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                                  Exhibit 10.4

                           1997 DEFERRED COMPENSATION/

              CAPITAL ACCUMULATION PLAN FOR DIRECTORS-PLAN DOCUMENT

Wallace Computer Services, Inc. (the "Company") hereby establishes a non-
qualified deferred compensation program for the members of its Board of
Directors, who are eligible under, and elect to participate in the Plan. The
following shall constitute the terms and conditions of the Wallace Computer
Services, Inc. 1997 Deferred Compensation/Capital Accumulation Plan for
Directors (the "Plan"), effective January 1, 1997 (the "Effective" Date)."

     1.   ADMINISTRATION. Full power and authority to construe, interpret and
          administer the Plan shall be vested in the Compensation Committee of
          the Board of Directors of the Company (the "Committee"). The Committee
          shall have the authority to make determinations provided for or
          permitted to be made under the Plan, to interpret the Plan, and to
          promulgate such rules and regulations, if any, as the Committee
          considers necessary and appropriate for the implementation of the
          Plan.

     2.   ELIGIBILITY AND PARTICIPATION. All members of the Company's Board of
          Directors on November 6, 1996 shall be eligible for participation in
          the Plan. Eligible Directors who elect to participate, in accordance
          with Section 3, will become "Participants.".

     3.   DEFERRED COMPENSATION.

          A.   Each Participant may make an irrevocable election in writing
               to defer up to 100% of cash Compensation, as defined in
               Subsection 3B, paid during the period January 1, 1997 through
               December 31, 1997 (the "Deferral Amount"). Such amount shall not
               be less than $1,000. Deferred compensation at the deferral
               percentage will be deducted from all cash Compensation payable to
               the Participant during the deferral period.

          B.   "Compensation" means director's fees and meeting fees payable by
               the Company to the participant.

          C.   The Company shall establish and maintain a bookkeeping account in
               the name of each Participant, which shall be known as the
               "Deferral Account." It shall be credited with the Deferral Amount
               and interest at the rate established by the Committee compounded
               annually from January 1, 1997. As provided in Section 5 of the
               Plan, the interest rate on lump sum payments caused by certain
               events will differ from the rate established by the Committee.
               Amounts paid to the Participant or his/her Beneficiary pursuant
               to this Plan, shall be deducted from the account balance as of
               the first day of the month in which such payment is made.

          D.   The Participant's Deferral Account shall at all times be
               reflected on the Company's books in accordance with generally
               accepted accounting practices as a general unsecured and unfunded
               obligation of the Company and the Plan shall not give 

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               any person any right or security interest in any asset of the 
               Company nor shall it imply any trust or segregation of assets by 
               the Company. Payments from the Participant's Deferral Account 
               shall be made from the general assets of the Company.

     4.   TIME AND MANNER OF PAYMENT. The Participant's Deferral Account shall
          be distributed as follows:

               A.   Installment Payments.

                    (1)  A Participant shall be entitled to fifteen (15) equal
                         annual installment payments commencing at age sixty-
                         five (65)

                    (2)  A Participant who attained age fifty-five (55) as of
                         January 1, 1997 may elect, at the time of making the
                         deferral election pursuant to Subsection 3A, to receive
                         ten (10) equal annual installments commencing at age
                         seventy (70) in lieu of installment payments under
                         Subsection 4A(1) if he/she becomes eligible for such
                         payments.

                    (3)  A Participant who attained age fifty-five (55) as of
                         January 1, 1997 and who was a director of the Company
                         on November 7, 1984 may elect, at the time of making
                         the deferral election pursuant to Subsection 3A, to
                         receive ten (10) equal annual installments commencing
                         at age seventy-two (72) in lieu of installment payments
                         under Subsection 4A(1) if he/she becomes eligible for
                         such payments.

                         Installment payments shall be calculated to amortize
                         fully the accumulated value of the Deferral Amount over
                         the payment period. For purposes of this Subsection A,
                         the interest rate to be credited in this calculation of
                         the accumulated value of the Deferral Amount shall be
                         the rate(s) established by the Committee at its sole
                         discretion prior to the beginning of the deferral
                         period.

