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                            U.S. SECURITIES AND EXCHANGE COMMISSION
                                    WASHINGTON, D.C.  20549

                                           FORM 10-Q

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



For Quarter Ended        July 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 10,873,172 shares
                            Class B Common Stock 13,201,793 shares




PART I.  FINANCIAL INFORMATION

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

       ASSETS

                                                     July 31,     October 31,
                                                     1995         1994    
                                                            
CURRENT ASSETS
      Cash and short term investments                $ 22,713     $ 29,543
      U.S. and Canadian government securities
       --at amortized cost which approximates market   19,770       23,970
      Trade accounts receivable--less allowance
       of $989 for doubtful items                      67,333       69,501
      Inventories, at the lower of cost (prin-
       cipally last-in, first-out) or market           69,591       50,944
      Prepaid expenses and other                       14,492       14,384
                                                                

       Total current assets                           193,899      188,342
                                                                           

LONG TERM ASSETS
      Cash surrender value of life insurance            2,678        2,618
      Interest in partnership                           1,091        1,091
      Other long term assets                            7,937        5,853
                                                                             

                                                       11,706        9,562
                                                                            

PROPERTIES, PLANTS AND EQUIPMENT -- at cost
      Timber properties -- less depletion               4,257        3,639
      Land                                             10,538       10,521
      Buildings                                       105,754       99,936
      Machinery, equipment, etc.                      301,302      291,426
      Construction in progress                         31,847       18,136
      Less accumulated depreciation                  (218,680)    (202,488)
                                                                            

                                                      235,018      221,170
                                                                            

                                                     $440,623     $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

                                                     July 31,     October 31,
                                                     1995         1994    
                                                            
CURRENT LIABILITIES
   Accounts payable                                  $ 27,908     $ 32,948
   Current portion of long term obligations             2,242          249
   Accrued payrolls and employee benefits               9,946        7,082
   Accrued taxes--general                               1,213        1,952
   Taxes on income                                        312          713
                                                                             

    Total current liabilities                          41,621       42,944
                                                                             

LONG TERM OBLIGATIONS (interest rates from
   4.81% - 8.00%; payable to 2000)                      8,180       27,966

OTHER LONG TERM LIABILITIES                            18,016       14,265

DEFERRED INCOME TAXES                                  11,283        6,960
                                                                            

    Total long term liabilities                        37,479       49,191
                                                                          


SHAREHOLDERS' EQUITY (Note 1)
   Capital stock, without par value                     9,034        9,034
    Class A Common Stock:
     Authorized 32,000,000 shares;
      issued 21,140,960 shares;
      in treasury 10,267,788 shares;
      outstanding 10,873,172 shares
    Class B Common Stock:
     Authorized and issued 17,280,000 shares;
      in treasury 4,078,207 shares;
      (3,967,226 in 1994)
      outstanding 13,201,793 shares
      (13,312,774 in 1994)

   Earnings retained for use in the business          356,444      321,583
   Cumulative translation adjustment                   (3,955)      (3,678)
                                                                            

                                                      361,523      326,939
                                                                           

                                                     $440,623     $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)

                        Three Months Ended July 31, Nine Months Ended July 31,
                              1995       1994       1995       1994    
                                                   
Sales and other income
  Net sales                   $184,159   $147,629   $539,086   $416,317
Other income:
  Gain on sales of 
   timber and timber 
   properties                    1,402        992      6,119      2,860
  Interest, oil royalties 
   and other                     1,553      1,577      4,184      4,151
                                                                            
                               187,114    150,198    549,389    423,328
                                                                             
Costs and expenses
  Cost of products sold        138,011    121,604    417,569    347,967
  Selling, general and 
   administrative               19,911     14,187     54,153     42,891
  Interest                         104        456        820      1,103
                                                                           

                               158,026    136,247    472,542    391,961
                                                                            

Income before income taxes      29,088     13,951     76,847     31,367
Taxes on income                 11,500      5,250     29,000     11,750
                                                                          

