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Pricing Supplement Dated February 17, 1998                    Rule 424 (b) (2)
                                                              File Nos. 33-51972
(To Prospectus dated May 17, 1994 and                         33-52855
   Prospectus Supplement dated May 27, 1994)

RAYONIER INC.

Series B Medium-Term Notes - Floating Rate
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Trade Date: February 17, 1998              Original Issue Date:February 20,1998
Principal Amount: $10,000,000              Net Proceeds to Issuer: $9,975,000
Currency: USD                              Minimum Denomination: $1,000
Issue Price: 100%
Selling Agent's Commission: 0.25%
Initial Interest Rate: to be determined on LIBOR determination date
Maturity Date: February 22, 2000
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Form:             __X_     Book-Entry
                  ____     Certificated

Interest:
         Base Rate:        ____ CD Rate              ____ Commercial Paper Rate
                           ____ Fed Funds Rate       __X_ LIBOR
                           ____ Treasury Rate        ____ Other (see attached)
                           ____ Prime

Interest Reset Period:     Quarterly          Interest Payment Dates: 5/20,
Interest Payment Period: Quarterly            8/20,11/20, 2/22
Maximum Interest Rates: N/A                   Index Maturity: 3 months
Spread/Spread Multiplier: +25 bps             Minimum Interest Rates: N/A

Redemption:       __X_     The Notes cannot be redeemed prior to maturity
                  ____     The Notes may be redeemed prior to maturity
         Initial Redemption Date:
         Initial Redemption Price:
         Annual Redemption Price Reduction:

Repayment:        __X_     The Notes cannot be repaid prior to maturity
                  ____     The Notes can be repaid prior to maturity at the
                           option of the holder
         Repayment Price:
         Repayment Date:

Discount Note:    ____     Yes
                  __X_     No
         Total Amount of OID:
         Original Yield to Maturity:
         Initial Accrual Period OID:
         Method Used to Determine Yield for Initial Accrual Period: _____
         Approximate _____ Exact

Capacity:______ Agent ___X__ Principal

If as principal:  __X__    The Registered Notes are being offered at varying
                           prices related to prevailing market prices at the
                           time of resale.

                  _____    The Registered Notes are being offered at a fixed
                           initial public offering price _____% of Principal
                           Amount. The Registered Notes are being reoffered to
                           dealers with a reallowance not to exceed ___% of the
                           Commission or Fee.

__X_J. P. MORGAN SECURITIES INC.
         ____MORGAN STANLEY & CO. INC.
                  _____CITICORP SECURITIES INC.