Word: newsprint
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Dates: during 1930-1939
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...Canada's Price Bros. & Co. began a mighty career in lumber, later branched into paper. Its own printed currency was long accepted locally as legal tender. Were Price Bros. banknotes circulating today they would find few takers. Competetive ferocity in a traditionally ferocious industry ground down newsprint prices from the post-War $110 per ton to a Depression $40. Short on profitable U. S. contracts, long on overhead, Price Bros. defaulted interest payments on its bonds in 1932. Promptly mustered was a bondholders' protective committee chairmanned by Boston's W. (for Willard) Eugene McGregor, who had been...
After it defaulted, Price Bros. had a short period of grace to make good. Knowing there were only some $11,000,000 of bonds out against saw mills, power sites, 8,000 square miles of timber, two newsprint mills capable of 1,100 tons daily, the bondholders' committee prepared to hang on. Meanwhile many a potent user and producer of newsprint eyed the ailing company's assets with interest. When the bankruptcy ax finally fell eight months later, officers began to appear from such sources as Britain's Bowater's Paper Mills Ltd., a syndicate headed...
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 loans amounted to $36,000,000 and Chase National 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...
...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 in the last 15 years, and accounts for nearly one-half of North American newsprint...