UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                          Washington, D. C.  20549
                                  FORM 10-K
	
              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                    THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended   October 31, 1998    Commission File No.    0-1370 

                            LONGVIEW FIBRE COMPANY                            
           (Exact name of registrant as specified in its charter)

                 Washington                                91-0298760         
    (State or other jurisdiction of                  (I.R.S. Employer
     incorporation or organization)                 Identification No.)

 300 Fibre Way,    Longview, Washington                    98632              
 (Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code          (360) 425-1550    
 
Securities registered pursuant to Section 12(b) of the Act:

      Title of each class            Name of each exchange on which registered 
  
 Common Stock, $1.50 Ascribed Value          New York Stock Exchange          
 
 Rights to purchase Common Stock             New York Stock Exchange         _ 

Securities registered pursuant to Section 12(g) of the Act:     None          
                                                              (Title of Class)

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 by check mark if disclosure of delinquent filers pursuant to Item 405 
of Regulation S-K is not contained herein, and will not be contained, to the 
best of registrant's knowledge, in definitive proxy or information statements 
incorporated by reference in Part III of this Form 10-K or any amendment to 
this Form 10-K.   X  

State the aggregate market value of the voting and non-voting common equity 
held by non-affiliates of the registrant.  The aggregate market value shall be 
computed by reference to the price at which the common equity was sold, or the 
average bid and asked prices of such common equity, as of a specified date 
within 60 days prior to the date of filing.

Market value per share $11.5625 as of December 31, 1998     Total $536,652,301 
                  
Indicate the number of shares outstanding of each of the issuer's class of 
common stock as of December 31, 1998.           51,676,567  shares outstanding
                     DOCUMENTS INCORPORATED BY REFERENCE
   PART III - NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND PROXY STATEMENT
                          dated December 16, 1998.
   PART IV - QUARTERLY REPORT ON FORM 10-Q dated April 30, 1998.
             CURRENT REPORT ON FORM 8-K dated December 18, 1998.
Page 1<PAGE>
                                    PART I
ITEM 1.  BUSINESS

(a)  GENERAL DEVELOPMENT OF BUSINESS

     Longview Fibre Company was incorporated in the State of Washington in    
     1990 as a successor to a company of the same name incorporated in the    
     State of Delaware in 1926.  No general development of material importance 
     has occurred during the past fiscal year.

(b)  FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS

     This item is completed by reference to Note 10 of Item 8 of Part II of   
     this Form 10-K.

(c)  NARRATIVE DESCRIPTION OF BUSINESS

    (i-x) Principal Products, Markets and Methods of Distribution

          TIMBER - The company owns and operates tree farms in Oregon and    
          Washington which produce logs for sale in the domestic and export  
          markets.  The majority of domestic sales are to independent 
          sawmills and plywood plants within a reasonable hauling distance 
          from our tree farms.  The company exports logs principally to Japan 
          through sales to U.S. exporters or directly to foreign importers.  
          The company does not believe that the loss of one customer or group 
          of customers would have a material effect on the company.

          At October 31, 1998, the company owned in fee 570,863 acres of tree 
          farms which are managed on a sustained yield basis with rotations 
          of 40 years for hardwood and 55 to 70 years for coniferous species. 
          Based on recent large purchases and sales, we now estimate the 
          value of the tree farms to be between six and eight times book 
          value.  Environmental regulations requiring set asides, buffer zones 
          and which otherwise limit our ability to harvest timber reduce the 
          value of our tree farms.  The company estimates that the reduction 
          in value due to such regulations does not exceed twelve percent of 
          realizable value.

          The company owns and operates a sawmill in Leavenworth, Washington. 
          Having a sawmill in this region has improved the log realization of 
          the Chelan tree farm.  Residual wood chips are used at the 
          company's pulp and paper mill in Longview, Washington.

          PAPER AND PAPERBOARD - The company's pulp and paper mill in        
          Longview, Washington produces pulp which is manufactured into kraft 
          paper and containerboard.

          Sales of paper are made primarily in the domestic market with some 
          grades of paper sold in the export market.  Containerboard is sold 
          in the export market and in the Pacific Coast states.  The loss of 
          a single customer, or a few customers, would not have a material   
          effect on the company.  Products are sold by the company's sales   
          force working out of San Francisco and Los Angeles, California; 
          Longview, Washington; Milwaukee, Wisconsin; and Atlanta, Georgia or 
          through paper merchants.


Page 2<PAGE>
          The mill's raw material fibers come primarily from purchased wood  
          chips and sawdust with important contributions from fiber reclaimed
          from post-consumer and post-industrial waste, purchased bleached 
          pulp, and augmented by log chipping operations owned by the company 
          and others.  Wood chips, our principal raw material, and sawdust 
          and shavings are purchased from more than 60 sawmills, plywood 
          plants and whole-log chipping facilities within a 1,300-mile radius 
          from the Longview Mill.  The company purchases bleached pulp from 
          various sources including an arrangement to purchase pressed 
          bleached pulp (which has not been dried) from a nearby mill which 
          has excess capacity.  This has proven to be a beneficial 
          arrangement.

          Modest rebuilds to improve paper machines are continuing, including 
          improved stock preparation equipment on No. 11 machine to benefit 
          the operation on extensible grades and replacement of an obsolete 
          drive on No. 9 machine for which parts are no longer manufactured.

          To spread risk, the company has been engaged in a long campaign to 
          increase value added products, such as extensible paper, recycled 
          kraft paper, masking paper and colored kraft paper.  Through the 
          years, paper machines of various trim widths and capabilities have 
          been added while the smaller and older machines have been kept in 
          service to make small lots of colors and other specialties.  During 
          the course of this evolution, the basic commodity products 
          (paperboard and bag paper) were not neglected as this makes the 
          volume great enough to lower pulp and utility costs.  Several 
          machines are swing machines which can produce paper or paperboard. 
          Due to current market conditions, a greater proportion of 
          paperboard is being produced.

          CONVERTED PRODUCTS - The company's fifteen converting plants in ten 
          states produce shipping containers and merchandise bags.  The 
          tonnage of paper and containerboard used in the converting plants 
          equals approximately 64% of the Longview mill production.

          Bags are sold by the company's sales force working out of San      
          Francisco and Los Angeles, California; Longview, Washington; and   
          Waltham, Massachusetts.  Sales are made directly or through paper  
          merchants.

          Corrugated and solid fibre boxes are sold by the company's offices 
          located at Longview, Seattle and Yakima, Washington; Portland,     
          Oregon; San Francisco, Los Angeles and Oakland, California; Twin 
          Falls, Idaho; Spanish Fork and Cedar City, Utah; Milwaukee, 
          Wisconsin; Cedar Rapids, Iowa; Minneapolis, Minnesota; Atlanta, 
          Georgia; Amsterdam, New York; and Springfield, Massachusetts.  The 
          loss of a single customer, or a few customers, would not have a 
          material effect on the business of the company.

          The Rockford Box Plant has been shut down because of lack of 
          profitability.  The building and some equipment will be sold, and 
          some equipment will be moved to other plants.

          Plant modernization at our other box plants is essentially 
          complete.  The sheet plant at Grand Forks, North Dakota, is in 
          operation.  The building at Cedar Rapids is being enlarged to make 
          room for some essential large box equipment from Rockford.
             
Page 3<PAGE>
          Manufacture of most sizes of grocery and carry bags at the Spanish 
          Fork plant has been discontinued because of continued losses.  The 
          bulk of the equipment has been sold.

          In the paper and paperboard segment, there is intense competition 
          among a significant number of competitors, including conventional 
          paper mills, and recycling mills that rely on recycled post-
          consumer and industrial material as the principal fibre source.  
          The converted products segment also involves intense competition 
          among many competitors.  Competition in these manufacturing 
          segments is based principally on price, quality of product, service 
          and reliability.  The company emphasizes quality, service and 
          reliability, and has not competed aggressively on the basis of 
          price or sought out large national customer accounts that 
          frequently involve demands for discount pricing.

          The following table sets forth the contribution to sales by each   
          class of similar products which accounted for more than 10% of     
          sales.
                                     1998     1997    1996
          Timber                      22%      24%     23%         
          Paper and Paperboard        26%      25%     24%
          Converted Products          52%      51%     53%

          No material portion of the business of the company is seasonal.

          The practice of the company and the industry does not require an   
          abnormal amount of working capital.
		         
    (xii) This item is completed by reference to Item 7 of Part II of this 	  
          Form 10-K.

   (xiii) The company has approximately 3,700 employees.

(d)  FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS AND EXPORT   
     SALES 

     Segment information (including amount of export sales) is completed by   
     reference to Note 10 of Item 8 of Part II of this Form 10-K.

(e)  The company electronically files the following reports with the          
     Securities and Exchange Commission:  Annual Report on Form 10-K,         
     Quarterly Report on Form 10-Q, Current Report on Form 8-K and Proxy      
     Statement on Form DEF 14-A.  The SEC maintains an Internet site          
     (http://www.sec.gov) that contains reports, proxy and information        
     statements, and other information regarding issuers that file           
     electronically with the SEC.  The public may read and copy any materials 
     filed with the SEC at the SEC's Public Reference Room at 450 Fifth      
     Street, N.W., Washington, D.C. 20549.  The public may obtain information 
     on the operation of the Public Reference Room by calling the SEC at     
     1-800-SEC-0330.

