobile manufacturer that produced automobiles from 1909 to 1912. The name E-M-F was gleaned from the initials of the three company founders: Barney Everitt , William Metzger , and Walter Flanders .- Everitt...
, which was being acquired by the Studebaker
Studebaker
Studebaker Corporation was a United States wagon and automobile manufacturer based in South Bend, Indiana. Founded in 1852 and incorporated in 1868 under the name of the Studebaker Brothers Manufacturing Company, the company was originally a producer of wagons for farmers, miners, and the...
Corporation. He moved to the Detroit plant and was production vice-president in 1926 when he supervised the plant's closure and move to Studebaker's primary plant at South Bend, Indiana
South Bend, Indiana
The city of South Bend is the county seat of St. Joseph County, Indiana, United States, on the St. Joseph River near its southernmost bend, from which it derives its name. As of the 2010 Census, the city had a total of 101,168 residents; its Metropolitan Statistical Area had a population of 316,663...
. By the time of the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
, Vance was production vice president in the company at South Bend, working with Paul G Hoffman who would later take charge of the Marshall Plan
Marshall Plan
The Marshall Plan was the large-scale American program to aid Europe where the United States gave monetary support to help rebuild European economies after the end of World War II in order to combat the spread of Soviet communism. The plan was in operation for four years beginning in April 1948...
and the Ford Foundation
Ford Foundation
The Ford Foundation is a private foundation incorporated in Michigan and based in New York City created to fund programs that were chartered in 1936 by Edsel Ford and Henry Ford....
.
A series of financial mistakes by Studebaker's long-serving president Albert Russel Erskine
Albert Russel Erskine
Albert Russel Erskine was an American businessman. Born in Huntsville, Alabama, he worked in a number of manufacturing industries before joining the Studebaker motor car manufacturing firm in 1911...
, led to his suicide and the corporation's insolvency in 1933. Vance and Paul G Hoffman gained control of the company as receivers with Ashton G Bean of the White Motor Company
White Motor Company
White Motor Company was an American automobile and truck manufacturer from 1900 until 1980. The company also produced bicycles, roller skates, automatic lathes, and sewing machines. Before World War II, the company was based in Cleveland, Ohio.-History:...
and began to reinstate the operation which owed the banks $6 million but had current assets of $7 million, being an operating concern with a big stock of cars on hand. In 1935, a $6,800,000 new stock and bond issue, underwritten by Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
, Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
and others, took Studebaker out of receivership. At that time, Vance became chairman and Hoffman became president.
A new era of success arrived with the popular 1939 Studebaker Champion
Studebaker Champion
The Studebaker Champion is an automobile which was produced by the Studebaker Corporation of South Bend, Indiana from the beginning of the 1939 model year until 1958....
car range. A sales record of over $364 million was set in 1943 Contracts during the Second World War brought in $1.2 billion, and led to the production of 290,000 trucks, 64,000 engines for Flying Fortresses, and 16,000 amphibious vehicles (the Studebaker US6
Studebaker US6
The Studebaker US6 is a class of 2.5-ton trucks manufactured by Studebaker during World War II, produced in the United States from 1941-1945 and in the Soviet Union beginning in 1942.-Specifications:...
truck and the unique M29 Weasel
M29 Weasel
The M29 Weasel was a World War II tracked vehicle, built by Studebaker, designed for operation in snow.-Design and development:The idea for the Weasel came from the work of British inventor Geoffrey Pyke in support of his proposals to attack Axis forces and industrial installations in Norway...
cargo and personnel carrier, in particular). With Hoffman’s departure to head the Economic Cooperation Administration
Economic Cooperation Administration
The Economic Cooperation Administration was a United States government agency set up in 1948 to administer the Marshall Plan. It reported to both the State Department and the Department of Commerce. The agency's head was Paul G. Hoffman, a former head of Studebaker. Much of the rest of the...
(administrator of the Marshall Plan
Marshall Plan
The Marshall Plan was the large-scale American program to aid Europe where the United States gave monetary support to help rebuild European economies after the end of World War II in order to combat the spread of Soviet communism. The plan was in operation for four years beginning in April 1948...
) in 1948, Vance became both chairman and president of Studebaker. On February 2, 1953 Vance was featured on the front cover of Time Magazine.
In 1952, Vance was called to Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
to chair a committee on mobilization relating to the Korean War
Korean War
The Korean War was a conventional war between South Korea, supported by the United Nations, and North Korea, supported by the People's Republic of China , with military material aid from the Soviet Union...
. To Defence Secretary Robert Lovett
Robert A. Lovett
Robert Abercrombie Lovett was the fourth United States Secretary of Defense, serving in the cabinet of President Harry S. Truman from 1951 to 1953 and in this capacity, directed the Korean War. Promoted to the position from deputy secretary of defense Domhoff described Lovett as a "Cold War...
, Vance reportedly commented "Bob, I understand that the Army has 60,000 trucks in Texas just sitting around." This disclosure led to the cancellation of a $100 million order for such trucks which had been placed with Studebaker. The reports attracted the attention of President Dwight D. Eisenhower
Dwight D. Eisenhower
Dwight David "Ike" Eisenhower was the 34th President of the United States, from 1953 until 1961. He was a five-star general in the United States Army...
, who requested that Vance direct the mobilization process, however Vance declined.
In 1954, Studebaker was merged with Packard Motors Company
Packard
Packard was an American luxury-type automobile marque built by the Packard Motor Car Company of Detroit, Michigan, and later by the Studebaker-Packard Corporation of South Bend, Indiana...
and Vance left the corporation. A year later, in on October 31, 1955, Vance joined the United States Atomic Energy Commission
United States Atomic Energy Commission
The United States Atomic Energy Commission was an agency of the United States government established after World War II by Congress to foster and control the peace time development of atomic science and technology. President Harry S...
, and worked there until August 31, 1959.