FORM 10-Q

                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                  QUARTERLY REPORT UNDER SECTION 13 or 15 (d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended    January 31, 1994          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  5,436,586 shares
                    Class B Common Stock  6,686,431 shares

PART I.  FINANCIAL INFORMATION

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

    ASSETS

                                                 January 31,      October 31,
                                                    1994             1993    
                                                          
CURRENT ASSETS
  Cash and short-term investments              $  22,549,447    $  30,827,007
  U.S. and Canadian government securities
    --at amortized cost which approximates market 27,372,656       26,932,697
  Trade accounts receivable--less allowance
    of $965,000 for doubtful items                51,290,898       56,601,260
  Inventories, at the lower of cost (prin-
    cipally last-in, first-out) or market         49,178,840       43,366,594
  Prepaid expenses and other                      10,349,731        9,929,082

                    Total current assets         160,741,572      167,656,640

LONG TERM ASSETS
  Cash surrender value of life insurance           2,515,214        2,452,048
  Interest in partnership                          1,091,040        1,091,040
  Other long-term assets                           5,274,734        5,171,542
  Deferred income taxes                           18,033,995       18,452,595

                                                  26,914,983       27,167,225

PROPERTIES, PLANTS AND EQUIPMENT--at cost
  Timber properties -- less depletion              3,265,158        3,289,750
  Land                                             9,604,896        9,608,526
  Buildings                                       89,942,537       86,147,800
  Machinery, equipment, etc.                     289,946,465      222,588,512
  Construction in progress                         3,156,296       64,538,771
  Less accumulated depreciation                 (188,624,859)    (183,558,486)

                                                 207,290,493      202,614,873

                                                $394,947,048     $397,438,738

See accompanying notes

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

  LIABILITIES AND SHAREHOLDERS' EQUITY

                                                  January 31,     October 31,
                                                      1994           1993    
                                                           
CURRENT LIABILITIES
  Accounts payable and accrued liabilities      $  18,797,033    $ 22,421,718
  Current portion of long term obligations            227,898         375,605
  Accrued payrolls and employee benefits            4,968,652       5,793,717
  Accrued taxes--general                            1,375,234       1,619,749
  Taxes on income                                   1,125,078       1,447,636

                 Total current liabilities         26,493,895      31,658,425

LONG TERM OBLIGATIONS (interest rates from
  3.85% - 6.00%; payable to 2000)                  31,291,696      28,014,956

OTHER LONG TERM LIABILITIES                        13,438,522      13,571,752

DEFERRED INCOME TAXES                              20,380,280      19,226,893

  Total long term liabilities                      65,110,498      60,813,601

SHAREHOLDERS' EQUITY (Note 1)
  Capital stock, without par value                  9,033,988       9,033,988

    Class A Common Stock:
      Authorized 16,000,000 shares;
        issued 10,570,480 shares;
        in treasury 5,133,894 shares;
        outstanding 5,436,586 shares

    Class B Common Stock:
      Authorized and issued 8,640,000 shares;
        in treasury 1,953,569 shares;
          (1,940,267 in 1993)
        outstanding 6,686,431 shares
          (6,699,733 in 1993)

  Earnings retained for use in the business       297,371,655     298,756,926

  Cumulative translation adjustment                (3,062,988)     (2,824,202)

                                                  303,342,655     304,966,712

                                                 $394,947,048    $397,438,738

See accompanying notes                                                                             

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF INCOME        

        For the three months ended January 31,          1994          1993
                                                                    (Note 5)
                                                           
Sales and other income
 Net sales                                         $128,772,385  $125,061,949
Other income:
 Gain on sales of timber and timber properties          858,347     1,323,964
 Interest, oil royalties and other                    1,316,696     1,448,929
                                                                             
                                                    130,947,428   127,834,842
                                                                             
Costs and expenses (including depreciation of 
   ($5,027,918 in 1994 and $4,630,815 in 1993)
 Cost of products sold                              109,179,114   104,546,180
 Selling, administrative and general                 14,267,891    14,514,272
 Interest                                               236,124        46,604
                                                                             
                                                    123,683,129   119,107,056

Income before income taxes                            7,264,299     8,727,786
Taxes on income                                       2,700,000     3,569,864

Net Income                                          $ 4,564,299  $  5,157,922

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 re-
    mainder 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                                                $ .29         $ .34
   Class B                                                $ .45         $ .50

            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 earnings 
retained for use in the business.

