RICHMOND, Va., Feb. 20 /PRNewswire/ -- The Board of Directors of James
River Corporation (NYSE: JR) today declared a quarterly dividend of $.15 per
share on the issued and outstanding shares of common stock of the corporation.
The dividend is payable on March 31, 1997, to shareholders of record at the
close of business on March 17, 1997.
    The Board also declared quarterly dividends on each of the company's
outstanding preferred stocks, as follows:

                                  Per Share
    Preferred Series              Amount     Record Date    Payment Date
    Series K $3.375 Cumulative
      Convertible Exchangeable     $.84375   April 17, 1997    May 1, 1997
    Series L $14.00 Cumulative
      Convertible Exchangeable(a)    $.875   March 18, 1997    April 1, 1997
    Series N $14.00 Cumulative
      Convertible Exchangeable(a)    $.875   March 18, 1997    April 1, 1997
    Series O 8-1/4% Cumulative(a) $.515625   March 18, 1997    April 1, 1997
    Series P 9% Cumulative
      Convertible(a)              $.388125   March 18, 1997    April 1, 1997

    (a) The Series L, Series N, Series O and Series P preferred stocks are
held in the form of depositary shares.  Each depositary share represents
either a one-quarter interest in a share of preferred stock (Series L and
Series N), a one-twentieth interest in a share of preferred stock (Series O)
or a one-hundredth interest in a share of preferred stock (Series P).  Listed
per share dividend amounts represent dividends per depositary share.
    James River Corporation, headquartered in Richmond, Va., is a leading
marketer and manufacturer of consumer products, packaging, and business,
printing and converting papers.  In North America, the company markets
diversified brands such as Quilted Northern bathroom tissue, Brawny paper
towels, Dixie paper cups and plates, Quilt-Rap sandwich wrap, Qwik Wave
microwave packaging, Eureka! recycled copy paper and Word Pro copy paper.  In
addition, the company produces a number of popular European brands such as
Lotus towel and tissue products.  James River's current annual sales rate is
approximately $5.5 billion.
    Today's news release, along with past releases from James River, is
available by fax, at no charge, by calling 800-758-5804, ext. 457350.  You may
access James River's corporate-wide site at Internet address
http://www.jamesrivercorp.com.

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