<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF ALCO STANDARD CORPORATION AND SUBSIDIARIES
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                      83,280,000
<SECURITIES>                                         0
<RECEIVABLES>                            1,216,130,000
<ALLOWANCES>                                43,835,000
<INVENTORY>                                818,904,000
<CURRENT-ASSETS>                         2,261,828,000
<PP&E>                                     824,705,000
<DEPRECIATION>                             389,572,000
<TOTAL-ASSETS>                           5,492,092,000<F1>
<CURRENT-LIABILITIES>                    1,289,033,000
<BONDS>                                    772,809,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                290,170,000
<COMMON>                                 1,115,572,000
<OTHER-SE>                                 658,930,000
<TOTAL-LIABILITY-AND-EQUITY>             5,492,092,000<F2>
<SALES>                                  5,304,968,000
<TOTAL-REVENUES>                         5,374,513,000
<CGS>                                    3,834,080,000
<TOTAL-COSTS>                            3,864,819,000<F3>
<OTHER-EXPENSES>                         1,258,581,000<F4>
<LOSS-PROVISION>                            14,506,000
<INTEREST-EXPENSE>                          32,692,000
<INCOME-PRETAX>                            218,421,000
<INCOME-TAX>                                85,869,000
<INCOME-CONTINUING>                        132,552,000
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               132,552,000
<EPS-PRIMARY>                                     0.97
<EPS-DILUTED>                                     0.95
        
<FN>
<F1>  Includes Finance Subsidiaries assets (primarily lease receivables) of 
      $1,277,060,000
<F2>  Includes Finance Subsidiaries liabilities (primarily debt) of 
      $1,081,334,000
<F3>  Includes Finance Subsidiaries interest of $30,739,000
<F4>  Represents selling, general, and administrative expenses.
</FN>