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NEW YORK STATE MUSEUM 



made in France in 1189 A. D., and in England about two hundred 

 years later. 



Until one hundred years ago the method of paper making had 

 been the same as originally practiced by the Chinese — fibrous 

 materials being beaten into a pulp, mixed with water and molded 

 into sheets by manual labor. 



Among the interesting industrial developments of the present 

 day, the International Paper Company, incorporated under the 

 laws of New T York State in January, 1898, may be mentioned. 

 This company acquired at the time of its incorporation nearly 

 all the larger mills manufacturing newspaper in the eastern 

 States and later on has acquired several additional paper and 

 pulp mills, timber lands, waterpowers and other properties. Its 

 manufacturing plants, waterpowers and timber lands are 

 located in Maine, New Hampshire, Vermont, Massachusetts, 

 New York, Michigan and Canada. In New York the Inter- 

 national Paper Company owns the following mills: Glens Falls, 

 Fort Edward, Palmers Falls, Niagara Falls, Lake George, 

 Ontario (near Watertown), Piercefield, Herkimer, Lyon Falls, 

 Cadyville, Watertown (at Watertown), Woods Falls (near Water- 

 town) Underwood and Harrisville. 



The capital stock of this company is $25,000,000 preferred, of 

 which $22,406,700 had been issued June 30, 1903, and $20,000,000 

 common, of which $17,442,800 had been issued at the same date; 

 $10,000,000 of first consolidated mortgage gold bonds have been 

 authorized, bearing interest at the rate of 6 per cent per annum, 

 payable semiannually, February 1 and August 1. The plants of 

 the company were valued in 1903 at $41,925,446. The gross 

 income for the fiscal year ending June 30, 190^. was $20,142,771. 

 The cost of raw materials and manufacturing, including ex- 

 penses of administration, sales, and cost of selling, was for the 

 same year $16,529,310. 



The International Paper Company has been of considerable 

 value not only in this State, but in the other states where it 

 operates, in that it has modified the conditions prevailing before 

 it came into existence. Competition was so severe as to have 

 blinded many manufacturers to the fact that there was any 

 future to be considered. As soon as the company was formed 



