Word: frazers
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Motormaker Henry Kaiser and Moneyman Cyrus S. Eaton of Cleveland's Otis & Co. were a smooth-working financial team. The two friends had floated two issues of Kaiser-Frazer stock, and when K-F needed steel, Eaton had set up a steel company to supply some of it. When K-F decided to float a third stock issue to raise capital for expansion (TIME, Feb. 16), it was Otis & Co. which headed the underwriting syndicate. Last week, Friend Cyrus performed another service for Friend Henry. He gave him a dazzling lesson in high finance that broke...
...Wall Streeters thought it quaint that Lawyer Masterson should be attacking Otis & Co. In a previous suit, he had been Otis' counsel. This moved Kaiser-Frazer to charge, in its own suit, that Otis & Co. "inspired" Masterson to disrupt the deal. But Masterson had another story. He charged that Kaiser-Frazer profits were finding "their way into the pockets of Kaiser and Frazer personally [via parts companies and other agencies personally owned by them] and not to the stockholders." He said the accounting he demanded would "wise up the whole country about Mr. Kaiser...
...make. They complained that K-F had used over $2.5 million of the company's funds to buy its own stock at $13.50 in order to "stabilize" the price just before the offering. This had caused "mounting criticism." To offset it, Otis had recommended that Kaiser and Frazer pay for this stock out of their own money, but they had refused...
Scared. It was a mixed week for Henry Kaiser and Joe Frazer. They announced that K-F had decided not to go through with its proposed issue of 1.5 million more shares of stock (TIME, Jan. 19). K-F was scared off by the poor market for new issues. Two days later, Henry & Joe were honored by initiation into Manhattan's Circus Saints & Sinners Club. Sinner Joe chased Saint Henry around with a fork until he agreed to buy a Frazer...
...wartime fame. His Willow Run plant turned out 145,000 cars and he was able to brag in full-page ads that he was now "the world's fourth largest producer of automobiles." It was true in the sense that only General Motors, Ford and Chrysler topped Kaiser-Frazer. Actually, production of seven of the Big Three's individual divisions topped K-F's figure...