Word: graustein
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Dates: during 1920-1929
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...Frank D. Comerford, a vice president of I. P. & P., told the Commission: "I thought it unwise for our company to invest in newspapers. ... I told Graustein [Archibald Robertson Graustein, I. P. & P. president] so in private . . . but never said so in a Board of Directors meeting." In Manhattan and Richmond, Va., two more side-lights developed last week to heighten the power-paper investigation spectacle...
Following the disclosures of Archibald Robertson Graustein, who told of International Paper & Power Co's investing more than ten million dollars in 13 newspapers (TIME, May 13), the Federal Trade Commission last week called two of the publishers who had been financed, to tell their story...
...stock in four of his papers, but by announcing that he had bought back such stock from I. P. & P. (TIME, May 13): and Samuel Emory Thomason, co-owner of Bryan-Thomason Newspaper Publishers, Inc. (Chicago Journal, Greensboro, N. C., Record, Tampa, Fla., Tribune) in which are one million Graustein dollars...
Spartanburg (S. C.) Herald-Journal, Columbia (S. C.) Record and Augusta (Ga.) Chronicle: $855,000 of notes of the owners, secured by all the stock of these papers. In spite of the earnest Graustein statements about the Graustein press, almost all the rest of the press flayed the Graustein policy. Conservative editors saw it innocent enough but potentially dangerous to press freedom. The yellower sheets saw nothing but machinations of the Power Trust-and undoubtedly hoped to capture circulation from the 13 Graustein papers by painting them black. Said the Hearst press: "The Federal Trade Commission has uncovered the power...
After each had had his say, the most dramatic contribution to the controversy was yet to come. Owner of four newspapers into which I. P. & P. had bought its way is able Frank Ernest Gannett, publisher of 17 chainpapers,−father of-the Teletypesetter (TIME, Jan. 14). When Mr. Graustein completed his testimony before the Commission, Mr. Gannett called it "in the main, admirable," explained more fully his deals with I. P. & P. Last week, with a sudden and theatrical gesture, he canceled the deals, freed his papers from the menace of the "Power Trust." He wrote Mr. Graustein...