Word: graustein
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Last week the U. S. press had the distinction of having the Federal Trade Commission inquire into its affairs in a big way. The Commission summoned Archibald Robertson Graustein, president of International Power & Paper Co., which lately, through its subsidiary. International Paper Co., acquired stock in the Boston Herald and Traveler (TIME, April 22), to tell about his company's interest in and potential control of newspapers...
Archibald Robertson Graustein has always been a prodigious person. Son of a German-born Boston milkman, he graduated from grammar school at 11 and entered the Cambridge Latin School for Boys. As a tribute to his small size his new schoolmates promptly stuffed him into an ash can. At a slightly more advanced age he got through Harvard-in two years, with Phi Beta Kappa, the John Harvard Scholarship and, on his diploma, summa cum laude. A little after that he passed from the Harvard Law School to the prominent Boston law firm of Ropes, Gray, Boyden & Perkins. With...
Five years ago International Paper Co., more than twice the size of any other manufacturer of newsprint, was selling its paper at $75 per ton and making only a moderate profit. It was evident that the price of newsprint was going down (it is now about $55). Mr. Graustein was made president of International with instructions to save it from disaster. He closed its less efficient plants. Paper plants are usually on waterpower sites. International found itself with much unused waterpower. International added "Power" to its name, bought into the New England Power Association, became a seller of electricity...
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...