SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC  20549


                                    FORM 10-Q

   [X]             QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                      For Quarter Ended September 30, 1997

                                       OR

   [_]         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934.

                For the transition period from _____ to _______  

                          Commission File Number 1-3846

                           CHRISTIANA COMPANIES, INC.
             (Exact name of registrant as specified in its charter.)

               Wisconsin                          95-1928079
        (State of Incorporation)        (IRS Employer Identification No.)

   777 E. Wisconsin Avenue, Suite 3380, Milwaukee, Wisconsin        53202
        (Address of principal executive offices)                 (Zip Code)

   Registrant's telephone number, including area code    (414)  291-9000 

   Indicate by check mark whether the registrant (1) has filed all reports
   required to be filed by Section 13 or 15 (d) of the Securities Exchange
   Act of 1934 during the preceding 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      

   Indicate the number of shares outstanding of each of the issuer's classes
   of common stock, as of the latest practicable date.

   Common Stock $1.00 par value                    5,136,630              
        (Class)                       (Outstanding at November 12, 1997.)

   Page 1 of 9 total pages           No exhibits are filed with this report. 

   <PAGE>

   PART I - FINANCIAL INFORMATION
        ITEM 1.  FINANCIAL STATEMENTS

                   CHRISTIANA COMPANIES, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                                                  (Unaudited)     (Audited) 
                                                 September 30,    June 30,  
                                                     1997           1997    
   ASSETS:
   Current Assets:
       Cash and cash equivalents                 $    586,000  $  2,888,000 
       Short-term investments                       6,598,000     4,611,000 
       Accounts receivable                         10,068,000     7,649,000 
       Prepaids and other                           1,627,000     1,729,000 
                                                 ------------  ------------
         Total Current Assets                      18,879,000    16,877,000 
                                                 ------------  ------------
   Long-Term Assets:
       Investment in EVI, Inc.                     43,194,000    41,257,000 
       Mortgage notes receivable                    1,634,000     1,749,000 
       Fixed assets, net                           75,150,000    75,604,000 
       Other assets                                 6,593,000     6,869,000 
                                                 ------------  ------------
       Total Long-Term Assets                     126,571,000   125,479,000 
                                                 ------------  ------------
                                                 $145,450,000  $142,356,000 
                                                 ============  ============
   LIABILITIES AND SHAREHOLDERS' EQUITY:
   Current Liabilities:
       Accounts payable                          $  5,230,000  $  3,526,000 
       Accrued liabilities                          5,384,000     5,562,000 
       Short term debt                                944,000             - 
       Current portion of long-term debt            1,245,000     3,531,000 
                                                 ------------  ------------
         Total Current Liabilities                 12,803,000    12,619,000 
                                                 ------------  ------------
   Long-Term Liabilities:
       Long-term debt                              36,415,000    36,149,000 
       Deferred federal and state income taxes     21,460,000    20,289,000 
       Other liabilities                            1,202,000     1,214,000 
                                                 ------------  ------------
         Total Long-Term Liabilities               59,077,000    57,652,000 
                                                 ------------  ------------
         Total Liabilities                         71,880,000    70,271,000 
                                                 ------------  ------------
   Shareholders' Equity:
   Preferred stock                                          -             - 
   Common stock, par value $1 per share;
       authorized 12,000,000 shares; 
       issued 5,195,630                             5,196,000     5,196,000 
   Additional paid-in capital                      12,022,000    12,022,000 
   Treasury stock                                  (1,236,000)   (1,236,000)
   Retained earnings                               57,588,000    56,103,000 
                                                 ------------  ------------
         Total Shareholders' Equity                73,570,000    72,085,000 
                                                 ------------  ------------
                                                 $145,450,000  $142,356,000 
                                                 ============  ============

                 See notes to consolidated financial statements.
   <PAGE>

                   CHRISTIANA COMPANIES, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                     Three Months Ended     
                                                        September 30,        
                                                      1997          1996 
   Revenues:
       Warehousing and logistic services          $23,047,000   $20,480,000 
                                                  -----------   -----------
   Costs and Expenses:
       Warehousing and logistic expenses           19,201,000    17,220,000 
       Selling, general and administrative          2,229,000     1,771,000 
                                                  -----------   -----------
                                                   21,430,000    18,991,000 
                                                  -----------   -----------
   Earnings from Operations                         1,617,000     1,489,000 

