K-F Backfires

Kaiser-Frazer presented Wall Street with a first-class mystery: Who had bought 900,000 shares of new K-F stock?

The foundation for the mystery was laid fortnight ago when K-F announced that it had dropped plans to issue 1,500,000 new shares of stock; the dull market for new issues had scared it off.

Yet in last week's queasy market, the demand for K-F seemed exceptionally good. In one day nearly half the trading on the Curb was in Kaiser-Frazer—and the price held steady at $13.50 a share. Soon after 7 p.m. that day, K-F surprised everyone by announcing that it was going to...

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