Harold Sines Vance
Harold Sines Vance | |
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Washington DC committee on mobilization relating to the Korean War, United States Atomic Energy Commission | |
Spouse | Agnes Margaret Monaghan |
Children | 2 |
Parents |
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Harold Sines Vance (22 August 1889 – 31 August 1959) was an American
Biography
Vance was born in the city of
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[1]: p.98 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.[1]: p.98 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
In 1952, Vance was called to Washington, D.C., to chair a committee on mobilization relating to the Korean War. To Defense Secretary Robert Lovett, Vance reportedly commented "Bob, I understand that the Army has 60,000 trucks in Texas just sitting around."[2] 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 his death on August 31, 1959.