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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  April 30, 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)


                     Three Months Ended April 30,   Six Months Ended April 30,
                          	1997 	    1996 	             1997     	1996
                                                     
Net sales                $152,529 	$159,212          	$304,899  $318,955
Other income:
  Interest and other	       4,649     1,173          	   7,116	    2,028
  Gain on timber sales	     2,058	    1,106	             3,597 	   2,997
        	        
                          159,236	  161,491          	 315,612 	 323,980
			        	        	        	        
Costs and expenses (including depreciation of
$14,305 in 1997 and $13,063 in 1996):
  Cost of products sold	   134,921	 133,161          	 266,250	  260,595
  Selling, general          17,812	  17,481	            35,024 	  34,766
     and administrative
  Interest	                    923	     270	             1,673	      514
			        	        	        	        
                           153,656	 150,912          	 302,947 	 295,875
				        	        	        	        
Income before income taxes   5,580	  10,579          	  12,665 	  28,105
Taxes on income	             2,000	   4,000	             4,600	   10,700
				        	        	        	        
Net income                	$ 3,580	$  6,579          	$  8,065 	$ 17,405
				        	        	        	        


Earnings 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 wereactually 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       	$ .12   	$ .27              	$ .26    	$ .68
Class B Common Stock	       $ .18   	$ .31	              $ .43    	$ .83

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 the Consolidated Financial Statements.



                GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

                          CONSOLIDATED BALANCE SHEETS

                            (Dollars in thousands)

ASSETS

                                             	April 30,	  October 31,
	                                               1997  	      1996    
                                                        
CURRENT ASSETS
Cash and cash equivalents                    	$ 19,068     	$ 26,560
Canadian government securities	                 15,691	       19,479
Trade accounts receivable--less allowance
of $828 for doubtful items ($826 in 1996)    	  68,461	       73,987
Inventories	  	                                 52,469	       49,290
Prepaid expenses and other	                     16,654	       16,131

                   Total current assets	       172,343     	 185,447

LONG TERM ASSETS
Cash surrender value of life insurance       	   3,028 	       2,982
Goodwill - less amortization	                   14,699     	   4,617
Other long term assets	                          7,697     	   7,116

                                                25,424     	  14,715

PROPERTIES, PLANTS AND EQUIPMENT--at cost
Timber properties--less depletion	               6,159     	   6,112
Land		                              	           10,815     	  10,771
Buildings		                                    130,595     	 125,132
Machinery, equipment, etc.                   	 390,139     	 385,834
Construction in progress	                       50,802     	  33,450
Less accumulated depreciation                	(256,526)    	(249,123)

                                               331,984     	 312,176

                                              $529,751     	$512,338
 

CURRENT LIABILITIES
Accounts payable                             	$ 26,574    	$  31,609
Current portion of long term obligations	       18,317    	    2,455
Accrued payrolls and employee benefits	          7,373 	       8,989
Accrued taxes--general	                          1,023    	    1,949
Taxes on income                              	     634	        5,678

Total current liabilities                    	  53,921    	   50,680

LONG TERM OBLIGATIONS                        	  39,609  	     22,748

OTHER LONG TERM LIABILITIES                  	  13,943    	   15,406

DEFERRED INCOME TAXES                        	  25,510    	   22,872

Total long term liabilities	                    79,062    	   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                            	 434,462     	 436,672

Cumulative translation adjustment	              (4,861)    	  (3,207)

                                               396,768	      400,632

                                              $529,751     	$512,338


See accompanying Notes to the Consolidated Statements.



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

	(Dollars in thousands)

           For the six months ended April 30,    	 1997    	 1996    
                                                        
Cash flows from operating activities:
	Net income                                     	$ 8,065   	$17,405
Adjustments to reconcile net income to 
 net cash provided by operating activities:
Depreciation, depletion and amortization        	 14,916   	 13,063
Deferred income taxes	                             2,654	     3,659	
	Increase (decrease) in cash from changes in
certain assets and liabilities, net of 
effects from acquisitions:
Trade accounts receivable	                         8,912	    12,508
Inventories	                                        (208)	   11,078
Prepaid expenses and other	                         (436)  	    287
Other long term assets	                             (577)	      (99)
Accounts payable	                                 (5,980)	   (9,241)
Accrued payrolls and employee benefits	           (1,911)  	 (1,654)
Accrued taxes - general	                            (935)	     (674)
Taxes on income	                                  (5,061)  	   (229)
Other long term liabilities

 Net cash provided by operating activities       	 17,976   	 44,252

Cash flows from investing activities:

		Acquisitions of companies, net of cash
    acquired                                    	 (5,188)  	   (479)
Net disposals of investments in 
    government securities	                         3,788	       311
Purchase of properties, plants and 
    equipment                                   	(22,224)  	(30,452)