ITEM 2.  PROPERTIES

The principal plants and important physical properties of the company are held 
without any major encumbrances and their respective locations by industry 
segment are as follows:

Page 4<PAGE>
TIMBER - As of October 31, 1998, the company owned in fee 570,863 acres of 
tree farms located in various counties of Washington and Oregon.  The company 
as a matter of policy has consistently acquired and intends to continue to 
acquire more timberlands whenever available at acceptable prices dependent on 
the location and quality of the site involved and the species and quality of 
the merchantable timber and growing stock thereon.  The company operates its
tree farms on a sustained yield basis with rotations of 40 years for hardwood 
and 55 to 70 years for coniferous species.  No large inventory of mature trees 
is maintained.

PAPER AND PAPERBOARD - At Longview, Washington on a site of approximately 350 
acres owned by the company with deep water frontage on the Columbia River and 
featuring connections with two transcontinental railroads and adequate highway 
access, there is an integrated operation for producing pulp and delivering it 
to twelve paper and/or containerboard machines with full supporting 
facilities. 

Mill utilization was at 75% during fiscal 1998.

CONVERTED PRODUCTS - On the same site at Longview there is a box factory for 
production of solid fibre and corrugated boxes.  

At each of the following thirteen locations, there are factories for the 
production of converted products:

     Oakland, California            Corrugated Boxes Only
     Twin Falls, Idaho               "        "    "
     Cedar Rapids, Iowa              "        "    "
     Springfield, Massachusetts      "        "    "
     Minneapolis, Minnesota          "        "    "
     Amsterdam, New York             "        "    "
     Seattle, Washington             "        "    "
     Yakima, Washington              "        "    "
     Grand Forks, North Dakota  Corrugated Boxes from Corrugated Sheets
     Cedar City, Utah                "        "    "
     Spanish Fork, Utah         Corrugated Boxes, Merchandise Bags
                                 and Specialty Bags
     Milwaukee, Wisconsin       Corrugated and Solid Fibre Boxes
     Waltham, Massachusetts     Merchandise Bags and Specialty Bags

The volume of converted products sold decreased during the past fiscal year.  
Capacity is available for increased sales.

ITEM 3.  LEGAL PROCEEDINGS

The company is a party to various proceedings relating to the cleanup of 
hazardous waste under the Comprehensive Environmental Response Compensation 
and Liability Act, and similar state laws.  The company is also a party to 
other legal proceedings generally incidental to its business.  Although the 
final outcome of any legal proceeding cannot be predicted with any degree of 
certainty, the company presently believes that any ultimate liability 
resulting from any of the legal proceedings, or all of them combined, would 
not have a material effect on the company's financial position or results of 
operation.  See "Management's Discussion and Analysis of Financial Condition 
and Results of Operations - Forward Looking Statements" in Item 7 of Part II 
of this Form 10-K.


Page 5<PAGE>
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Nothing was submitted during the fourth quarter of the fiscal year to a vote 
of the shareholders.

EXECUTIVE OFFICERS OF THE COMPANY

Name                Age          Office and Year First Elected

R. P. Wollenberg    83  (1) Chairman of the Board, President and 
                        Chief Executive Officer                   (1953)

R. E. Wertheimer    70  (2) Executive Vice President              (1960)

R. J. Parker        50  (3) Senior Vice President-Production      (1994)
                        and Mill Manager

D. L. Bowden        63  (4) Senior Vice President-Timber          (1989)

L. J. Holbrook      43  (5) Senior Vice President-Finance,
                        Secretary and Treasurer                   (1989)

D. C. Stibich       67  (6) Senior Vice President-Paper Sales     (1981)

R. B. Arkell        67  (7) Vice President-Industrial Relations
                        and General Counsel                       (1986)

R. H. Wollenberg    45  (8) Senior Vice President-Production
                        Western Container Division                (1996)

(1)     R. P. Wollenberg

        From 1985  Chairman, President and Chief Executive Officer
        1978-1985  President and Chief Executive Officer
        1969-1978  President 
        1960-1969  Executive Vice President

(2)     R. E. Wertheimer    

        From 1985  Executive Vice President
        1975-1985  Vice President-Container Division
        1974-1975  Vice President-Production
        1963-1974  Vice President-Container Sales

(3)     R. J. Parker

        From 1994  Senior Vice President-Production
        1993-1994  Vice President and Assistant to the President
        1992-1993  Pulp Mill Superintendent
        1985-1992  Assistant Pulp Mill Superintendent
                                                                    
(4)     D. L. Bowden

        From 1992  Senior Vice President-Timber
        1989-1992  Vice President-Timber
        1980-1989  Assistant Timber Manager

Page 6<PAGE>
(5)     L. J. Holbrook

        From 1992  Senior Vice President-Finance, Secretary and Treasurer
        1991-1992  Vice President-Finance, Secretary and Treasurer
        1989-1991  Assistant Secretary and Assistant Treasurer

(6)     D. C. Stibich

        From 1986  Senior Vice President Paper Sales
        1981-1986  Vice President Paper Sales
        1968-1981  Manager Paper Sales

(7)     R. B. Arkell

        From 1979  Vice President Industrial Relations and General Counsel

(8)     R. H. Wollenberg

        From 1995  Senior Vice President-Production, Western Container
                   Division
        1994-1995  Vice President-Production, Western Container Division
        1993-1994  Manager-Production, Western Container Division
        1988-1993  Assistant General Counsel


                                    PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS

Transaction prices per share as reported on the New York Stock Exchange are 
reported below.

            Fiscal         1998   	         1997    
            Quarter   High     Low	    High     Low 
            1st     $17.38  $14.31  	$19.25  $16.50
            2nd      17.13   15.00	   17.25   15.00
            3rd      17.44   11.75	   19.50   16.13
            4th      13.44    9.50	   22.38   15.88
 
The company estimated it had approximately 11,000 shareholders on December 8, 
1998.

Dividends per share paid in fiscal 1998, 1997 and 1996:

                         1998      1997       1996
            January     $0.16     $0.16      $0.15
            April        0.16      0.16       0.15
            July         0.14      0.16       0.15	
            October      0.08      0.16       0.19	
                        $0.54     $0.64      $0.64

The Directors declared a regular dividend of $0.02 per share which was paid on 
January 8, 1999, to shareholders of record on December 24, 1998. 

Restrictions on the company's ability to pay cash dividends are completed by 
reference to Note 4 of Item 8 of Part II of this Form 10-K.


Page 7<PAGE>
ITEM 6.  SELECTED FINANCIAL AND OTHER DATA
<TABLE>
<S>                                      <C>        <C>        <C>        <C>        <C>
(dollars in thousands except per share)        1998       1997       1996       1995       1994
STATEMENT OF INCOME                               
Net Sales . . . . . . . . . . . . . . .  $  753,244 $  772,845 $  822,722 $  985,515 $  790,874
  Timber. . . . . . . . . . . . . . . .     166,037    186,814    186,405    207,735    197,978
  Paper and paperboard. . . . . . . . .     193,154    196,192    199,827    308,356    223,920
  Converted products. . . . . . . . . .     394,053    389,839    436,490    469,424    368,976
Cost of products sold, including
  outward freight . . . . . . . . . . .     666,960    661,684    657,737    778,032    659,309
Gross profit. . . . . . . . . . . . . .      86,284    111,161    164,985    207,483    131,565
Selling, administrative and general 
  expenses. . . . . . . . . . . . . . .      64,693     63,760     60,199     59,709     54,769
Operating profit. . . . . . . . . . . .      21,591     47,401    104,786    147,774     76,796 
  Timber. . . . . . . . . . . . . . . .      74,470    101,740    104,449    121,738    111,907
  Paper and paperboard. . . . . . . . .     (13,009)    (5,143)     4,300      7,442    (15,703) 
  Converted products. . . . . . . . . .     (39,870)   (49,196)    (3,963)    18,594    (19,408)
Interest expensed . . . . . . . . . . .     (39,935)   (31,613)   (29,506)   (29,447)   (24,384)
Other income. . . . . . . . . . . . . .       4,192      3,706     11,584      1,912      1,902
Income (loss) before income taxes . . .     (14,152)    19,494     86,864    120,239     54,314
Provision for income taxes. . . . . . .      (7,500)     6,800     30,500     44,200     20,900
Net income (loss) . . . . . . . . . . .      (6,652)    12,694     56,364     76,039     33,414
			  		
PER SHARE					
Net income (loss) . . . . . . . . . . .  $    (0.13)$     0.25 $     1.09 $     1.47 $     0.64
Dividends . . . . . . . . . . . . . . .        0.54       0.64       0.64       0.60       0.52
Earnings reinvested in the business . .       (0.67)     (0.39)      0.45       0.87       0.12
Shareholders' equity at year-end. . . .        8.03       8.70       9.10       8.65       7.80
Average shares outstanding (thousands).      51,677     51,691     51,731     51,787     51,861
Shares outstanding at year-end (thousands)   51,677     51,677     51,706     51,751     51,830
					
