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                                        FORM 10-Q

                           SECURITIES AND EXCHANGE COMMISSION
                                 WASHINGTON, D.C.  20549

                    QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d)
                         OF THE SECURITIES EXCHANGE ACT OF 1934



For Quarter Ended    January 31, 1995          Commission File Number     1-566 

                                                                              
                              


                                 GREIF BROS.CORPORATION
                                                                              
                              
                 (Exact name of registrant as specified in its charter)



                          Delaware                              31-4388903 
          
                                                                              
                             
             (State or other jurisdiction of                (I.R.S. Employer
              incorporation or organization)                Identification No.)



            621 Pennsylvania Avenue, Delaware, Ohio               43015
                                                                              
                             
            (Address of principal executive offices)            (Zip Code)



Registrant's telephone number, including area code             614-363-1271 

                                                                              
                             



                                     Not Applicable
                                                                              
                             
         Former name, former address and former fiscal year, if changed since
last report.





Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act 
of 1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.  Yes  X  .  No     .



Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report:

                         Class A Common Stock  5,436,586 shares
                         Class B Common Stock  6,652,174 shares


PART I.  FINANCIAL INFORMATION

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

    ASSETS

                                                   January 31,    October 31,
                                                      1995           1994    
                                                              
CURRENT ASSETS
  Cash and short-term investments                    $  26,786      $  29,543
  U.S. and Canadian government securities
    --at amortized cost which approximates market       20,679         23,970
  Trade accounts receivable--less allowance
    of $989 for doubtful items                          71,204         69,501
  Inventories, at the lower of cost (prin-
    cipally last-in, first-out) or market               55,424         50,944
  Prepaid expenses and other                            14,157         14,384
                                                                             

                      Total current assets             188,250        188,342
                                                                             

LONG TERM ASSETS
  Cash surrender value of life insurance                 2,669          2,618
  Interest in partnership                                1,091          1,091
  Other long term assets                                 5,980          5,853
                                                                             

                                                         9,740          9,562
                                                                             

PROPERTIES, PLANTS AND EQUIPMENT--at cost
  Timber properties -- less depletion                    3,790          3,639
  Land                                                  10,496         10,521
  Buildings                                             99,438         99,936
  Machinery, equipment, etc.                           299,739        291,426
  Construction in progress                              19,195         18,136
  Less accumulated depreciation                       (207,676)      (202,488)
                                                                             

                                                       224,982        221,170
                                                                             

                                                      $422,972       $419,074
                                                                            
See accompanying Notes to Consolidated Financial Statements


GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS


(Dollars in thousands)

  LIABILITIES AND SHAREHOLDERS' EQUITY

                                                     January 31,  October 31,
                                                         1995        1994    
                                                               
CURRENT LIABILITIES
  Accounts payable                                      $ 25,822     $ 32,948
  Current portion of long term obligations                   243          249
  Accrued payrolls and employee benefits                   6,432        7,082
  Accrued taxes--general                                   1,228        1,952
  Taxes on income                                          7,150          713
                                                                             

                   Total current liabilities              40,875       42,944
                                                                             

LONG TERM OBLIGATIONS (interest rates from
  4.81% - 8.00%; payable to 2000)                         24,905       27,966

OTHER LONG TERM LIABILITIES                               14,858       14,265

DEFERRED INCOME TAXES                                      8,276        6,960
                                                                             

  Total long term liabilities                             48,039       49,191
                                                                             

SHAREHOLDERS' EQUITY (Note 1)
  Capital stock, without par value                         9,034        9,034

    Class A Common Stock:
       Authorized 16,000,000 shares;
         issued 10,570,480 shares;
         in treasury 5,133,894 shares;
         outstanding 5,436,586 shares

    Class B Common Stock:
       Authorized and issued 8,640,000 shares;
         in treasury 1,987,826 shares;
           (1,985,826 in 1994)
         outstanding 6,652,174 shares
           (6,654,174 in 1994)

  Earnings retained for use in the business              330,222      321,583

  Cumulative translation adjustment                       (5,198)      (3,678)
                                                                             

                                                         334,058      326,939
                                                                             

                                                        $422,972     $419,074
                                                                             
See accompanying Notes to Consolidated Financial Statements


GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF INCOME        

(Dollars in thousands, except per share amounts)

        For the three months ended January 31,              1995       1994
                                                               
Sales and other income
  Net sales                                               $170,058   $128,773
Other income:
  Gain on sales of timber and timber properties              3,026        858
  Interest, oil royalties and other                          1,337      1,316
                                                                             
                                                           174,421    130,947
                                                                            
Costs and expenses (including depreciation of 
    ($5,516 in 1995 and $5,028 in 1994)
  Cost of products sold                                    132,658    109,179
  Selling, general and administrative                       16,659     14,268
  Interest                                                     426        236
                                                                             