   Other Income (Expense):
       Interest income                                132,000       133,000 
       Interest expense                              (752,000)     (867,000)
       Gain on sales of assets                              -       284,000 
       Equity in earnings of EVI, Inc.              1,937,000       890,000 
       Other income (expense), net                   (496,000)     (162,000)
                                                  -----------   -----------

                                                      821,000       278,000 
                                                  -----------   -----------

   Earnings before income taxes                     2,438,000     1,767,000 

   Income tax provision                               953,000       684,000 
                                                  -----------   -----------
   Net Earnings                                   $ 1,485,000   $ 1,083,000 
                                                  ===========   ===========
   Net Earnings per Share                         $      0.29   $      0.21 
                                                  ===========   ===========

   Average number of shares outstanding             5,136,630     5,136,630 


                 See notes to consolidated financial statements.

   <PAGE>

   <TABLE>
                                             CHRISTIANA COMPANIES, INC. AND SUBSIDIARIES

                                           CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

   <CAPTION>
                                                                                                     Additional
                                                   Common Stock              Treasury Stock           Paid-in        Retained
                                                Shares      Amount          Shares      Amount        Capital        Earnings
   <S>                                        <C>          <C>           <C>         <C>            <C>            <C>
   Balance, June 30, 1996                     5,195,630    $5,196,000     (59,000)   $(1,236,000)   $12,022,000    $45,095,000
                                              ---------    ----------    --------    -----------    -----------    -----------
   EVI stock issuance                                 -             -           -              -                     4,345,000

   Net earnings for the year                          -             -           -              -              -      6,663,000
                                              ---------    ----------    --------    -----------    -----------    -----------
   Balance, June 30, 1997                     5,195,630    $5,196,000    $(59,000)   $(1,236,000)   $12,022,000    $56,103,000
                                              ---------    ----------    --------    -----------    -----------    -----------
   Net earnings for the three months

   Ended September 30, 1997 (Unaudited)               -             -           -              -              -      1,485,000
                                              ---------    ----------    --------    -----------    -----------    -----------
   Balance, September 30, 1997                5,195,630    $5,196,000    $(59,000)   $(1,236,000)   $12,022,000    $57,588,000
                                              =========    ==========    ========    ===========    ===========    ===========


                                           See notes to consolidated financial statements.

   </TABLE>

   <PAGE>
                   CHRISTIANA COMPANIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOW
                                   (unaudited)

                                                      Three Months Ended
                                                         September 30,  
                                                       1997          1996 
   CASH FLOWS FROM OPERATING ACTIVITIES:
       Net earnings                                $1,485,000    $1,083,000 
         Adjustments to reconcile net 
         earnings to net cash provided
         by operating activities:
           Depreciation and amortization            1,708,000     1,850,000 
           Gain on sales of assets                         --      (287,000)
           Deferred income tax expenses             1,171,000       608,000 
           Equity in Earnings of EVI, Inc.         (1,937,000)     (890,000)
         Changes in assets and liabilities:
           Increase in accounts receivable         (2,419,000)   (1,294,000)
           Decrease in other assets                   254,000       990,000 
           Increase (decrease) in accounts 
            payable and accrued liabilities         1,525,000    (1,908,000)
                                                   ----------    ----------
   Net cash provided by operating activities        1,787,000       152,000 

   CASH FLOWS FROM INVESTING ACTIVITIES:
       Purchase of short-term investments, net     (1,987,000)     (476,000)
       Capital expenditures                        (1,029,000)   (1,064,000)
       Proceeds from sale of assets                        --     1,223,000 
       Decrease in mortgage notes receivable            3,000     1,240,000 
                                                   ----------    ----------
   Net cash provided by (used in) 
   investing activities                            (3,013,000)      923,000 

   CASH FLOWS FROM FINANCING ACTIVITIES:
       Net borrowings on credit lines                 944,000     1,167,000 
       Net payments of notes and loans payable     (2,020,000)     (349,000)
                                                   ----------    ----------
   Net cash provided by (used in) 
   financing activities                            (1,076,000)      818,000 
                                                   ----------    ----------
   NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                                (2,302,000)    1,893,000 


   BEGINNING CASH AND CASH EQUIVALENTS, July 1      2,888,000     3,728,000 
                                                   ----------    ----------

   ENDING CASH AND CASH EQUIVALENTS, September 30  $  586,000    $5,621,000 
                                                   ==========    ==========
   Supplemental disclosures of cash 
   flow information:
       Interest paid                                  765,000       867,000 
       Income taxes paid                                   --            -- 


                 See notes to consolidated financial statements.

