HIGH FINANCE: From Riches to Riches

When plump, suave Joseph Washington Frazer became board chairman of Graham-Paige Motors Corp. eight months ago, he agreed to work for $1-a-year as part of the deal. This was a good deal for Graham. It was a far better deal for Joe Frazer. Last week, he told why: it enabled him to run an investment of $500 into over $1,000,000 in a little more than a year.

Joe Frazer started his dizzy fiscal feat with the Warren City Tank & Boiler Co., Warren, Ohio (pop. 43,000). The company's $7,000.000 plant was built by the Navy but, under private management, was...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!