Pricing Supplement No. 19                             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 $30,000,000

                          International Paper Company

                          MEDIUM-TERM NOTES, SERIES E

                    Due 9 Months or More from Date of Issue


Date of Issue:  August 6, 1996               Spread: 5 basis points
                                             Spread Multiplier: N/A
Maturity Date:  August 6, 1998               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
____ Commercial Paper Rate Note                Than Maturity Date (N/A If Put
                                               Right Not Available): N/A
____ Federal Funds Rate Note                 Repurchase Price (If Other Than 
  X  LIBOR Note                                100% of 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    Original Issue Discount Security: 
Amount): 100%                                  N/A
Interest Rate/Initial Interest Rate:         ____ For Federal Income Tax 
  3 Month LIBOR as determined on                  Purposes
  Telerate page 3750                         ____ Subject to Special Provisions
Interest Payment Dates:  February 6,         Issue Date for Calculating OID: N/A
  May 6, August 6, November 6                Original Issue Discount:  N/A
Interest Reset Dates:  February 6,           Original Issue Discount
  May 6, August 6, November 6                  Applicable to Short Accrual
Interest Payment Period: N/A                   Period:  N/A
Interest Rate Reset Period: N/A                Computed under (Exact___)  
Interest Determination Dates: Second London    (Approximate___) method: N/A
  banking day preceding an Interest Reset    Yield to Maturity: N/A
  Date                                       Default Rate (only applicable if
Index Maturity:  N/A                           OID Security:  N/A
                                             Amortized Face Amount: N/A

Redemption Price: No redemption prior to maturity.


Other Terms:          CUSIP #46014HCH0                              
                              MORGAN STANLEY & CO.
                                   INCORPORATED