RICHMOND, Va., Aug. 7 /PRNewswire/ -- James River Corporation (NYSE: JR)
announced today its decision to call for redemption all of the outstanding
depositary shares representing the Series O, 8.25% Cumulative Preferred Stock.
The Series O preferred stock will be redeemed on October 1, 1997, at a price
of $25.00 per depositary share, plus all unpaid dividends accrued to that
date.
    In a separate action, the company's Board of Directors approved a final
dividend of $.515625 per depositary share on the Series O preferred stock,
payable on October 1, 1997, the normal dividend date, to holders of record on
September 17, 1997.  No further dividends will be paid on the Series O
preferred stock after October 1, 1997.  There are currently 3,924,600
depositary shares of the Series O preferred stock outstanding, having an
aggregate liquidation value of $98.1 million.
    The redemption price will be paid upon presentation of the Series O
depositary shares on or after October 1, 1997.  The redemption agent is:
Norwest Bank Minnesota, N.A., Shareowner Services, Reorganization Department,
161 North Concord Exchange, South St. Paul, Minnesota 55075-1139.  A
redemption notice and instructions for submitting shares for redemption will
be mailed to all registered holders on or about August 15, 1997.  Any
questions concerning the redemption mechanics should be directed to the
redemption agent at 800-468-9716.
    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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