STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
FINANCIAL STATEMENTS
AND SCHEDULES
DECEMBER 31, 1994 AND 1993
<PAGE>
<PAGE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
INDEX
Page
Report of Independent Accountants 1
Financial Statements:
Statement of Net Assets Available for
Benefits as of December 31, 1994 and 1993 3
Statement of Changes in Net Assets Available
for Benefits for the Year Ended
December 31, 1994 and 1993 4
Notes to Financial Statements 5
Supplementary Schedules:
Assets Held for Investment as of
December 31, 1994 Schedule I
Transactions or Series of Transactions
Involving an Amount in Excess of Five
Percent of the Current Value of Assets
for the Year Ended December 31, 1994 Schedule II
Note: All other supplementary schedules have been omitted
because they are not applicable.
<PAGE>
<PAGE>
Report of Independent Accountants
May 31, 1995
To the Participants and
Administrator of
Stone Container Corporation
Deferred Income Savings Plan
In our opinion, the accompanying statement of net assets
available for benefits and the related statement of changes in
net assets available for benefits present fairly, in all material
respects, the net assets available for benefits of the Stone
Container Corporation Deferred Income Savings Plan (the Plan) at
December 31, 1994 and 1993, and the changes in net assets
available for benefits for the years then ended, in conformity
with generally accepted accounting principles. These financial
statements are the responsibility of the Plan's management; our
responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these
statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the
opinion expressed above.
As discussed in Note 6 to the financial statements, the Plan
maintains insurance contracts with Confederation Life Insurance
Company. In August 1994, the Canadian and Michigan insurance
regulatory authorities filed an order of rehabilitation against
that insurance company, thereby seizing its assets pending
completion of a rehabilitation plan. The amount of any potential
loss relating to these contracts cannot be determined at present.
No provision for any potential reduction of the principal amount
of the contracts or accrued interest has been made in the
accompanying financial statements.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The additional
information included in Schedules I and II is presented for
purposes of additional analysis and is not a required part of the
basic financial statements but is additional information required
by the Employee Retirement Income Security Act of 1974. Such
information has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
<PAGE>
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993
<CAPTION>
1994 1993
<S> <C> <C>
Cash and cash equivalents $ 1,977,565 $ 1,419,110
Fixed investment contracts 55,871,025 54,465,484
Mutual funds 31,298,102 26,317,717
Common stock 22,709,681 9,214,349
Total investments 111,856,373 91,416,660
Contributions receivable:
Employee 4,662 301,591
Employer 515,416 512,955
Due from broker 109,345 801,380
Corporate note receivable - 13,000
Accrued income 52,328 3,606
681,751 1,632,532
Total assets 112,538,124 93,049,192
Due to broker 196,722 805,480
Other liabilities 2,362 2,515
Total liabilities 199,084 807,995
Net assets available for benefits $112,339,040 $92,241,197
============ ===========
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994 AND 1993
<CAPTION>
1994 1993
<S> <C> <C>
Sources of assets:
Contributions:
Employee $ 11,998,910 $11,539,685
Employer 515,416 512,955
Interest and dividend income 4,617,618 4,364,207
Transfers of assets from
other plans 2,435,975 -
Net appreciation (depreciation)
in fair value of investments 7,967,747 (1,714,762)
27,535,666 14,702,085
Application of assets:
Participant withdrawals 6,762,396 4,279,212
Common stock distributed
to participants 578,094 279,327
Other 97,333 527,958
7,437,823 5,086,497
Increase in net assets available
for benefits 20,097,843 9,615,588
Net assets available for benefits:
Beginning of period 92,241,197 82,625,609
End of period $112,339,040 $92,241,197
============ ===========
<FN>
The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE>
<PAGE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
NOTE 1 - DESCRIPTION OF THE PLAN:
The following description of the Stone Container Corporation
Deferred Income Savings Plan (the Plan) is provided for general
informational purposes only. Participants should refer to the
Plan agreement for complete information.
