HIGH FINANCE: Tight Corner

In his up-&-down career, Cleveland's Cyrus S. Eaton has squeezed out of many a corner. Last week he was in one more: the Securities & Exchange Commission had chivvied him into as tight a spot as he had ever been in.

Three months ago, Eaton called off the contract for his Otis & Co. to underwrite $11.7 million of new stock for the Kaiser-Frazer Corp. (TIME, Feb. 23). His out was a suit filed by Stockholder James F. Masterson against K-F in connection with the new issue. (K-F's counsel called the suit a "phony.") When SEC began to investigate,Witness Eaton...

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