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Motormaker Henry Kaiser and Moneyman Cyrus S. Eaton of Cleveland's Otis & Co. were a smooth-working financial team. The two friends had floated two issues of Kaiser-Frazer stock, and when K-F needed steel, Eaton had set up a steel company to supply some of it. When K-F decided to float a third stock issue to raise capital for expansion (TIME, Feb. 16), it was Otis & Co. which headed the underwriting syndicate. Last week, Friend Cyrus performed another service for Friend Henry. He gave him a dazzling lesson in high finance that broke...
Scared. It was a mixed week for Henry Kaiser and Joe Frazer. They announced that K-F had decided not to go through with its proposed issue of 1.5 million more shares of stock (TIME, Jan. 19). K-F was scared off by the poor market for new issues. Two days later, Henry & Joe were honored by initiation into Manhattan's Circus Saints & Sinners Club. Sinner Joe chased Saint Henry around with a fork until he agreed to buy a Frazer...
Last week, when K-F proposed its third stock issue (1,500,000 shares, price undetermined), it had something more concrete to offer. In the prospectus, filed with the Securities & Exchange Commission, K-F said it had grossed $227.5 million in the first eleven months of 1947, and had netted a profit of $15.5 million. (These figures, said K-F, were unaudited, thus subject to change.) By November, the rate of profit had risen to about $4.7 million a month, enough to wipe out the 1946 loss of $19,000,000. And K-F still had $18 mill...
Then why did K-F need more money? K-F said it wanted to spend $12,000,000 on new equipment and inventories to boost production of automobiles to 1,500 a day (present rate...
...rosy profit figures did not cheer the stockmarket. It apparently felt that K-F's cars, overpriced when compared to other makes, may soon run into tough competition. On news of the new issue, the price of K-F's existing 4,750,000 shares of common stock fell from 14¼ to 12, then firmed up slightly at the weekend...