Pricing Supplement No. 20 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
<TABLE>
<CAPTION>
Principal Amount $25,000,000
International Paper Company
MEDIUM-TERM NOTES, SERIES E
Due 9 Months or More from Date of Issue
<S> <C>
Date of Issue: August 6, 1996 Spread: 12 basis points
Spread Multiplier: N/A
Maturity Date: August 6, 1999 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 Than
____ Commercial Paper Rate Note Maturity Date (N/A If Put Right Not
Available): N/A
____ Federal Funds Rate Note Repurchase Price (If Other Than 100% of
X LIBOR Note 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 Amount): 100% Original Issue Discount Security: N/A
Interest Rate/Initial Interest Rate: 3 Month LIBOR ____ For Federal Income Tax Purposes
as determined on Telerate page 3750 ____ Subject to Special Provisions
Interest Payment Dates: February 6, May 6, August 6, Issue Date for Calculating OID: N/A
November 6 Original Issue Discount: N/A
Interest Reset Dates: February 6, May 6, August 6, Original Issue Discount
November 6 Applicable to Short Accrual Period: N/A
Interest Payment Period: N/A Computed under (Exact___)
Interest Rate Reset Period: N/A (Approximate___) method: N/A
Interest Determination Dates: Second London Yield to Maturity: N/A
banking day preceding an Interest Reset Date Default Rate (only applicable if OID
Security): N/A
Index Maturity: N/A Amortized Face Amount: N/A
</TABLE>
Redemption Price: No redemption prior to maturity.
Other Terms: CUSIP #46014HCJ6
J.P. Morgan & Co.
