Exhibit 99

Excerpts from Joint Proxy Statement/Prospectus dated October 8, 1998

Risk Factors - Substantial Leverage
 
Each of JSC and Stone currently has a highly leveraged capital structure.
as of June 30, 1998, JSC and Stone had approximately $2.1 billion and
$4.5 billion of outstanding indebtedness, respectively, and JSC intends 
to incur additional indebtedness in connection with the Merger as 
described in' -- Ability to Service Debt; Liquidity' below. The level
of SSCC's indebtedness could have important consequences for SSCC and
its stockholders, including the following: (i) SSCC may be required 
to seek additional sources of capital, including additional borrowings
under the existing credit agreements of JSC and Stone, other private
or public debt or equity financings to service or refinance its 
indebtedness, none of which may be available on favorable terms,
(ii) a substantial portion of SSCC's cash flow from operations
will be necessary to meet the payment of principal and interest on 
its indebtedness and other obligations and will not be available for
use in SSCC's business, (iii) SSCC's level of indebtedness could 
make it more vulnerable to economic downturns, and reduce its 
operational and business flexibility in responding to changing 
business and economic conditions and (iv) SSCC will be more highly
leveraged than some of its competitors, which may place it at a
competitive disadvantage. In addition, borrowings under JSC's and 
Stone's credit agreements will be at variable rates of interest,
which will expose SSCC to the risk of increased interest rates.
 
Risk Factors - Ability to Service Debt; Liquidity
 
Stone's income (loss) before interest expense and income taxes was 
insufficient to cover interest expense for the six months ended 
June 30, 1998 and for the year ended December 31, 1997 by $296.8
million and $618.5 million, respectively, and it is expected to
continue to be insufficient through at least the remainder of 1998.
As of September 30, 1998, JSC and Stone, respectively, have scheduled
principal payments for existing indebtedness (exclusive of non-recourse
debt of affiliates of Stone) of approximately $2 million and $247 
million in the fourth quarter of 1998, approximately $36 million and
$747 million in 1999, approximately $62 million and $472 million in
2000, and approximately $2 billion and $3.1 billion thereafter.
 
In connection with the Merger and pursuant to an executed commitment
letter, JSC intends to amend its existing credit agreement to borrow 
$550 million (the 'Amended JSC Credit Agreement'), $300 million of which
will be provided to Stone. There can be no assurance that the Amended 
JSC Credit Agreement, which is subject to the execution of definitive
documentation and the satisfaction of other conditions including the 
absence of any material adverse change at JSC or Stone and their 
respective subsidiaries and the absence of any material adverse change
or condition in the loan or other financial markets that would have a
material adverse effect on the syndication of the Amended JSC Credit
Agreement, will become effective, that the terms thereof will be
satisfactory to JSC or that all of the conditions to borrowing 
thereunder will be met. If the Amended JSC Credit Agreement does 
not become effective, there can be no assurance as to the extent
to which any alternative financings would be available, and the 
terms of any such alternatives. It is expected that the funds from 
the Amended JSC Credit Agreement, proceeds of any divestitures and 
funds generated from operations will satisfy Stone's short term 
liquidity needs, including scheduled payments of principal and interest
and anticipated capital expenditure and working capital requirements. 
Stone does not expect such sources of funds to be sufficient to satisfy
its long term liquidity needs and will need to obtain additional debt
or equity financing. There can be no assurance as to the availability 
or terms of any such financing.
 
The ability of SSCC and its subsidiaries to meet their obligations
and to comply with the financial covenants contained in their respective
debt instruments will be largely dependent upon the future performance
of SSCC and its subsidiaries, which will be subject to financial,
business and other factors affecting them. Many of these factors
will be beyond SSCC's control, such as the state of the economy, 
the financial markets, demand for and selling prices of its products, 
costs of its raw materials and legislation and other factors relating 
to the containerboard industry generally or to specific competitors.
 
