Word: k-f
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...Kaiser got his licks in first. On the stand, he pictured himself as a trusting babe in the financial woods, led astray by Eaton and his Otis & Co. Kaiser testified that on the day before the new issue was to be floated (Feb. 3), Otis & Co. told him that K-F's stock should be "stabilized." Kaiser did not know what that meant. The underwriters, he said, explained: to keep the Curb price of the old stock steady, K-F ought to peg it by buying at a fixed price...
...Darrach Waters) walked into their suite and found it occupied by Cassini's ex-wife ("Bootsie" McDonnell-also a columnist), who had been ushered in by mistake. (They compromised on adjoining suites.) Kaiser-Frazer's Joe Frazer and Otis & Co.'s Cyrus Eaton, currently feuding over K-F's stock troubles, spent the time busily dodging each other...
...around the grapevine" until it was bought by Louis Golden, a Detroit broker. Golden paid $300 a ton. On paper, the steel had traveled from Detroit to New York to Cleveland and back to Detroit, and $200 a ton had been added to its price. Actually it never left K-F's warehouse...
Koons got his steel from K-F at mill cost. But to get it he had to pay over $600,000 for a lot of things K-F wanted to get rid of, e.g., jigs and dies for K-F's abandoned front-wheel-drive auto, aluminum scrap left over from experiments with car bodies. Koons told the committee he lost $500,000 on sale of the tie-in junk. But, through his steel, he netted a $14,000 final profit on the whole deal. The committee got an eye-opening account of how fast steel gets around...
Louis Golden finally sold it, he told the committee, for $315 to $325 a ton, to the Holland Furnace Co. of Holland, Mich., only four hours' drive from K-F's Willow Run plant. The constant selling and reselling of the same steel sometimes gets very confusing, Golden confessed. Said he: "I recall a gentleman came up to the office and asked us to come out and inspect some steel, and we needed that type, and we went out to our own warehouse and looked at our own steel...