Pricing Supplement No. 12 For SEC Filing Purposes:
Dated: July 18, 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 23, 1996 Spread: N/A
Spread Multiplier: N/A
Maturity Date: July 23, 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 Maturity Date (N/A If Put
Interest Payment Dates: Right Not Available): N/A
Each April 1 and October 1 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
____ 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 Issue Date for Calculating OID: N/A
Principal Amount): 100.00% Original Issue Discount: N/A
Interest Rate/Initial Interest Original Issue Discount
Rate: 6.69% per annum Applicable to Short Accrual
Interest Payment Dates: 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
Index Maturity: N/A 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 CA5
CS FIRST BOSTON
