<PAGE>
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM l0-K
(Mark One)
/ X / ANNUAL REPORT PURSUANT TO SECTION l3 OR l5(d) OF THE SECURITIES EXCHANGE
      ACT OF l934
For the fiscal year ended            December 31, 1998                        
                                        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       0-1359     

                               PUBCO CORPORATION                              
            (Exact name of registrant as specified in its charter)

               Delaware                                 53-0246410            
        (State of incorporation)          (I.R.S. Employer Identification No.)

  3830 Kelley Avenue, Cleveland, Ohio                   44114                 
(Address of principal executive offices)              (Zip Code)

Registrant's telephone number, including area code      (216) 881-5300        

Securities registered pursuant to Section l2(b) of the Act:
Title of each class                  Name of each exchange on which registered
       None                                             None

Securities registered pursuant to Section l2(g) of the Act:
                     Common Stock, Par Value $.0l Per Share
                    Class B Stock, Par Value $.01 Per Share
                          Common Stock Purchase Rights
                                (Title of class)

Indicate by check mark whether the registrant (l) has filed all reports 
required to be filed by Section l3 or l5(d) of the Securities Exchange Act of 
l934 during the preceding l2 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 by check mark if disclosure of delinquent filers pursuant to Item 
405 of Regulation S-K is not contained herein, and will not be contained, to 
the best of registrant's knowledge, in definitive proxy or information 
statements incorporated by reference in Part III of this Form 10-K or any 
amendment to this Form 10-K.  [X]

At March 1, 1999, the aggregate market value of the common shares held by 
non-affiliates of the registrant (based upon the closing price of the Common 
Stock), was approximately $10,672,511.

As of March 1, l999, 3,752,473 common shares (Common Stock and Class B Stock) 
were outstanding.

    Documents Incorporated by Reference                  Form l0-K Reference 
                                           None

           The exhibit index begins on page     of this Form l0-K.
<PAGE>
                                            PART I


ITEM l.  BUSINESS

    The Company conducts two lines of business: the manufacture and sale 
of supplies for computer printers and labeling devices (and the 
manufacture of such labeling devices) and the manufacture and sale of 
construction products.  See Note K of Notes to Consolidated Financial 
Statements for further information on industry segment reporting.  The 
printer supplies business is conducted by the Company and its 
wholly-owned subsidiaries under the "Buckeye", "Aspen" and "Kroy" 
tradenames.  The construction products business is conducted by an 85% 
owned subsidiary of the Company under the "Allied" tradename.

    The Company also owns the "Bobbie Brooks" trademarks which are 
licensed through Garan, Inc., an unaffiliated apparel-manufacturing firm, 
exclusively to Wal-Mart and vendors supplying Wal-Mart with apparel 
merchandise.  The Company also owns other income generating assets.

    In this Form 10-K, the terms "Pubco" means Pubco Corporation and the 
"Company" means Pubco together with all of its divisions and 
majority-owned and wholly-owned subsidiaries.

    Pubco was established in 1958 and is a Delaware corporation.  As of 
March 1, 1999, the Company employed approximately 350 persons.































                                 2.
<PAGE>
Printer Supplies Business

    The Company manufactures or resells computer ribbons, cartridge 
ribbons, computer paper, pressure sensitive labels, laser toner, 
remanufactured toner cartridges, thermal transfer ribbons, ink-jet 
supplies, magnetic media and commercial and industrial label printers and 
supplies.  The Company purchases supplies and component parts from 
various suppliers, some of whom produce component parts on molds owned by 
the Company.  Printers are manufactured by the Company and by 
subcontractors who produce printers from tools and dies owned by the 
Company.  The Company also publishes and sells the AspenGuideR, the 
definitive computer printer industry compatibility guide which provides 
cross-reference information concerning ribbons, fax, laser and other 
related supplies.

    The Company markets its computer and data processing supplies 
products through (i) an in-house telemarketing organization primarily to 
end-users in the United States; (ii) dealers, and (iii) original 
equipment manufacturers.  Label printers and supplies are principally 
marketed throughout North America and Western Europe through distributors 
and wholesalers, original equipment manufacturers who sell products under 
their own tradenames, office machine and office product dealers, 
specialty retailers and catalog houses.

    The Company's printer supplies businesss has approximately 12,000 
accounts, none of which represents 10% of its business.

