Word: frazers
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From his West Coast summer home on Lake Tahoe, Shipbuilder Henry J. Kaiser last week long-distanced an old friend, Joseph Washington Frazer, president of Detroit's Graham-Paige Motors Corp. As reporters listened in, Shipbuilder Kaiser rumbled: "Congratulations, Joe." To which Joe replied: "Thanks for the flowers, Henry...
...this cozy fashion, Joe & Henry let out the best kept financial secret of the year. They have formed a new company, jointly owned by Kaiser interests and Graham-Paige, to invade the dog-eat-dog auto business. With Kaiser as board chairman and Joe Frazer as president, the Kaiser-Frazer Corp. will build two cars, the Kaiser and the Frazer...
...Frazer. Detroit's automen smiled at this. Normally, it takes them 18 months to translate blueprints into a car. Nor were they worried by Kaiser's invasion of their bailiwick. Some of them already have their own West Coast assembly plants, all of them have a solid grip on the market. If Kaiser sells in the East, as he plans, he will be up against a $175 freight charge tacked to the price Of his car. Thus, old line automen may get their first competition not from the Kaiser but from the Frazer. Reason: the Frazer, which will...
...last week, Graham stock hovered at 75. So Frazer and friends now have an investment in Graham of $1,068,750. Some $540.000 belongs to Joe Frazer and family. And if he decides to sell out, he pays not a skyhigh income tax, but only a moderate capital gains...
Before long, Joe Frazer intends to sit down with Graham's directors and decide on a salary for himself. Said he soberly last week: "After all, you can't expect a man to go on working for nothing...