Word: frazers
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...shortage in steel threatened to wreck the automaking of Henry J. Kaiser. As a possible hedge against grave trouble, last week he leased two Government-owned aluminum plants near Spokane, Wash., the $47,630,000 Trentwood rolling mill and the $22,270,000 Mead reduction plant. The Kaiser-Frazer-Corp., and Kaiser Cargo, Inc. which did the actual leasing, will pay rentals from $458,000 the first year to $3,915,000 the fifth year...
With aluminum from these plants, Kaiser plans to build bodies for K-F's Kaiser and probably for Graham-Paige's Frazer. Reason: up till last week K-F had no steel. All it had was promises. Graham-Paige was sure of some steel, but not enough both to permit Graham to get into auto production in Willow Run, now estimated for the end of April, and for K-F to build up a backlog of parts it needs for Kaiser production, now fixed for midsummer...
Lest investors think that this betokened a lack of faith in Graham-Paige's future, Joe Frazer explained: "A man sometimes needs money for personal matters...
When Joseph Washington Frazer became board chairman of Graham-Paige Motors Corp., he got 45,600 shares of Graham stock for himself as part of the deal. The stock was then selling at $3.62½ a share. Joe Frazer soon changed that. He teamed up with Henry J. Kaiser, leased Willow Run, talked glowingly of Graham-Paige's future with Joe and his Frazer...
Investors scrambled to buy Graham stock, boosted it as high as $16 a share. Last week, Joe Frazer reported to the Securities & Exchange Commission that he had sold 15,000 shares (or one-third of his holdings) of G-P stock on Jan. 16. His profit: $215,575, less 25% capital-gains...