    Principal raw materials used by the Company include (i) nylon 
impression fabric which is primarily purchased from one weaving mill, but 
is readily available from other sources, (ii) uncoated free sheet paper, 
which is purchased primarily from two suppliers, but is also readily 
available from numerous sources, (iii) plastic cartridge components, 
which are purchased from numerous suppliers, (iv) microprocessors and 
printed circuit boards, which are available from numerous sources, and 
(v) coatings and heat shrinkable tubing, all of which materials are 
available from a variety of suppliers.

    The Company's label printers and supplies are covered by a variety of 
US and European patents which protect the propriety of the Company's  
label products.  The "Kroy" trademark is registered in over 40 
countries.  "Aspen Ribbons", "AspenGuide" and "Laser I" are registered 
trademarks in the United States.

    There are no dominant suppliers of product in the computer printing 
supplies market, which has numerous manufacturers and resellers.  The 
label printer and supplies market is dominated by a half dozen producers, 
some of whom have significantly greater resources than the Company. Some 
of these producers concentrate on the high volume mass merchant channel, 
which the Company has not aggressively pursued.







                                 3.
<PAGE>
Construction Products Business

    The Company designs, manufactures, assembles and distributes products 
for the construction, utility and mining industries.  These operations 
are also housed in the Company's Cleveland, Ohio facility.  Construction 
products are divided into (i) products which are mounted on excavators, 
industrial tractors, loaders and other equipment, including (A) hydraulic 
hammers used for breaking rock, concrete and similar materials, (B) 
hydraulic mounted compactors used for soil compaction and pile and 
sheeting driving applications, (C) grapples used for material handling 
and demolition, (D) asphalt cutters, and (E) hydraulic pedestal boom 
systems used for breaking oversize material at rock crushing operations 
and for waste handling operations; and (ii) underground products, 
including (A) pneumatic piercing tools used to make horizontal holes for 
placement or repair of underground utility lines, and (B) aluminum trench 
supports used to support the walls of open construction trenches.

    The Company has a long-term contractual relationship with Krupp 
Bautechnik GmbH, a German manufacturer of hammers and component parts.  
The Company purchases component parts from Krupp, assembles its own 
hammer products using these and other components purchased domestically, 
and sells and distributes hammer products in the United States and Canada 
under its "Allied" tradenames.  Under the agreement, Krupp does not sell 
competing products in Allied's markets.

    Construction product components and materials are purchased from a 
variety of metal products manufacturers, hydraulic system component 
suppliers, and steel and aluminum suppliers, principally located in the 
United States.  One domestic supplier presently provides approximately 7% 
of construction product components and materials.  No other supplier 
represents more than 5% of the construction product component and 
material purchases.  Raw materials are available from a variety of 
sources and all of the domestic vendors are replaceable.

    Approximately 60% of the annual sales in the construction products 
business occurs during the first half of the year.

    Construction products are sold to over 275 customers.  One customer 
accounts for approximately 5.2% of the sales of the construction product 
business.  No other customer represents more than 5% of the annual sales 
of the construction products business.

    Firm order backlog totalled approximately $4,200,000 as of
March 3, 1999 compared to approximately $3,900,000 at March 13, 1998. 

    Construction products are marketed principally through distributors.  
There are approximately 15 other foreign and domestic manufacturers in 
the mounted product market and approximately 10 other foreign and 
domestic manufacturers in the underground product market.  None of the 
Company's competitors is believed to hold a dominant position although 
some have greater financial resources than the Company.





                                 4.
<PAGE>
Trademark Licensing

    Since 1986, the Company has been licensing use of its "Bobbie Brooks" 
related trademarks to Garan, Incorporated.  Garan and its sublicensees, 
including Wal-Mart, sell sportswear under these labels exclusively at 
Wal-Mart Stores.  Licensing fees are recorded within the Corporate 
segment in Industry Segment Information at Note K.  


















































                                 5.
<PAGE>
ITEM 2.  PROPERTIES

    The Company owns or leases the following properties:

                        Owned or   Square                               
      Location          Leased     Footage               Use            

Cleveland, OH           Leased     312,000   Printer supply operations;
                                             construction products 
                                             operations; executive/
                                             administrative facilities; 
                                             portion subleased to third 
                                             party

Scottsdale, AZ          Leased       4,400   Kroy's administrative
                                             offices; leased through
                                             December, 1999

St Croix Falls, WI      Leased      11,500   Kroy's coating plant and
                                             storage; leased through
                                             February, 2000

Scottsdale, AZ          Leased      10,100   Kroy's sign Division; leased
                                             through December, 2000

Reading, England        Leased      11,300   Kroy's European operations;
                                             leased through September,
                                             2006

Louisville, CO          Leased       1,500   Aspen's sales offices; leased
                                             through September, 2000

St. Louis, MO           Owned      100,000   Commercial printing/offices;
                                             leased month to month to a
                                             3rd party

Havana, IL              Owned       25,000   Retail; leased to a 3rd
                                             party through 2000

 
ITEM 3.  LEGAL PROCEEDINGS

    The Company is not involved in any material pending legal proceedings.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

    No matters were submitted to a vote of security holders during the 
fourth quarter of the year ended December 3l, l998.