See accompanying notes

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF EARNINGS RETAINED FOR USE IN THE BUSINESS

      For the three months ended January 31,       1994              1993    
                                                           
Balance at October 31, as previously reported  $298,355,562      $283,250,664
Effect of restatement as required
  by SFAS #109 (see Note 5)                         401,364         1,025,620

Balance at beginning of period, as restated     298,756,926       284,276,284

Net income                                        4,564,299         5,157,922

                                                303,321,225       289,434,206

Dividends paid:
      On Class A Common Stock -- $.36             1,957,171         1,957,171
      On Class B Common Stock -- $.52             3,476,944         3,496,315

                                                  5,434,115         5,453,486

Stock acquired for treasury                         515,455            21,600

Balance at end of period                       $297,371,655      $283,959,120

See accompanying notes

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

 For the three months ended January 31,                 1994           1993    
                                                            
Cash flows from operating activities:

Net income                                         $  4,564,299   $  5,157,922
 Adjustments to reconcile net income to net cash
 provided by operating activities:
   Depreciation and depletion                         5,204,184      4,813,655
   Deferred income taxes                              1,578,042        386,864
 (Increase) decrease, net of conversion:
   Trade accounts receivable                          5,310,362      2,782,260
   Inventories                                       (5,812,246)    (1,066,390)
   Prepaid expenses and other                          (420,649)       763,261
   Other long term assets                              (166,358)        (2,422)
 Increase (decrease), net of conversion:
   Accounts payable and accrued liabilities          (3,624,685)    (2,288,486)
   Accrued payrolls and employee benefits              (825,065)      (816,074)
   Accrued taxes - general                             (244,515)      (164,669)
   Taxes on income                                     (322,558)        (4,752)
   Other long term liabilities                         (133,230)      (125,078)

Net cash provided by operating activities             5,107,581      9,436,091

Cash flows from investing activities:

 Sales (purchases) of investments in government and
   short term securities                               (439,959)     6,378,709
 Purchase of properties, plants and equipment        (9,930,227)   (10,788,015)

Net cash used by investing activities               (10,370,186)    (4,409,306)

Cash flows from financing activities:

 Proceeds (payments) on long term debt                3,129,033        (18,082)
 Acquisition of treasury stock                         (515,455)       (21,600)
 Dividends paid                                      (5,434,115)    (5,453,486)

Net cash used by financing activities                (2,820,537)    (5,493,168)

Foreign currency translation adjustment                (194,418)      (636,978)

Net increase (decrease) in cash and short term 
  investments                                        (8,277,560)    (1,103,361)

Cash and short term investments at beginning of 
  period                                             30,827,007     35,439,549

Cash and short term investments at end of period   $ 22,549,447   $ 34,336,188

See accompanying notes

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 1994

NOTE 1 - CAPITAL STOCK AND RETAINED EARNINGS

         Class A Common Stock is entitled to cumulative dividends of 2 cents a
share per year after which Class B Common Stock is entitled to non-cumulative
dividends up to 1 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 default.  There is no cumulative voting.  The
Company has acquired    7,087,463 Class A and Class B Common Stock for
treasury at a cost of $36,855,742 which was appropriately charged against
earnings retained for use in the business.  Included in the above are 13,302
shares of Class B Common Stock acquired in 1994 for $515,455.

NOTE 2 - DIVIDENDS PER SHARE

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

                                    Three Months Ended
                                      January 31,
                                   1994     1993
                                      
             Class A Common Stock  $.36     $.36
             Class B Common Stock  $.52     $.52

NOTE 3 - CALCULATION OF NET INCOME PER SHARE

         Net income per share was calculated using the following number of
shares for the periods presented:

                  Class A Common Stock - 5,436,586 shares
                  Class B Common Stock - 6,688,648 shares

NOTE 4 - INVENTORIES

         Inventories are comprised principally of raw materials.

NOTE 5 - RESTATEMENT

         The 1991, 1992 and 1993 financial statements have been restated to
reflect the adoption, retroactive to November 1, 1990, of Statement of
Financial Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes". 
In connection with the adoption of SFAS No. 109, the Company recorded a one
time adjustment that resulted in a reduction of the deferred income tax
liability and the recording of a deferred tax asset.  Certain prior year
amounts in the Company's financial statements have been restated.  The effect
on net income for the three months ended January 31, 1993 was a reduction in
net income of $157,000.

                    MANAGEMENT'S DISCUSSION AND ANALYSIS

Liquidity and Capital Resources

         As indicated in the Consolidated Balance Sheet, elsewhere in this
report and discussed in greater detail in the 1993 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 1993 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, 1994 is an indication of the
continuation of the Company's strong liquidity.

         Capital expenditures were $9,930,227 during the three months ended
January 31, 1994.  These capital expenditures were principally needed to
replace and improve equipment.

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,
1994 and January 31, 1993.

         Net sales to customers increased during the current quarter compared
to the previous period.  This increase was principally the result of an
increase in the Company's business.  The results of operations decreased due
to competitive price pressures of the Company's products, coupled with
increases in certain of its raw materials.

                         PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         There are no material pending legal proceedings not covered by
insurance.

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, 1994, the consolidated statement
of income for the 3-month periods ended January 31, 1994 and 1993, 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 9, 1994                                                  

                                                    Michael J. Gasser
                                                    Vice Chairman and
                                                    Chief Operating Officer