BALANCE SHEET DATA					
Total assets. . . . . . . . . . . . . .  $1,263,343 $1,260,903 $1,197,280 $1,153,823 $1,022,049
Working capital . . . . . . . . . . . .      55,318     40,381     50,974     42,559     35,761
Capital assets. . . . . . . . . . . . .   1,004,837  1,013,361    951,137    906,586    815,509
Deferred taxes - net. . . . . . . . . .    (142,827)  (141,623)  (135,106)  (119,205)  (103,234)
Long-term debt. . . . . . . . . . . . .     547,018    498,137    426,255    409,374    366,492
Shareholders' equity. . . . . . . . . .     414,949    449,506    470,412    447,899    404,253
					
OTHER DATA					
Sales:  Logs, thousands of board feet .     235,000    218,000    243,000    262,000    250,000
        Lumber, thousands of board feet      76,000     65,000     33,000     32,000     36,000 
        Paper, tons . . . . . . . . . .     221,000    202,000    207,000    259,000    236,000
        Paperboard, tons. . . . . . . .     140,000    177,000    129,000    212,000    181,000
        Converted products, tons. . . .     524,000    548,000    542,000    572,000    549,000 
        Logs, $/thousand board feet . .  $      598 $      724 $      719 $      753 $      743
        Lumber, $/thousand board feet .         336        443        367        313        352 
        Paper, $/ton FOB mill equivalent        610        638        664        698        592
        Paperboard, $/ton FOB mill 
          equivalent. . . . . . . . . .         353        332        356        489        336
        Converted products, $/ton . . .         752        711        805        821        672
Primary production, tons. . . . . . . .     903,000    958,000    905,000  1,058,000    968,000
Employees . . . . . . . . . . . . . . .       3,700      3,900      3,900      3,800      3,750
Funds:  Used for plant and equipment. .  $   73,054 $  139,727 $  127,558 $  138,613 $   81,544
        Used for timber and timberlands      15,622     15,716      3,822     35,046     43,494
</TABLE>


Page 8<PAGE>
ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

RESULTS OF OPERATIONS fiscal 1998 vs. fiscal 1997

A net loss of $6,652,000 was incurred in fiscal 1998 as compared with net 
income of $12,694,000 in fiscal 1997.  The loss resulted from a significant 
decrease in timber operating profit, continued operating losses in the 
manufacturing segments of the business and increased interest expensed.

Operating profits for the timber segment declined 27% in fiscal 1998 to 
$74,470,000 from $101,740,000 in fiscal 1997.  The reduced operating profit 
resulted from average log and lumber prices decreasing 17% and 24%, 
respectively.  Export log prices deteriorated during the latter half of 1997 
due to the supply of logs in the marketplace exceeding end user demand in 
Japan and the strong U.S. dollar.  Export markets bottomed out early in 1998 
as demand improved and prices stabilized.  Fiscal year end export prices 
remain below recent peak levels experienced in the first quarter 1997.

Despite a healthy housing market and strong end user demand, domestic lumber 
prices declined.  The decline in prices was caused by volume, displaced from 
slow export markets (particularly Asia), entering the domestic market creating 
excess supply.  Domestic log prices declined 10% as a consequence of the weak 
lumber prices.

The company operates its 570,863 acres on a sustained yield basis with 
rotations of 40 years for hardwood and 55 to 70 years for coniferous species. 
Based on recent large purchases and sales, we now estimate the value of the 
tree farms to be between six and eight times book value.  Environmental 
regulations requiring set asides, buffer zones and which otherwise limit our 
ability to harvest timber reduce the value of our tree farms.  The company 
estimates that the reduction in value due to such regulations does not exceed 
12% of realizable value.

Operating losses for paper and paperboard increased from $5,143,000 in fiscal 
1997 to $13,009,000 in fiscal 1998.  The primary reasons for this change were 
increased wood chip costs, lower operating rates, a 4% reduction in average 
paper prices, and a 5% decrease in volume sold.  Average paperboard prices 
increased 6%.

Principal raw materials for paper and paperboard include wood chips, purchased 
bleached pulp, sawdust and reclaimed fibers.  Wood chip costs were about 20% 
higher than the prior fiscal year.  Old corrugated container ("OCC") prices 
have remained low but may increase.  Fiber costs are being reduced by 
increased use of OCC and by reducing the portion of chips manufactured from 
whole logs, which cost more than chips saved from sawmill wastes.  Prices of 
sawmill residual chips are also declining.  Purchase of bleached pulp from a 
variety of sources has proved to be a beneficial arrangement.

Export linerboard and paper markets, particularly in Asia, continue to be 
slow.  Average export linerboard prices improved during the first half of the 
year, but deteriorated in the fourth quarter.  Domestic markets were fair but 
have been adversely affected by the soft Asian markets.  

 
Page 9<PAGE>
Due to the current market conditions mill operations were rescheduled by 
shutting down the equivalent of at least two machines and leveling production 
at approximately 75% of total capacity.  The number of paper machine crews has 
been reduced to support the scaled down schedule.  In addition to reducing 
labor costs, this schedule should also improve operating efficiencies and 
reduce energy and fiber costs.  See "Forward-Looking Statements."  During the 
year, the mill operated at approximately 75% of capacity.

Operating losses from converted products decreased from $49,196,000 in fiscal 
1997 to $39,870,000 in fiscal 1998 due primarily to a 6% increase in average 
price, offset in part by higher costs for containerboard used to manufacture 
boxes.  Due to continued poor performance, the long term viability of certain 
converting plants and product lines were studied.  As a result of these 
studies the Rockford box plant was closed in October 1998.  The building and 
some equipment will be sold and the balance of the equipment will be moved to 
other box plant facilities.  Most sizes of the grocery bag product line were 
discontinued with the bulk of the equipment sold.

Demand for converted products was at satisfactory levels during the year but 
some box price deterioration has occurred due to recent containerboard price 
decreases.  The company continues to develop its specialty and niche products 
to improve margins.

Selling, administrative and general expenses were 9% of sales in fiscal 1998 
and 8% of sales in fiscal 1997.  Higher total borrowing and proportionately 
less interest capitalized for uncompleted capital projects resulted in an 
increase in interest expensed from $31,613,000 to $39,935,000.

The strength of the market for the company's log and manufactured products 
will depend on recovery in Asia and general business conditions in the U.S.  
Both of these are very difficult to forecast at this time.  Fiber costs should 
be moderate as long as partial operation continues.  If full operation becomes 
possible, higher product prices should be achievable to offset higher chip 
costs.  The company will make substantial efforts to reduce cost and improve 
quality.

RESULTS OF OPERATIONS fiscal 1997 vs. fiscal 1996

Results in fiscal 1997 were increasingly unsatisfactory as earnings decreased 
77% from fiscal 1996.

Timber profits declined from $104,449,000 to $101,740,000 in fiscal 1997 
primarily because of a 10% reduction in log footage sold.  Volume declined 
because the company did not aggressively market its logs into a weakening 
export market.  Average log prices were 1% higher.  Domestic log prices 
remained firm.  Export log prices declined during the year due to an increase 
in the supply of export quality logs, reduced end user demand and the strength 
of the U.S. dollar.  Although export prices declined, they were at good 
levels.  

Operating results for paper and paperboard declined from an operating profit 
in fiscal 1996 of $4,300,000 to an operating loss of $5,143,000 in fiscal 
1997.  The addition of new recycling containerboard mills increased industry 
capacity and resulted in lower prices for containerboard.  Average paperboard 
and paper prices decreased 7% and 4%, respectively, while volume sold 
increased 13%.  Product prices improved modestly in the fourth quarter but not 
to levels needed for profitable results.

Page 10<PAGE>
Wood chip costs were about 26% lower than the prior fiscal year.  Chip costs 
increased at the end of fiscal 1997.  Maximum efforts continued to broaden 
supply by greater recovery of woods wastes and going further distances for 
sawmill wastes.  Purchase of bleached pulp from a variety of sources has 
proved to be a beneficial arrangement.  OCC prices remained low.

Mill operation was at about 85% of capacity.  Downtime was utilized for 
vacations and displaced machine crews were reassigned as temporary mechanical 
helpers so no lay-offs resulted.  Reassigning machine crews reduced the 
backlog of maintenance and installation work.

Operating losses from converted products increased from $3,963,000 in fiscal 
1996 to $49,196,000 in fiscal 1997 due to a reduction in average price of 12%. 
Corrugated box prices were driven down by lower containerboard prices 
available in the marketplace due to increased industry capacity.

With an increasingly flexible national market for both electricity and natural 
gas, some additional margin was achieved by shutting cogeneration down for 
periods when spot replacement electricity costs were less and our purchased 
gas was wheeled to others with some overall cost reduction.  During fiscal 
1996, miscellaneous income included $9,470,000 received as consideration for 
the termination of an electrical power sales agreement.

Selling, administrative and general expenses were 8% of sales in fiscal 1997 
and 7% of sales in fiscal 1996.  Higher total borrowing resulted in an 
increase in interest expensed from $29,506,000 to $31,613,000.

