The Kaiser-Frazer Corp. rolled merrily along last week. A second public offering of 1,800,000 shares of K-F stock (TIME, Jan. 21) was sold in less than an hour. Net proceeds: $34,470,000. K-F's first issue (1,700,000 shares) was offered for $10 a share last September. This time it brought in a spanking $20.25. But the road was getting bumpy.
Ohio banned sale of K-F's new issue because there was no earnings record to warrant the 100%-plus hike in the price. So did Michigan, which coldly stated that the stock could not meet its security regulations....
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