Word: frazers
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After lending Henry Kaiser $34.4 million only a month ago, the RFC last week opened its cash drawer and plunked out another $10 million to its great & good friend. The earlier loan was to help Kaiser-Frazer bring out a low-priced car by next spring to compete with Ford, Chevrolet and Plymouth. The second loan was to permit K-F to finance its dealers' purchases of cars from the factory, because K-F dealers had trouble getting loans from private banks. All told, RFC has loaned K-F almost as much as the company raised in stock sales...
...which has always proved a friend in need for Henry Kaiser, came through last week with a $34.4 million loan for Kaiser-Frazer. RFC said some of the cash would be used to tool up for a complete line of cars. (K-F now makes only four-door sedans.) Detroit also heard that about $5,000,000 would be used to turn out a car for under $1500 to challenge Ford, Plymouth and Chevrolet. Henry Kaiser, who has paid back $67.6 million of his federal loans, now owes the government $149.8 million...
...Willow Run last week, Kaiser-Frazer Corp. laid off 5,000 workers and stopped production for six days for "inventory adjustment." While the shutdown gave K-F dealers, whose sales had been lagging, a chance to cut down the supply of cars' on hand, it also gave Wall Streeters a scare. K-F stock, which had tumbled from 15 5/8 to 3 3/8 in 21 months, dropped another s of a point to a 1949 closing...
...Kaiser-Frazer Corp. stockholders had one consolation: nothing had been kept from them. When K-F President Edgar F. Kaiser reported a $5.8 million loss for the first quarter, he had predicted further trouble. Last week, K-F reported a second-quarter loss of $2,300,000 (v. $3,900,000 net in the same 1948 period...
...Philadelphia Kaiser-Frazer agency one day last year, swarthy, greying Joe Pacifico heard about a new ECA plan. To encourage U.S. investments abroad and help European recovery, ECA would guarantee the conversion of profits into dollars for any projects that it approved. Joe remembered the old stone quarry near Naples which he had helped his father work as a boy. His brother Eugene and sister Carmela still ran it with primitive methods and materials...