Word: abitibi
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Dates: during 1920-1929
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Fortnight ago Abitibi Power & Paper Co. and St. Maurice Valley Paper Co., forming a very consequential portion of their industry, definitely announced a price raise, effective Jan. 1, from $55 to $60. The next U. S. move was a meeting of the representatives of more than 300 U. S. and Canadian newspapers called early last week in Manhattan's Hotel Pennsylvania. Three basic suggestions emerged. The most direct was that legal action be used against the Canadian pulpsters...
...newspapers (notably Chicago's Tribune, Manhattan's Times) own their own paper mills. Most newsprint is bought from the great International (more than twice as big as its nearest competitor), from Great Northern Paper Co., Canada Power & Paper Corp., Abitibi Power & Paper Co. International is not making money on its pulp product but it denied last week that it was planning a price rise, professed ignorance of what the publishers' resolution might mean...
...exclusive of freight, the chief value of the new beds lies in the fact that they are in the immediate vicinity of the coal burning Canadian paper mills, the largest of which, the Kapuskasing, burns 500 tons of coal daily. With coal mines within sound of their buzz saws, Abitibi pulpmakers saw a chance to make newsprint still more cheaply for U. S. newspapers. Lignite, or "wood-coal," is geologically half way between turflike peat and smudgy bituminous coal. It is hard, looks like dirty brown slate, burns without smoke, is clean to handle. Mined...
Good news for Canadian lumbermen and pulpmakers, bad news for British and U. S. coal shippers, was announced by Ontario's gruff, industrious Premier Howard Ferguson last week. Drilling profound holes in the rocky banks of North Ontario's Abitibi River, geologists of the Ontario Department of Mines had struck a coal formation estimated to contain 20 million tons of lignite...
...down, down slid the price of newsprint. Mill production was curtailed; papermakers' profits were sliced. (TIME, Aug. 27). Last week, the "biggest" International Paper Co., with mills in Ontario, Quebec, Newfoundland (see Foreign News), contracted with Publisher Hearst on the basis of $50 a ton. Friendly, possibly merging Abitibi Power & Paper Co. made a similar deal with the Chicago Daily News. On the Manhattan stock exchange, International Paper common fell 4¼ points; Abitibi hit a new low for the year...