AUTOS: Joe & Henry

From his West Coast summer home on Lake Tahoe, Shipbuilder Henry J. Kaiser last week long-distanced an old friend, Joseph Washington Frazer, president of Detroit's Graham-Paige Motors Corp. As reporters listened in, Shipbuilder Kaiser rumbled: "Congratulations, Joe." To which Joe replied: "Thanks for the flowers, Henry."

In this cozy fashion, Joe & Henry let out the best kept financial secret of the year. They have formed a new company, jointly owned by Kaiser interests and Graham-Paige, to invade the dog-eat-dog auto business. With Kaiser as board chairman and Joe Frazer as president, the Kaiser-Frazer Corp. will build two cars, the...

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