Pricing Supplement No. 11                  For SEC Filing Purposes:
 Dated: June 12, 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 $80,000,000

                      International Paper Company

                      MEDIUM-TERM NOTES, SERIES E

                Due 9 Months or More from Date of Issue

 Date of Issue:  June 17, 1996           Spread: N/A
                                         Spread Multiplier: N/A
 Maturity Date:  June 17, 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 Other 
      Interest Payment Dates:              Than Maturity Date (N/A If Put Right
       Each April 1 and October 1          Not Available):  
                                         Repurchase Price (If Other Than 100% 
 ____ Floating Rate Note                   of 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. Dollars ____ Subject to Special Provisions
 Issue Price (As a Percentage of 
   Principal Amount): 100.00%            Issue Date for Calculating OID: N/A
 Interest Rate/Initial Interest Rate: 
   6.87% per annum                       Original Issue Discount: N/A
 Interest Payment Dates:                 Original Issue Discount
 Interest Reset Dates: N/A                 Applicable to Short Accrual Period: 
                                            N/A
 Interest Payment Period: N/A              Computed under (exact___)
 Interest Rate Reset Period: N/A                          (approximate__) method
 Interest Determination Dates: N/A       Yield to Maturity: N/A
 Index Maturity:  N/A                    Default Rate (only applicable
                                           if OID Security): N/A
                                         Amortized Face Amount: 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  BZ1             
             __________________________________________________________
                                   
 CS FIRST BOSTON
   MERRILL LYNCH & CO.
     MORGAN STANLEY & CO. 
           INCORPORATED
         J.P. MORGAN & CO.