                                 6.
<PAGE>
                                PART II


ITEM 5.  MARKET PRICE OF AND DIVIDENDS ON THE REGISTRANT'S COMMON EQUITY 
         AND RELATED STOCKHOLDER MATTERS   

(a) Market Information.

    Pubco's Common Stock is traded over-the-counter and quoted on 
NASDAQ's SmallCap Market under the symbol "PUBO".  The following table 
presents the high and low sales prices of Pubco's Common Stock as 
reported by NASDAQ.

1997                                                                      
    First Quarter                             $ 8 3/8         $ 7         
    Second Quarter                              8 5/8           7 3/4     
    Third Quarter                              11 1/2           8 1/4     
    Fourth Quarter                             11 5/8          10 3/8     

1998                                                                      
    First Quarter                             $13 1/2         $10 1/4     
    Second Quarter                             15 1/2          12         
    Third Quarter                              12 3/8           9 1/4     
    Fourth Quarter                             10 3/4           8 1/4     

    Transferability of Class B Stock is restricted to certain family 
members and others who are "Permitted Transferees" (as defined) and 
accordingly there is no market for Class B Stock.  However, Class B Stock 
is convertible into Common Stock on a share-for-share basis.

(b) Holders.

    There were approximately 8,450 holders of Common Stock of record and 
approximately 240 holders of Class B Stock of record, as of March 1, 1999.

(c) Dividends.

    Pubco has never paid cash dividends on its Common Stock and Class B 
Stock and does not anticipate paying dividends on its Common Stock or 
Class B Stock in the forseeable future.  In addition, no dividends may be 
paid on the Common Stock or Class B Stock while there is any unpaid 
dividend on the Preferred Stock.  No preferred stock dividends are in 
arrears at December 31, 1998.  Subject to the foregoing, the payment of 
dividends will depend, among other factors, on earnings, capital 
requirements and the operating and financial condition of the Company.











                                 7.
<PAGE>
ITEM 6. SELECTED FINANCIAL DATA

(All numbers shown in 000's except share data and ratios)

Selected Statement of Operations Data
<TABLE>
<CAPTION>
                                                    Years Ended December 31             
                                    1998        1997        1996         1995         1994     
<S>                              <C>         <C>         <C>          <C>          <C>
Net Sales                         $ 68,660    $ 53,902    $ 51,069     $ 47,590     $ 46,016
Income from continuing              
 operations before income
 taxes and minority interest         6,778       6,437       5,828        4,036        3,454   
Net Income (Loss):    
 Continuing Operations (A)           7,338      10,224       6,291        3,953        3,380   
 Discontinued Operations (B)             -           -           -        1,100      (13,588)  
Net Income (Loss)                    7,338      10,224       6,291        5,053      (10,208)  
Net Income (Loss) Applicable
  to Common Stockholders (C)         6,463       9,367       5,416        4,178      (10,908)  
Income (Loss) Per Share:    
 Continuing Operations (C)            1.72        2.50        1.50          .89          .77   
 Discontinued Operations (B)             -           -           -          .32        (3.92)  
 Net Income (Loss)
 per Common Share (A)             $   1.72    $   2.50    $   1.50     $   1.21     $  (3.15)  
Weighted Average
 Number of Shares                3,752,473   3,752,473   3,610,278    3,463,387    3,463,727   

Selected Balance Sheet Data
                                                          December 31             
                                    1998        1997         1996         1995         1994    
Working Capital Ratio             3.3 to 1    2.6 to 1    2.8 to 1     2.3 to 1     1.3 to 1   
Total Assets                      $ 85,359    $ 85,946    $ 64,523     $ 57,157     $ 50,902   
Long-term Debt                       1,689           -           -        2,407          949   
Stockholders' Equity                45,179      42,049      31,335       21,515       16,548   
Common Stockholders'
 Equity (D)                         38,179      35,049      24,335       14,515        9,548   
 Per Common Share (D)             $  10.17     $  9.34    $   6.49     $   4.19     $   2.76   
Shares Outstanding
 at Year End                     3,752,473   3,752,473   3,752,473    3,461,727    3,463,727   
<FN>
(A) Income in 1998, 1997 and 1996 includes the benefit of recording an increase in the 
    Company's deferred tax asset of $954, $4,265 and $735, respectively.  Refer to Note I.

