EYECATCHERS: Going Private

Oldtime fans who saw him in action still insist that Clint Frank was the greatest football player who ever strapped on a helmet. Frank, who won the Heisman Trophy in 1937 as a Yale halfback, has since run up a lot of points in another field: advertising. His Chicago-based Clinton E. Frank, Inc. had 1972 billings of $87 million.

Two years ago, Frank went public; the agency sold shares at $15.50 each. Lately those shares—along with those of many other publicly held ad agencies —have been thrown for a loss. The Frank shares have traded as low as $5, bid...

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