INTERNATIONAL PAPER CO /NEW/
10-Q/A, 1995-11-16
PAPERBOARD MILLS
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                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549

                                --------------

                                  FORM 10-Q/A

                  Quarterly Report Under Section 13 or 15(d)
                    of the Securities Exchange Act of 1934

For Quarter Ended September 30, 1995               Commission file number 1-3157

                          INTERNATIONAL PAPER COMPANY
            (Exact name of registrant as specified in its charter)

            New York                                             13 0872805
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation of organization)                              Identification No.)

 Two Manhattanville Road, Purchase, NY                            10577
(Address of principal executive offices)                        (Zip Code)

       Registrant's telephone number, including area code: 914-397-1500

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                             Yes  X       No _____

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practicable date.

          Common stock outstanding on October 31, 1995: 260,758,197.

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                         PART I. FINANCIAL INFORMATION

ITEM 3.  OTHER FINANCIAL INFORMATION

                             Industry Segment Data
                                  (Unaudited)

Sales by Industry Segment (In millions)

                          Three Months Ended    Nine Months Ended
                             September 30,         September 30,
                          ------------------    -----------------
                            1995      1994        1995      1994
                          --------  --------    -------   -------
Printing Papers            $1,595    $1,135     $ 4,670   $ 3,125
Packaging                   1,175       875       3,290     2,455
Distribution                1,290       890       3,775     2,510
Specialty Products            870       650       2,400     1,915
Forest Products               570       430       1,470     1,300
Less:  Intersegment Sales    (355)     (188)       (884)     (466)
                           ------    ------     -------   -------
Net Sales                  $5,145    $3,792     $14,721   $10,839
                           ======    ======     =======   =======

Production by Products
                                      Three Months Ended    Nine Months Ended
                                         September 30,        September 30,
                                      ------------------    -------------------
                                       1995(D)    1994(E)   1995(D)/(E) 1994(E)
                                      ---------   -------   ----------- -------
Printing Papers (In thousands of tons)
 White Papers and Bristols               875        830       2,570     2,420
 Coated Papers                           255        260         885       765
 Market Pulp (A)                         445        385       1,310     1,210
 Newsprint                                20          5          65        35
Packaging (In thousands of tons)
 Containerboard                          650        555       1,825     1,595
 Bleached Packaging Board                295        255         835       780
 Industrial Papers                       170        165         490       480
 Industrial and Consumer Packaging (B)   740        770       2,300     2,260
Specialty Products (In thousands
  of tons)
 Tissue                                   25         --          40        --
Forest Products (In millions)
 Panels (sq. ft. 3/8" basis) (C)         215        205         630       620
 Lumber (board feet)                     320        245         810       720

(A)  This excludes market pulp purchases.

(B)  A significant portion of this tonnage was fabricated from paperboard and
     paper produced at the Company's own mills and included in the
     containerboard, bleached packaging board, and industrial papers amounts in
     this table.


(C)  Panels include plywood and oriented strand board.

(D)  Includes amounts for Carter Holt Harvey as applicable from May 1, 1995.

(E)  Certain reclassifications and adjustments have been made to year-to-date
     and prior year amounts.

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<PAGE>
                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                          INTERNATIONAL PAPER COMPANY
                                 (Registrant)

Date:  November 16, 1995                  /s/ Marianne M. Parrs
                                          Marianne M. Parrs
                                          Senior Vice President
                                          and Chief Financial Officer

Date:  November 16, 1995                  /s/ Andrew R. Lessin
                                          Andrew R. Lessin
                                          Controller and Chief
                                          Accounting Officer

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