LIQUIDITY AND CAPITAL RESOURCES

Cash provided by operations was $69,369,000 in fiscal 1998 compared with 
$116,635,000 in fiscal 1997.  The decrease was primarily due to reduced 
earnings and decreased levels of payables at year end.

Working capital was $55,318,000 at October 31, 1998 compared to $40,381,000 at 
October 31, 1997.

Capital expenditures for the year exceeded available funds from cash flow and 
were funded by borrowings.  Therefore, long-term debt, current installments of 
long-term debt and short-term borrowings increased by an aggregate of 
$49,382,000 in fiscal 1998.

At October 31, 1998 the company had bank lines of credit totaling 
$380,000,000.  Of this amount, $260,000,000 was under a credit agreement with 
a group of banks expiring February 28, 2001, with renewal provisions beyond 
that date.  The agreement provides for borrowings at the Offshore Rate (LIBOR 
based) plus a spread, currently 0.60% , or the bank's Reference rate, 
whichever the company selects.  The credit agreement contains certain 
financial covenants and provides for a facility fee, currently 0.275% per 
year.  The company had outstanding $260,000,000 of notes payable under this 
agreement at October 31, 1998.  At October 31, 1998, the company had an 
outstanding balance of $81,500,000 under the remaining $120,000,000 of lines 
of credit.  The unused portion of all lines of credit was $38,500,000.

Also outstanding at October 31, 1998 were senior notes of $247,000,000 and 
revenue bonds of $28,900,000.  For further details regarding borrowing, see 
Notes 3 and 4 of Item 8 of Part II of this Form 10-K.


Page 11<PAGE>
During the quarter ended July 31, 1998, the company obtained waivers from the 
holders of certain senior notes with respect to compliance with covenants that 
require the company to maintain a specified ratio of net income available for 
fixed charges to fixed charges.  The waiver reducing the coverage requirements 
is effective beginning on July 31, 1998 until the date that the company makes 
publicly available its financial statements for the quarter ending January 31, 
1999.  In connection with the grant of the waivers, the company agreed to 
increase the interest rate of the notes by 0.25% during the waiver period and 
to pay certain additional fees.  In September 1998 the company prepaid, 
through the use of existing bank credit lines, $30,000,000 of senior notes.

Capital expenditures for fiscal 1998 were $73,054,000 for plant and equipment 
and $15,622,000 for timberlands.  Capital expenditures for fiscal 1997 for 
plant and equipment were $139,727,000 and for timberlands were $15,716,000.  
The backlog of approved capital projects as of October 31, 1998 was 
$16,000,000.  With reduced cash flow from operations, the company plans to 
reduce capital expenditures such that expenditures for capital projects will 
be substantially less than depreciation charges, which should result in a 
reduction of debt.  See "Forward-Looking Statements."  While much remains to 
be done to optimize our manufacturing capabilities, we believe the most urgent 
projects have been completed.

Capital expenditures for plant and equipment are expected to be between 
$15,000,000 and $30,000,000 in fiscal 1999.   Purchase of timberlands will 
depend on offerings, price levels and competition.  We expect any offers we 
make will be at prices we believe to be conservative.  We plan to fund capital 
expenditures principally from internally generated funds.  

During fiscal 1998, the company did not purchase shares of its stock.  During 
fiscal 1997, the company purchased 29,010 shares for an average price of 
$17.85 per share.  Purchases began in 1964; the total number of shares 
acquired through fiscal 1998 is 21,403,633 shares for $97,090,164 at an 
average cost of $4.54 per share.  Stock purchases increase interest costs and 
thus reduce corporate earnings.  When earnings are good, stock purchases can 
increase earnings per share.  In a bad year, the interest cost can decrease 
earnings per share slightly.

Dividends of $0.54 per share were paid in fiscal 1998 and $0.64 in fiscal 
1997. The Board of Directors declared a dividend of $0.02 per share which was 
paid on January 8, 1999, to shareholders of record on December 24, 1998.  A 
growing percentage of debt combined with a lack of earnings has necessitated 
dividend cuts.  Restoration of dividends to the prior level is a high 
priority, but there can be no assurance that the company's future results will 
support increased dividends.

YEAR 2000 ISSUES

The company is committed to reducing or eliminating the effects of the Year 
2000 ("Y2K") issues on its systems and production processes. Y2K compliance is 
not an issue for our products.  In 1996 a company-wide program was started to 
identify all aspects of our operations subject to Y2K issues and to provide 
for a smooth transition into the next millennium.  The plan is designed to 
assess current compliance and to implement corrective measures for non-
compliant systems and equipment.  We plan to have our systems that are 
material to the conduct of our business compliant by September 1, 1999.  See 
"Forward-Looking Statements."  The company plans to achieve compliance by 
December 31, 1999.  The identification phase, inventory, and action plan are 

Page 12<PAGE>
complete.  Of the systems and equipment identified and inventoried, an 
estimated 80% of the inventory has been found to be compliant or has been 
corrected.  The estimated remediation cost is approximately $2,500,000 of
which $1,000,000 has been incurred to date.  We are also in the process of
surveying our vendors, principal customers and business partners regarding
their Y2K compliance.  Some aspects of the Y2K situation are beyond our
reasonable control; for example, compliance by our vendors, customers,
business partners and the possible effects of Y2K issues on national and
worldwide communications and banking services.  As part of this process, we
are assessing possible Y2K risks and developing contingency plans.

OTHER

The company continually reviews any known environmental exposures including 
the cost of remediation.  At the present time, the company is not aware of any 
environmental liabilities that would have a material impact on the 
consolidated financial statements.  See "Forward-Looking Statements."

The company believes it is in substantial compliance with Federal, State and 
local laws regarding environmental quality.  The Environmental Protection 
Agency (EPA) has issued a final air and water quality rule referred to as the 
"Cluster Rule."  The company estimates that over the next 2 to 3 years 
required pollution control capital expenditures could range from $10,000,000 
to $20,000,000 with another $20,000,000 to $30,000,000 possible 5 years later. 
See "Forward-Looking Statements."

Although future pollution control expenditures cannot be predicted with any 
certainty because of continuing changes in laws and regulations and 
uncertainty as to how they will be interpreted and applied, the company 
believes that compliance with these regulations will not have a material 
impact on its capital expenditures, earnings or competitive position.  See 
"Forward-Looking Statements."

New regulations are being developed to protect the salmon in the Pacific
Northwest which may further restrict our ability to harvest timber and
increase cost, but until the regulations are adopted, the magnitude cannot be
predicted with certainty.

The company's consolidated financial statements are prepared based on 
historical costs and do not portray the effects of inflation.  The impact of 
inflation is most noticeable for inventories and capital assets, although most 
of the inflationary effect on inventories is already portrayed in the 
consolidated income statement by the use of the LIFO method of inventory 
valuation.

FORWARD-LOOKING STATEMENTS

This Form 10-K contains forward-looking statements, including statements 
concerning anticipated pricing and market conditions for the company's 
products and certain raw materials, anticipated competitive conditions and the 
actions of competitors, the expected results of planned paper mill improvement 
projects and operating schedules, the anticipated cost of and availability of 
financing for planned capital improvement projects, the anticipated cost of 
compliance with certain environmental regulations and effects of environmental 
contingencies and litigation on financial conditions and results of 
operations, and the estimated cost, completion date and success of the 
company's Y2K compliance program.  Certain forward-looking statements are 

Page 13<PAGE>
identified by a cross-reference to this section.  Forward-looking statements 
are based on the company's estimates and projections on the date when they are 
made, and are subject to a variety of risks and uncertainties.  Actual events 
could differ materially from those anticipated by the company due to a variety 
of factors, including, among others, developments in the world, national or 
regional economy or involving the company's customers or competitors affecting 
supply of or demand for the company's products or raw materials, changes in 
product or raw material prices, changes in currency exchange rates between the
U. S. dollar and the currencies of important export markets, capital project
delays or cost overruns, weather, labor disputes, unforeseen adverse
developments involving environmental matters or other legal proceedings or
the assertion of additional claims, significant unforeseen developments in
the company's business, adverse changes in the capital markets or interest
rates affecting the cost or availability of financing or other unforeseen
events.  The company does not undertake any obligation to update forward-
looking statements should circumstances or the company's estimates or
projections change.

ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The Company has not engaged in commodity, currency or interest rate hedging 
arrangements or engaged in transactions involving derivatives.

Note 6 of Item 8 of Part II of this Report on Form 10-K is incorporated herein 
by reference.



Page 14<PAGE>
ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO FINANCIAL STATEMENTS
                                                                   PAGE
Financial Statements:

Report of Independent Accountants . . . . . . . . . . . . . . . . .  15
Consolidated Statement of Income for the
   three years ended October 31, 1998 . . . . . . . . . . . . . . .  16
Consolidated Statement of Shareholders' 
   Equity for the three years ended October 31, 1998. . . . . . . .  16
Consolidated Balance Sheet at October 31,
   1998, 1997 and 1996. . . . . . . . . . . . . . . . . . . . . . .  17
Consolidated Statement of Cash Flows for
   the three years ended October 31, 1998 . . . . . . . . . . . . .  18
Notes to Consolidated Financial Statements. . . . . . . . . . . . .  19

Financial Statement Schedules:

  Schedules have been omitted because they are not applicable or the required 
  information is shown in the consolidated financial statements or notes 
  thereto of this Form 10-K.