(B) Includes the discontinuance of the apparel and retail segments in 1994.

(C) Net of Preferred Stock dividend requirements.

(D) Common Stockholders' Equity and Stockholders' Equity Per Common Share are computed net of 
    the face value of Preferred Stock.
</TABLE>





                                 8.
<PAGE>
ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
          RESULTS OF OPERATIONS   


Comparison of 1998 and 1997

Income before income taxes and minority interest increased in 1998 from 
1997 primarily because of an increase in income at the Company's printer 
supplies business, which since October 20, 1997 has included Kroy, a 
producer of commercial and industrial labeling equipment and supplies.

Sales increased in 1998 from 1997 primarily because of the inclusion of 
Kroy.

Gross profit percentage increased in 1998 from 1997 primarily because of 
the inclusion of Kroy.

Selling, general and administrative expenses increased in 1998 from 1997 
primarily because of the inclusion of Kroy.

The decrease in interest income in 1998 from 1997 is primarily the result 
of the purchase and funding of Kroy.

In the year ended December 31, 1997, in accordance with SFAS No. 109, 
"Accounting for Income Taxes", the Company's valuation allowance on its 
deferred tax assets related to net operating loss carryforwards and 
certain deductible temporary differences was reduced.  The decrease in 
benefit in 1998 reflects the usage of a portion of the deferred tax asset 
that was recognized at December 31, 1997 offset by a slight decrease in 
the valuation allowance in 1998.  Refer to Note I -- Income Taxes in the 
Notes to Consolidated Financial Statements.


Comparison of 1997 and 1996

Income before income taxes and minority interest increased in 1997 from 
1996 primarily because of an increase in income both at the Company's 
construction products business and printer supplies business.  The 
increase in net income applicable to common stockholders in 1997 from 
1996 is primarily the result of the increase in the recognition of the 
benefits of deferred tax assets in 1997 ($4,265,000) from that of 1996 
($735,000).

Sales increased in 1997 from 1996 primarily because the inclusion of Kroy 
more than offset the decrease in sales at the Company's other businesses.

Gross profit percentage increased in 1997 from 1996 primarily because of 
the inclusion of Kroy which maintains a higher gross profit percentage 
than the Company's other businesses and the lower cost of sales at the 
Company's construction products business arising from favorable currency 
fluctuations.

Selling, general and administrative expenses increased in 1997 from 1996 
because of the inclusion of Kroy.


                                 9.
<PAGE>
The change in interest expense is primarily the result of lower borrowing 
levels at the Company's construction products business during 1997 
compared to 1996.  Earnings from the Company's cash and cash equivalents 
and marketable securities and other short term investments increased 
because of increases in the amount of such assets during the year prior 
to the acquisition of Kroy.


LIQUIDITY AND CAPITAL RESOURCES

At December 31, 1998, the Company had $26,192,000 of cash, cash 
equivalents, marketable securities and other short-term investments and
$1,689,000 of long term debt.  The Company's marketable securities and 
other short term investments continue to be subject to risk of loss and 
fluctuations in value.  The income generated from the marketable 
securities and other short-term investments may not be the same from year 
to year or period to period.  The Company will continue to buy, hold and 
sell marketable securities and other short term investments to the extent 
funds are not required to make additional acquisitions of operating 
businesses.  

The Company has a $2,500,000 working capital line for its printer 
supplies business.  At December 31, 1998, there were no borrowings under 
this line of credit.  The Company also has a $3,000,000 working capital 
line of credit for its construction products business.  At December 31, 
1998, borrowing under this line of credit was $1,689,000.  The Company 
also has a $10,000,000 line of credit which it uses for the issuance of 
letters of credit and which can be used for other purposes, including 
acquisitions.  At December 31, 1998, letters of credit aggregating 
$1,528,900 were outstanding, but there were no borrowings under this 
line.  The Company is continually reviewing business acquisition 
opportunities.

At December 31, 1998, the Company had commitments for capital 
expenditures of approximately $1,400,000, most of which were for 
equipment purchased for the printer supplies business.  The Company will 
pay these amounts in 1999 primarily from existing funds.

