Automakers Henry J. Kaiser and Joseph W. Frazer had "news which no corporation likes to bring to its stock holders." They were dead right. The news was that Kaiser-Frazer Corp. had lost $19,284,680.83 in 1946. The loss was huge. But K-F said it was not quite as bad as it looked. For one thing, K-F had written off in one year the cash it had spent for engineering, design, and preparation for auto production. How much this was K-F did not say. Ordinarily auto companies spread these costs over a longer period.
And K-F's production of cars had been disappointing....
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