The Kaiser-Frazer Corp. has not yet produced a single car on a production line. But last week it stood to make a "paper profit" on additional stock, which it has not yet issued, either, that flabbergasted the most get-rich-quick Wall Streeters.
Last September, the corporation sold its first stock (1,700,000 shares) at $10 a share. In the booming stockmarket it climbed slowly to $15 a share in over-the-counter trading. On Jan. 3, the corporation announced plans to float an additional issue of 1,800,000 shares, asked the Securities and Exchange Commission to approve. At...
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