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)

ARTICLE 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.	
MULTIPLIER: 1,000	

		
PERIOD TYPE	3 MOS	
FISCAL YEAR END	OCT 31 1997	
PERIOD END	JAN 31 1997	
CASH	22,048	
SECURITIES	19,273	
RECEIVABLES	71,336	
ALLOWANCES	(836)	
INVENTORY	50,148	
CURRENT ASSETS	177,913	
PP&E	579,057	
DEPRECIATION	(256,147)	
TOTAL ASSETS	523,374	
CURRENT LIABILITIES	54,466	
BONDS	0	
PREFERRED MANDATORY	0	
PREFERRED	0	
COMMON	9,034	
OTHER SE	389,022	
TOTAL LIABILITY AND EQUITY	523,374	
SALES	152,370	
TOTAL REVENUES	156,376	
CGS	131,329	
TOTAL COSTS	131,329	
OTHER EXPENSES	17,212	
LOSS PROVISION	0	
INTEREST EXPENSE	750	
INCOME PRETAX	7,085	
INCOME TAX	2,600	
INCOME CONTINUING	4,485	
DISCONTINUED	0	
EXTRAORDINARY	0	
CHANGES	0	
NET INCOME	4,485	
EPS PRIMARY	0.14 1	
EPS DILUTED	0.14 1	
		
1	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.