Pricing Supplement No. 7 For SEC Filing Purposes:
Dated: May 13, 1994 Filed Under Rule 424(b)(2)
To Prospectus dated April 13, 1994 Registration Nos. 33-52945
Prospectus Supplement dated May 2, 1994 33-48167
Principal Amount $10,000,000
International Paper Company
MEDIUM-TERM NOTES, SERIES E
Due 9 Months or More from Date of Issue
Date of Issue: May 20, 1994 Spread: N/A
Spread Multiplier: N/A
Maturity Date: May 20, 2009 Maximum Interest Rate, if any: N/A
Minimum Interest Rate, if any: N/A
____ Zero-Coupon Note Interest Calculation Dates: N/A
_X__ Fixed Rate Note Calculation Agent: N/A
Regular Record Dates:
Each March 15 and September 15 Put Right Termination Date if
Interest Payment Date: Other Than Maturity Date (N/A
Each April 1 and October 1 If Put Right Not Available): N/A
____ CD Rate Note Repurchase Price (If Other Than 100%
____ Commercial Paper Rate Note of Principal Amount): N/A
____ Federal Funds Rate Note Redemption Date: N/A
____ LIBOR Note Redemption Premium: N/A
____ Prime Rate Note Premium Reduction Amount: N/A
____ Treasury Rate Note
Currency or Currency Units: Original Issue Discount Security: N/A
U.S. Dollars ____ For Federal Income Tax Purposes
Issue Price (As a Percentage of ____ Subject to Special Provisions
Principal Amount): 100.00% Issue Date for Calculating OID: N/A
Interest Rate/Initial Interest Original Issue Discount: N/A
Rate: 8.10% Original Issue Discount Applicable
Interest Payment Dates: to Short Accrual Period: N/A
Interest Reset Dates: N/A Computed under (exact___)
Interest Payment Period: N/A (approximate___) method
Interest Rate Reset Period: N/A Yield to Maturity: N/A
Interest Determination Dates: N/A Default Rate (only applicable
if OID Security): N/A
Index Maturity: N/A Amortized Face Amount: N/A
Redemption Price: No redemption
prior to maturity.
The Redemption Price shall initially be 100% of the principal amount of
this Security plus the Redemption Premium, if any, and shall decline at
each anniversary of the Redemption Date by the annual Premium Reduction
Amount, if any, until the Redemption Price is 100% of such principal
amount; provided, however, that if this Security is an Original Issue
Discount Security subject to Special Provisions, the Redemption Price
shall be the Amortized Face Amount plus the Redemption Premium, if any,
which shall decline at each anniversary of the Redemption Date by the
annual Premium Reduction Amount until the Redemption Price equals the
Amortized Face Amount.
Other Terms: CUSIP #46014H BV0
___________________________________________________________
MORGAN STANLEY & CO. INCORPORATED
