<ARTICLE>                                           5
<LEGEND>                                       
     This schedule  contains summary  financial  information  extracted from the
historical financial statements of American Pad & Paper Company's March 31, 1999
10-Q and is qualified in its entirety by reference to such financial statements.
</LEGEND>                                      
<CIK>                                          0000005588   
<NAME>                                         American Pad & Paper Company
<MULTIPLIER>                                                 1,000
                                                     
                                                   
<PERIOD-TYPE>                                       3-mos
<FISCAL-YEAR-END>                                   Dec-31-1999
<PERIOD-START>                                      Jan-01-1999
<PERIOD-END>                                        Mar-31-1999
<CASH>                                                           0
<SECURITIES>                                                     0
<RECEIVABLES>                                                    0
<ALLOWANCES>                                                     0
<INVENTORY>                                                      0
<CURRENT-ASSETS>                                                 0
<PP&E>                                                           0
<DEPRECIATION>                                                   0
<TOTAL-ASSETS>                                             499,919
<CURRENT-LIABILITIES>                                            0
<BONDS>                                                          0
<PREFERRED-MANDATORY>                                            0
<PREFERRED>                                                      0
<COMMON>                                                       277
<OTHER-SE>                                                   8,996
<TOTAL-LIABILITY-AND-EQUITY>                               499,919
<SALES>                                                          0
<TOTAL-REVENUES>                                           137,631
<CGS>                                                            0
<TOTAL-COSTS>                                                    0
<OTHER-EXPENSES>                                                 0
<LOSS-PROVISION>                                                 0
<INTEREST-EXPENSE>                                               0
<INCOME-PRETAX>                                                  0
<INCOME-TAX>                                                     0
<INCOME-CONTINUING>                                        (12,041)
<DISCONTINUED>                                                   0
<EXTRAORDINARY>                                                  0
<CHANGES>                                                     (726)
<NET-INCOME>                                               (12,767)
<EPS-PRIMARY>                                                (0.46)
<EPS-DILUTED>                                                (0.46)