 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 South Shore and South Bend Railroad.North American Company had once been one of the original stocks in the Dow Jones Industrial Average.