RICHMOND, Va., Aug. 6 /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 September 30, 1997, to common shareholders of
record at the close of business on September 16, 1997.
    The Board also declared quarterly dividends on the following outstanding
preferred stocks:

                                   Per Share
    Preferred Series                Amount      Record Date       Payment Date
    Series K $3.375 Cumulative
     Convertible Exchangeable       $.84375    Oct. 20, 1997      Nov. 3, 1997
    Series L $14.00 Cumulative
     Convertible Exchangeable (a)     $.875    Sept. 17, 1997     Oct. 1, 1997
    Series N $14.00 Cumulative
     Convertible Exchangeable (a)     $.875    Sept. 17, 1997     Oct. 1, 1997
    Series O 8-1/4% Cumulative (a) $.515625    Sept. 17, 1997     Oct. 1, 1997

    (a)  The Series L, Series N and Series O 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) or a
one-twentieth interest in a share of preferred stock (Series O).  Listed per
share dividend amounts represent dividends per depositary share.

    As of September 2, 1997, the company will redeem its Series P 9%
Cumulative Convertible Preferred Stock in shares of common stock.  Series P
shareholders will receive .9206 shares of common stock for each Series P
depositary share, and they will be entitled to the September 30, 1997, common
dividend to the extent they hold such common shares on the corresponding
record date.
    James River Corporation, headquartered in Richmond, Va., is a leading
marketer and manufacturer of paper-based consumer products, packaging, and
business, printing and converting papers.  The second largest worldwide
producer of tissue products, James River markets such leading brands as
Quilted Northern bathroom tissue, Brawny paper towels, Vanity Fair napkins,
and Dixie cups and plates in North America, and Lotus bathroom tissue, towels,
and facial tissue in Europe.  The company also markets Quilt-Rap sandwich
wrap, Qwik Wave microwave packaging, and Eureka! and Word Pro copy papers.
James River's current annual sales rate is approximately $5.6 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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