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors and Shareholders of
Longview Fibre Company

In our opinion, the consolidated financial statements listed in the 
accompanying index present fairly, in all material respects, the financial 
position of Longview Fibre Company and its subsidiaries at October 31, 1998, 
1997 and 1996, and the results of their operations and their cash flows for 
each of the three years in the period ended October 31, 1998, in conformity 
with generally accepted accounting principles.  These financial statements are 
the responsibility of the Company's management; our responsibility is to 
express an opinion on these financial statements based on our audits.  We 
conducted our audits of these statements in accordance with generally accepted 
auditing standards which require that we plan and perform the audit to obtain 
reasonable assurance about whether the financial statements are free of 
material misstatement.  An audit includes examining, on a test basis, evidence 
supporting the amounts and disclosures in the financial statements, assessing 
the accounting principles used and significant estimates made by management, 
and evaluating the overall financial statement presentation.  We believe that 
our audits provide a reasonable basis for the opinion expressed above.


\s\ PricewaterhouseCoopers
PricewaterhouseCoopers
    
Portland, Oregon
December 8, 1998


Page 15<PAGE>
CONSOLIDATED STATEMENT OF INCOME                                              
 
                                                    Years Ended October 31

(thousands except per share)                        1998       1997      1996
NET SALES. . . . . . . . . . . . . . . . . . .  $753,244   $772,845  $822,722
      Timber . . . . . . . . . . . . . . . . .   166,037    186,814   186,405
      Paper and paperboard . . . . . . . . . .   193,154    196,192   199,827
      Converted products . . . . . . . . . . .   394,053    389,839   436,490
Cost of products sold, including
 outward freight . . . . . . . . . . . . . . .   666,960    661,684   657,737
GROSS PROFIT . . . . . . . . . . . . . . . . .    86,284    111,161   164,985
Selling, administrative and general expenses .    64,693     63,760    60,199
OPERATING PROFIT . . . . . . . . . . . . . . .    21,591     47,401   104,786
      Timber . . . . . . . . . . . . . . . . .    74,470    101,740   104,449
      Paper and paperboard . . . . . . . . . .   (13,009)    (5,143)    4,300
      Converted products . . . . . . . . . . .   (39,870)   (49,196)   (3,963)
Interest income. . . . . . . . . . . . . . . .     1,256        784       611
Interest expensed. . . . . . . . . . . . . . .   (39,935)   (31,613)  (29,506)
Miscellaneous. . . . . . . . . . . . . . . . .     2,936      2,922    10,973
INCOME (LOSS) BEFORE INCOME TAXES  . . . . . .   (14,152)    19,494    86,864
PROVISION FOR TAXES ON INCOME (see Note 9)                          
Current. . . . . . . . . . . . . . . . . . . .    (8,503)    (1,315)   14,861
Deferred . . . . . . . . . . . . . . . . . . .     1,003      8,115    15,639
                                                  (7,500)     6,800    30,500
                                                                             
NET INCOME (LOSS). . . . . . . . . . . . . . .  $ (6,652)  $ 12,694  $ 56,364
      Per share. . . . . . . . . . . . . . . .  $  (0.13)  $   0.25  $   1.09


CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY                            
                                        
(thousands)                                         1998       1997      1996
COMMON STOCK:
      Balance at beginning of year . . . . . .  $ 77,515   $ 77,558  $ 77,627
      Ascribed value of stock purchased. . . .        _-        (43)      (69)
      Balance at end of year . . . . . . . . .  $ 77,515   $ 77,515  $ 77,558
ADDITIONAL PAID-IN CAPITAL:
      Balance at beginning of year . . . . . .  $  3,306   $  3,306  $  3,306 
      Balance at end of year . . . . . . . . .  $  3,306   $  3,306  $  3,306 
RETAINED EARNINGS:
      Balance at beginning of year . . . . . .  $368,685   $389,548  $366,966
      Net income (loss). . . . . . . . . . . .    (6,652)    12,694    56,364
      Less cash dividends on common stock
        ($0.54, $0.64, $0.64 per share, 
         respectively) . . . . . . . . . . . .   (27,905)   (33,083)  (33,107)
      Less purchases of common stock . . . . .         -       (474)     (675)
      Balance at end of year . . . . . . . . .  $334,128   $368,685  $389,548 
COMMON SHARES:
      Balance at beginning of year . . . . . .    51,677     51,706    51,751
      Purchases. . . . . . . . . . . . . . . .         -        (29)      (45)
      Balance at end of year . . . . . . . . .    51,677     51,677    51,706

The accompanying notes are an integral part of the financial statements.


Page 16<PAGE>
CONSOLIDATED BALANCE SHEET

                                                           October 31

(dollars in thousands except per share)             1998       1997       1996
ASSETS
Current assets:
Accounts and notes receivable. . . . . . . .  $   99,823 $  105,850 $   99,147
  Allowance for doubtful accounts. . . . . .       1,100      1,100      1,100
Taxes on income, refundable. . . . . . . . .       7,020        693          -
Inventories (see Note 2) . . . . . . . . . .      83,959     84,502     93,718
Other. . . . . . . . . . . . . . . . . . . .       8,136      7,739     11,923
            Total current assets . . . . . .     197,838    197,684    203,688 
Capital assets:
Buildings, machinery and equipment at cost .   1,629,580  1,572,089  1,456,432
  Accumulated depreciation . . . . . . . . .     850,268    774,852    710,946
    Costs to be depreciated in future                                     
     years (see Note 5). . . . . . . . . . .     779,312    797,237    745,486
Plant sites at cost. . . . . . . . . . . . .       3,041      3,041      2,909
                                                 782,353    800,278    748,395
Timber at cost less depletion. . . . . . . .     193,979    187,141    177,683
Roads at cost less amortization. . . . . . .       9,298      8,866      8,956
Timberland at cost . . . . . . . . . . . . .      19,207     17,076     16,103
                                                 222,484    213,083    202,742
            Total capital assets . . . . . .   1,004,837  1,013,361    951,137
Other assets . . . . . . . . . . . . . . . .      60,668     49,858     42,455
                                              $1,263,343 $1,260,903 $1,197,280

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Payable to bank resulting from
 checks in transit . . . . . . . . . . . . .  $   10,042 $    9,834 $   13,031
Accounts payable . . . . . . . . . . . . . .      37,251     53,647     44,533
Short-term borrowings (see Note 3) . . . . .      50,500     56,000     38,000
Payrolls payable . . . . . . . . . . . . . .      14,309     13,206     11,125
Other taxes payable. . . . . . . . . . . . .      10,299     10,498     11,906
Current installments of long-term debt . . .      20,119     14,118     34,119
            Total current liabilities  . . .     142,520    157,303    152,714
Long-term debt (see Note 4). . . . . . . . .     547,018    498,137    426,255
Deferred taxes - net (see Note 9). . . . . .     142,827    141,623    135,106
Other liabilities. . . . . . . . . . . . . .      16,029     14,334     12,793
Commitments (see Note 12). . . . . . . . . .         -          -            - 
Shareholders' equity: 
Preferred stock; authorized 2,000,000 shares         -          -            -
Common stock, ascribed value $1.50 per share;
 authorized 150,000,000 shares; issued
 51,676,567, 51,676,567 and 51,705,577
 shares, respectively (see Note 11). . . . .      77,515     77,515     77,558
Additional paid-in capital . . . . . . . . .       3,306      3,306      3,306 
Retained earnings. . . . . . . . . . . . . .     334,128    368,685    389,548
            Total shareholders' equity . . .     414,949    449,506    470,412
                                              $1,263,343 $1,260,903 $1,197,280

The accompanying notes are an integral part of the financial statements.



Page 17<PAGE>
CONSOLIDATED STATEMENT OF CASH FLOWS
                                                   Years Ended October 31

(thousands)                                        1998      1997      1996
CASH PROVIDED BY (USED FOR) OPERATIONS:
Net income (loss). . . . . . . . . . . . . .   $ (6,652) $ 12,694  $ 56,364
Charges to income not requiring cash:
   Depreciation  . . . . . . . . . . . . . .     86,990    81,213    74,709
   Depletion and amortization  . . . . . . .      5,906     5,158     4,745
   Deferred taxes - net  . . . . . . . . . .      1,204     6,517    15,901
   (Gain) loss on disposition of capital
    assets . . . . . . . . . . . . . . . . .       (551)    3,961     5,762

Change in:
   Accounts and notes receivable - net . . .      6,027    (6,703)   19,017
   Inventories . . . . . . . . . . . . . . .        543     9,216   (11,184)
   Taxes on income, refundable . . . . . . .     (6,327)     (693)        -
   Other . . . . . . . . . . . . . . . . . .       (397)    4,184    (2,551)
   Other noncurrent assets . . . . . . . . .    (10,810)   (7,403)   (4,188)
   Accounts, payrolls and other 
     taxes payable . . . . . . . . . . . . .     (8,259)    6,950   (16,109)
   Federal income taxes payable. . . . . . .          -         -    (2,475)
   Other noncurrent liabilities. . . . . . .      1,695     1,541     1,859 
Cash provided by operations. . . . . . . . .     69,369   116,635   141,850 