Stockholders' equity of $45,179,000 at December 31, 1998 includes Common 
and Preferred stockholders' equity.  In order to calculate Common 
stockholders' equity at December 31, 1998, the face value of the 
Preferred Stock ($7,000,000) and any unpaid cumulative dividends on the 
Preferred Stock must be subtracted from total stockholders' equity.  
There were no unpaid cumulative preferred stock dividends outstanding at 
December 31, 1998.











                                10.
<PAGE>
In 1997, the Company reduced the valuation allowance by $5,065,000
resulting in a deferred tax benefit of $4,265,000.  In 1998, the Company 
reduced the valuation allowance by $2,700,000 resulting in a deferred tax 
benefit of $954,000.  The reductions recorded were based upon future 
taxable income projections over the next several years made by management 
of the Company.  These projections take into consideration the recent 
acquisition of Kroy and the taxable income generated by the Company over 
the past three years.  The Company will need to generate approximately 
$15,000,000 of future taxable income in order to realize the deferred tax 
assets recorded at December 31, 1998.  This paragraph contains forward 
looking statements.  The level of taxable income generated by the Company 
during the past three years is not necessarily indicative of the 
Company's ability to generate taxable income in future years.  In 
addition, the Company's acquisition of Kroy does not assure profitability 
of that or other Company operations.  A number of factors could prevent 
the Company from generating taxable income in the future or lower such 
income, including changes in technology, competitive pressures, raw 
material price increases, patent issues, and other factors which affect 
businesses generally.


Year 2000

Regarding the functionality of the Company's computer systems for the 
year 2000, the systems utilized by the printer supplies business and 
Pubco corporate (including stock transfer functions), are currently 
compliant.  All of such systems had been routinely acquired by the 
Company and were already year 2000 compliant.  Not all of the computer 
systems used by the Company's construction products business are 
presently year 2000 compliant.  The construction products business 
expects that such systems will become completely compliant at a cost not 
to exceed $350,000 and that such compliance will be completed before the 
end of 1999.

New Accounting Standards

Refer to Note A -- Significant Accounting Policies in the Notes to 
Consolidated Financial Statements.


















                                11.
<PAGE>
ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


The Company does not hold or issue derivative financial instruments for 
trading purposes.

Interest Rate Risk.  The Company is exposed to market risk from changes in 
interest rates on its borrowings and investing activities.  The Company has 
investments in various domestic and foreign debt securities which mature 
between the year 2000 and 2009.  These investments had a market value of 
over $11,000,000 at December 31, 1998.  Substantially all of these 
investments are denominated in US dollars at fixed rates of interest.  
Increases and decreases in prevailing interest rates generally translate to 
decreases and increases in market value of those debt instruments.  Based 
upon recent interest rate fluctuations, the Company does not believe that 
near term changes in interest rates will materially affect the Company's 
consolidated financial position, results of operations or cash flows.  In 
addition, these instruments may be affected by the creditworthiness of the 
issuer, prepayment options, relative values of alternative investments, 
liquidity of the instruments, and other general market conditions.  Interest 
rates on lines of credit are variable, based upon prime or LIBOR rates.  
Outstanding borrowings at December 31, 1998 were not significant.

Foreign Currency Risks.  The Company is also exposed to foreign currency 
exchange rate risk.  The Company's European operations expose it to 
translation risk when the local currency financial statements are translated 
to US Dollars.  These currency exchange rate fluctuations may affect 
comparability of revenues and expenses from year to year.  The European 
subsidiary is not significant to the Company's consolidated operations and, 
therefore, its operations do not result in any significant exposure to the 
Company from foreign currency exchange rate fluctuations.  In the normal 
course of business, the Company's US operations make purchases that are 
denominated in foreign currency.  One of the Company's US based operations 
enters into foreign currency exchange contracts with banks in order to fix 
its trade payables denominated in foreign currency.  There were no such 
amounts outstanding at year end.




















                                12.
<PAGE>
ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA










                AUDITED CONSOLIDATED FINANCIAL STATEMENTS

                    PUBCO CORPORATION AND SUBSIDIARIES

                            DECEMBER 31, 1998








































                                13.
<PAGE>





                     REPORT OF INDEPENDENT AUDITORS




Board of Directors and Stockholders
Pubco Corporation


We have audited the accompanying consolidated balance sheets of Pubco 
Corporation and subsidiaries as of December 31, 1998 and 1997, and the 
related consolidated statements of income, stockholders' equity and cash 
flows for each of the three years in the period ended December 31, 1998.  
Our audits also included the financial statement schedule listed in the 
index at Item 14(a).  These financial statements and schedule are the 
responsibility of the Company's management.  Our responsibility is to 
express an opinion on these financial statements and schedule based on 
our audits.

