North American Light and Power Company
Encyclopedia
The North American Light and Power Company was a utility holding company formed in South Bend, Indiana
and run since 1916 by its President, Clement Studebaker, Jr.
, of the family famous for the Studebaker
automobiles. The utility company remained a major subsidiary of the North American Company
, until that conglomerate's 1940s breakup by the U.S. Securities and Exchange Commission (SEC).
(1831-1901), the carriage and automobile manufacturer of South Bend, Indiana
.
In 1911, the company founded by the Studebaker brothers joined forces with Everitt-Metzker-Flanders Company of Detroit to form the Studebaker Corporation. In one of his several executive positions, Clement Studebaker, Jr. served as Vice President of the E-M-F Company.
By 1916 Clement Studebaker, Jr. had formed the publicly-traded North American Light and Power Company, and issued stock, with certificates printed by the American Banknote Company.
Clement Studebaker, Jr. also served as President and Chairman of the Board of the Illinois Power and Light Company (and of its subsidiary, the Illinois Traction Company), the South Bend Watch Company
, and as Treasurer of the Chicago and South Bend Railroad.
had once been one of the original stocks in the Dow Jones Industrial Average
.
North American Light and Power remained under the ownership of North American Company for the next decade after Clement's death, as a major subsidiary holding company of other lines.
By 1940, North American Company had become a US$2.3 billion holding company heading up a pyramid of by then 80 companies. It controlled ten major direct subsidiaries in eight of which it owned at least 79%. North American Light and Power Company was by then one of the three major holding companies among the ten direct subsidiaries.
North American Company was broken up by the SEC, following the United States Supreme Court decision of April 1, 1946.
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...
and run since 1916 by its President, Clement Studebaker, Jr.
Clement Studebaker, Jr.
Clement Studebaker, Jr. was the son of Clement Studebaker who, with his brother Henry, founded the business which became the Studebaker Corporation— the world's largest horse-drawn wagon manufacturer and the only one to successfully progress to gasoline-powered vehicles. Clement Jr...
, of the family famous for 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...
automobiles. The utility company remained a major subsidiary of the North American Company
North American Company
The North American Company was a holding company incorporated in New Jersey on June 14, 1890, and controlled by Henry Villard, to succeed to the assets and property of the Oregon and Transcontinental Company...
, until that conglomerate's 1940s breakup by the U.S. Securities and Exchange Commission (SEC).
History
Clement Studebaker, Jr. (1871-1932) was born the son of Clement StudebakerClement Studebaker
Clement Studebaker was an American wagon and carriage manufacturer. With his brother Henry, he co-founded the H & C Studebaker Company, precursor of the Studebaker Corporation, which built Pennsylvania-German Conestoga wagons and carriages during his lifetime, and automobiles after his death, in...
(1831-1901), the carriage and automobile manufacturer of 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...
.
In 1911, the company founded by the Studebaker brothers joined forces with Everitt-Metzker-Flanders Company of Detroit to form the Studebaker Corporation. In one of his several executive positions, Clement Studebaker, Jr. served as Vice President of the E-M-F Company.
By 1916 Clement Studebaker, Jr. had formed the publicly-traded North American Light and Power Company, and issued stock, with certificates printed by the American Banknote Company.
Clement Studebaker, Jr. also served as President and Chairman of the Board of the Illinois Power and Light Company (and of its subsidiary, the Illinois Traction Company), the South Bend Watch Company
South Bend Watch Company
The South Bend Watch Company, a manufacturing company of pocket watches, was based in South Bend, Indiana.-History:The assets of the bankrupt Columbus Watch Company of Columbus, Ohio, were purchased by two brothers from South Bend, Indiana, in 1903. The brothers were sons of Studebaker Brothers...
, and as Treasurer of the Chicago and South Bend Railroad.
North American Company
North American CompanyNorth American Company
The North American Company was a holding company incorporated in New Jersey on June 14, 1890, and controlled by Henry Villard, to succeed to the assets and property of the Oregon and Transcontinental Company...
had once been one of the original stocks in the Dow Jones Industrial Average
Dow Jones Industrial Average
The Dow Jones Industrial Average , also called the Industrial Average, the Dow Jones, the Dow 30, or simply the Dow, is a stock market index, and one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow...
.
North American Light and Power remained under the ownership of North American Company for the next decade after Clement's death, as a major subsidiary holding company of other lines.
By 1940, North American Company had become a US$2.3 billion holding company heading up a pyramid of by then 80 companies. It controlled ten major direct subsidiaries in eight of which it owned at least 79%. North American Light and Power Company was by then one of the three major holding companies among the ten direct subsidiaries.
North American Company was broken up by the SEC, following the United States Supreme Court decision of April 1, 1946.