General
The Plan was adopted by the Board of Directors of Stone Container
Corporation (the Company) to offer eligible employees of the
Company an opportunity to invest a portion of their income in the
Plan on a regular basis through salary reduction under the
provisions of section 401(K) of the Internal Revenue Code. The
Plan is administered by a committee of three individuals
appointed by the Company and is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA). The
Plan's year end is December 31.
Eligibility
All salaried employees of the Company are eligible to participate
in the Plan as of the first day of the following Plan year by
filing a written request indicating their elective contributions.
Contributions
Employee salary reduction contributions are to be not less than
one percent or greater than ten percent of compensation up to the
maximum contribution as permitted by the Internal Revenue Code.
Compensation is defined as the total of wages, bonuses,
commissions and overtime pay. Participants may change their
contribution percentages and fund investment alternatives at
specified dates during the year. Contributions may be suspended
at any time by notifying the Plan Administrator. Contributions
and earnings on participants' contributions are fully vested and
nonforfeitable at all times. The Company matches participant
contributions in an amount equal to $.25 for each $1 of
contribution made by participants up to a maximum employer
contribution of $150 per participant, per year. Participants are
also fully vested, at all times, in the Company's matching
contributions and earnings thereon.
Distributions
The balance in a participant's account is distributable upon
termination of the participant's employment for any reason,
including death, retirement, permanent disability, resignation or
dismissal. Participants who have not terminated employment are
entitled to distributions of their account balances upon
attainment of age 59-1/2. Participants must commence
distribution on their account balances no later than April 1 of
the calendar year following the calendar year in which they
attain age 70-1/2. All distributions are made in the form of
lump-sum payments.
Prior to normal distribution of benefits, participants who
demonstrate financial hardship may request a withdrawal of all or
a portion of their employer and salary reduction contributions
account as of December 31, 1988, plus their aggregate salary
reduction contributions, but not earnings thereon, made on or
after January 1, 1989. All hardship requests are evaluated and
subject to approval by the Plan Administrator. Such withdrawals
are not allowed more frequently than once in a twelve-month
period.
Investment alternatives
Participants have the option to invest their balances in a fixed
income fund, an equity fund, a company stock fund and a balanced
fund. The balanced fund was established in 1993. Prior to 1989,
certain participants also had the option to invest in a money
market fund.
Investment decisions for each fund are made by the Harris Trust
and Savings Bank (the Trustee) or an investment manager selected
by the Plan Administrator. Participants may elect to invest
their contributions and the matching Company contribution in the
fixed income fund, the equity fund, the company stock fund and
the balanced fund in increments of ten percent. All
contributions received are held and invested in the short-term
investment fund until it is administratively possible for the
Trustee to invest such contributions and earnings thereon
pursuant to the participant's investment elections. No
contributions and earnings thereon shall be held in the short-
term investment fund longer than the following accounting date.
Termination of the plan
The Company anticipates and believes that the Plan will continue
without interruption, but reserves the right to discontinue the
Plan at any time. If the Plan is terminated, the assets of the
Plan shall be allocated among participants and beneficiaries in
accordance with the applicable provisions of ERISA.
<PAGE>
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Basis of accounting
The financial statements of the Plan are presented on the accrual
basis of accounting. Accordingly, investment income is
recognized when earned and expenses are recognized when incurred.
Investment valuation
Mutual fund investments are valued at the last reported sales
prices on the last business day of the year; fixed investment
contracts are valued at contract values plus accrued interest;
the Company's common stock is valued at the closing price on the
last business day of the year; and corporate notes receivable are
valued at estimated fair value, as determined by the Trustee,
based upon the advice of its investment consultant. The sum of
realized gains and losses and the net change in unrealized
appreciation or depreciation in the fair value of investments is
presented in the Statement of Changes in Net Assets Available for
Benefits as net appreciation or depreciation in fair value of
investments.
