Pricing Supplement No. 24                        For SEC Filing Purposes:
 Dated: August 21, 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 $14,500,000

                      International Paper Company

                      MEDIUM-TERM NOTES, SERIES E

                Due 9 Months or More from Date of Issue
                                         
 Date of Issue:  August 26, 1996            Spread: N/A
                                            Spread Multiplier: N/A
 Maturity Date:  August 27, 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  Issue Date for Calculating OID: N/A
   Amount): 100.00%
 Interest Rate/Initial Interest Rate:       Original Issue Discount: N/A
   6.49% per annum   
 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.

 Other Terms:    CUSIP #46014H CN7

                            J.P. MORGAN & CO.