Finance History | 11 Wall Street — Paper and Power Stopped and IP Opened
· 1941-10
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Finance History | 11 Wall Street — Paper and Power Stopped and IP Opened
kevin
People treat International Paper as a Memphis packaging house that always printed IP after a finished newsprint book.
The 1898 issuer was International Paper Company, incorporated on 31 January 1898 from a combination of northeastern pulp and paper mills.
The Forest History Society records that combination as capitalized at almost 40 million dollars in 1898 currency, with seventeen mills, 101 paper machines, and close to 1,500 tons of daily capacity.
Company histories place that first book on the New York Stock Exchange from the year of incorporation.
By 1928 the paper mills sat under International Paper and Power Company, a holding company built as hydroelectric output grew beside the mills.
In June 1941 a new International Paper Company was incorporated to take the paper assets of that holding company and to drop the power franchise from the listed name.
Market-data services that keep a continuous IP tape commonly start that series on 6 October 1941.
The letters IP still open on this exchange.
The mechanism is a Public Utility Holding Company Act-era split: the listed paper book was rewritten so the mills no longer shared a ticker with the power plants.
The pin is the Broad Street facade of the Exchange on that rewritten book.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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