The January/February 2023 issue of the magazine is available in our gift shop now and will be available on newsstands soon. Wrapping up our 30th Anniversary and kicking off a new year is the cover feature of John Kircher’s 1937 Studebaker Coupe-Express. Story by Patrick Foster • Photos by Brad Bowling

Cover Story | **1937 Studebaker Coupe-Express**

Hoffman and Vance Get It Right!

John Kircher’s 1937 Studebaker Coupe-Express was a Dictator for the farm.1937 Studebaker Coupe-Express

The Studebaker Corp. was struggling to claw its way back from the brink in 1937. After the onset of the Great Depression in late 1929, company president Albert Russell Erskine had continued to pay generous dividends to stockholders even as dwindling profits turned into losses. Some years’ dividend payouts exceeded profits by a significant margin.

Erskine mistakenly believed that America’s severely depressed economic conditions would be short-lived and that he could bolster stockholder confidence in Studebaker by paying dividends. The practice worked for a while, but the firm was pushed into receivership in early March 1933—its working capital having fallen from $26 million to a mere $3.5 million between 1926 and 1932.

With bank loans of $6 million, the company lacked sufficient liquidity to continue operating. When the distraught Erskine realized his error, he resigned from the company. In June, the financially ruined executive—whose business motto had been, “We eat obstacles for breakfast”—committed suicide.

The new guard

Studebaker vehicle sales had fallen from a high of 150,000 vehicles in 1923 to just under 50,000 units in 1932 when the company suffered a disastrous revenue loss of more than $8 million (about $170 million in today’s money). Paul G. Hoffman and Harold S. Vance—vice presidents who Erskine had handpicked in 1925 and 1926, respectively—were charged with turning the company around. Hoffman would serve as president from 1935 to 1948; Vance was the chairman of the board during the same period.

To read more about the 1937 Studebaker Coupe-Express, pick up a copy of the January/February 2023 issue of Vintage Truck magazine!

Articles in this issue include:

FEATURES

“I’m A Bit OCD”
Matt Palmer’s 1966 Ford F-100 4X4 brought out his obsessive side!
Story by Brad Bowling, Photos by Eric Neurath
Hoffman and Vance Get It Right!
John Kircher’s 1937 Studebaker Coupe-Express was a Dictator for the farm.
Story by Patrick Foster, Photos by Brad Bowling
Big Toys With Four Wheels
The late 1970s featured factory customs!
Story by Loren Hoekema
The Fixer
David Zarnoch’s 1958 Chevrolet Stepside is a local time capsule!
Story by Robert Gabrick, Photos by Al Rogers
The Wallpaper Truck
Ira Stephens’ 1970 Dodge Adventurer has worn many hats.
Story by Loren Hoekema, Photos by Al Rogers

DEPARTMENTS

Letter from the Editor
Letters to the Editor
For Ford Fans: 1971 Ford F-250 Explorer 4X4
The Road Less Traveled: Suzuki’s 4X4
Independent Trucks: 1959 International B-110 Travelall
Books in the Bed: Reviews by Robert Gabrick
Hey Loren!
Classifieds
Show Guide
Granny Gear: Easy Ed’s Bobsled

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