Net income                    $ 17,588   $  8,701   $ 47,847   $ 19,617      
                                                                             

Net income per share (based on the average number of shares outstanding during 
the period, adjusted for two-for-one stock split):


  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 Common Stock          $0.71      $0.35      $1.89      $0.74       
   Class B Common Stock          $0.74      $0.37      $2.05      $0.86


     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 nine months ended July 31,       1995              1994    

                                                           
Balance at beginning of period                 $321,583          $298,757

Net income                                       47,847            19,617
                                                               

                                                369,430           318,374
                                                               

Dividends paid:
  On Class A Common Stock -- $.34
   ($.26 in 1994)                                 3,697             2,827
  On Class B Common Stock -- $.50
   ($.38 in 1994)                                 6,643             5,078
                                                               

                                                 10,340             7,905
                                                               

Stock acquired for treasury                       2,646             1,693
                                                               

Balance at end of period                       $356,444          $308,776    
                                                               

See accompanying Notes to Consolidated Financial Statements.




GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(Dollars in thousands)

       For the nine months ended July 31,          1995           1994  

Cash flows from operating activities:
                                                            
Net income                                         $47,847        $19,617    
 Adjustments to reconcile net income to net cash
  provided by operating activities:
   Depreciation and depletion                       17,097         15,768
   Deferred income taxes                             4,329          4,499
 (Increase) decrease:
  Trade accounts receivable                          2,168         (5,272)
  Inventories                                      (18,647)        (3,320)
  Prepaid expenses and other                          (108)             3
  Other long term assets                            (2,144)           452
 Increase (decrease):
  Accounts payable                                  (5,040)         5,323
  Accrued payrolls and employee benefits             2,864           (109)
  Accrued taxes -- general                            (739)            57
  Taxes on income                                     (401)          (692)
  Other long term liabilities                        3,751           (310)
                                                                

Net cash provided by operating activities           50,977         36,016
                                                                

Cash flows from investing activities:

 Sales (purchases) of investments in government
  and short term securities                          4,200          1,872
 Purchase of properties, plants and equipment      (31,008)       (30,785)
                                                                

Net cash used by investing activities              (26,808)       (28,913)
                                                                

Cash flows from financing activities:

 Proceeds (payments) on long term debt             (17,793)         3,006
 Acquisition of treasury stock                      (2,646)        (1,693)
 Dividends paid                                    (10,340)        (7,905)
                                                                

Net cash provided (used) by financing activities   (30,779)        (6,592)
                                                                

Foreign currency translation adjustment               (220)        (1,543)
                                                                

Net increase (decrease) in cash and short term 
 investments                                        (6,830)        (1,032)
Cash and short term investments at beginning of 
 period                                             29,543         30,827
                                                                

Cash and short term investments at end of period   $22,713        $29,795    


See accompanying Notes to Consolidated Financial Statements.

                                                                
GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 1995



NOTE 1 - CAPITAL STOCK AND RETAINED EARNINGS

       In March, 1995, authorized Class A Common Stock was increased from
16,000,000 shares to 32,000,000 shares and Class B Common Stock from 8,640,000
shares to 17,280,000 shares.  At the same time, all issued shares were split
two-for-one.

       Class A Common Stock is entitled to cumulative dividends of 1 cent a
share per year after which Class B Common Stock is entitled to non-cumulative
dividends up to 1/2 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 14,345,995 shares of Class A and Class B Common Stock for
treasury at a cost of $40,775,296 which was appropriately charged against
earnings retained for use in the business.  Included in the above are 106,555
shares of Class B Common Stock acquired in fiscal 1995 for $2,646,000.