               B.   Interim Payments.  So long as Participant does not attain
                    age sixty-five (65) prior to or during the calendar year
                    commencing January 1, 2004, a payment equal to the
                    Participant's Deferral Amount shall be paid to the
                    Participant within a reasonable time after January 1, 2004.
                    Such Participant shall receive an additional payment equal
                    to the Participant's Deferral Amount to be paid to the
                    Participant within a reasonable time after January 1, 2005.
                    These payments shall be charged to the Participant's
                    Deferral Account as of the first day of the month in which
                    payment(s) is made. This Subsection does not apply to
                    Participants terminated under Section 5.

     5.   DISHONEST CONDUCT. Notwithstanding any other provision of this Plan,
          if Participant's directorship with the Company is terminated at any
          time for reason of dishonest or fraudulent conduct injurious to the
          Company, the sole amount payable to or on behalf of Participant
          hereunder shall be a lump sum payment of the accumulated value of the
          Participant's Deferral Amount, payable as soon as practicable after
          such termination. For purposes of this Section 5, the simple rate of
          interest to be credited in the calculation of the accumulated value of
          the Deferral Amount shall be zero percent (0%).

     6.   PAYMENT UPON DEATH OF PARTICIPANT.

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          A.   If a Participant dies after age sixty-five (65), the Company
               shall pay any unpaid annual Installment Payments due the
               Participant under Subsection 4A to the Participant's Beneficiary,
               commencing with the next such payment due following the date of
               Participant's death.

          B.   If a Participant dies prior to age sixty-five (65), the
               Participant's Beneficiary shall receive fifteen (15) equal annual
               installment payments commencing at the time of the Participant's
               death. Interim Payments described in Subsection 4B will not be
               made.

     7.   BENEFICIARY DESIGNATION. A Participant may, from time to time
          designate any legal or natural person or persons (who may be
          designated contingently or successively) as his/her Beneficiary to
          whom payments are to be made if the Participant dies before receiving
          payment of all amounts due hereunder, by signing a form approved by
          the Committee. A beneficiary designation form shall be effective only
          after the signed form is filed with the Committee while the
          Participant is alive. A properly filed designation shall cancel all
          beneficiary designation forms filed earlier. If a Participant fails to
          designate a Beneficiary as provided above, or if all designated
          Beneficiaries of a Participant die before the Participant, or before
          complete payment of all amounts due hereunder, the Committee, in its
          discretion, may direct the Company to pay the unpaid amounts to one or
          more of such Participant's relatives by blood, adoption or marriage in
          any manner permitted by law which the Committee considers to be
          appropriate, including but not limited to payment to the legal
          representative or representatives of the estate of the last to die of
          Participant and Participant's designated Beneficiaries.

     8.   FACILITY OF PAYMENT. If, in the Committee's opinion, a Participant or
          other person entitled to benefits under the Plan is under a legal
          disability or is in any way incapacitated so as to be unable to manage
          his/her financial affairs, then the Committee may, until claim is made
          by a conservator or other person legally charged with the care of
          his/her person or of his/ her estate, direct the Employer to make
          payment to a relative or friend of such person for his/her benefit.
          Thereafter, any benefits under the Plan to which such Participant or
          other person is entitled shall be paid to such conservator or other
          person legally charged with the care of his/her person or his/her
          estate.

     9.   INSURANCE. The Company may, in its sole discretion, purchase a policy
          or policies of insurance on the life of any Participant the cash
          value, if any, and proceeds of which may, but need not, be used by the
          Company to satisfy part or all of its obligations, hereunder. The
          Company will be the owner of any such policies and neither the
          Participant nor any other person or entity claiming through the
          Participant shall have any ownership rights in such policies or any
          proceeds thereof. The Participant, as a condition of receiving any
          benefits hereunder, on behalf of him/herself of any person or entity
          claiming through him/ her, shall cooperate with the Company in
          obtaining any such insurance that the Company desires to purchase by
          submitting to such physical examinations, completing such forms, and
          making such records available as may be required by the Company from
          time to time.

