Word: k-f
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...Newport Rolling Mill at Newport, Ky. But Detrola's President C. Russell Feldman soon found that he still had a problem : he had no pig iron to make his steel. So, he told the committee, he made a deal with Kaiser-Frazer Corp. to trade finished steel for K-F's pig iron. (He also made another deal, the committee found, with Cincinnati's David J. Joseph Sr., one of the big U.S. scrap dealers. For his scrap, Joseph got 8,254 tons of steel, and a tidy gross profit...
...committee found that Kaiser-Frazer had also filtered some of Detrola's steel into the grey market. As K-F could not use some of the types it got from Detrola, K-F Vice President Clay Bedford told the committee, he made a deal with a Manhattan exporter named Charles A. Koons to sell Koons 4,000 tons of Detrola steel...
While it got its money out (by making cars), K-F also had to cut the overall cost of producing them. By eliminating the night shifts, it hoped to reduce costs at the expense of total production. To ease the financial squeeze, K-F borrowed $10 million last week from the Bank of America...
Last week, the Wall Street Journal reported that K-F's 4,000 dealers had about 20,000 cars in their showrooms, compared to fewer than 8,000 last November. They were not oversupplied if sales, which have been lagging, should pick up in the spring. But some dealers were already selling cars for less than list prices...
...K-F sounded as cocky as ever. "We earned in excess of $22 million in the last nine months of 1947 on a one-shift operation," said Edgar Kaiser, "[and] we should do as well this year." But Wall Streeters, who had shown their hopes and fears about K-F in the ups & downs of the stock, were worried again. Wall Street thought that Cyrus Eaton of Otis & Co., an old K-F friend turned enemy (TIME, Feb. 23), was dumping 45,000 shares of K-F stock he held. It helped drive down the price...