Word: newsprint
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Dates: during 1930-1939
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That was not precisely the climax to a spectacular career that Mr. Graustein anticipated. When he took command of International in 1924, he found that the company had chopped down most of the forests near its U. S. newsprint mills, that its machinery was largely obsolete. He proceeded to build and buy enormous new plants in Canada and Newfoundland, where the pulpwood supply was handy and adequate. And since papermaking requires more power per worker than any other industry, except possibly electro-chemicals, he built hydroelectric plants to turn his paper mills. While he was about it, he installed enough...
Meantime the price of newsprint tobogganed from a 1920 high of more than $100 per ton to about $55 per ton in 1929, then on down to a Depression low of $40. Even on its great modern paper machines at Gatineau and Three Rivers, Que.; Dalhousie, New Brunswick; and Corner Brook on the west coast of Newfoundland, International could not make enough money. But President Graustein discovered other profit sources. One was kraft paper, the common coarse bag and wrapping paper manufactured in the South. In the process of acquiring kraft companies, Mr. Graustein picked up a crack operating...
...gallon on whiskey aged four years or more in the wood; half off on lumber with an annual limitation to 250,000,000 board feet on Douglas fir and western hemlock. In addition, the U. S. agreed to keep on the free list wood pulp and newsprint, crude asbestos, wood shingles (with limitations), lobsters, telegraph poles, undressed mink, beaver, muskrat and wolf skins, nickel ore, cobalt and quahaugs. Other items on which the U. S. duty was reduced: electric cooking stoves, lacrosse sticks, swordfish (if not frozen), eels, chubs, saugers and tullibees, pipe organs for churches, ice skates, alewives...
...Hoover tariff, that many (notably lumber, cattle and potatoes) had been so limited by quotas to a tiny fraction of U. S. consumption, that they would have little if any unsettling influences. Moreover the articles which the U. S. agreed to keep on the free list included newsprint (on which the U. S. Press would never let a tariff be imposed) and a number of things of which the U. S. has far from enough (e. g. asbestos, cobalt, lobsters). In return he had obtained a better market for U. S. machinery of many kinds, for several fruits and vegetables...
...surplus wheat or copper. When the Canadians asked whether the U. S. would take Canadian fish, potatoes, butter, cattle, the answer was: "Unfortunately, we have enough. But we might take a little lumber and some liquor." Even on Canada's one big export to the U. S., newsprint and wood pulp, there could be no concession because that already comes in duty-free. In return for lumber and liquor Canada was not willing to take any greatly increased