Word: frazers
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...Kaiser-Frazer Corp. laid off 750 employees a fortnight ago after what it termed a "straight-from-the-shoulder" explanation: "Since engine deliveries are not keeping pace with schedules, we are in the process of reducing personnel to conform to the delivery of engines." Last week, in what appeared to be an attempt to remedy the shortage, K-F leased part of the Detroit plant of Continental Motors Corp., which had been supplying its engines. Henceforth, said K-F, it would make most of its own engines, pay Continental...
...usual, all this set other automen to speculating on how much longer K-F's cash would last. The only figure came recently from the always optimistic Joe Frazer. He said that they had $27,000,000 of their roll left...
Bank of America on a note guaranteed by the Henry J. Kaiser Co. and Joseph Frazer personally...
...bonded debt and will give Graham 750,000 shares of K-F stock (worth $6,000,000 on the current market). This.stock, along with what Graham got when K-F was formed, will give Graham a 21% interest in K-F. But Henry Kaiser and Joe Frazer will hold the voting rights on the stock until the Bank of America loan is paid...
Actually Henry and Joe's automaking venture was gaining little by shifting its money from one pocket to another. Joe Frazer, president of both companies, claimed that the shift would bring great savings by bringing production of the Kaiser Special and Frazer cars under one company. Actually production of both cars, which have exactly the same engines, bodies, chassis, was already a combined operation at Willow...