Pricing Supplement No. 16                                                                         For SEC Filing Purposes:
Dated: July 23, 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 $20,000,000

                          International Paper Company

                          MEDIUM-TERM NOTES, SERIES E

                    Due 9 Months or More from Date of Issue

                                                                     
Date of Issue:  July 26, 1996                                          Spread: N/A
                                                                       Spread Multiplier: N/A
Maturity Date:  July 26, 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 Than
         Interest Payment Dates:                                         Maturity Date (N/A If Put Right Not Available): N/A

           Each April 1 and October 1                                  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. 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: 6.74% per annum                   Original Issue Discount: N/A
Interest Payment Dates:  April 1, October 1                            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 CE7             
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              CS FIRST BOSTON