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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    January 31, 1996      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  12,001,793 shares



PART I.  FINANCIAL INFORMATION

           GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

                   CONSOLIDATED STATEMENTS OF INCOME        

           (Dollars in thousands, except per share amounts)

For the three months ended January 31,        1996        1995    
                                                               
Net sales                                     $159,743    $170,058
Other income:
  Interest and other                               855       1,337
  Gain on timber sales                           1,891       3,026

                                               162,489     174,421

Costs and expenses (including depreciation of 
   $6,523 in 1996 and $5,516 in 1995):
  Cost of products sold                        127,434     132,658
  Selling, general and administrative           17,285      16,659
  Interest                                         244         426

                                               144,963     149,743


Income before income taxes                      17,526      24,678
Taxes on income                                  6,700       9,300

Net income                                    $ 10,826    $ 15,378


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 Common Stock                          $0.41       $0.58
   Class B Common Stock                          $0.52       $0.68


     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 retained
earnings.


See accompanying Notes to Consolidated Financial Statements.



         GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
                                 
                    CONSOLIDATED BALANCE SHEETS
                                 
                      (Dollars in thousands)

   ASSETS

                                              January 31, October 31,
                                              1996        1995    
                                                    
CURRENT ASSETS
  Cash and cash equivalents                   $ 34,421    $ 31,612
  Canadian government securities                18,257      18,981
  Trade accounts receivable--less allowance
   of $789 for doubtful items                   68,875      76,950
  Inventories, at the lower of cost (prin-
   cipally last-in, first-out) or market        48,056      53,876
  Prepaid expenses and other                    16,069      16,482

                       Total current assets    185,678     197,901

LONG TERM ASSETS
  Cash surrender value of life insurance         2,886       2,838
  Interest in partnership                          -0-       1,091
  Other long term assets                         6,708       6,977

                                                 9,594      10,906

PROPERTIES, PLANTS AND EQUIPMENT--at cost
  Timber properties--less depletion              4,571       4,518
  Land                                          10,978      11,014
  Buildings                                    118,046     104,892
  Machinery, equipment, etc.                   327,860     319,785
  Construction in progress                      32,267      42,102
  Less accumulated depreciation               (229,165)   (223,456)

                                               264,557     258,855

                                              $459,829    $467,662

 LIABILITIES AND SHAREHOLDERS' EQUITY

     
CURRENT LIABILITIES
 Accounts payable                            $  22,009   $  35,935
 Current portion of long term obligations          257         264
 Accrued payrolls and employee benefits          9,909      10,882
 Accrued taxes--general                          1,451       1,954
 Taxes on income                                 3,799         126

             Total current liabilities          37,425      49,161

LONG TERM OBLIGATIONS (interest rates from
 4.81% - 8.00%; payable to 2002)                14,037      14,101

OTHER LONG TERM LIABILITIES                     18,673      18,305

DEFERRED INCOME TAXES                           15,165      13,562

 Total long term liabilities                    47,875      45,968

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;
      outstanding 10,873,172 shares
  Class B Common Stock:
    Authorized and issued 17,280,000 shares;
      outstanding 12,001,793 shares
       (13,201,793 in 1995)

  Treasury Stock, at cost                     (41,867)    (40,776)
    Class A Common Stock: 10,267,788 shares
    Class B Common Stock:  5,278,207 shares
       (4,078,207 in 1995)

 Retained earnings                            411,681     407,665

 Cumulative translation adjustment             (4,319)     (3,390)

                                              374,529     372,533

                                             $459,829    $467,662


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,       1996      1995    
                                                          
Cash flows from operating activities:

Net income                                      $10,826   $15,378
Adjustments to reconcile net income to net cash
 provided by operating activities:
  Depreciation and depletion                      6,523     5,694
  Deferred income taxes                           1,612     1,342
 (Increase) decrease:
  Trade accounts receivable                       8,075    (1,703)
  Inventories                                     5,820    (4,480)
  Prepaid expenses and other                        413       227
  Other long term assets                            221      (178)
 Increase (decrease):
  Accounts payable                              (13,926)   (7,126)
  Accrued payrolls and employee benefits           (973)     (650)
  Accrued taxes - general                          (503)     (724)
  Taxes on income                                 3,673     6,437
  Other long term liabilities                       368       593

  Net cash provided by operating activities      22,129    14,810

Cash flows from investing activities:

Sales (purchases) of investments in government
 and short term securities                          724     3,291
Purchase of properties, plants and equipment    (12,375)   (9,771)

  Net cash used by investing activities         (11,651)   (6,480)

Cash flows from financing activities:

(Payments) proceeds on long term debt               (71)   (3,067)
Acquisition of treasury stock                       -0-       (89)
Dividends paid                                   (6,810)   (6,650)

  Net cash used by financing activities          (6,881)   (9,806)

Foreign currency translation adjustment            (788)   (1,281)

Net increase (decrease) in cash and cash 
 equivalents                                      2,809    (2,757)
Cash and cash equivalents at beginning of period 31,612    29,543

Cash and cash equivalents at end of period      $34,421   $26,786


See accompanying Notes to Consolidated Financial Statements.


         GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                         JANUARY 31, 1996




NOTE 1 - CAPITAL STOCK AND RETAINED EARNINGS

       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 arrears.  There is no cumulative voting.

NOTE 2 - DIVIDENDS PER SHARE

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

                                   Three Months Ended
                                       January 31,
                                    1996        1995
                                          
             Class A Common Stock   $.24        $.22
             Class B Common Stock   $.35        $.32


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  - 10,873,172 shares
       Class B Common Stock  - 12,081,793 shares


NOTE 4 - INVENTORIES

       Inventories are comprised principally of raw materials.


NOTE 5 - TREASURY SHARES ACQUIRED

       Effective November 6, 1995, Macauley & Company (the
Partnership) in which the Company was a limited partner, was
liquidated.  Prior to the liquidation, the Partnership held Class
B Common Stock (2,400,000 shares) of the Company.  Upon
liquidation, the Company received 1,200,000 shares of the Class B
Common Stock.  The Company recorded the liquidation by crediting
interest in partnership and charging an equal amount to treasury
stock.

 
               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 3-month periods ended January 31, 1996 and January 31, 1995.

       Net sales decreased 6% during the current quarter compared
to the previous period.  This decrease was primarily the result
of decreases in the containerboard segment, which was
significantly affected by lower prices of the products in this
segment.

       The gain on sales of timber and timber properties
decreased due to the sale of timber properties to the U.S. Forest
Service and more salvage timber sales in the prior year.

       The cost of products sold as a percentage of sales
increased slightly as compared to the prior year.  This increase
is primarily the result of lower net sales of the containerboard
segment as compared to the previous period.

Liquidity and Capital Resources

       As indicated in the Consolidated Balance Sheet, elsewhere
in this report and discussed in greater detail in the 1995 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 1995 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, 1996 is an indication
of the continuation of the Company's strong liquidity.

       The reduction in trade accounts receivable since year-end
is due to lower sales during the first quarter of fiscal 1996
compared to the fourth quarter of fiscal 1995.  Likewise, the
inventory and accounts payable balances are lower due to the
lower sales.

       The increase in buildings is the result of completing a
manufacturing plant in Mason, Michigan.  This increase was
partially offset by a reduction in construction in progress.

       Capital expenditures were $12,375,000 during the three
months ended January 31, 1996.  These capital expenditures were
principally needed to replace and improve equipment.

       The Company has approved future purchases, primarily for
equipment, of approximately $43 million.  Self-financing and low
interest rate borrowing has been the primary source for financing
such capital expenditures.

       Effective February 1, 1996, the Company acquired Decatur
Container Corporation, a manufacturer of corrugated boxes and
other related items, located in Decatur, Illinois.  This
acquisition will add approximately $8 million to annual sales.


PART II.  OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

       There are no material pending legal proceedings.


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

       (a.) The Company held its Annual Meeting of Stockholders on
            February 26, 1996. 

       (b.) At the Annual Meeting of Stockholders, the following
            nominees were elected:

                   Charles R. Chandler
                   Michael H. Dempsey
                   Naomi C. Dempsey
                   Michael J. Gasser
                   Daniel J. Gunsett
                   Allan Hull
                   Robert C. Macauley
                   William B. Sparks, Jr.
                   J Maurice Struchen

       (c.) At the Annual Meeting of Stockholders, the adoption of a
            proposed amendment to the Greif Bros. Corporation By-laws 
            was approved by the stockholders, increasing the
            number of directors from seven to nine.  The inspectors 
            of election certified the following vote tabulations:

                For                       11,130,648               
                Against                      100,182               

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,
1996, the consolidated statement of income for the 3-month
periods ended January 31, 1996 and 1995, 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 8, 1996                                                      
                                            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
       
                             
                   3-MOS
                          OCT-31-1996
                               JAN-31-1996
                                          34,421
                                    18,257
                                   69,664
                                     (789)
                                     48,056
                               185,678
                                         493,722
                               (229,165)
                                 459,829
                           37,425
                                              0
                                0
                                          0
                                         9,034
                                     365,495
                   459,829
                                        159,743
                               162,489
                                          127,434
                                  127,434
                                17,285
                                     0
                                 244
                                 17,526
                                     6,700
                             10,826
                                       0
                                      0
                                            0
                                    10,826
                                      .41
                                      .41

Amount represents the earnings per share for the Class A Common Stock.  The
earnings per share for the Class B Common Stock are $.52.