U.S. SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C. 20549
                         FORM 10-QSB
                              
OMB Approval
OMB Number:xxxx-xxxx
Expires: Approval Pending
Estimated Average Burden Hours Per Response: 1.0

(Mark One)

  x    Quarterly report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
     For the quarterly period ended June 30, 1996

       Transition report under Section 13 or 15(d) of the
Exchange Act
         For the transition period from                 to

Commission File Number 1-1761


CHIEF CONSOLIDATED MINING COMPANY
(Exact name of Small Business Issuer as Specified in Its
Charter)


Arizona                                      87-0122295
(State if other jurisdiction of incorporation or
organization)(I.R.S. Employer ID. No.)



866 Second Avenue, New York, New York 10017
(Address of Principal Executive Offices)


212-688-8130
(Issuer's Telephone Number, Including Area Code)

Check whether the issuer (1) filed all reports required to
be filed by Section 13 or 15 (d) of the Securities and
Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such
reports), and (2) has been subject to such filing
requirements for the past 90 days.

     YES  X              NO

                         5,988,109
Number of shares of Common Stock, par value $.50,
outstanding June 30, 1996

(/TEXT)
(DOCUMENT)
(TYPE) EX-27
(DESCRIPTION)Article 5 Financial Data Schedule for 2nd Qtr.10-Q
(TEXT)                              
[ARTICLE] 5
(MULTIPLIER)
<TABLE>                              
<S> <C>  
             PART 1.  FINANCIAL INFORMATION
                              
Fiscal-Year-End     Dec-31-1996
Period-End          Jun-30-1996
Period-Type         6-Months
Cash                52,280
Securities          1,289,790
Receivables         57,397
Allowances            -
Inventory             -
Current Assets      1,397,067
PP&E                8,025,996
Depreciation        (2,374,443)
Total Assets        7,204,299
Current Liabilities 171,425
Bonds                  0
Common              2,994,055
Preferred-Mandatory    0
Preferred           2,600
Other-SE            3,994,018
Total Liability&Eq. 7,204,299
Sales                  0
Total Revenues      21,754
CGS                    0
Total Costs            0
Other Expenses      428,215
Loss Provision         0
Interest Expense       0
Income Pretax       (406,461)
Income Tax             0
Income Continuing   (406,461)
Discontinued           0
Extraordinary          0
Changes                0
Net Income          (406,461)
EPS Primary         (.13)
EPS Diluted         (.07)
                              
                 PART II.  OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
           None
                              
                              
                              
                         SIGNATURES
                              
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant had duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.


CHIEF CONSOLIDATED MINING COMPANY
          (Registrant)




     Date:  August 14, 1996   /s/LEONARD WEITZ
                         (Signature and Title)
                         Leonard Weitz
                         President and
                         Principal Executive Officer





     Date:  August 14, 1996   /s/EDWARD R. SCHWARTZ
                         (Signature and Title)
                         Edward R. Schwartz
                         Director, Treasurer,
                         Principal Financial Officer and
                         Principal Accounting Officer
</TABLE>