In the event that net proceeds from borrowings or other financing sources
(including the borrowings anticipated under the Amended JSC Credit 
Agreement described above) and from any divestitures and operating 
cash flows do not provide sufficient liquidity for SSCC and its
subsidiaries (including Stone) to meet their operating and debt 
service requirements, SSCC will be required to pursue other alternatives
to repay indebtedness and improve liquidity, including sales of other
assets, cost reductions, deferral of certain discretionary capital 
expenditures and seeking amendments or waivers to their debt instruments.
No assurance can be given that such measures could be successfully completed
or would generate the liquidity required by SSCC and its subsidiaries
(including Stone) to operate its business and service its obligations.
If JSC or Stone is not able to generate sufficient cash flow or
otherwise obtain funds necessary to make required debt payments, or if 
JSC or Stone fails to comply with the various covenants in their 
respective debt instruments, it would be in default under the terms 
thereof, which would permit the debtholders thereunder to accelerate 
the maturity of such indebtedness and could cause defaults under 
other indebtedness of JSC and Stone, as the case may be.
 
Stone and JSC will need to obtain amendments and waivers under their 
respective credit agreements in order to waive change-of-control events 
of default currently contained in such credit agreements that would occur
upon the consummation of the Merger and which would permit the 
acceleration of the indebtedness of Stone and JSC, respectively. 
Both Stone and JSC are currently seeking such amendments and waivers 
from their respective bank lenders and believe that such amendments 
and waivers will be available prior to the Merger, although no assurances
can be given that such amendments and waivers will be available or that 
they will be available on terms acceptable to Stone and JSC. Furthermore,
Stone intends to obtain amendments under its credit agreement in order 
to extend the maturity of the revolving portion of its credit agreement 
(the aggregate commitment amount of $560 million) beyond its currently 
scheduled maturity of May 1999 and the scheduled repayment of a portion 
of its term loan facility (the aggregate amount of $190 million) beyond 
its currently scheduled repayment date of October 1999. The availability 
of borrowings under the Amended JSC Credit Agreement described above may 
be conditioned upon Stone obtaining some or all of such amendments. Stone
is actively seeking such amendments but no assurances can be given 
whether such amendments would be available or as to the terms of such 
amendments. If such amendments are not obtained, the relevant portion 
of Stone's indebtedness will be payable as currently scheduled and, 
in such event, Stone will not have sufficient funds to satisfy its 
short-term liquidity needs and will need to obtain additional debt 
or equity financing. There can be no assurance as to the availability 
or terms of any such financings.
 
The Merger will constitute a "Change of Control" under Stone's $1.85 
billion outstanding senior notes and $639 million outstanding 
subordinated notes. As a result thereof, Stone will be required to 
offer to repurchase the subordinated notes at a price equal to 101% 
of the principal amount thereof (together with accrued but unpaid 
interest thereon), subject to the condition precedent that Stone has 
first either repaid its outstanding bank debt or obtained the consent 
of its bank lenders to make such repurchase. In the case of the senior 
notes, Stone will be required to make a similar offer to repurchase 
the senior notes at a price equal to 101% of the principal amount thereof
(together with accrued but unpaid interest thereon) unless such a 
repurchase would constitute an event of default under Stone's outstanding
bank debt and Stone has neither repaid its bank debt nor obtained the 
consent of its bank lenders to such repurchase. A repurchase of the 
senior notes or of the subordinated notes will be prohibited by the 
terms of Stone's bank debt. Although the terms of the senior notes refer 
to an obligation to repay the bank debt or obtain the consent of the 
bank lenders to such repurchase, the terms do not specify a deadline, 
if any, following the Merger for repayment of bank debt or obtaining 
such consent. Stone intends to actively seek commercially acceptable 
sources of financing to repay such bank debt or alternative financing 
arrangements which would cause the bank lenders to consent to the 
repurchase of the senior or the subordinated notes. There can be no 
assurance that Stone will be successful in obtaining such financing 
or consents or as to the terms of any such financing or consents. 
If Stone is unsuccessful in repaying its bank debt or obtaining the 
requisite consents from the lenders thereunder, the holders of its 
notes may assert that the failure to do so after some period of time 
constitutes a default thereunder. Certain of the notes have recently 
been trading at a price below 101% of the principal amount thereof, 
and there can be no assurance that such notes will not continue to trade 
at a price below 101% of the principal amount thereof at the consummation
of the Merger.
 
