AUTOS: Shrunken Kitty

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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