Business: Joys and Sorrows of Pulp

Late last week Defense Advisory Commissioner Edward R. Stettinius Jr. made a cheerful announcement. For the first time in 30 years the output of the U. S. wood-pulp industry practically equaled U. S. consumption. Production this year, said he, should hit a record 9,000,000 tons, up 27% from 1939's 7,107,000 tons. Furthermore, if U. S. pulpsters bring old, inefficient plants into action, they can boost production another 10 or 12%.

Last year the U. S. was the world's No. 1 pulp importer. Of the 2,026,209 tons it imported, more than half came from...

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