EXHIBIT 21
                           ST. JOE PAPER COMPANY
                     SUBSIDIARIES AT DECEMBER 31, 1994


St. Joe Industries, Inc.
     Florida East Coast Industries, Inc.
     General Die & Mfg. Corp.
     Jacksonville Properties, Inc.

     Forest Products

     St. Joe Forest Products Company
       St. Joe Container Company
       St. Joseph Land and Development Company

     Railroad

     Apalachicola Northern Railroad Company
       St. Joe Terminal Company
     Florida East Coast Railway Company
       Florida East Coast Deliveries, Inc.
       Florida East Coast Highway Dispatch Company
       Florida East Coast Inspections, Inc.
       Florida Express Carrier, Inc.
       Operations Unlimited, Inc.
       Railroad Concrete Crosstie Corporation
       Railroad Track Construction Company

     Sugar

     Talisman Sugar Corporation

     Communications

     St. Joe Communications, Inc.
       Gulf Telephone Company
       St. Joseph Telephone & Telegraph Company
       The Florala Telephone Company, Incorporated

     Real Estate

     St. Joe Utilities Company
     Gran Central Corporation
       Dade County Land Holding Company, Inc.

     All companies are incorporated in the State of Florida, except
for The Florala Telephone Company, Incorporated, which is
incorporated in the State of Alabama.


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