You are absolutely correct! This is the mechanical power steering system for the 1953 Studebakers.
Studebaker actually thought that they could produce this system more cost-effectively than developing a hydraulic power steering system similar to what the other major automakers were introducing in the early 1950's. Once production started, many customers complained about the surprisingly large amount of mechanical noise that the system produced, so Studebaker quickly went back to the drawing board, engineered a regular hydraulic system, and retrofitted nearly all of the mechanically-equipped cars.
I have the same article that you found. I'll post it in its entirety along with the original puzzle picture.
