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




                        Principal Amount $25,000,000

                        International Paper Company

                        MEDIUM-TERM NOTES, SERIES E

                  Due 9 Months or More from Date of Issue

                                                       
Date of Issue:  August 6, 1996                            Spread: 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




Redemption Price: No redemption prior to maturity.



Other Terms:          CUSIP #46014HCJ6                    
                                J.P. Morgan & Co.