Pricing Supplement No. 11 For SEC Filing Purposes:
Dated: June 12, 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 $80,000,000
International Paper Company
MEDIUM-TERM NOTES, SERIES E
Due 9 Months or More from Date of Issue
Date of Issue: June 17, 1996 Spread: N/A
Spread Multiplier: N/A
Maturity Date: June 17, 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
Interest Payment Dates: Than Maturity Date (N/A If Put Right
Each April 1 and October 1 Not Available):
Repurchase Price (If Other Than 100%
____ Floating Rate Note of 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:
6.87% per annum Original Issue Discount: N/A
Interest Payment Dates: 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.
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 BZ1
__________________________________________________________
CS FIRST BOSTON
MERRILL LYNCH & CO.
MORGAN STANLEY & CO.
INCORPORATED
J.P. MORGAN & CO.
