AUTOS,RUBBER,ICE,FOOD,OIL: Joe Frazer and Graham-Paige

AUTOS

Last week Joseph Washington Frazer reached the motor magnates' Valhalla. He had been elected board chairman of Graham-Paige Motors Corp.; now Joe Frazer could make and sell his own automobiles. In a happy hubbub, almost like old times, he watched telegrams coming in from dealers all over the country, asking for postwar franchises.

But at week's end, on his way to Newport, the usually genial Joe Frazer was not especially happy. He did not mind being the only dollar-a-year executive in the motor industry; his week-old position gives him other compensation of the...