                                                           149,743    123,683
                                                                             

Income before income taxes                                  24,678      7,264
Taxes on income                                              9,300      2,700
                                                                             


Net Income                                                $ 15,378  $   4,564
                                                                             


Net income per share (based on the average number of shares outstanding during
the period):
  Based on the assumption that earnings were allocated to Class A and Class B
Common Stock to the extent that dividends were actually paid for the year and
the remainder were allocated as they would be received by shareholders in the
event of liquidation, that is, equally to Class A and Class B shares, share
and share alike:

    Class A                                                  $1.16      $ .29
    Class B                                                  $1.36      $ .45



            Due to the special characteristics of the Company`s two classes of
stock (see Note 1), earnings per share can be calculated upon the basis of
varying assumptions, none of which, in the opinion of management, would be
free from the claim that it fails fully and accurately to represent the true
interest of the shareholders of each class of stock and in the earnings
retained for use in the business.

See accompanying Notes to Consolidated Financial Statements


GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF EARNINGS RETAINED FOR USE IN THE BUSINESS

(Dollars in thousands, except per share amounts)

      For the three months ended January 31,            1995           1994    
                                                               
Balance at beginning of period                        $321,583       $298,757

Net income                                              15,378          4,564
                                                                             

                                                       336,961        303,321
                                                                             

Dividends paid:
        On Class A Common Stock -- $.44                  2,392          1,957
        On Class B Common Stock -- $.64                  4,258          3,477
                                                                             

                                                         6,650          5,434
                                                                             

Stock acquired for treasury                                 89            515
                                                                             

Balance at end of period                              $330,222       $297,372
                                                                             
See accompanying Notes to Consolidated Financial Statements


GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS 

(Dollars in thousands)

  For the three months ended January 31,                    1995        1994    

Cash flows from operating activities:
                                                                  
Net income                                                 $15,378     $ 4,564
  Adjustments to reconcile net income to net cash
  provided by operating activities:
    Depreciation and depletion                               5,694       5,204
    Deferred income taxes                                    1,342       1,578
  (Increase) decrease:
    Trade accounts receivable                               (1,703)      5,310
    Inventories                                             (4,480)     (5,812)
    Prepaid expenses and other                                 227        (421)
    Other long term assets                                    (178)       (166)
  Increase (decrease):
    Accounts payable and accrued liabilities                (7,126)     (3,625)
    Accrued payrolls and employee benefits                    (650)       (825)
    Accrued taxes - general                                   (724)       (244)
    Taxes on income                                          6,437        (322)
    Other long term liabilities                                593        (133)
                                                                               

Net cash provided by operating activities                   14,810       5,108
                                                                              

Cash flows from investing activities:

  Sales (purchases) of investments in government
    and short term securities                                3,291        (440)
  Purchase of properties, plants and equipment              (9,771)     (9,930)
                                                                              

Net cash used by investing activities                       (6,480)    (10,370)
                                                                              

Cash flows from financing activities:

  (Payments) proceeds on long term debt                     (3,067)      3,128
  Acquisition of treasury stock                                (89)       (515)
  Dividends paid                                            (6,650)     (5,434)
                                                                              

Net cash used by financing activities                       (9,806)     (2,821)
                                                                              

Foreign currency translation adjustment                     (1,281)       (195)
                                                                              

Net decrease in cash and short term
  investments                                               (2,757)     (8,278)
Cash and short term investments at beginning of
  period                                                    29,543      30,827
                                                                              

Cash and short term investments at end of period           $26,786     $22,549
                                                                              
See accompanying Notes to Consolidated Financial Statements

                    GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
                       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                    JANUARY 31, 1995




NOTE 1 - CAPITAL STOCK AND RETAINED EARNINGS

          Class A Common Stock is entitled to cumulative dividends of 2 cents a
share per year after which Class B Common Stock is entitled to non-cumulative
dividends up to 1 cent a share per year.  Further distribution in any year
must be made in proportion of 1 cent a share for Class A Common Stock to 1-1/2
cents a share for Class B Common Stock.  The Class A Common Stock shall have
no voting power nor shall it be entitled to notice of meetings of the
stockholders, all rights to vote and all voting power being vested exclusively
in the Class B Common Stock unless four quarterly cumulative dividends upon
the Class A Common stock are in default.  There is no cumulative voting.  The
Company has acquired    7,121,720 Class A and Class B Common Stock for
treasury at a cost of $38,217,871 which was appropriately charged against
earnings retained for use in the business.  Included in the above are 2,000
shares of Class B Common Stock acquired in 1995 for $88,575.

          At the special meeting on February 27, 1995, a proposal to split both
of the present classes of common stock on a basis of 2 shares for each of the
present shares was approved (See Item 4 in Part II of this report).


