Pricing Supplement No. 15 For SEC Filing Purposes:
Dated: July 22, 1996 Filed Under Rule 424(b)(2)
To Prospectus dated April 13, 1994 Registration Nos. 33-48167
Prospectus Supplement dated May 2, 1994 33-52945
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: July 25, 1996 Spread: N/A
Spread Multiplier: N/A
Maturity Date: July 26, 1999 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 Dates: Other Than Maturity Date (N/A If
Each April 1 and October 1 Put Right Not Available): N/A
Repurchase Price (If Other Than
100% of Principal Amount): N/A
____ Floating Rate Note Redemption Date: N/A
____ CD Rate Note Redemption Premium: N/A
____ Commercial Paper Rate Note Premium Reduction Amount: N/A
____ Federal Funds Rate Note Original Issue Discount Securi-
____ LIBOR Note ty: N/A
____ Prime Rate Note
____ Treasury Rate Note ____ For Federal Income Tax
Purposes
Currency or Currency Units:
U.S. Dollars ____ Subject to Special Provisions
Issue Price (As a Percentage
of Principal Amount): 100.00% Issue Date for Calculating
OID: N/A
Interest Rate/Initial Interest Original Issue Discount: N/A
Rate: 6.75% per annum Original Issue Discount
Interest Payment Dates: Applicable to Short Accrual
April 1, October 1 Period: N/A
Interest Reset Dates: N/A Computed under (exact__)
Interest Payment Period: N/A (approximate__)
Interest Rate Reset Period: N/A method
Interest Determination Dates: N/A Yield to Maturity: N/A
Index Maturity: N/A Default Rate (only applicable
if OID Security): 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 CD9
MORGAN STANLEY & CO.
INCORPORATED
