In 1919, Chapin introduced the “Essex,” a popularly priced car that was an immediate success. In 1922, Chapin offered closed cars at virtually the same price as the touring car. The closed car became the industry standard while the touring car rapidly disappeared from the scene. Also, in 1922, Chapin reorganized Hudson’s finances, and as a result, the original stockholders, who paid in $100,000 in 1910, received $16 million in new stock and $7 million in cash.