MERGERS: Love's Labor Lost

Even though he made his millions from refrigerators, radios, scalp exercisers, bed coolers and sundry other gadgets, Powel Crosley Jr.'s first love was always the automobile. Seven years ago, the 6 ft. 4 in. Cincinnati millionaire decided to satisfy his passion. For $19 million he sold all his other interests to Aviation Corp. (now Avco), concentrated on making midget Crosley autos. His goal was to produce 150,000 cars a year, eventually bring the price down to $500. But Crosley fell far short of the mark.

Caught by rising costs, he could never bring the price below $800, and even then...

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