The medal's obverse depicts a tree in front of waterfall and wilderness in center field. Around, (star) INTERNATIONAL PAPER COMPANY (star) / 1898 - 1948
The reverse bears dedication in center field: Presented to / in recognition of / more than a quarter / century of loyal / service with the / International Paper Company / or its subsidiaries; around, (star) FIFTIETH ANNIVERSARY (star) / 1898 - 1948
The company was incorporated January 31, 1898, upon the merger of 18 pulp and paper mills in the northeastern United States. Its founders and first two presidents were William Augustus Russell and Hugh J. Chisholm. The newly formed company supplied 60 percent of all newsprint in the country.
This is another very nice Chambellan medal that exists in different variants. I know of a Canadian version of this medal that differs in the text on the obverse and the edge design on the reverse.
The medal measures 62mm in diameter and was struck by the Medallic Art Company of New York.
References: MACo 1948-045