NOTE 2 - DIVIDENDS PER SHARE

       The following dividends per share were paid during the period indicated,
adjusted for two-for-one stock split:

                                 Three Months Ended     Nine Months Ended
                                     July 31,               July 31,
                                 1995          1994     1995          1994
                                                          
    Class A Common Stock         $.06          $.04     $.34          $.26
    Class B Common Stock         $.09          $.06     $.50          $.38

NOTE 3 - CALCULATION OF NET INCOME PER SHARE

       Net income per share was calculated using the following number of
shares for the periods presented:

                                Three Months Ended       Nine Months Ended
                                    July 31,                 July 31,      

                                                   
    Class A Common Stock        10,873,172 shares        10,873,172 shares
    Class B Common Stock        13,215,106 shares        13,268,883 shares

NOTE 4 - INVENTORIES

       Inventories are comprised principally of raw materials.

NOTE 5 - STOCK OPTIONS

       During fiscal 1995, the Company adopted an Incentive Stock Option Plan
(the Plan) which provides the granting of incentive stock options to key
employees and non-statutory options for non-employees.  The aggregate number
of the Company's Class A Common Stock which options may be granted shall not
exceed 1,000,000 shares.  Under the terms of the Plan, options are granted at
exercise prices equal to the market value on the date the options are granted
and become exercisable after two years from the date of grant.

       In the current year, 155,000 incentive stock options and 10,000 non-
statutory options have been granted with option prices of $26.19 and $23.75,
respectively.


MANAGEMENT'S DISCUSSION AND ANALYSIS


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 9-month periods ended July 31,
1995 and July 31, 1994.

       Net sales increased 29% during the current period 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 84% in
1994 to 77% 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.

               Inventories are higher at July 31, 1995 compared to October 31,
1994.  This increase is to support the higher volume of sales that the Company
is experiencing this year.  In addition, the higher cost of raw materials
contributed to this increase in inventories.

Liquidity and Capital Resources

       As indicated in the Consolidated Balance Sheets, 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 July 31, 1995 is an indication of the
continuation of the Company's strong liquidity.

       Long term obligations are lower at July 31, 1995 compared to October 31,
1994 due to pre-payment of long term debt.  The decrease caused by this pre-
payment was partially offset by additional long term debt which was incurred
to build a manufacturing plant in Michigan.

       In May 1995, a subsidiary company approved a $35 million mill
modernization program at Riverville, Virginia. In addition, the Company has
outstanding purchase commitments, primarily for equipment, of approximately
$21 million.  Self-financing and low interest rate borrowing have been the
primary source for financing such capital expenditures.

       Capital expenditures were approximately $31 million during the nine
months ended July 31, 1995.  These capital expenditures were principally
needed to replace and improve equipment and build a manufacturing plant in
Michigan which will be completed in 1995. Construction in progress increased
since year-end primarily due to capital expenditures for the plant in Michigan
and the mill modernization in Virginia.



PART II.  OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

       There are no material pending legal proceedings.

       As disclosed in the 1994 Form 10-K and further described in the Form 10-
Q for the quarter ended April 30, 1995, there is a pollution situation at the
Company's plant in Winfield, Kansas.  No additional activity has been included
in the results of operations for the quarter ended July 31, 1995.


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 July 31, 1995, the consolidated statement of
income for the 9-month periods ended July 31, 1995 and 1994, and the
consolidated statement of cash flows for the 9-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          September 11, 1995                       John K. Dieker
                                                         Controller

  

 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
       
                             
                   9-MOS
                          OCT-31-1995
                               JUL-31-1995
                                          22,713
                                    19,770
                                   68,322
                                     (989)
                                     69,591
                               193,899
                                         453,698
                               (218,680)
                                 440,623
                           41,621
                                              0
                                         9,034
                                0
                                          0
                                     352,489
                   440,623
                                        539,086
                               549,389
                                          417,569
                                  417,569
                                54,153
                                     0
                                 820
                                 76,847
                                    29,000
                             47,847
                                       0
                                      0
                                            0
                                    47,847
                                     1.89
                                     1.89

Amount represents the earnings per share for the Class A Common Stock.  The
earnings per share for the Class B Common Stock are $2.05.