     10.  NON-ALIENATION. Neither a Participant nor anyone claiming through
          him/her shall have any right to commute, sell, assign, transfer or
          otherwise convey the right to receive any payments hereunder, which
          payments and the rights thereto hereby are expressly declared to be
          non-assignable and non-transferable, nor shall any such right to
          receive payments hereunder be subject to the claims of creditors of a
          Participant or anyone claiming through him/her to any legal,
          equitable, or other proceeding or process for the enforcement of such
          claims.

     11.  TAX WITHHOLDING. The Company may withhold from any payment made by it
          under the Plan such

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          amount or amounts as may be required for purposes of complying with
          the tax withholding or other provisions of the Internal Revenue Code
          or the Social Security Act or any state or local income tax act or for
          purposes of paying any estate, inheritance or other tax attributable
          to any amounts payable hereunder.

     12.  NON-SECURED PROMISE. The rights under this Plan of a Participant and
          any person or entity claiming through him/her shall be solely those of
          an unsecured, general creditor of the Company. Any insurance policy or
          other asset acquired or held by the Company shall not be deemed to be
          held by the Company for or on behalf of a Participant, or any other
          person, or to be security for the performance of any obligations
          hereunder of the Company, but shall, with respect to this Plan, be and
          remain a general, unpledged, unrestricted asset of the Company.

     13.  INDEPENDENCE OF PLAN. Except as otherwise expressly provided herein,
          this Plan shall be independent of, and in addition to, any other
          agreement that may exist from time to time between the parties hereto.
          This Plan shall not be deemed to constitute a right to be retained as
          a member of the Board of Directors of the Company.

     14.  PARAGRAPH HEADINGS. The Paragraph headings used in this Plan are for
          convenience of reference only and shall not be considered in
          construing this Plan.

     15.  RESPONSIBILITY FOR LEGAL EFFECT. Neither the Committee nor the Company
          makes any representation or warranties, express or implied, or assumes
          any responsibility concerning the legal, tax, or other implications or
          effects of this Plan.

     16.  COMMITTEE DETERMINATIONS FINAL. Each determination provided for in
          this Plan shall be made in the absolute discretion of the Committee.
          Any such determination shall be binding on all persons.

     17.  AMENDMENT. The Company may in its sole discretion amend the Plan from
          time to time. No such amendment shall reduce a Participant's or
          Beneficiary's benefits under the Plan to an amount less than an amount
          that he/she would have been entitled to under the Plan on the later of
          the date the amendment is adopted or made effective if the Plan had
          been terminated on that date.

     18.  TERMINATION AT THE COMPANY'S OPTION. Notwithstanding any other
          provision of this Plan, the Company may terminate this Plan at any
          time if the Committee, in its sole and absolute discretion, determines
          that any change in federal or state law, or judicial or administrative
          interpretation thereof, has materially affected the Company's cost of
          providing the benefits otherwise payable under this Plan, or for any
          other reason whatsoever. Upon such termination, the sole amount
          payable to Participant shall be a lump sum payment, as soon as
          practicable after such termination, of the accumulated value of the
          Deferral Amount. For purposes of this Section, the rate to be credited
          in the calculation of the accumulated value of the Deferral Amount
          shall be the rate specified for Installment Payments in Subsection 4A.

     19.  SUCCESSORS, ACQUISITIONS, MERGERS, CONSOLIDATIONS. The terms and
          conditions of this Plan and each Deferral Election shall insure to the
          benefit of and bind the Company, the Participants, their successors,
          assigns, and personal representatives.

     20.  CONTROLLING LAW. The Plan shall be construed in accordance with the
          laws of the state of Illinois to the extent not pre-empted by laws of
          the United States of America.