Pricing Supplement No. 14 For SEC Filing Purposes:
Dated: July 19, 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 $7,000,000
International Paper Company
MEDIUM-TERM NOTES, SERIES E
Due 9 Months or More from Date of Issue
Date of Issue: July 24, 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
Interest Payment Dates: Other Than Maturity Date (N/A If Put
Each April 1 and October 1 Right Not Available): N/A
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. ____ Subject to Special Provisions
Dollars Issue Date for Calculating OID: N/A
Issue Price (As a Percentage of Original Issue Discount: N/A
Principal Amount): 100.00% Original Issue Discount Applicable
Interest Rate/Initial Interest to Short Accrual Period: N/A
Rate: 6.70% per annum Computed under (exact__)
Interest Payment Dates: April 1, (approximate__) method
October 1 Yield to Maturity: N/A
Interest Reset Dates: N/A Default Rate (only applicable
Interest Payment Period: N/A if OID Security): N/A
Interest Rate Reset Period: N/A Amortized Face Amount: N/A
Interest Determination Dates: N/A
Index Maturity: 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 CC1
CS FIRST BOSTON
