Clement Studebaker, Jr. (1871–1932) was born the son of
Clement Studebaker (1831–1901), the carriage and automobile manufacturer of
South Bend, Indiana. In one of his several executive positions, Clement Studebaker, Jr. served as Vice President of the E-M-F Company. 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. ==References==