Word: abitibi
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...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...
...power developments of 1,500,000 h.p., capable of being increased to 3,000,Gigantic as this combine appears, International Paper considered, last week, yet another merger of giant proportions. To the already great capacity of its 30-odd mills, it contemplated adding the resources of the rival Abitibi Power and Paper Co., Ltd. Abitibi Power holdings, developed and in reserve, amount to 700,000 h. p. Timber resources approximate 55,000,000 cords. Its mills can turn out 650,000 tons of newsprint yearly. Should Abitibi merge with International Paper, the resulting company would in effect dominate the world...