FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended January 31, 1995 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 6,652,174 shares

PART I.  FINANCIAL INFORMATION

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

    ASSETS
                                                   January 31,    October 31,
                                                      1995           1994
CURRENT ASSETS
  Cash and short-term investments                    $  26,786      $  29,543
  U.S. and Canadian government securities
    --at amortized cost which approximates market       20,679         23,970
  Trade accounts receivable--less allowance
    of $989 for doubtful items                          71,204         69,501
  Inventories, at the lower of cost (prin-
    cipally last-in, first-out) or market               55,424         50,944
  Prepaid expenses and other                            14,157         14,384

                      Total current assets             188,250        188,342

LONG TERM ASSETS
  Cash surrender value of life insurance                 2,669          2,618
  Interest in partnership                                1,091          1,091
  Other long term assets                                 5,980          5,853

                                                         9,740          9,562

PROPERTIES, PLANTS AND EQUIPMENT--at cost
  Timber properties -- less depletion                    3,790          3,639
  Land                                                  10,496         10,521
  Buildings                                             99,438         99,936
  Machinery, equipment, etc.                           299,739        291,426
  Construction in progress                              19,195         18,136
  Less accumulated depreciation                       (207,676)      (202,488)

                                                       224,982        221,170

                                                      $422,972       $419,074
See accompanying Notes to Consolidated Financial Statements	

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

  LIABILITIES AND SHAREHOLDERS' EQUITY
                                                     January 31,  October 31,
                                                         1995        1994
CURRENT LIABILITIES
  Accounts payable                                      $ 25,822     $ 32,948
  Current portion of long term obligations                   243          249
  Accrued payrolls and employee benefits                   6,432        7,082
  Accrued taxes--general                                   1,228        1,952
  Taxes on income                                          7,150          713

                   Total current liabilities              40,875       42,944

LONG TERM OBLIGATIONS (interest rates from
  4.81% - 8.00%; payable to 2000)                         24,905       27,966

OTHER LONG TERM LIABILITIES                               14,858       14,265

DEFERRED INCOME TAXES                                      8,276        6,960

  Total long term liabilities                             48,039       49,191

SHAREHOLDERS' EQUITY (Note 1)
  Capital stock, without par value                         9,034        9,034

    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 1,987,826 shares;
           (1,985,826 in 1994)
         outstanding 6,652,174 shares
           (6,654,174 in 1994)

  Earnings retained for use in the business              330,222      321,583

  Cumulative translation adjustment                       (5,198)      (3,678)

                                                         334,058      326,939

                                                        $422,972     $419,074
See accompanying Notes to Consolidated Financial Statements	

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share amounts)
        For the three months ended January 31,              1995       1994
Sales and other income
  Net sales                                               $170,058   $128,773
Other income:
  Gain on sales of timber and timber properties              3,026        858
  Interest, oil royalties and other                          1,337      1,316

                                                           174,421    130,947

Costs and expenses (including depreciation of
    ($5,516 in 1995 and $5,028 in 1994)
  Cost of products sold                                    132,658    109,179
  Selling, general and administrative                       16,659     14,268
  Interest                                                     426        236

                                                           149,743    123,683

Income before income taxes                                  24,678      7,264
Taxes on income                                              9,300      2,700

Net Income                                                $ 15,378  $   4,564

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                                                  $1.16      $ .29
    Class B                                                  $1.36      $ .45

            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 to Consolidated Financial Statements	

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF EARNINGS RETAINED FOR USE IN THE BUSINESS

(Dollars in thousands, except per share amounts)

      For the three months ended January 31,            1995           1994
Balance at beginning of period                        $321,583       $298,757

Net income                                              15,378          4,564

                                                       336,961        303,321

Dividends paid:
        On Class A Common Stock -- $.44                  2,392          1,957
        On Class B Common Stock -- $.64                  4,258          3,477

                                                         6,650          5,434

Stock acquired for treasury                                 89            515

Balance at end of period                              $330,222       $297,372
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,                    1995        1994

Cash flows from operating activities:
Net income                                                 $15,378     $ 4,564
  Adjustments to reconcile net income to net cash
  provided by operating activities:
    Depreciation and depletion                               5,694       5,204
    Deferred income taxes                                    1,342       1,578
  (Increase) decrease:
    Trade accounts receivable                               (1,703)      5,310
    Inventories                                             (4,480)     (5,812)
    Prepaid expenses and other                                 227        (421)
    Other long term assets                                    (178)       (166)
  Increase (decrease):
    Accounts payable and accrued liabilities                (7,126)     (3,625)
    Accrued payrolls and employee benefits                    (650)       (825)
    Accrued taxes - general                                   (724)       (244)
    Taxes on income                                          6,437        (322)
    Other long term liabilities                                593        (133)

Net cash provided by operating activities                   14,810       5,108

Cash flows from investing activities:

  Sales (purchases) of investments in government
    and short term securities                                3,291        (440)
  Purchase of properties, plants and equipment              (9,771)     (9,930)

Net cash used by investing activities                       (6,480)    (10,370)

Cash flows from financing activities:

  (Payments) proceeds on long term debt                     (3,067)      3,128
  Acquisition of treasury stock                                (89)       (515)
  Dividends paid                                            (6,650)     (5,434)

Net cash used by financing activities                       (9,806)     (2,821)

Foreign currency translation adjustment                     (1,281)       (195)

Net decrease in cash and short term
  investments                                               (2,757)     (8,278)
Cash and short term investments at beginning of
  period                                                    29,543      30,827

Cash and short term investments at end of period           $26,786     $22,549
See accompanying Notes to Consolidated Financial Statements

GREIF BROS. CORPORATION AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 JANUARY 31, 1995
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 7,121,720 Class A and Class B Common Stock for treasury at a cost of $38,217,871 which was appropriately charged against earnings retained for use in the business. Included in the above are 2,000 shares of Class B Common Stock acquired in 1995 for $88,575.
At the special meeting on February 27, 1995, a proposal to split both of the present classes of common stock on a basis of 2 shares for each of the present shares was approved (See Item 4 in Part II of this report).
NOTE 2 - DIVIDENDS PER SHARE

          The following dividends per share were paid during the period
indicated:
                                       Three Months Ended
                                           January 31,
                                        1995      1994
             Class A Common Stock       $.44      $.36
             Class B Common Stock       $.64      $.52	

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 - 5,436,586 shares Class B Common Stock - 6,652,785 shares
NOTE 4 - INVENTORIES
Inventories are comprised principally of raw materials.
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 1994 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 1994 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, 1995 is an indication of the continuation of the Company's strong liquidity.
Capital expenditures were $9,771,000 during the three months ended January 31, 1995. These capital expenditures were principally needed to replace and improve equipment.
As disclosed in the 1994 Annual Report, a subsidiary of the Company has a commitment to build a manufacturing plant in Michigan. In addition to this plant, the Company has outstanding purchase commitments for capital expenditures of approximately $14,000,000.
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, 1995 and January 31, 1994.
Net sales increased 32% during the current quarter compared to the previous period. This increase was principally the result of increases in the containerboard segment, which was significantly affected by increased sales prices resulting from shortages in containerboard and related products. In addition, the shipping containers segment contributed to the increase due to an increase in unit sales and higher sales prices resulting from the increase in cost of the Company's raw materials.
The gain on sales of timber and timber properties increased due to the sale of timber properties to the U.S. Forest Service and more salvage timber sales. Also, the sales prices for timber were higher as compared to the previous period.
The cost of products sold as a percentage of sales decreased from 85% in 1994 to 78% in 1995. This decrease was largely the result of a higher percent of the net sales being comprised of the containerboard and related products segment, which has a higher gross profit margin than the Company's other segment. This decrease was partially offset by an increase in the cost of the Company's raw materials.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There are no material pending legal proceedings not covered by insurance.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a.) The Company held a special meeting of Stockholders on February 27, 1995.
(c.) At the special meeting, a proposal to split both of the present classes of common stock, Class A Common and Class B Common, on a basis of 2 shares for each of the present shares was approved by the stockholders. The inspectors of election certified the following vote tabulations:

                           Class A          Class B
For                        4,567,033        6,552,630
Against                        3,340            4,444
Abstain                          625              -0-
Non-votes                        -0-              -0-	

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, 1995, the consolidated statement of income for the 3-month periods ended January 31, 1995 and 1994, 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 6, 1995

                                                          John K. Dieker
                                                          Controller

Date       March 6, 1995

                                                          Philip R. Metzger
                                                          Treasurer	

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 1995	
PERIOD END	JAN 31 1995	
CASH	26,786	
SECURITIES	20,679	
RECEIVABLES	72,193	
ALLOWANCES	(989)	
INVENTORY	55,424	
CURRENT ASSETS	188,250	
PP&E	432,658	
DEPRECIATION	(207,676)	
TOTAL ASSETS	422,972	
CURRENT LIABILITIES	40,875	
BONDS	0	
COMMON	9,034	
PREFERRED MANDATORY	0	
PREFERRED	0	
OTHER SE	325,024	
TOTAL LIABILITY AND EQUITY	422,972	
SALES	170,058	
TOTAL REVENUES	174,421	
CGS	132,658	
TOTAL COSTS	132,658	
OTHER EXPENSES	16,659	
LOSS PROVISION	0	
INTEREST EXPENSE	426	
INCOME PRETAX	24,678	
INCOME TAX	9,300	
INCOME CONTINUING	15,378	
DISCONTINUED	0	
EXTRAORDINARY	0	
CHANGES	0	
NET INCOME	15,378	
EPS PRIMARY	1.16 1	
EPS DILUTED	1.16 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 $1.36.