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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, 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)

                                   Three Months              Nine Months 
                                  Ended July 31,            Ended July 31,
                                 1996        1995          1996        1995  
                                                           
Net sales                        $155,994    $184,159      $474,949    $539,086
Other income:
  Interest and other                1,535       1,553         3,563       4,184
  Gain on timber sales              3,084       1,402         6,081       6,119

                                                                
                                  160,613     187,114       484,593     549,389
                                                         

Costs and expenses:
  Cost of products sold           128,865     138,011       389,460     417,569
  Selling, general and 
    administrative                 16,116      19,911        50,882      54,153
  Interest                            196         104           710         820
                                                                                

                                   145,177    158,026       441,052     472,542

Income before income taxes          15,436     29,088        43,541      76,847
Taxes on income                      5,800     11,500        16,500      29,000
                                                                         

Net income                        $  9,636   $ 17,588      $ 27,041    $ 47,847
                                                                         


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                 $ .36       $ .71        $1.00       $1.89
Class B Common Stock                 $ .40       $ .74        $1.15       $2.05

   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

                                                    July 31,  October 31,
                                                   1996        1995
                                                         
CURRENT ASSETS
  Cash and cash equivalents                        $ 42,192    $ 31,612
  Canadian government securities                     18,846      18,981
  Trade accounts receivable--less allowance
   of $789 for doubtful items                        63,474      76,950
  Inventories, at the lower of cost (prin-
   cipally last-in, first-out) or market             36,924      53,876
  Prepaid expenses and other                         14,281      16,482

                        Total current assets        175,717     197,901

LONG TERM ASSETS
  Cash surrender value of life insurance              3,030       2,838
  Interest in partnership                               --        1,091
  Other long term assets                              6,620       6,977

                                                      9,650      10,906

PROPERTIES, PLANTS AND EQUIPMENT--at cost
  Timber properties--less depletion                   5,688       4,518
  Land                                               10,982      11,014
  Buildings                                         120,123     104,892
  Machinery, equipment, etc.                        337,020     319,785
  Construction in progress                           58,819      42,102
  Less accumulated depreciation                    (241,887)   (223,456)

                                                    290,745     258,855

                                                   $476,112    $467,662

 LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
 Accounts payable                                  $ 24,143    $ 35,935
 Current portion of long term obligations             1,273         264
 Accrued payrolls and employee benefits               8,107      10,882
 Accrued taxes--general                               1,748       1,954
 Taxes on income                                      4,496         126

             Total current liabilities               39,767      49,161

LONG TERM OBLIGATIONS (interest rates from
 4.81% - 8.00%; payable to 2002)                     12,696      14,101

OTHER LONG TERM LIABILITIES                          19,226      18,305

DEFERRED INCOME TAXES                                18,338      13,562

 Total long term liabilities                         50,260      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                                  423,276     407,665

 Cumulative translation adjustment                   (4,358)     (3,390)

                                                    386,085     372,533

                                                   $476,112    $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 nine months ended July 31,    1996         1995    
                                                     
Cash flows from operating activities:

         Net income                            $27,041     $47,847
Adjustments to reconcile net income to net cash
 provided by operating activities:
  Depreciation and depletion                    19,360      17,097
  Deferred income taxes                          4,786       4,329
   (Increase) decrease:
  Trade accounts receivable                     13,476       2,168
  Inventories                                   16,952     (18,647)
  Prepaid expenses and other                     2,201        (108)
  Other long term assets                           165      (2,144)
   Increase (decrease):
  Accounts payable                             (11,792)     (5,040)
  Accrued payrolls and employee benefits        (2,775)      2,864
  Accrued taxes - general                         (206)       (739)
  Taxes on income                                4,370        (401)
  Other long term liabilities                      921       3,751

  Net cash provided by operating activities     74,499      50,977

Cash flows from investing activities:

   Net sales of investments in government 
    securities                                     135       4,200
   Purchase of properties, plants and 
    equipment                                  (51,413)    (31,008)

  Net cash used by investing activities        (51,278)    (26,808) 

Cash flows from financing activities:

   Net payments on long term obligations          (396)    (17,793)
   Acquisition of treasury stock                   --       (2,646)
   Dividends paid                              (11,430)    (10,340)

  Net cash used by financing activities        (11,826)    (30,779)

Foreign currency translation adjustment           (815)       (220)

Net increase (decrease) in cash and cash 
 equivalents                                    10,580      (6,830)
Cash and cash equivalents at beginning of 
 period                                         31,612      29,543

Cash and cash equivalents at end of period     $42,192     $22,713


See accompanying Notes to Consolidated Financial Statements.


         GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          JULY 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  Nine Months Ended
                             July 31,            July 31,
                            1996    1995        1996   1995
                                            
Class A Common Stock        $.08    $.06        $.40   $.34
Class B Common Stock        $.12    $.09        $.59   $.50


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         12,001,793 shares  12,028,460 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 three-month and nine-month 
periods ended July 31, 1996 and July 31, 1995.

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

       For the quarter ended July 31, 1996, the gain on sales of timber and 
timber properties increased since the prior year due to timber properties sold 
in Nova Scotia, Canada.

       The cost of products sold as a percentage of sales increased since the
prior year.  The profit margins of the containerboard segment were lower as 
compared to the previous period due to a reduction in the sales prices of its 
products without a corresponding reduction in its costs.

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.

       The current ratio as of July 31, 1996 is an indication of the 
continuation of the Company's strong liquidity.

       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.

       During the nine months ended July 31, 1996, the Company generated
$74,499,000 of cash from operations.  Capital expenditures were $51,413,000 
during this same period.  These capital expenditures were principally related 
to a paper mill modernization program in Virginia as well as replacing and 
improving equipment.

       The Company has approved future purchases, primarily for equipment, of
approximately $38 million.  Self-financing and low interest rate borrowing has 
been the primary source for financing such capital expenditures.

       The reduction in trade accounts receivable since year-end is due to lower
sales during the third quarter of fiscal 1996 compared to the third quarter of
fiscal 1995.  Inventory and accounts payable balances are lower primarily due 
to a decrease in certain raw material prices.

                    PART II.  OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

       There are no material pending legal proceedings.


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, 1996, the consolidated statement of income for 
the 9-month periods ended July 31, 1996 and 1995, 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 our independent 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 9, 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
       
                             
                   9-MOS
                          OCT-31-1996
                               JUL-31-1996
                                          42,192
                                    18,846
                                   64,263
                                     (789)
                                     36,924
                               175,717
                                         532,632
                               (241,887)
                                 476,112
                           39,767
                                              0
                                0
                                          0
                                         9,034
                                     377,051
                   476,112
                                        474,949
                               484,593
                                          389,460
                                  389,460
                                50,882
                                     0
                                 710
                                 43,541
                                    16,500
                             27,041
                                       0
                                      0
                                            0
                                    27,041
                                     1.00
                                     1.00

Amount represents the earnings per share for the Class A Common Stock.  The
earnings per share for the Class B Common Stock are $1.15.