CASH PROVIDED BY (USED FOR) INVESTING:
Additions to:  Plant and equipment.. . . . .    (73,054) (139,727) (127,558)
               Timber and timberlands. . . .    (15,622)  (15,716)   (3,822)
Proceeds from sale of capital assets . . . .      4,855     2,887     1,613
Cash used for investing. . . . . . . . . . .    (83,821) (152,556) (129,767)

CASH PROVIDED BY (USED FOR) FINANCING:
Additions to long-term debt. . . . . . . . .    119,000    86,000    51,000
Reduction in long-term debt. . . . . . . . .    (64,118)  (34,119)  (34,119)
Short-term borrowings. . . . . . . . . . . .     (5,500)   18,000     2,000
Payable to bank resulting from
 checks in transit . . . . . . . . . . . . .        208    (3,197)    2,759
Accounts payable for construction. . . . . .     (7,233)    2,837       128
Cash dividends . . . . . . . . . . . . . . .    (27,905)  (33,083)  (33,107)
Purchase of common stock . . . . . . . . . .          -      (517)     (744)
Cash provided by (used for) financing. . . .     14,452    35,921   (12,083) 

Change in cash position. . . . . . . . . . .        -         -         -
Cash position, beginning of year . . . . . .        -         -         -     
Cash position, end of year . . . . . . . . .   $    -    $    -    $    -   

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for:
 Interest (net of amount capitalized)  . . .   $ 40,248  $ 32,037  $ 30,023
 Capitalized interest  . . . . . . . . . . .      1,344     3,290     3,230
 Income taxes  . . . . . . . . . . . . . . .     (1,985)   (3,197)   19,625

The accompanying notes are an integral part of the financial statements.



Page 18<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF ACCOUNTING POLICIES:

PRINCIPLES OF CONSOLIDATION
The financial statements include the accounts of the company and all 
subsidiaries after elimination of intercompany balances and transactions.

INVENTORIES
Inventories are stated at the lower of cost or market.  Cost is determined on 
a last-in, first-out method except for supplies at current averages.

PROPERTY AND DEPRECIATION
Buildings, machinery and equipment are recorded at cost and include those 
additions and improvements that add to production capacity or extend useful 
life.  Cost includes interest capitalized during the construction period on 
all significant asset acquisitions.  When properties are sold or otherwise 
disposed, the cost and the related accumulated depreciation are removed from 
the respective accounts and the resulting profit or loss is recorded in 
income.  The costs of maintenance and repairs are charged to income when 
incurred.

Depreciation for financial accounting purposes is computed on the straight-
line basis over the estimated useful lives of the assets.  The estimated 
useful lives of assets range from 20 to 60 years for buildings and principally 
from 12 to 16 years for machinery and equipment.

TIMBERLANDS, DEPLETION AND AMORTIZATION
Timber, timberlands and timber roads are stated at cost.  Provision for 
depletion of timber and amortization of logging roads represents charges per 
unit of  production (footage cut) based on the estimated recoverable timber. 
No gain or loss is recognized on timberland exchanges since the earnings 
process is not considered complete until timber is harvested and marketed.

EARNINGS PER SHARE
Net income (loss) per common share is computed on the basis of weighted 
average shares outstanding of 51,676,567, 51,691,411 and 51,731,407 for 1998, 
1997 and 1996, respectively.

PENSION AND OTHER BENEFIT PLAN COSTS
The company's policy is to accrue as cost an amount computed by the actuary 
and to fund at least the minimum amount required by ERISA.

REVENUE RECOGNITION
The company recognizes revenues when goods are shipped.

MISCELLANEOUS INCOME
In fiscal 1996, $9,470,000 was recorded as miscellaneous income as 
consideration for the termination of an electrical power sales agreement.

RECLASSIFICATIONS
Prior year amounts have been reclassified to conform to current year 
classifications.  These reclassifications have no impact upon net income or 
shareholders' equity.



Page 19<PAGE>
NOTE 2 - INVENTORIES:
Inventories consist of the following:
                                             October 31
(thousands)                           1998        1997        1996
Finished goods  . . . . . . . .   $ 35,645    $ 43,571    $ 39,962
Goods in process. . . . . . . .     32,730      28,881      33,632
Raw materials . . . . . . . . .     20,676      11,879      22,505
Supplies (at average cost). . .     42,907      42,322      45,236
                                   131,958     126,653     141,335
LIFO Reserve. . . . . . . . . .    (47,999)    (42,151)    (47,617)
                                  $ 83,959    $ 84,502    $ 93,718

NOTE 3 - SHORT-TERM BORROWINGS:
At October 31, 1998, the company had bank lines of credit totaling $380 
million.  Of this amount, $260 million was under a credit agreement with a 
group of banks providing various methods of borrowing.  The agreement provides 
for borrowings at the Offshore Rate (LIBOR based) plus a spread, currently 
0.60%, or the bank's Reference rate, whichever the company selects.  The 
credit agreement contains certain financial covenants and provides for a 
facility fee, currently 0.275% per year.  This agreement has an expiration 
date of February 28, 2001 with renewal provisions beyond that date.  At 
October 31, 1998, the company had loans of $260 million under the credit 
agreement.

Also available was a bank loan agreement providing a committed line of credit 
totaling $25 million with an expiration date of February 28, 2001.  At October 
31, 1998 the company had loans of $25 million under this loan agreement.

Other lines of credit totaling $95 million were available for additional 
borrowing needs.  Included in this amount was a committed line of credit of 
$20 million which expires March 31, 2000.  The other $75 million is 
uncommitted.  At October 31, 1998, the company had an outstanding balance of 
$56.5 million under these credit lines.

Short-term borrowings of $291 million, $244 million and $223 million at 
October 31, 1998, 1997 and 1996, respectively, under the above agreements, 
have been reclassified as long-term debt because they are to be renewed and 
replaced with borrowings due beyond one year and into future periods.

Short-term borrowing activity including the amount reclassified as long-term 
is summarized as follows:

(thousands)                            1998        1997        1996
Notes payable October 31 . . . .   $341,500    $300,000    $261,000
Interest rate October 31 . . . .       6.1%        6.2%        5.9%
Average daily amount of
 notes payable outstanding
 during year . . . . . . . . . .   $319,133    $286,227    $253,893
Average* interest rate
 during year . . . . . . . . . .       6.3%        6.1%        6.1%
Maximum amount of notes
 payable at any month end. . . .   $345,000    $303,000    $274,000

*Computed by dividing interest incurred by average notes payable outstanding.



Page 20<PAGE>
NOTE 4 - LONG-TERM DEBT:
Long-term debt consists of the following:

                                                October 31
(thousands)                             1998        1997        1996
Senior notes due through 2010
 (6.17%-8.84%) - Note (a) . . . .   $247,000    $239,000    $208,000
Revenue bonds payable through
 2018 (floating rates, currently
 3.20%-4.25%) - Note (b). . . . .     28,900      28,900      28,900
Other . . . . . . . . . . . . . .        237         355         474   
Notes payable - banks -
 Note 3 above . . . . . . . . . .    291,000     244,000     223,000
                                     567,137     512,255     460,374
    Less current installments . .     20,119      14,118      34,119
Net long-term debt. . . . . . . .   $547,018    $498,137    $426,255

Scheduled maturities
        2000            $ 36,118
        2001             305,000
        2002              45,000
        2003              64,400
        2004-2018         96,500
                        $547,018

Note (a) Covenants of the senior notes include tests of minimum net worth, 
short-term borrowing, long-term borrowing, current ratio, fixed charge 
coverage ratios and restrictions on payment of dividends.  At October 31, 1998 
waivers existed on fixed charge coverage ratios.  At October 31, 1998, 
approximately $18 million of consolidated retained earnings was unrestricted 
as to the payment of dividends.

Note (b) Primarily incurred upon the purchase of manufacturing equipment.  At 
October 31, 1998, $28,900,000 was secured by liens on the equipment. 


NOTE 5 - BUILDINGS, MACHINERY AND EQUIPMENT:
At cost - net of accumulated depreciation consist of the following:

                                             October 31
(thousands)                           1998        1997        1996 
Buildings - net . . . . . . . .   $ 72,621    $ 66,494    $ 61,914
Machinery and equipment - net .    706,691     730,743     683,572
                                  $779,312    $797,237    $745,486


NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS:
Accounts receivable, revenue bonds and notes payable to banks approximate 
fair value as reported in the balance sheet.  The fair value of senior notes 
is estimated using discounted cash flow analyses, based on the company's 
incremental borrowing rates for similar types of borrowing arrangements.  
The fair value of the company's long-term debt exceeded the stated value by 
approximately $1 million at October 31, 1998 and 1997 and $2 million at 
October 31, 1996.



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NOTE 7 - RETIREMENT AND SAVINGS PLANS:
The company has two trusteed defined benefit pension programs which cover a 
majority of employees who have completed one year of continuous service.  
The plans provide benefits of a stated amount for each year of service with 
an option for some employees to receive benefits based on an average 
earnings formula. 