Administrative expenses
Investment manager expenses for the fixed income fund are paid by
the Plan. The investment manager expenses for the fixed income
fund for the year ended December 31, 1994 and 1993 were $28,703
and $25,438, respectively. All other administrative expenses are
paid by the Company.
Payments to withdrawing participants
The Plan records payments to withdrawing participants at the time
of disbursement, in accordance with generally accepted accounting
principles. Under the rules for preparation of its Form 5500,
the Plan reflects an accrual for the amount to be paid to
participants who have withdrawn from the Plan prior to year end.
Amounts payable to participants at December 31, 1994 and 1993
were $2,244,219 and $1,547,769, respectively.
NOTE 3 - PLAN MERGERS:
Effective July 1, 1994, the Stone Container Corporation Employee
Stock Ownership Plan (the ESOP) merged into the Plan. At this
time, participants of the ESOP became participants of the Plan
and the ESOP was terminated. The net assets of the ESOP,
comprised entirely of Stone Container Corporation common stock,
were transferred to the Plan's company stock fund in the third
quarter of 1994.
NOTE 4 - TAX STATUS OF THE PLAN:
The Internal Revenue Service has determined and informed the
Company by letter dated May 29, 1986 that the Plan is designed in
accordance with the applicable sections of the Internal Revenue
Code (IRC). The Plan has been amended since receiving the
determination letter. However, the Plan Administrator and the
Plan's tax counsel believe that the Plan is designed and is
currently being operated in compliance with the applicable
requirements of the IRC.
NOTE 5 - SIGNIFICANT INVESTMENTS:
Investments with fair values in excess of 5% of net assets
available for benefits at either December 31, 1994 or 1993 were:
1994 1993
Stone Container Corporation
Common Stock $22,709,681 $9,214,349
Participation in Neuberger &
Berman Guardian Fund 8,674,094 8,214,680
Participation in American
Balanced Fund, Inc. 7,885,154 4,335,431
Participation in American
Mutual Fund, Inc. 7,377,628 6,944,759
Participation in Vanguard
U.S. Growth Fund 7,361,226 4,004,763
Hawaiian Trust Co.
Pooled GIC Fund 9,804,664 10,122,152
Sun Life Insurance
Contract (#FA166 due
3-31-95 9.2%) 5,460,145 5,000,133
At December 31, 1994 and 1993, the Plan held 1,307,032 and
957,335 shares of the Company's common stock respectively.
The following table presents changes in the net appreciation or
depreciation in fair value of investments (including gains and
losses on investments sold during the year and unrealized gains
and losses on investments purchased and held during the year)
held by the Plan for the years ended December 31, 1994 and 1993.
<PAGE>
1994 1993
Common Stock $8,513,208 $(3,902,297)
Mutual Funds (545,461) 2,187,535
__________ ___________
Net appreciation
(depreciation)in fair
value of investments $7,967,747 $(1,714,762)
========== ===========
NOTE 6 - CONFEDERATION LIFE
The Plan maintains insurance contracts with Confederation Life
Insurance Company (Confederation Life). These contracts are held
as investments in the fixed income fund. The investment
contracts with Confederation Life held as of December 31, 1994
were:
Carrying
Value
Confederation Life
#62630 7.68% due 1-31-97 1,201,371
Confederation Life GIC #62618 7.45%
Compounded due 2-19-97 1,199,497
Confederation Life #62639 7.72%
due 9-26-96 1,198,565
Confederation Life #62640 7.76%
due 11-26-96 1,199,649
$4,799,082
==========
In August 1994, following the placement of Confederation Life's
Canadian operations under the regulatory control of the Canadian
government, Michigan insurance regulators filed an order of
rehabilitation against the U.S. Branch of Confederation Life.
Michigan insurance regulators are working with Canadian
authorities in supervising the rehabilitation, however, a plan
has not been finalized.
In response to the seizure of Confederation Life, the Plan ceased
accruing interest on the investments effective August 31, 1994,
resulting in approximately $119,499 of unaccrued interest for the
period from September 1, 1994 through December 31, 1994. The
contracts were not segregated from the fixed income fund and
participants continue to have the right to make contributions,
transfers and withdrawals to and from this fund.
