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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, 1997      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,      1997        1996      
                                                    
Net sales                                     $152,370    $159,743
Other income:
  Interest and other                             2,467         855
  Gain on timber sales                           1,539       1,891

                                               156,376     162,489

Costs and expenses (including depreciation of 
   $7,594 in 1997 and $6,523 in 1996):
  Cost of products sold                        131,329     127,434
  Selling, general and administrative           17,212      17,285
  Interest                                         750         244

                                               149,291     144,963


Income before income taxes                       7,085      17,526
Taxes on income                                  2,600       6,700

Net income                                    $  4,485    $ 10,826           


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                          $0.14       $0.41          
   Class B Common Stock                          $0.25       $0.52


     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,
                                                1997        1996    
                                                    
CURRENT ASSETS
  Cash and cash equivalents                   $ 22,048    $ 26,560
  Canadian government securities                19,273      19,479
  Trade accounts receivable--less allowance
   of $836 for doubtful items ($826 in 1996)    70,500      73,987
  Inventories                                   50,148      49,290       
  Prepaid expenses and other                    15,944      16,131

          Total current assets                 177,913     185,447

LONG TERM ASSETS
  Cash surrender value of life insurance         3,020       2,982
  Goodwill--less amortization                   12,198       4,617
  Other long term assets                         7,333       7,116

                                                22,551      14,715

PROPERTIES, PLANTS AND EQUIPMENT--at cost
  Timber properties--less depletion              6,159       6,112
  Land                                          10,950      10,771
  Buildings                                    127,631     125,132
  Machinery, equipment, etc.                   389,846     385,834
  Construction in progress                      44,471      33,450
  Less accumulated depreciation               (256,147)   (249,123)

                                               322,910     312,176

                                              $523,374    $512,338

 LIABILITIES AND SHAREHOLDERS' EQUITY
      
CURRENT LIABILITIES
 Accounts payable                            $  25,085   $  31,609
 Current portion of long term obligations       16,357       2,455 
 Accrued payrolls and employee benefits          6,434       8,989
 Accrued taxes--general                          1,346       1,949
 Taxes on income                                 5,244       5,678

             Total current liabilities          54,466      50,680 

LONG TERM OBLIGATIONS                           32,153      22,748

OTHER LONG TERM LIABILITIES                     14,505      15,406

DEFERRED INCOME TAXES                           24,194      22,872

             Total long term liabilities        70,852      61,026

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
       

  Treasury Stock, at cost                      (41,867)    (41,867)
    Class A Common Stock: 10,267,788 shares
    Class B Common Stock:  5,278,207 shares
                          

 Retained earnings                             434,347     436,672

 Cumulative translation adjustment              (3,458)     (3,207)

                                               398,056     400,632

                                              $523,374    $512,338


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,               1997       1996    
                                                               
Cash flows from operating activities:

 Net income                                              $ 4,485     $10,826
 Adjustments to reconcile net income to net cash
  provided by operating activities:
   Depreciation, depletion and amortization                7,986       6,523
   Deferred income taxes                                   1,325       1,612
 Increase (decrease) in cash from changes in certain
  assets and liabilities, net of effects from acquisitions:
   Trade accounts receivable                               5,233       8,075
   Inventories                                              (576)      5,820
   Prepaid expenses and other                                253         413
   Other long term assets                                   (255)        221
   Accounts payable                                       (6,621)    (13,926) 
   Accrued payrolls and employee benefits                 (2,659)       (973)
   Accrued taxes - general                                  (611)       (503)
   Taxes on income                                          (451)      3,673
   Other long term liabilities                              (901)        368

  Net cash provided by operating activities                7,208      22,129

Cash flows from investing activities:
  Acquisitions of companies, net of cash acquired            134         -0-
  Disposals (purchases) of investments in government
   securities                                                206         724
  Purchases of properties, plants and equipment          (15,354)    (12,375)

Net cash used by investing activities                    (15,014)    (11,651)

Cash flows from financing activities:

   Proceeds (payments) on long term debt                  10,307         (71)
   Dividends paid                                         (6,810)     (6,810)

Net cash used by financing activities                      3,497      (6,881)

Foreign currency translation adjustment                     (203)       (788)

Net (decrease) increase in cash and cash equivalents      (4,512)      2,809
Cash and cash equivalents at beginning of period          26,560      31,612

Cash and cash equivalents at end of period               $22,048     $34,421


See accompanying Notes to Consolidated Financial Statements.


         GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                         JANUARY 31, 1997




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,
                                    1997        1996
                                          
             Class A Common Stock   $.24        $.24
             Class B Common Stock   $.35        $.35


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  - 12,001,793 shares

NOTE 4 - INVENTORIES

       Inventories are comprised principally of raw materials and
are stated at the lower of cost (principally on last-in, first-out basis) or
market.

NOTE 5 - ACQUISITIONS

       On November 8, 1996, the Company purchased the assets of
Aero Box Company, a corrugated container company, located in
Roseville, Michigan.  This acquisition has been accounted for
using the purchase method of accounting and, accordingly, the
purchase price has been allocated to the assets purchased and
liabilities assumed based upon the fair values at the date of
acquisition.  The excess of the purchase price over the fair
values of the net assets acquired has been recorded as goodwill. 
The Consolidated Financial Statements include the operating
results of the business from the date of acquisition.  Pro forma
results of operations have not been presented because the effect
of this acquisition was not significant.


               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, 1997 and January 31, 1996.

       Net sales decreased 5% during the current quarter compared
to the previous period.  This decrease was primarily the result
of lower sales in the containerboard segment, which was
significantly affected by lower sales prices of its products. 
The lower prices were caused by the continued weakness in the
containerboard market resulting from excess capacity of
containerboard.  The net sales of the shipping containers segment
remained about the same in comparison to the prior year's
quarter.

       The increase in other income was primarily due to a gain
on the sale of an office building.

       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 without a corresponding reduction, except for raw
materials, in the cost of products sold.

Liquidity and Capital Resources

       As indicated in the Consolidated Balance Sheet, elsewhere
in this report and discussed in greater detail in the 1996 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 1996 Annual Report, the Company is
subject to the economic conditions of the market in which it
operates.  During this period, the Company has been able to
utilize its developed financial position to meet its continued
business needs.

       The current ratio of 3.3:1 as of January 31, 1997 is an
indication of the continuation of the Company's strong liquidity.

       The increase in long term obligations since year-end is
due to the debt incurred in connection with the purchase of Aero
Box Company, financing to fund improvements related to machinery
and equipment for Greif Board Corporation, a subsidiary of the
Company, and other capital expenditures.

       Capital expenditures were $15,354,000 during the three
months ended January 31, 1997.  These capital expenditures were
principally needed to replace and improve equipment.

       Effective November 8, 1996, the Company acquired the
assets of Aero Box Company, a manufacturer of corrugated boxes,
located in Roseville, Michigan. 
 
       The Company has approved future purchases, primarily for
equipment, of approximately $20 million.  It is anticipated that
self-financing and bank borrowing will be the primary source for
financing such capital expenditures.


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 24, 1997. 

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

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

       
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,
1997, the consolidated statement of income for the 3-month
periods ended January 31, 1997 and 1996, 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
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, 1997                         John K. Dieker
                                    Controller (Principal Accounting Officer)

  

 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-31-1997
                               JAN-31-1997
                                          22,048
                                    19,273
                                   71,336
                                     (836)
                                     50,148
                               177,913
                                         579,057
                               (256,147)
                                 523,374
                           54,466
                                              0
                                0
                                          0
                                         9,034
                                     389,022
                   523,374
                                        152,370
                               156,376
                                          131,329
                                  131,329
                                17,212
                                     0
                                 750
                                  7,085
                                     2,600
                              4,485
                                       0
                                      0
                                            0
                                     4,485
                                     0.14
                                     0.14

Amount represents the earnings per share for the Class A Common Stock.  The
earnings per share for the Class B Common Stock are $0.25.