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When Kaiser-Frazer last week got a new $25 million RFC loan to help keep it solvent until it can sell its big backlog of cars, the terms were stiff. (K-F already owes RFC $43 million.) RFC ordered K-F to: 1) cut production from 800 to 600 cars a day; 2) raise no prices without RFC consent; 3) pay off the loan with 90% of the wholesale selling price of each car as it is taken out of storage...
...paying off the last of a $123 million RFC loan on his Fontana steel mill, Industrialist Henry Kaiser was back hat in hand last week knocking on RFC's door. This time he wanted $38 million for his auto company, Kaiser-Frazer, which already owes RFC $43 million. K-F President Edgar Kaiser explained that the company needs the money to tide it over until it can sell its backlog of 18,000 cars. He said that the Government's credit restrictions had slowed up its sales so much that K-F had to cut production from...
Much of the recent news about Henry J. Kaiser's industrial empire has had a familiar ring: it concerned loans from RFC to the faltering Kaiser-Frazer Corp. Henry Kaiser, who had received $44 million for K-F and another $123 million for the Kaiser Steel Corp., was RFC's biggest single business loan...
...K-F, which was close to the ragged edge last year when a $44 million RFC loan saved it, had already moved into the black in July with its sleek, rakish Kaiser. Last week, K-F, which is making 400 Henry Js a day, turned out a new daily peak of 1,200 cars. Furthermore, Edgar Kaiser predicted 1,600 a day as soon as a second shift gets rolling. Edgar also had thinned out K-F's inefficient dealers by trimming the number of agencies from...
Despite the pickup, K-F thought it had better have an anchor to windward. Last week Chairman Henry J. Kaiser asked the stockholders to authorize the company to go into the shipbuilding business. Kaiser, who made his reputation as a World War II shipbuilder operating seven Government-owned shipyards, now operates none. But with talk of a big new Government program (see Shipping), World War II's top shipbuilder thought that he could put his know-how to use developing a profitable sideline for K-F...