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...

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