Risk Factors - Restrictive Covenants; Limited Ability to Incur 
               Indebtedness
 
JSC's and Stone's ability to incur additional indebtedness, and in 
certain cases, refinance outstanding indebtedness, is significantly 
limited or restricted under the agreements relating to JSC's and Stone's 
existing indebtedness, in particular their debt indentures and credit 
agreements. The indentures and agreements contain covenants that 
restrict, among other things, their ability to incur indebtedness, 
pay dividends, repurchase or redeem capital stock, engage in 
transactions with stockholders and affiliates, issue capital stock, 
create liens, sell assets, engage in mergers and consolidations and 
make investments in unrestricted subsidiaries. In addition, JSC and 
Stone will be limited in their ability to move capital freely within 
SSCC and its subsidiaries. The limitations contained in such agreements, 
together with the highly leveraged capital structure of SSCC and its 
subsidiaries, could limit the ability of SSCC and its subsidiaries to 
effect future debt or equity financings and may otherwise restrict their 
corporate activities, including their ability to avoid defaults, to 
provide for capital expenditures, to take advantage of business  
opportunities or to respond to advantageous market conditions.
 
At September 30, 1998, Stone had borrowing availability under its 
revolving credit facilities of approximately $117 million. Except 
for 1995, Stone has recorded net losses annually since 1992. Stone 
has recorded net losses of $225.7 million, $417.7 million, $126.2 
million, $204.6 million, $358.7 million and $269.4 million for the 
first half of 1998, and for the years 1997, 1996, 1994, 1993 and 
1992, respectively. Unless Stone achieves significant price increases 
and sustains such levels in the future, Stone will continue to incur 
net losses and a deficit in net cash provided by operating activities. 
Without additional cash generated by operations or funds from SSCC, 
Stone may exhaust all or substantially all of its cash resources and 
borrowing availability under its revolving credit facilities. 
On March 26, June 5 and July 31, 1998, Stone sought and obtained 
amendments to certain indebtedness ratio and interest coverage ratio 
requirements under its credit agreement, which Stone anticipated it 
might not have been able to comply with. Stone may need to obtain 
similar amendments or waivers in the future. There can be no assurance, 
however, that such amendments will be obtained and in the future such 
lenders will, if requested, grant such relief for failure to comply 
with the ratios or other covenants in Stone's credit agreement.
 
In addition, Stone was unable to maintain the minimum subordinated 
capital base required under its indentures governing its approximately 
$1.85 billion of outstanding senior notes. Accordingly, in April 1998 
Stone offered to repurchase 10% of each series of the senior notes with 
the consent of the lenders under its credit agreement. If, in the future,
Stone continues to be unable to maintain the minimum subordinated capital
base required, and the lenders do not permit such offer to repurchase 
to be made, the interest rate on its senior notes would increase by 50 
basis points per quarter up to a maximum of 200 basis points until the 
minimum subordinated capital base is again attained. Beginning on the 
first interest payment date after July 1, 1998, the interest rates on 
each series of Stone's approximately $594 million aggregate outstanding 
senior subordinated notes has increased by 50 basis points due to Stone's
inability to maintain a certain net worth as required under the 
applicable indentures. The interest rates will continue to increase 
by 50 basis points on each succeeding interest payment date up to a 
maximum of 200 basis points until Stone is able to obtain the required 
net worth.