Word: graustein
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...International wrote off virtually its entire investment in utilities and dropped the International Hydro-Electric system from its consolidated balance sheet. Just before the Public Utility Act took effect last December, President Graustein legally washed his hands of New England Power Association, delivering voting control to three trustees. International retained its property rights in the trusteed New England shares and holds title to its Canadian power system. Having taken its losses on these investments, it still has the undiminished possibilities of making money on them eventually...
Lately International's directors have been tightening up on budgets, paring personnel. An executive shake-up occurred last spring when E. A. Charlton resigned, to be succeeded as active boss of the paper mills by Kraftman Cullen. At a board meeting last month it was decided that Mr. Graustein should resign as president of International Paper Co., remain as head of International Paper & Power, the top holding company. Presumably Mr. Cullen was to have a free hand in paper, Mr. Graustein in power...
President Graustein's other profitable discovery was the U. S. public utility business. Many of the mills he abandoned when he transferred the newsprint division to Canada were located on water power sites. And while some plants were converted to higher priced types of paper which could be made at a distance from the forests, Mr. Graustein found it advantageous to market surplus power in the U. S. as well as Canada. His determination to plunge into power was not fully appreciated until 1929 when he announced that he held 82% of the stock in New England Power Association...
...Bank began to have a louder voice in the management. But the conspicuous fact about International is that it did not go into receivership or a 77-6 reorganization during a period when nearly every other big newsprint company in North America did. By the end of 1934, President Graustein had cut bank loans to $15,000,000, though utility profits continued to drop and newsprint was, and still is, selling near its Depression...
...Graustein is not a paper man but a lawyer, a utilitarian and a financier. Voluble, aggressive, brilliant, he finds it difficult to think in any except expansive terms. Son of a German-born Boston milk dealer, he romped through Harvard in two years, graduating magna cum laude. After Harvard Law School, he entered the Boston firm of Ropes, Gray, Boyden & Perkins, learned about paper while reorganizing a paper company, was pushed into International by the Phipps interests. President Graustein's prime paper policy was volume at almost any cost. International now dominates the kraft industry, which mushroomed...