Word: northerns
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Dates: during 1930-1939
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Surprise. Few practices arouse more bitterness among utility men than that of Federal money to build municipal plants which compete with private companies. When the PWA made a loan and grant to establish public plants in four small northern Alabama communities, the constitutionality of the project was promptly attacked by Commonwealth & Southern's subsidiary Alabama Power Co. A similar action was brought by Duke Power Co. against Greenwood County, S. C., which obtained a PWA loan and grant for construction of the Buzzard Roost hydro-electric project on the Saluda River. Both companies charged that PWA Administrator Harold...
...industry tasted the sweets of NRA) it has announced its next year's contract price all at once-and the price is generally the lowest asked by any mill turning out more than 100,000 tons a year. In the majority of cases this mill has been Great Northern Paper Co. of Maine...
Many publishers in recent years have contracted for their newsprint on the condition that it was not to be above that asked by Great Northern. One-third of the newsprint used in the U. S. (3,700,000 tons last year) is made in the U. S.; almost one-third of the newsprint made in the U. S. is made by Great Northern. Great Northern's customers include Scripps-Howard, the New York Herald Tribune, the New York Sun and some 200 smaller papers. To them Great Northern's president, handsome William Arthur Whitcomb, has not been tough...
What Great Northern's competitors regard as its inexcusable policy of undercutting has worked out well for Great Northern. It has $42,600,000 total assets, no funded debt, and an earned surplus of $16,000,000. It has paid dividends regularly since 1909. In 1936 its profits were $1,200,000, an amount not remarkable for a company of its size but very comforting to Mr. Whitcomb when he reflects that not so long ago 40% of all North American newsprint capacity was bankrupt...
Most of the solvent mills operated at a net loss throughout the six years of Depression. Labor costs have gone up and it was inevitable that newsprint prices would go up too. But publishers put their trust in Great Northern at least to raise them gently. Last March, International Paper & Power, biggest paper company in the world and leader of the Canadian mills which would like still higher prices, beat Great Northern to it, announced a $50 contract price for the first six months of 1938. Great Northern's price, announced seven months later, was $48 for the first...