PULP: Mills's Mills

To make silk, the silk worm reduces the cellulose in mulberry leaves to a protein liquid which it spins into a cocoon. Result of man's learning to imitate this technique is the 45-year-old rayon industry. A major source for the cellulose is "dissolving pulp," wood pulp processed further than for making newsprint. Last week, the largest "dissolving pulp" company in the world, Rayonier Inc., announced "the highest earnings in the history of the company and its predecessors"—$3,124,703 for the twelve months ended April 30; this was almost a million more than for the previous twelve months.

Rayonier is an outgrowth of...

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