The carrying values of the Confederation Life contracts in the
accompanying financial statements reflect the principal amount of
the contracts plus accrued interest, in accordance with the terms
stated above. These carrying values represent the Trustee's best
estimate of the fair market values of these contracts based on
the financial information available, historical precedents and
discussions of likely outcomes with regulators and industry
representatives.
Confederation Life's final rehabilitation plan may result in a
reduction in the principal amount of the contracts and/or a
reduction in the related interest accrual. However, pending
completion of the plan and a full appraisal of the fair value of
Confederation Life's assets and liabilities, the amount of any
potential loss on these contracts cannot be reasonably estimated.
NOTE 7 - INFORMATION BY FUND:
The following statements present net assets available for
benefits and changes in net assets available for benefits with
fund information as of and for the years ended December 31, 1994
and 1993:
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1994
<CAPTION>
COMPANY
FIXED STOCK
INCOME FUND EQUITY FUND FUND
<S> <C> <C> <C>
Cash and cash equivalents $ 1,600,752 $ - $ 43,228
Fixed investment contracts 55,871,025 - -
Mutual funds - 23,412,948 -
Common stock - - 22,709,681
___________ ___________ ___________
Total investments 57,471,777 23,412,948 22,752,909
Contributions receivable:
Employee 2,052 1,093 818
Employer 242,245 128,227 67,631
Due from broker - 109,345 -
Accrued income 3,996 46,678 129
Transfer due from (to)
associated funds (1,703,776) (722,527) 2,478,834
___________ ___________ ___________
(1,455,483) (437,184) 2,547,412
Total assets 56,016,294 22,975,764 25,300,321
___________ ___________ ___________
Due to broker - 153,496 43,226
Other liabilities - 2,362 -
___________ ___________ ___________
Total liabilities - 155,858 43,226
___________ ___________ ___________
Net assets available for
benefits $56,016,294 $22,819,906 $25,257,095
=========== =========== ===========
</TABLE>
<PAGE>
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1994 (CONTINUED)
<CAPTION>
MONEY
MARKET BALANCE
FUND FUND TOTAL
<S> <C> <C> <C>
Cash and cash equivalents $333,585 $ - $ 1,977,565
Fixed investment contracts - - 55,871,025
Mutual funds - 7,885,154 31,298,102
Common stock - - 22,709,681
________ ___________ ____________
Total investments 333,585 7,885,154 111,856,373
Contributions receivable:
Employee - 699 4,662
Employer - 77,313 515,416
Due from broker - - 109,345
Accrued income 1,509 16 52,328
Transfer due from (to)
associated funds - (52,531) -
________ ___________ ____________
1,509 25,497 681,751
Total assets 335,094 7,910,651 112,538,124
________ ___________ ____________
Due to broker - - 196,722
Other liabilities - - 2,362
________ ___________ ____________
Total liabilities - - 199,084
________ ___________ ____________
Net assets available for
benefits $335,094 $ 7,910,651 $112,339,040
======== =========== ============
</TABLE>
<PAGE>
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1993
<CAPTION>
COMPANY
FIXED STOCK
INCOME FUND EQUITY FUND FUND
<S> <C> <C> <C>
Cash and cash equivalents $ 1,055,459 $ - $ 5,548
Fixed investment contracts 54,465,484 - -
Mutual funds - 21,982,286 -
Common stock - - 9,214,349
___________ ___________ ___________
Total investments 55,520,943 21,982,286 9,219,897
Contributions receivable:
Employee 156,828 78,413 42,223