The weighted-average discount rate and rate of increase in the future 
compensation levels used in determining the actuarial present value of the 
projected benefit obligation was 7.0% and 4.75% for 1998 and 7.5% and 5.25% 
for 1997 and 1996.  The expected long-term rate of return on assets was 10% 
for 1998 and 1997 and 9% for 1996.

The following table sets forth the plans' funded status and amounts 
recognized in the company's consolidated financial statements at October 31:

(thousands)                               1998         1997         1996
Actuarial present value of benefit
 obligations:
   Vested . . . . . . . . . . . . .   $204,422     $165,335     $155,770
   Vested and nonvested . . . . . .   $209,790     $171,314     $156,317
   Effect of future increases in 
     compensation and service . . .   $234,944     $196,510     $184,079
Plan assets at fair value,
 primarily listed stocks. . . . . .    382,258      386,372      311,548
Excess plan assets. . . . . . . . .    147,314      189,862      127,469
Items not recognized in earnings:
 Net (asset) at adoption of FAS 87.     (3,317)      (4,686)      (6,056)
 Unrecognized prior service cost. .      9,236       12,592       16,698
 Unrecognized net (gain) .  . . . .   (102,087)    (159,545)    (107,542)
Pension asset recognized in the
 consolidated balance sheet . . . .   $ 51,146     $ 38,223     $ 30,569

Net pension (income) includes
 the following:
   Service cost . . . . . . . . . .   $  5,218     $  5,189     $  4,557
   Interest cost. . . . . . . . . .     14,141       13,689       12,824
   Actual (return) on plan assets .     (6,294)     (84,422)     (51,069)
   Net amortization and deferral. .    (25,988)      57,890       29,186
Net pension (income). . . . . . . .   $(12,923)    $ (7,654)    $ (4,502)

Voluntary savings plans are maintained for all employees who have completed 
one year of continuous service.  The plans allow salary deferrals in 
accordance with IRC section 401(k) provisions.  The company contribution as 
a matching incentive was $1,386,000, $1,295,000 and $1,199,000 during 1998, 
1997 and 1996, respectively.




Page 22<PAGE>
NOTE 8 - POSTRETIREMENT BENEFITS OTHER THAN PENSIONS:
The company provides postretirement health care insurance benefits for all 
salaried and certain non-salaried employees and their dependents.  
Individual benefits generally continue until age 65.  The company does not 
pre-fund these benefits.

Postretirement benefit expense was $2,332,000, $2,095,000 and $2,271,000 in 
1998, 1997 and 1996, respectively.

The components of expense were as follows:

(thousands)                                    1998    1997    1996	
Service cost . . . . . . . . . . . . . . .   $  797  $  718  $  545	
Interest cost. . . . . . . . . . . . . . .    1,234   1,125   1,227
Net amortization and deferral. . . . . . .      301     252     499
Net periodic postretirement benefit cost .   $2,332  $2,095  $2,271

The accumulated postretirement benefit obligation consists of the following:

(thousands)                                     1998      1997      1996
Retirees . . . . . . . . . . . . . . . . .  $ (2,463) $ (1,829) $ (2,954)
Fully eligible active plan participants. .    (3,441)   (3,844)   (3,817)
Other active plan participants . . . . . .   (12,335)  (10,877)  (10,494)
Total accumulated postretirement	
  benefit obligation . . . . . . . . . . .   (18,239)  (16,550)  (17,265)
Unrecognized net(gain)loss . . . . . . . .    (4,769)   (5,262)   (3,440)
Unrecognized transition obligation . . . .     6,979     7,478     7,976
Accrued postretirement benefit cost. . . .  $(16,029) $(14,334) $(12,729)

The net periodic postretirement benefit cost was calculated using a health 
care cost trend rate of 11% for the indemnity plan and 7% for the HMO plan. 
The accrued postretirement benefit cost at October 31, 1998 was calculated 
using a health care cost trend rate of 10% for the indemnity plan and 6.5% 
for the HMO plan.  The trend rate declines each year until the ultimate 
health care cost trend rate, 5.5% is reached in the year 2003 for the 
indemnity plan and the year 1999 for the HMO plan.  A one percent change in 
the health care cost trend rate assumption has a $2,216,000 effect on the 
accumulated postretirement benefit obligation as of October 31, 1998 and a 
$294,000 effect on the aggregate of the service and interest cost components 
of the net periodic postretirement benefit cost.  The weighted-average 
discount rate used was 7.5% at October 31, 1998, 1997 and 1996.


NOTE 9 - INCOME TAXES:
Provision for taxes on income is made up of the following components:

(thousands)                                1998       1997       1996
Current:
  Federal. . . . . . . . . . . . . .    $(7,925)   $(1,293)   $13,452
  State. . . . . . . . . . . . . . .       (578)       (22)     1,409
                                         (8,503)    (1,315)    14,861
Deferred:
  Federal. . . . . . . . . . . . . .      1,625      7,453     15,348
  State. . . . . . . . . . . . . . .       (622)       662        291
                                          1,003      8,115     15,639
                                        $(7,500)   $ 6,800    $30,500

Page 23<PAGE>
An analysis of the effective income tax rate as compared to the expected
federal income tax rate is as follows:

                                           1998       1997       1996
Expected federal income tax rate . .       (35)%       35%        35%
Foreign Sales Corporation. . . . . .        (1)        (2)         -
State income taxes less
  federal income tax benefit . . . .        (5)         2          1
Research benefit . . . . . . . . . .       (12)         -          -
Other. . . . . . . . . . . . . . . .         -          -         (1) 
                                           (53)%       35%        35%

The deferred income tax liabilities (assets) recorded in the Consolidated
Balance Sheet as of October 31, are as follows:

(thousands)                                   1998      1997      1996
Current: 
  Non-deductible accruals. . . . . .      $ (4,756) $ (4,555) $ (6,153)

Non-current:
  Depreciation . . . . . . . . . . .      $151,177  $148,661  $139,951      
  Employee Benefit Plans . . . . . .        18,639    14,058    11,219
  Alternative Minimum Tax. . . . . .       (20,458)  (12,672)  (10,042)
  Other. . . . . . . . . . . . . . .        (6,531)   (8,424)   (6,022)
  Non-current deferred tax . . . . .      $142,827  $141,623  $135,106

Federal income tax returns through 1993 have been settled with the Internal 
Revenue Service.


NOTE 10 - SEGMENT INFORMATION:
The company owns and operates tree farms in Oregon and Washington which 
produce logs for sale and operates a sawmill in Washington.  Its pulp and 
paper mill at Longview, Washington produces pulp which is manufactured into 
kraft paper and containerboard.  The raw material fibers come primarily from 
purchased wood chips and sawdust with important contributions from fiber 
reclaimed from post-consumer and post-industrial waste, purchased bleach 
pulp, and augmented by log chipping operations owned by the company and 
others.  The company's fifteen converting plants in ten states produce 
shipping containers and merchandise bags.  The tonnage of paper and 
containerboard used in the converting plants equals approximately 64% of the 
Longview mill production.

Included in sales to customers are export sales, principally to Japan, Hong 
Kong and Southeast Asia, of $135,350,000, $169,055,000 and $153,878,000 
during 1998, 1997 and 1996, respectively.  All sales are made in U. S. 
dollars.

There are no intersegment sales as all manufacturing operations to produce 
primary or converted products for sale are considered integrated from the 
purchased wood to the sale of the finished product.

Identifiable assets are segregated or allocated to segments as follows:

  1.  Assets used wholly within a segment are assigned to that segment.


Page 24<PAGE>
  2.  Assets used jointly by two segments are allocated to each segment on a
      percentage determined by dividing total cost of product into cost of
      product produced for each segment.  Paper and paperboard assets of 
      $308,338,000, $309,562,000 and $306,101,000 have been allocated to
      converted products at October 31, 1998, 1997 and 1996, respectively.

Depreciation, depletion and amortization and additions to capital assets 
have been segregated and allocated similarly to the method used for 
identifiable assets.

