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When sales of Kaiser-Frazer cars went into a slump recently, K-F cut production from 675 to 350 units a day rather than cut prices. Last week, its annual report showed why it had no choice. Though its sales had increased 24% to $341,500,000, its 1948 profit, before taxes, had risen only 2%. And after taxes, the profit of $10 million was little more than half that of 1947, when no taxes were paid. In effect, K-F could not afford to cut prices because it was making less than...
With a buyer's market in cars fast approaching, K-F's General Manager Edgar Kaiser, Henry's nimble-witted son, knew he had to get his costs down somehow. Last week, he announced a $2,088 utility car, $136 cheaper than other K-F cars (it has no chrome and fewer frills). The utility car is a combination car and truck which K-F hopes to sell to small tradesmen, farmers and sportsmen. The rear seat folds into the floor and there is a station-wagonlike gate in the back...
Willow Runs Slower. At Willow Run this week, four new lines of Kaiser-Frazer cars (a taxi, four-door convertible, "hardtop convertible," and "utility sedan") were rolled out in an atmosphere of deep gloom. Since early fall K-F had had to cut production from 800 cars a day to a current 675. It was seriously thinking about cutting back still more to 400 cars a day. Henry and Joe blamed the cutback on the Government's Regulation W under which car buyers must pay at least one-third down and the rest in no more than 18 months...
Steel for Henry. When Henry Kaiser fell out with Cyrus Eaton, his Kaiser-Frazer Corp. lost its big supplier of steel, Eaton's Portsmouth (Ohio) Steel Corp. To plug the gap, K-F last week paid some $3.6 million for the Phoenixville (Pa.) plant of the Phoenix-Apollo Steel Co., which has a capacity of around 26,000 tons a month of finished and semi-finished steel...
...hoped to prove that Otis & Co. had fraudulently wriggled out of a deal to underwrite a $10 million issue of Kaiser-Frazer stock. But the only way it could do so.was by proving that Otis & Co. had put Lawyer James Masterson up to filing the suit against K-F which had enabled Otis to call off the deal. Last month, a U.S. district court ruled that Eaton's lawyers did not have to testify in the matter. SEC decided to go ahead with a revocation hearing anyway. But last week, the U.S. Court of Appeals in Washington granted Otis...