Net cash used by investing activities           	(23,624)  	(30,620)

Cash flows from financing activities:

		Net proceeds (payments) on long term debt	       9,723   	 (1,443)
  Dividends paid                                	(10,275)  	 (9,120)

Net cash used by financing activities	              (552)	  (10,563)

Foreign currency translation adjustment	          (1,292)	     (481)

Net increase (decrease) in cash and 
  cash equivalents	                               (7,492)	    2,588
Cash and cash equivalents at beginning 
  of period	                                      26,560	    31,612

Cash and cash equivalents at end of period      	$19,068	   $34,200


See accompanying Notes to Consolidated Financial Statements.


         	GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
            	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          	APRIL 30, 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 propor- 
tion 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  Six Months Ended
                                   April 30,	         April 30,
                               1997       	1996   	1997     	1996
                                                 
         Class A Common Stock 	$.12       	$.08   	$.36     	$.32 
         Class B Common Stock 	$.18       	$.12   	$.53     	$.47

NOTE 3 - CALCULATION OF EARNINGS PER SHARE

Earnings per share were calculated using the following 
number of shares for the periods presented:

                            Three Months Ended    Six Months Ended
                                 April 30,    	       April 30,   


      Class A Common Stock  	10,873,172 shares   	10,873,172 shares
      Class B Common Stock  	12,001,793 shares   	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.  On March 26, 1997, the Company acquired the 
assets of two steel drum manufacturing plants with locations in 
Merced, California and Oakville, Ontario.  These acquisitions 
have 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 each business from the date of 
acquisition.  Pro forma results of operations have not been 
presented because the effect of these acquisitions were not 
significant.

Subsequent to April 30, 1997, the Company purchased all 
of the outstanding common stock of Independent Container, Inc., a 
corrugated container company, located in Louisville, Kentucky, 
Ferdinand, Indiana and Erlanger, Kentucky.


NOTE 6 - RECLASSIFICATIONS

Certain prior year amounts have been reclassified to 
conform to the 1997 presentation.



          	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 6-month periods ended April 30, 1997 and April 30, 1996.

     Net sales decreased 4% during the current period compared 
to the previous period.  This decrease was principally 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 
did not fluctuate significantly from the prior year.

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

     The cost of products sold as a percentage of sales       
increased from 81.7% in 1996 to 87.3% in 1997.  This increase is 
primarily the result of lower net sales of the containerboard 
segment without a corresponding reduction in the cost of products 
sold. 

     The increase in interest expense is due to more long term 
obligations than the prior year.

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 as of April 30, 1997 is an indication 
of the continuation of the Company's strong liquidity.

     Capital expenditures were $22,224,000 during the six 
months ended April 30, 1997.  These capital expenditures were 
principally needed to replace and improve equipment.

     In November 1996, the Company acquired the assets of Aero 
Box Company, a manufacturer of corrugated containers, located in 
Roseville, Michigan.  In March 1997, the Company purchased the 
assets of two steel drum plants with locations in Merced, 
California and Oakville, Ontario.

     The Company has approved future purchases, primarily for 
equipment, of approximately $17 million.  Self-financing and low 
interest rate borrowing has been the primary source for financing 
such capital expenditures.

     Subsequent to April 30, 1997, the Company acquired all of 
the outstanding common stock of Independent Container, Inc., a 
corrugated container company, located in Louisville, Kentucky, 
Ferdinand, Indiana and Erlanger, Kentucky.

     The increase in long term obligations since year-end is 
primarily due to the purchase of a corrugated container company, 
two steel drum operations, improvements related to Greif Board 
Corporation=s machinery and equipment and other capital 
expenditures.


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 April 30, 
1997, the consolidated statements of income for the 6-month 
periods ended April 30, 1997 and 1996, and the consolidated 
statements of cash flows for the 6-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      June 11, 1997        	                              
                                          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
       
                             
                   6-MOS
                          OCT-31-1997
                               APR-30-1997
                                          19,068
                                    15,691
                                   69,289
                                     (828)
                                     52,469
                               172,343
                                         588,510
                               (256,526)
                                 529,751
                           53,921
                                         39,609
                                0
                                          0
                                         9,034
                                     387,734
                   529,751
                                        304,899
                               315,612
                                          266,250
                                  266,250
                                35,024
                                     0
                               1,673
                                 12,665
                                     4,600
                              8,065
                                       0
                                      0
                                            0
                                     8,065
                                     0.26
                                     0.26

Amount represents the earnings per share for the Class A Common Stock.  The
earnings per share for the Class B Common Stock are $0.43.