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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, 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.)


      425 Winter Road, Delaware, Ohio                  43015
                                                                               
   (Address of principal executive offices)          (Zip Code)


Registrant's telephone number, including area code           614-549-6000       
                                                                               


                   621 Pennsylvania Avenue, Delaware, Ohio
                                                                              
               (Former address, 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 10,878,672 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,
                                         1997       1996       1997       1996  
                                                           
Net sales                             $167,062   $155,994   $471,961   $474,949
Other income:
     Interest and other                  1,698      1,535      8,814      3,563
     Gain on timber sales                3,781      3,084      7,378      6,081

                                                                   

                                       172,541    160,613    488,153    484,593
                                                                   

Costs and expenses:
  Cost of products sold                144,869    128,865    411,119    389,460
  Selling, general and administrative   19,275     16,116     54,299     50,882
  Interest                               1,063        196      2,736        710
                                                                   

                                       165,207    145,177    468,154    441,052

Income before income taxes               7,334     15,436     19,999     43,541
Taxes on income                          2,652      5,800      7,252     16,500

Net income                            $  4,682   $  9,636   $ 12,747   $ 27,041
                                                                   


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          $ .18      $ .40      $ .44      $1.08
        Class B Common Stock          $ .24      $ .44      $ .67      $1.27

          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

                                                        July 31,    October 31,
                                                          1997        1996
                                                                
CURRENT ASSETS
     Cash and cash equivalents                          $ 15,378    $ 26,560
     Canadian government securities                        8,255      19,479
     Trade accounts receivable--less allowance
          of $882 for doubtful items ($826 in 1996)       74,632      73,987
     Inventories                                          54,635      49,290
     Prepaid expenses and other                           23,112      16,131

                                  Total current assets   176,012     185,447

LONG TERM ASSETS
     Cash surrender value of life insurance                3,163       2,982
     Goodwill -- less amortization                        15,513       4,617
     Other long term assets                               12,426       7,116

                                                          31,102      14,715

PROPERTIES, PLANTS AND EQUIPMENT--at cost
     Timber properties--less depletion                     6,204       6,112
     Land                                                 11,675      10,771
     Buildings                                           131,473     125,132
     Machinery, equipment, etc.                          401,683     385,834
     Construction in progress                             58,007      33,450
     Less accumulated depreciation                      (264,287)   (249,123)

                                                         344,755     312,176

                                                        $551,869    $512,338

   LIABILITIES AND SHAREHOLDERS' EQUITY
      
CURRENT LIABILITIES
     Accounts payable                                  $ 32,516     $ 31,609
     Current portion of long term obligations            27,790        2,455
     Accrued payrolls and employee benefits               6,935        8,989
     Accrued taxes--general                               1,433        1,949
     Taxes on income                                      3,659        5,678

                 Total current liabilities               72,333       50,680

LONG-TERM OBLIGATIONS                                    38,504       22,748

OTHER LONG-TERM LIABILITIES                              15,681       15,406

DEFERRED INCOME TAXES                                    26,768       22,872

     Total long-term liabilities                         80,953       61,026

SHAREHOLDERS' EQUITY (Note 1)
  Capital stock, without par value                        9,192        9,034
    Class A Common Stock:
       Authorized 32,000,000 shares;
           issued 21,140,960 shares;
           outstanding 10,878,672 shares
          (10,873,172 in 1996)
    Class B Common Stock:
       Authorized and issued 17,280,000 shares;
           outstanding 12,001,793 shares
                         
    Treasury Stock, at cost                             (41,891)     (41,867)
       Class A Common Stock: 10,262,288 shares
              (10,267,788 in 1996)
       Class B Common Stock:  5,278,207 shares
                          
   Retained earnings                                    435,679      436,672
  

   Cumulative translation adjustment                     (4,397)      (3,207)
  
                                                        398,583      400,632

                                                       $551,869     $512,338
 

See accompanying Notes to the Consolidated Financial Statements.



              GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

                 CONSOLIDATED STATEMENTS OF CASH FLOWS 

                        (Dollars in thousands)

          For the nine months ended July 31,    1997         1996    
                                                      
Cash flows from operating activities:

Net income                                     $12,747       $27,041   
Adjustments to reconcile net income to       
 net cash provided by operating activities:
 Depreciation, depletion and amortization       23,771        19,360   
 Deferred income taxes                           3,907         4,786          
Increase (decrease) in cash from changes in
 certain assets and liabilities, net of effects
 from acquisitions:
 Trade accounts receivable                       6,181        14,081            
 Inventories                                       (83)       17,700               
 Prepaid expenses and other                     (6,667)        2,207        
 Other long-term assets                         (4,786)          373               
 Accounts payable                               (3,065)      (12,504)           
 Accrued payrolls and employee benefits         (2,437)       (2,786)               
 Accrued taxes - general                          (535)         (238)        
 Taxes on income                                (2,055)        4,267             
 Other long-term liabilities                    (1,929)          457
     Net cash provided by operating activities  25,049        74,744     