   <PAGE>
                   CHRISTIANA COMPANIES, INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

   NOTE 1 - ACCOUNTING POLICIES

   The accompanying unaudited financial statements reflect all adjustments
   which are, in the opinion of management, necessary to fairly present the
   results for the interim periods presented and should be read in
   conjunction with the Company's 1997 Annual Report.

   NOTE 2 - ENERGY VENTURES, INC. STOCK ISSUANCE

   The Company accounts for its investment in EVI under the equity method of
   accounting.  In July 1996, the Company's share of the underlying net
   assets of EVI increased $7,146,000 as a result of a public offering of
   EVI's common stock.  This was recorded as an increase of $4,345,000 in
   additional paid-in capital, and a $2,801,000 increase in deferred income
   taxes.

   ITEM 2
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

                       CONDITION AND RESULTS OF OPERATIONS

   Operations

   Christiana Companies consolidated revenues for the three months ended
   September 30, 1997 were $23,047,000 reflecting an increase of 13% versus
   $20,480,000 reported for the comparable period last year.  Earnings from
   operations for the quarter were $1,617,000 compared to $1,489,000 for the
   same period last year. The increase in revenues and earnings from
   operations this quarter was attributable to improved utilization of the
   company's warehouse facilities and transportation equipment and growth in
   integrated logistic services.  The increase in other expense is primarily
   attributable to a $200,000 valuation reserve for the closure of a
   warehouse facility.

   Consolidated net earnings for the quarter were $1,485,000 or $0.29 per
   share compared to $1,083,000 or $0.21 per share for the same period last
   year.  The increase in the company's net earnings was primarily driven by
   the significant growth in equity earnings contributed by EVI, Inc., a
   principal equity holding. Christiana holds 3,897,462 shares of EVI
   representing an 8.5% ownership interest.  For the quarter, EVI contributed
   $1,937,000 of pre-tax income compared to $890,000 contributed in last
   year's first quarter.

   Net earnings contributed by Total Logistic Control in the first quarter of
   fiscal 1998 were $564,000, or $.11 per share compared to $502,000, or $.10
   per share for the first quarter of fiscal 1997.

   Financial Condition

   Cash equivalent and short-term investments totaled $7,184,000 at
   September 30, 1997 compared to $7,499,000 at June 30, 1997, a decrease of
   $315,000.

   Cash flow provided by operating activities in the period of $1,787,000 was
   attributable primarily to net earnings, depreciation, amortization and
   increased deferred taxes offset by increased working capital.  Cash flow
   used in investing activities of $3,013,000 resulted from capital
   expenditures and the purchase of short-term investments.  Capital
   expenditures in the period of $1,029,000 were attributable to Total
   Logistic Control.  Net cash flow used in financing activities in the
   quarter totaled $1,076,000.

   At September 30, 1997 the Company had no commitments for any material
   capital expenditures.

   PART II - OTHER INFORMATION

   Item 1.   Not applicable.

   Item 2.   Not applicable.

   Item 3.   Not applicable.

   Item 4.   Registrant's annual meeting of shareholders will be held on
             December 3, 1997.

   Item 5.   Not applicable.

   Item 6.   Exhibits and Reports on Form 8-K

             None

   <PAGE>

   SIGNATURES:

        Pursuant to the requirements of the Securities Exchange Act of 1934,
        the Registrant has duly caused this report to be signed on its behalf
        by the undersigned thereunto duly authorized.


                                      CHRISTIANA COMPANIES, INC.
                                           (Registrant)

   Date:  November 12, 1997
                                      /s/ Sheldon B. Lubar
                                      Sheldon B. Lubar
                                      Chairman and 
                                      Chief Executive Officer

   Date:  November 12, 1997
                                      /s/ William T. Donovan
                                      William T. Donovan
                                      President and
                                      Chief Financial Officer

   <PAGE>
                          EXHIBIT INDEX

   Exhibit No.           Description

      27             Financial Data Schedule