Employer 266,737 133,368 71,814
Due from broker - 602,216 -
Corporate note receivable 13,000 - -
Accrued income 2,580 18 69
Transfer due from (to)
associated funds (3,086,966) 79,063 315,802
___________ ___________ ___________
(2,647,821) 893,078 429,908
Total assets 52,873,122 22,875,364 9,649,805
___________ ___________ ___________
Due to broker - 602,216 4,100
Other liabilities - 2,515 -
___________ ___________ ___________
Total liabilities - 604,731 4,100
___________ ___________ ___________
Net assets available for
benefits $52,873,122 $22,270,633 $ 9,645,705
=========== =========== ===========
</TABLE>
<PAGE>
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR BENEFITS WITH FUND INFORMATION
AS OF DECEMBER 31, 1993 (CONTINUED)
<CAPTION>
MONEY
MARKET BALANCE
FUND FUND TOTAL
<S> <C> <C> <C>
Cash and cash equivalents $358,103 $ - $ 1,419,110
Fixed investment contracts - - 54,465,484
Mutual funds - 4,335,431 26,317,717
Common stock - - 9,214,349
________ ___________ ____________
Total investments 358,103 4,335,431 91,416,660
Contributions receivable:
Employee - 24,127 301,591
Employer - 41,036 512,955
Due from broker - 199,164 801,380
Corporate note receivable - - 13,000
Accrued income 935 4 3,606
Transfer due from (to)
associated funds - 2,692,101 -
________ ___________ ____________
935 2,956,432 1,632,532
Total assets 359,038 7,291,863 93,049,192
________ ___________ ____________
Due to broker - 199,164 805,480
Other liabilities - - 2,515
________ ___________ ____________
Total liabilities - 199,164 807,995
________ ___________ ____________
Net assets available for
benefits $359,038 $ 7,092,699 $ 92,241,197
======== =========== ============
</TABLE>
<PAGE>
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
COMPANY
FIXED STOCK
INCOME FUND EQUITY FUND FUND
<S> <C> <C> <C>
Source of assets:
Contributions:
Employee $ 5,505,223 $ 3,276,336 $ 1,670,639
Employer 261,932 121,391 62,310
Interest and dividend income 3,613,947 645,375 3,674
Cash transfer from (to)
associated funds (1,323,288) (1,532,150) 3,409,066
Transfers of assets from
other plans - - 2,435,975
Net appreciation (depreciation)
in fair value of investments 79,408 (277,564) 8,513,208
___________ ___________ ___________
8,137,222 2,233,388 16,094,872
___________ ___________ ___________
Application of assets:
Participant withdrawals 4,963,930 1,517,059 5,881
Common stock distributed
to participants - - 578,094
Other 30,120 167,056 (100,493)
___________ ___________ ___________
4,994,050 1,684,115 483,482
___________ ___________ ___________
Increase (decrease) in net
assets available or benefits 3,143,172 549,273 15,611,390
Net assets available for benefits:
Beginning of period 52,873,122 22,270,633 9,645,705
___________ ___________ ___________
End of period $56,016,294 $22,819,906 $25,257,095
=========== =========== ===========
</TABLE>
<PAGE>
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1994 (CONTINUED)
<CAPTION>
MONEY
MARKET BALANCE
FUND FUND TOTAL
<S> <C> <C> <C>
Source of assets:
Contributions:
Employee $ - $1,546,712 $ 11,998,910
Employer - 69,783 515,416
Interest and dividend income 14,315 340,307 4,617,618
Cash transfer from (to)
associated funds 6,718 (560,346) -
Transfers of assets from
other plans - - 2,435,975
Net appreciation (depreciation)
in fair value of investments - (347,305) 7,967,747
________ __________ ____________
21,033 1,049,151 27,535,666
________ __________ ____________
Application of assets:
Participant withdrawals 44,339 231,187 6,762,396
Common stock distributed
to participants - - 578,094
Other 638 12 97,333
________ __________ ____________
44,977 231,199 7,437,823
________ __________ ____________
Increase (decrease) in net
assets available for benefits (23,944) 817,952 20,097,843
Net assets available for benefits:
Beginning of period 359,038 7,092,699 92,241,197
________ __________ ____________
End of period $335,094 $7,910,651 $112,339,040
======== =========== ============
</TABLE>
<PAGE>
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
COMPANY
FIXED STOCK
INCOME FUND EQUITY FUND FUND
<S> <C> <C> <C>
Source of assets:
Contributions:
Employee $ 6,610,621 $ 3,001,024 $ 1,595,644
Employer 251,029 144,219 76,670
Interest and dividend income 4,107,483 154,681 2,500
Cash transfer from (to)
associated funds (7,797,943) (1,015,991) 2,237,026
Net appreciation (depreciation)
in fair value of investments (333,594) 2,431,896 (3,902,297)
___________ ___________ ___________
2,837,596 4,715,829 9,543
___________ ___________ ___________
Application of assets:
Participant withdrawals 2,859,182 1,266,861 414
Common stock distributed
to participants - - 279,327
Other 285,714 164,743 124,014
___________ ___________ ___________
3,144,896 1,431,604 403,755
___________ ___________ ___________
Increase (decrease) in net
assets available or benefits (307,300) 3,284,225 (394,212)
Net assets available for benefits:
Beginning of period 53,180,422 18,986,408 10,039,917
___________ ___________ ___________
End of period $52,873,122 $22,270,633 $ 9,645,705
=========== =========== ===========
</TABLE>
<PAGE>
<PAGE>
<TABLE>
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1993 (CONTINUED)
<CAPTION>
MONEY
MARKET BALANCE
FUND FUND TOTAL
<S> <C> <C> <C>
Source of assets:
Contributions:
Employee $ - $ 332,396 $ 11,539,685
Employer - 41,037 512,955
Interest and dividend income 12,381 87,162 4,364,207
Cash transfer from (to)
associated funds (17,139) 6,594,047 -
Net appreciation (depreciation)
in fair value of investments - 89,233 (1,714,762)
________ __________ ____________
(4,758) 7,143,875 14,702,085
________ __________ ____________
Application of assets:
Participant withdrawals 101,579 51,176 4,279,212
Common stock distributed
to participants - - 279,327
Other (46,513) - 527,958
________ __________ ____________
55,066 51,176 5,086,497
________ __________ ____________
Increase (decrease) in net
assets available or benefits (59,824) 7,092,699 9,615,588
Net assets available for benefits:
Beginning of period 418,862 - 82,625,609
________ __________ ____________
End of period $359,038 $7,092,699 $ 92,241,197
======== =========== ============
</TABLE>
<PAGE>
NOTE 8 - SUBSEQUENT EVENT:
Effective April 1, 1995, Bankers Trust Company assumed all
trustee responsibilities for the Plan. Harris Trust and Savings
Bank remained the Plan's trustee for the plan year ended December
31, 1994 and 1993. This event has no effect on participants'
benefits.
<PAGE>
<PAGE>
SCHEDULE I
PAGE 1 OF 3
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
ASSETS HELD FOR INVESTMENT
AS OF DECEMBER 31, 1994 (Line 27a of Form 5500)
Description
Identity of Issue of Investments Cost Fair Value
Stone Container
Corporation Common Stock* $17,866,356 $22,709,681
Participation in
American Mutual
Fund Inc. Mutual Fund 7,681,902 7,377,628
Participation in
Neuberger & Berman
Guardian Fund Mutual Fund 7,351,502 8,674,094
Participation in
Vanguard U.S.
