A Personal Matter

When Joseph Washington Frazer became board chairman of Graham-Paige Motors Corp., he got 45,600 shares of Graham stock for himself as part of the deal. The stock was then selling at $3.62 1/2 a share. Joe Frazer soon changed that. He teamed up with Henry J. Kaiser, leased Willow Run, talked glowingly of Graham-Paige's future with Joe and his Frazer car.

Investors scrambled to buy Graham stock, boosted it as high as $16 a share. Last week, Joe Frazer reported to the Securities & Exchange Commission that he had sold 15,000 shares (or one-third of his holdings) of G-P stock on Jan. 16. His profit: $215,575, less 25% capital-gains tax.

Lest investors think that this betokened a lack of faith in Graham-Paige's future, Joe Frazer explained: "A man sometimes needs money for personal matters."

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