Word: abitibi
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Stricken Stocks. For many a year Abitibi Power & Paper Co., Ltd., owning about one-fourth of Canada's newsprint capacity and a potential million horsepower of hydroelectric power, has stood No. 1 on the New York Stock Exchange list. Last week this honor, alphabetical only, fell upon Abraham & Straus, Brooklyn department store. For Abitibi was declared bankrupt, its transfer office closed, its shares stricken from the Big Board. Abitibi's troubles were only one storm-centre in the mightily troubled newsprint industry.- Another stock stricken last week was Oesterreichische Credit-Anstalt fur Handel und Gewerbe, the name...
...renewed difficulties of Price Bros. complicated Canada's newsprint problems. A combine of companies seems essential to the industry but when a concern cannot reorganize itself the difficulties of merging it become tremendous. Last week Lake St. John Power & Paper Co., subsidiary of St. Lawrence Corp., and Abitibi Power & Paper both defaulted their interest...
...strength, succeed the Institute as the influence to stabilize prices and regulate expansion of the industry. Armed with both Hearst and Rothermere contracts, the richest in the world, President James Henry Gundy of C. P. & P. loomed as logical Moses to lead the indus-try from its factional wilderness. Abitibi Power & Paper Co. and St. Lawrence Corp. would be possible allies of C. P. & P. in such a union. International Paper & Power Corp. might head another group; or-hav- ing lost the Hearstpaper business after 1933-might turn wholly to its major interest, Power, and pool its Canadian newsprint activities...
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...