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<TABLE>
                                                                       
                                                             Exhibit 11
                      Stone Container Corporation
          Computation of Basic and Diluted Net Loss per Share
                    (in millions, except per share)
<CAPTION>
                                Three Months Ended       Nine Months Ended
                                  September 30,            September 30,
                                   1998         1997         1998        1997
<S>                           <C>          <C>         <C>          <C>
Basic Earnings Per Share                                                     
Shares of Common Stock:                                                      
 Weighted average number                                                     
of common shares                  104.3         99.3        101.3        99.3
outstanding
Basic Weighted Average                                                       
Shares Outstanding                104.3         99.3        101.3        99.3
                                                                             
Net loss                      $  (275.5)   $  (98.7)    $  (501.2)  $  (316.1)
Less:                                                                        
 Series E Cumulative                                                         
   Convertible                                                               
Exchangeable                      (2.0)        (2.0)        (6.1)       (6.0)
   Preferred Stock
dividend
Net loss used in computing                                                   
basic net loss per common     $  (277.5)   $  (100.7)   $  (507.3)  $  (322.1)
share                           
Basic Earnings Per Share      $  (2.66)    $  (1.01)    $  (5.01)   $  (3.24)
                                                                             
Diluted Earnings Per Share                                                   
Shares of Common Stock:                                                      
 Weighted average number                                                     
of common shares                  104.3         99.3        101.3        99.3
Outstanding
 Dilutive effect of                               --                       --
options and warrants
 Addition from assumed                                                       
conversion of 8.875%                                                         
convertible senior                                                           
subordinated notes                   .7          5.1          3.6         5.1
 Addition from assumed                                                       
conversion of 6.75%                                                          
convertible debentures              1.3          1.3          1.3         1.3
 Addition from assumed                                                       
conversion of Series E                                                       
Cumulative Convertible                                                       
exchangeable Preferred              3.4          3.4          3.4         3.4
Stock
Diluted Weighted Average                                                     
Shares Outstanding                109.7        109.1        109.6       109.1
                                                                             
Net loss                      $  (275.5)    $  (98.7)    $ (501.2)  $  (316.1)
Less:                                                                        
 Series E Cumulative                                                         
Convertible Exchangeable                                                     
  Preferred Stock dividend        (2.0)        (2.0)        (6.1)       (6.0)
Add back:                                                                    
 Interest on 8.875%                                                          
convertible senior                   .1           .8          1.6         2.4
Subordinated notes
 Interest on 6.75%                                                           
convertible subordinated             .4           .4          1.4         1.4
Debentures
 Series E Cumulative                                                         
Convertible Exchangeable                                                     
  Preferred Stock dividend          2.0          2.0          6.1         6.0
                                                                             
Net loss used in computing                                                   
diluted net income per                                                       
common share                  $  (275.0)   $  (97.5)    $  (498.2)  $  (312.3)
Diluted Earnings Per          $  (2.51)    $   (.89)    $  (4.55)   $  (2.86)
Share(A)


<FN>
(A)  Diluted earnings per share for the three and nine months ended
  September 30, 1998 and 1997 are different from the consolidated
  financial statements because amounts are anti-dilutive.

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