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Pricing Supplement No. 23 For SEC Filing Purposes:
Dated: August 2, 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 $15,000,000
International Paper Company
MEDIUM-TERM NOTES, SERIES E
Due 9 Months or More from Date of Issue
Date of Issue: August 7, 1996 Spread: N/A
Spread Multiplier: N/A
Maturity Date: August 9, 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 Other Than
Interest Payment Dates: Maturity Date (N/A If Put Right Not Available): N/A
Each April 1 and October 1 Repurchase Price (If Other Than 100% of
____ Floating Rate Note Principal Amount): N/A
____ CD Rate Note Redemption Date: N/A
____ Commercial Paper Rate Note Redemption Premium: N/A
____ Federal Funds Rate Note Premium Reduction Amount: N/A
____ LIBOR Note
____ Prime Rate Note Original Issue Discount Security: N/A
____ 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 Rate: 6.41% per annum Original Issue Discount: N/A
Interest Payment Dates: April 1, October 1 Original Issue Discount
Interest Reset Dates: N/A Applicable to Short Accrual Period: N/A
Interest Payment Period: N/A Computed under (exact___)
Interest Rate Reset Period: N/A (approximate___) 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.
Other Terms: CUSIP #46014H CM9
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J.P. MORGAN & CO.
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