NOTE 2 - DIVIDENDS PER SHARE

          The following dividends per share were paid during the period
indicated:

                                       Three Months Ended
                                           January 31,
                                        1995      1994
                                            
             Class A Common Stock       $.44      $.36
             Class B Common Stock       $.64      $.52


NOTE 3 - CALCULATION OF NET INCOME PER SHARE

          Net income per share was calculated using the following number of
shares for the period presented:
 
          Class A Common Stock  -  5,436,586 shares
          Class B Common Stock  -  6,652,785 shares


NOTE 4 - INVENTORIES

          Inventories are comprised principally of raw materials.


                         MANAGEMENT'S DISCUSSION AND ANALYSIS


Liquidity and Capital Resources

          As indicated in the Consolidated Balance Sheet, elsewhere in this
report and discussed in greater detail in the 1994 Annual Report to
Shareholders, the Company is dedicated to maintaining a strong financial
position.  It is our belief that this dedication is extremely important during
all economic times.

          As discussed in the 1994 Annual Report, the Company is subject to the
economic conditions of its customers.  During this period, the Company has
been able to utilize its developed financial position to meet its continued
business needs.

          The current ratio as of January 31, 1995 is an indication of the
continuation of the Company's strong liquidity.

          Capital expenditures were $9,771,000 during the three months ended
January 31, 1995.  These capital expenditures were principally needed to
replace and improve equipment.

          As disclosed in the 1994 Annual Report, a subsidiary of the Company
has a commitment to build a manufacturing plant in Michigan.  In addition to
this plant, the Company has outstanding purchase commitments for capital
expenditures of approximately $14,000,000.


Results of Operations

          Historically, revenues or earnings may or may not be representative
of future operations because of various economic factors.  The following
comparative information is presented for the 3-month periods ended January 31,
1995 and January 31, 1994.

          Net sales increased 32% during the current quarter compared to the
previous period.  This increase was principally the result of increases in the
containerboard segment, which was significantly affected by increased sales
prices resulting from shortages in containerboard and related products.  In
addition, the shipping containers segment contributed to the increase due to
an increase in unit sales and higher sales prices resulting from the increase
in cost of the Company's raw materials.

          The gain on sales of timber and timber properties increased due to
the sale of timber properties to the U.S. Forest Service and more salvage
timber sales.  Also, the sales prices for timber were higher as compared to
the previous period.

          The cost of products sold as a percentage of sales decreased from 85%
in 1994 to 78% in 1995.  This decrease was largely the result of a higher
percent of the net sales being comprised of the containerboard and related
products segment, which has a higher gross profit margin than the Company's
other segment.  This decrease was partially offset by an increase in the cost
of the Company's raw materials.


                              PART II.  OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

          There are no material pending legal proceedings not covered by
insurance.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          (a.)  The Company held a special meeting of Stockholders
                on February 27, 1995.

          (c.)  At the special meeting, a proposal to split both
                of the present classes of common stock, Class A
                Common and Class B Common, on a basis of 2 shares
                for each of the present shares was approved by the
                stockholders.  The inspectors of election
                certified the following vote tabulations:


                                                Class A          Class B
                                                            
                     For                        4,567,033        6,552,630
                     Against                        3,340            4,444
                     Abstain                          625              -0-
                     Non-votes                        -0-              -0-


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

          (a.)  Exhibits.
                None.

          (b.)  Reports on Form 8-K.
                No events occurred requiring Form 8-K to be filed.



                                     OTHER COMMENTS

          The information furnished herein reflects all adjustments which are,
in the opinion of management, necessary for a fair presentation of the
consolidated balance sheet as of January 31, 1995, the consolidated statement
of income for the 3-month periods ended January 31, 1995 and 1994, and the
consolidated statement of cash flows for the 3-month periods then ended. 
These financial statements are unaudited; however, at year end an audit will
be made for the fiscal year by independent certified public accountants.




                                       SIGNATURES


          Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                                Greif Bros. Corporation   
     
                                                                          
         
                                                      (Registrant)





Date       March 6, 1995                                                 
         
                                                          John K. Dieker
                                                          Controller



Date       March 6, 1995                                            

                                                          Philip R. Metzger
                                                          Treasurer

  

 5

This schedule contains summary financial information extracted from the Form
10-Q and is qualified in its entirety by reference to such Form 10-Q.

 1,000
       
                             
                   3-MOS
                          OCT-31-1995
                               JAN-31-1995
                                          26,786
                                    20,679
                                   72,193
                                     (989)
                                     55,424
                               188,250
                                         432,658
                               (207,676)
                                 422,972
                           40,875
                                              0
                                         9,034
                                0
                                          0
                                     325,024
                   422,972
                                        170,058
                               174,421
                                          132,658
                                  132,658
                                16,659
                                     0
                                 426
                                 24,678
                                     9,300
                             15,378
                                       0
                                      0
                                            0
                                    15,378
                                     1.16
                                     1.16

Amount represents the earnings per share for the Class A Common Stock.  The
earnings per share for the Class B Common Stock are $1.36.