Cash flows from investing activities:
 Acquisitions of companies, net of cash 
  acquired                                      (7,514)          (479)
 Net sales of investments in government 
  securities                                    11,224            135
 Purchase of properties, plants and equipment  (34,464)       (49,027)
     Net cash used by investing activities     (30,754)       (49,371)          

Cash flows from financing activities:

 Net proceeds (payments) on long-term debt       9,091         (2,548)       
 Acquisition of treasury stock                     (24)            --
 Exercise of stock options                         158             --
 Dividends paid                                (13,740)       (11,430)
     Net cash used by financing activities      (4,515)       (13,978)  

Foreign currency translation adjustment           (962)          (815)

Net (decrease) increase in cash and cash 
 equivalents                                   (11,182)        10,580
Cash and cash equivalents at beginning of 
 period                                         26,560         31,612     
Cash and cash equivalents at end of period     $15,378        $42,192     


See accompanying Notes to the Consolidated Financial Statements.


            GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
               NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             JULY 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       Nine Months Ended
                                  July 31,                  July 31,
                               1997     1996             1997     1996
                                                       
      Class A Common Stock     $.12     $.08             $.48     $.40
      Class B Common Stock     $.18     $.12             $.71     $.59


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      10,874,038 shares        10,873,461 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 May 9, 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.  On June 30, 
1997, the Company acquired all of the outstanding common stock of Centralia 
Container, Inc., a corrugated container company, located in Centralia, 
Illinois.  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.

NOTE 6 - SUBSEQUENT EVENTS

     On August 4, 1997, the Company sold its wood component operations, which 
manufacture door panels, wood moldings and window and door parts, with 
locations in Kentucky, California, Washington and Oregon. At the present time, 
it is not expected that the transaction will have a material impact on the 
results of operations.

NOTE 7 - 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 9-month periods ended July 31, 
1997 and July 31, 1996.

     Net sales decreased during the current period compared to the previous 
period primarily due to 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 sales price decreases 
were partially offset by the seven corrugated container plants which were 
acquired subsequent to the third quarter of 1996.  The net sales of the 
shipping containers segment increased since the prior year due to the addition 
of two steel drum manufacturing plants during the second quarter of 1997.

     The increase in other income was primarily due to a gain on the sale of 
an office building and an injection molding facility during 1997.

     The cost of products sold as a percentage of sales increased from 82.0% 
in 1996 to 87.1% 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 July 31, 1997 is an indication of the 
continuation of the Company's strong liquidity.

     Capital expenditures were $34,464,000, after eliminating the effect of 
the acquisitions, during the nine months ended July 31, 1997.  These capital 
expenditures were principally needed to replace and improve equipment.

     In May 1997, the Company acquired the stock of Independent Container, 
Inc, a manufacturer of corrugated containers, located in Louisville, Kentucky, 
Ferdinand, Indiana and Erlanger, Kentucky.  In June 1997, the Company 
purchased the stock of Centralia Container, Inc., a corrugated container 
company, located in Centralia, Illinois.

     The Company has approved future purchases, primarily for equipment, of 
approximately $11 million.  Self-financing and borrowing has been the primary 
source for financing such capital expenditures.

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

     Subsequent to July 1997, the Company sold its wood component operations, 
located in Kentucky, California, Washington and Oregon.  These locations 
manufacture door panels, wood moldings and window and door parts.

PART II.  OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

     There are no material developments with respect to 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, 1997, the consolidated statements of 
income for the 9-month periods ended July 31, 1997 and 1996, and the 
consolidated statements 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 10, 1997                 Joseph W. Reed
                                         Chief Financial 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
       
                             
                   9-MOS
                          OCT-31-1997
                               JUL-31-1997
                                          15,378
                                     8,255
                                   75,514
                                     (882)
                                     54,635
                               176,012
                                         609,042
                               (264,287)
                                 551,869
                           72,333
                                         38,504
                                0
                                          0
                                         9,192
                                     389,391
                   551,869
                                        471,961
                               488,153
                                          411,119
                                  411,119
                                54,299
                                     0
                               2,736
                                 19,999
                                     7,252
                             12,747
                                       0
                                      0
                                            0
                                    12,747
                                     0.44
                                     0.44

Amount represents the earnings per share for the Class A Common Stock.  The
earnings per share for the Class B Common Stock are $0.67.