(thousands)                                   1998       1997       1996 
SALES TO CUSTOMERS:
Timber . . . . . . . . . . . . . . .    $  166,037 $  186,814   $186,405
Paper and paperboard . . . . . . . .       193,154    196,192    199,827
Converted products . . . . . . . . .       394,053    389,839    436,490
  Total. . . . . . . . . . . . . . .       753,244    772,845    822,722
INCOME (LOSS) ON SALES:
Timber . . . . . . . . . . . . . . .        74,470    101,740    104,449
Paper and paperboard . . . . . . . .       (13,009)    (5,143)     4,300
Converted products . . . . . . . . .       (39,870)   (49,196)    (3,963)
Interest expensed and other. . . . .       (35,743)   (27,907)   (17,922)
  Income (loss) before income taxes.       (14,152)    19,494     86,864
IDENTIFIABLE ASSETS AT OCTOBER 31:
Timber . . . . . . . . . . . . . . .       275,379    260,832    255,529
Paper and paperboard . . . . . . . .       314,347    319,548    279,383
Converted products . . . . . . . . .       673,617    680,523    662,368
  Total. . . . . . . . . . . . . . .     1,263,343  1,260,903  1,197,280
DEPRECIATION, DEPLETION AND
AMORTIZATION:
Timber . . . . . . . . . . . . . . .         9,330      8,669      7,921
Paper and paperboard . . . . . . . .        24,718     22,940     20,201
Converted products . . . . . . . . .        58,848     54,762     51,332
  Total. . . . . . . . . . . . . . .        92,896     86,371     79,454 
ADDITIONS TO CAPITAL ASSETS:
Timber . . . . . . . . . . . . . . .        20,254     17,608      7,939
Paper and paperboard . . . . . . . .        23,437     43,955     29,552
Converted products . . . . . . . . .        44,985     93,880     93,889
  Total. . . . . . . . . . . . . . .    $   88,676 $  155,443  $ 131,380


NOTE 11 - SHAREHOLDER RIGHTS PLAN:
On December 6, 1996, the company's Board of Directors amended the 
Shareholder Rights Plan by lowering the ownership and tender offer 
thresholds triggering a distribution of the rights certificates under the 
rights agreement.  With certain exceptions, the rights will become 
exercisable only in the event that an acquiring party accumulates 10% or 
more of the company's voting stock or a party announces an offer to acquire 
10% or more of the voting stock.  The rights expire on March 1, 1999, if not 
previously redeemed or exercised.  Each right entitles the holder to 
purchase one-tenth of one common share at a price of $4.00 ($40 per whole 
share), subject to adjustment under certain circumstances.  In addition, 
upon the occurrence of certain events, holders of the rights will be 
entitled to purchase a defined number of shares of an acquiring entity or 
the company's common shares at half their then current market value.  The 
company generally will be entitled to redeem the rights at $0.01 per right 
at any time until the tenth business day following the acquisition of 10% or 
more, or an offer to acquire 10% or more, of the company's voting stock.

Page 25<PAGE>
NOTE 12 - COMMITMENTS AND CONTINGENCIES:
Estimated costs to complete approved capital projects were approximately $16 
million, $48 million and $103 million at October 31, 1998, 1997 and 1996, 
respectively.


QUARTERLY FINANCIAL DATA (UNAUDITED)

                                      Fiscal Year Quarters               Total
                                                                        Fiscal
(thousands except per share)      1st       2nd       3rd       4th       Year 

1998
Net sales. . . . . . . . . .  $176,217  $185,938  $194,203  $196,886 $753,244 
Gross profit . . . . . . . .    14,034    18,373    30,313    23,564   86,284
Net income (loss). . . . . .    (7,073)   (4,589)    3,989     1,021   (6,652)
Net income (loss) per
 share (1) . . . . . . . . .     (0.14)    (0.09)     0.08      0.02    (0.13)
1997
Net sales. . . . . . . . . .  $182,211  $185,860  $197,385  $207,389  $772,845
Gross profit . . . . . . . .    22,517    29,675    30,839    28,130   111,161
Net income . . . . . . . . .        28     4,626     4,142     3,898    12,694
Net income per share (1) . .         -      0.09      0.08      0.08      0.25

1996
Net sales  . . . . . . . . .  $209,213  $199,716  $197,593  $216,200  $822,722
Gross profit . . . . . . . .    46,767    38,077    33,228    46,913   164,985
Net income . . . . . . . . .    15,539    10,035    13,924    16,866    56,364 
Net income per share (1) . .      0.30      0.19      0.27      0.33      1.09

(1) Per share statistics have been computed on the average of number of shares 
outstanding in the hands of the public.  Per share statistics for the first
three quarters may vary slightly from amounts reported on an interim basis due 
to changes in the number of shares outstanding.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND   
FINANCIAL DISCLOSURE

There has been no change of accountants or disagreements on any matter of 
accounting principles, practices or financial statement disclosures required 
to be reported under this item.
                                

                                  PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Item 10 is contained in the Notice of Annual Meeting of Shareholders and 
Proxy Statement dated December 16, 1998 which is hereby incorporated by 
reference as part of this Form 10-K.  See Part I of this Form 10-K for a 
listing of the executive officers of the company.




Page 26<PAGE>
ITEM 11.  EXECUTIVE COMPENSATION

This item is completed by reference to Notice of Annual Meeting of 
Shareholders and Proxy Statement dated December 16, 1998 which is hereby 
incorporated by reference as part of this Form 10-K.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

This item is completed by reference to Notice of Annual Meeting of 
Shareholders and Proxy Statement dated December 16, 1998 which is hereby 
incorporated by reference as part of this Form 10-K.                        
     

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

This item is completed by reference to Notice of Annual Meeting of 
Shareholders and Proxy Statement dated December 16, 1998 which is hereby 
incorporated by reference as part of this Form 10-K.


                                     PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a)  The following financial statements, schedules and exhibits are filed as
     part of this Form 10-K.

     (1)  Financial Statements:

          The 1998, 1997 and 1996 consolidated financial statements are     
          included in Item 8 of Part II of this Form 10-K.

          The individual financial statements of the company and its        
          subsidiaries have been omitted since the company is primarily an  
          operating company and all subsidiaries included in the            
          consolidated financial statements, in the aggregate, do not have  
          minority equity interest and/or indebtedness to any person other  
          than the company or its consolidated subsidiaries in amounts which 
          together exceed 5% of total consolidated assets at October 31,    
          1998.

     (2)  Financial Statement Schedules:

          Schedules have been omitted because they are not applicable or the 
          required information is shown in the consolidated financial       
          statements or notes thereto in Item 8 of Part II of this          
          Form 10-K.

     (3)  Exhibits required to be filed by Item 601 of Regulation S-K:  

          3.1  Articles of Incorporation of Longview Fibre Company   (b)

          3.2  Bylaws of Longview Fibre Company   (b)                  

          4.1  Rights Agreement   (a)

          4.2  First Amendment to Rights Agreement   (d)

Page 27<PAGE>
          4.3  Second Amendment to Rights Agreement  (f)

          4.4  Long-term debts that do not exceed 10% of the total assets of 
               the company, details of which will be supplied to the        
               Commission upon request:
  
               Senior Notes due through 2010 (6.17% - 8.84%)    $247,000,000

               Revenue Bonds payable through 2018 (floating rates,
               3.20% through 4.25% at October 31, 1998)          $28,900,000

               Other                                             $   237,000

         10.1  Form of Termination Protection Agreement   (c)(*)

         10.2  Credit Agreement   (e)

         23    Consent of Independent Accountants

         27    Financial Data Schedule
         
         99.1  Salary Savings Plan                        (*)

         99.2  Salary Savings Plan - Amendment No. 1      (*)

         99.3  Hourly Savings Plan

         99.4  Branch Hourly Savings Plan

         99.5  Branch Hourly Savings Plan - Amendment No. 1

         99.6  Branch Hourly Savings Plan - Amendment No. 2

         (a)    Incorporated by reference to company's Annual Report on Form
                10-K for the year ended October 31, 1989.
         (b)    Incorporated by reference to company's Annual Report on Form
                10-K for the year ended October 31, 1990.
         (c)    Incorporated by reference to company's Annual Report on Form
                10-K for the year ended October 31, 1994.
         (d)    Incorporated by reference to company's Current Report on    
                Form 8-K dated December 6, 1996.
         (e)    Incorporated by reference to company's Quarterly Report on  
                Form 10-Q for the quarter ended April 30, 1998.
         (f)    Incorporated by reference to company's Current Report on    
                Form 8-K dated December 18, 1998.

         (*)    Indicates management contract or compensatory plan or       
                arrangement.

(b)  Reports on Form 8-K:

No reports on Form 8-K were filed during the quarter ended October 31,      
1998.




Page 28<PAGE>
                                  SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange 
Act of 1934, the registrant has duly caused this report to be signed on its 
behalf by the undersigned thereunto duly authorized.

             LONGVIEW FIBRE COMPANY                 
Registrant

\s\ L. J. Holbrook                                     1-26-99               
L. J. Holbrook, Vice President-Finance,                Date
                Secretary and Treasurer

Pursuant to the requirement of the Securities Exchange Act of 1934, this 
report has been signed below by the following persons on behalf of the 
registrant and in the capacities and on the dates indicated.


\s\ R. P. Wollenberg                                   1-26-99               
R. P. Wollenberg, Chief Executive Officer              Date
              and Director 

\s\ L. J. Holbrook                                     1-26-99               
L. J. Holbrook, Chief Financial Officer                Date                 
             and Director

\s\ A. G. Higgens                                      1-26-99               
A. G. Higgens, Chief Accounting Officer                Date

\s\ R. B. Arkell                                       1-26-99               
R. B. Arkell, Director                                 Date

\s\ D. L. Bowden                                       1-26-99               
D. L. Bowden, Director                                 Date

\s\ M. A. Dow                                          1-26-99               
M. A. Dow, Director                                    Date

\s\ J. R. Kretchmer                                    1-26-99               
J. R. Kretchmer, Director                                 Date

\s\ R. J. Parker                                       1-26-99               
R. J. Parker, Director                                 Date

\s\ D. A. Wollenberg                                   1-26-99               
D. A. Wollenberg, Director                             Date

\s\ R. H. Wollenberg                                   1-26-99               
R. H. Wollenberg, Director                             Date



Page 29<PAGE>