Growth Fund Mutual Fund 6,718,796 7,361,226
Participation in
American Balanced
Fund Mutual Fund 8,271,500 7,885,154
Participation in
GIC Institutional Insurance
Investment Fund Contract 1,203,640 1,340,630
Hartford Life
Insurance Company
GA 8905 9.24% Insurance
due 3-15-90 Contract 3,077,228 3,077,228
Confederation Life
GIC #62618 7.45%
Compounded Insurance
due 2-19-97 Contract 1,199,497 1,199,497
Protective Life
Insurance GIC
#GA-651 7.20% Insurance
due 6-19-97 Contract 2,040,015 2,040,015
<PAGE>
<PAGE>
SCHEDULE I
PAGE 2 OF 3
Description
Identity of Issue of Investments Cost Fair Value
Allstate GIC
GA-5278 7.40% Insurance
due 4-10-97 Contract $ 3,667,397 $ 3,667,397
Commonwealth Life
ADA-00436FR 7.10% Insurance
due 3-10-97 Contract 1,850,451 1,850,451
Ohio National Life
GA-5429 7.02% due Insurance
12-11-95 Contract 1,210,109 1,210,109
Ohio National Life
GA-5430 7.14% due Insurance
2-9-96 Contract 1,213,928 1,213,928
Ohio National Life
GA-5431 7.26% due Insurance
4-10-96 Contract 1,217,753 1,217,753
Confederation Life
#62630 7.68% due Insurance
1-31-97 Contract 1,201,371 1,201,371
Life of Virginia
GS-2557 7.29% due Insurance
5-10-97 Contract 1,828,419 1,828,419
Sun Life Insurance
Contract #FA166 due Insurance
3-31-95 9.2% Contract 5,460,145 5,460,145
Principal Mutual
#4-2280 7.20% due Insurance
4-10-97 Contract 1,824,107 1,824,107
Protective Life Insurance
GA-666 due 6-26-97 Contract 2,066,769 2,066,769
Confederation Life
#62639 7.72% Insurance
due 9-26-96 Contract 1,198,565 1,198,565
Confederation Life
#62640 7.76% Insurance
due 11-26-96 Contract 1,199,649 1,199,649
Hawaiian Trust Co. Insurance
Pooled GIC Fund Contract 9,756,774 9,804,664
<PAGE>
<PAGE>
SCHEDULE I
PAGE 3 OF 3
Description
Identity of Issue of Investments Cost Fair Value
State Mutual Life Insurance
GA-91990-A-1 6.06% Contract $ 566,896 $ 566,896
State Mutual Life Insurance
GA-91990-A-3 Contract 1,131,796 1,131,796
Prudential Insurance
Co. GA-7561-211 Insurance
6.19% Contract 1,972,057 1,972,057
Life Insurance Co. of
Georgia GA-303-STN Insurance
6.45% 2-19-88 Contract 2,258,572 2,258,572
Sun Life Assurance
Contract #S-0858-G Insurance
5.89% Contract 2,215,626 2,215,626
Metropolitan Life
Insurance GAC
20070 6.85% Insurance
due 6-30-95 Contract 1,763,492 1,763,492
New York Life Insurance
GIC GA-30056 Contract 2,552,523 2,552,523
Continental
Assurance Co.
Contract Insurance
#GP-13068 Contract 2,009,366 2,009,366
Harris Bank
Collective
Investment Fund
Master Trust
Reserve Fund Cash Equivalents 1,977,565 1,977,565
$105,553,766 $111,856,373
* Party in interest
<PAGE>
<PAGE>
SCHEDULE II
STONE CONTAINER CORPORATION
DEFERRED INCOME SAVINGS PLAN
TRANSACTIONS OR SERIES OF TRANSACTIONS
INVOLVING AN AMOUNT IN EXCESS OF FIVE
PERCENT OF THE CURRENT VALUE OF PLAN ASSETS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
(LINE 27d OF FORM 5500)
Description
of asset
(include
interest
rate and Number
Identity maturity of
of Party in case Trans- Purchase Selling
involved of loan) actions price price
American Participation
Balanced in Mutual
Fund Fund 57 $5,268,994
Current value
Expense of asset on
Lease incurred with Cost of transaction Net gain
rental transaction asset date or (loss)
$5,268,994
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (No. 33-33784) of Stone
Container Corporation of our report dated May 31, 1995 appearing
on pages 1-2 of the Annual Report of the Stone Container
Corporation Deferred Income Savings Plan on Form 11-K for the
year ended December 31, 1994.
PRICE WATERHOUSE LLP
Chicago, Illinois
June 29, 1995
