Pricing Supplement No. 19 For SEC Filing Purposes:
Dated: August 1, 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 $30,000,000
International Paper Company
MEDIUM-TERM NOTES, SERIES E
Due 9 Months or More from Date of Issue
Date of Issue: August 6, 1996 Spread: 5 basis points
Spread Multiplier: N/A
Maturity Date: August 6, 1998 Maximum Interest Rate, if any: N/A
Minimum Interest Rate, if any: N/A
____ Zero-Coupon Note Interest Calculation Dates: N/A
____ Fixed Rate Note Calculation Agent: N/A
____ CD Rate Note Put Right Termination Date if Other
____ Commercial Paper Rate Note Than Maturity Date (N/A If Put
Right Not Available): N/A
____ Federal Funds Rate Note Repurchase Price (If Other Than
X LIBOR Note 100% of Principal Amount): N/A
____ Prime Rate Note Redemption Date: N/A
____ Treasury Rate Note Redemption Premium: N/A
Currency or Currency Units: U.S. Dollars Premium Reduction Amount: N/A
Issue Price (As a Percentage of Principal Original Issue Discount Security:
Amount): 100% N/A
Interest Rate/Initial Interest Rate: ____ For Federal Income Tax
3 Month LIBOR as determined on Purposes
Telerate page 3750 ____ Subject to Special Provisions
Interest Payment Dates: February 6, Issue Date for Calculating OID: N/A
May 6, August 6, November 6 Original Issue Discount: N/A
Interest Reset Dates: February 6, Original Issue Discount
May 6, August 6, November 6 Applicable to Short Accrual
Interest Payment Period: N/A Period: N/A
Interest Rate Reset Period: N/A Computed under (Exact___)
Interest Determination Dates: Second London (Approximate___) method: N/A
banking day preceding an Interest Reset Yield to Maturity: N/A
Date Default Rate (only applicable if
Index Maturity: N/A OID Security: N/A
Amortized Face Amount: N/A
Redemption Price: No redemption prior to maturity.
Other Terms: CUSIP #46014HCH0
MORGAN STANLEY & CO.
INCORPORATED