We conducted our audits in accordance with generally accepted auditing 
standards.  Those standards require that we plan and perform the audit to 
obtain reasonable assurance about whether the financial statements are 
free of material misstatement.  An audit includes examining, on a test 
basis, evidence supporting the amounts and disclosures in the financial 
statements.  An audit also includes assessing the accounting principles 
used and significant estimates made by management, as well as evaluating 
the overall financial statement presentation.  We believe that our audits 
provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above 
present fairly, in all material respects, the consolidated financial 
position of Pubco Corporation and subsidiaries at December 31, 1998 and 
1997, and the consolidated results of their operations and their cash 
flows for each of the three years in the period ended December 31, 1998, 
in conformity with generally accepted accounting principles.  Also, in 
our opinion, the related financial statement schedule, when considered in 
relation to the basic financial statements taken as a whole, presents 
fairly in all material respects the information set forth therein.


                                  /s/ Ernst & Young LLP
                                 -----------------------------
                                    Ernst & Young LLP


Akron, Ohio
March 24, 1999




                                14.
<PAGE>
CONSOLIDATED BALANCE SHEETS
PUBCO CORPORATION AND SUBSIDIARIES

($ in 000's except share amounts)





                                                               December 3l
                                                            1998         1997

ASSETS

CURRENT ASSETS

  Cash and cash equivalents                               $  9,816     $  1,720
  Marketable securities and other
    investments available for sale--Note D                  16,376       25,661
  Trade receivables (less allowances of
    $848 in 1998 and $931 in 1997)                           7,972        7,549
  Inventories--Note H                                       11,625       11,000
  Deferred income tax assets                                 1,600        2,400
  Prepaid expenses and other current assets                  1,449        1,570
                                                          --------     --------
                             TOTAL CURRENT ASSETS           48,838       49,900




PROPERTY AND EQUIPMENT--Note H                               5,488        6,072




INTANGIBLE ASSETS ARISING FROM ACQUISITIONS
  (at cost less accumulated amortization of
  $1,294 in 1998 and $913 in 1997)--Note A                   3,891        4,204




OTHER NONCURRENT ASSETS                                     27,142       25,770
                                                          --------     --------
                                     TOTAL ASSETS         $ 85,359     $ 85,946
                                                          ========     ========







See notes to consolidated financial statements.


                                15.
<PAGE>
CONSOLIDATED BALANCE SHEETS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES

($ in 000's except share amounts)
                                                               December 3l
                                                            1998         l997  
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

  Accounts payable                                        $  6,118     $  7,918
  Accrued liabilities--Note H                                8,492       11,505
                                                          --------     --------
                             TOTAL CURRENT LIABILITIES      14,610       19,423

LONG TERM DEBT--Note G                                       1,689            -

DEFERRED CREDITS AND NONCURRENT LIABILITIES                 23,197       23,812

MINORITY INTERESTS                                             684          662

STOCKHOLDERS' EQUITY--Notes A, C and E

  Preferred Stock:
    Preferred Stock-par value $.01; 2,000,000 
      shares authorized, 70,000 shares issued
      and outstanding in 1998 and 1997 ($7,000 
      aggregate liquidation preference)                          1            1
    Convertible preferred stock-par value $1;
      20,000 shares authorized, none issued                      -            -
  Common Stock:
    Common Stock-par value $.01; 5,000,000 
      shares authorized; 3,201,131 issued
      and 3,199,131 outstanding in 1998
      and 3,200,871 issued and 3,198,871
      outstanding in 1997                                       32           32
    Class B Stock-par value $.01; 2,000,000 
      shares authorized; 553,342 issued and
      outstanding in 1998 and 553,602 issued
      and outstanding in 1997                                    6            6
  Additional paid in capital                                32,180       32,180
  Retained earnings                                         12,729        6,266
  Accumulated other comprehensive income                       243        3,576
                                                          --------     --------
                                                            45,191       42,061
  Treasury stock at cost, 2,000 shares
    in 1998 and 1997                                           (12)         (12)
                                                          --------     --------
                            TOTAL STOCKHOLDERS' EQUITY      45,179       42,049
                                                          --------     --------

            TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $ 85,359     $ 85,946
                                                          ========     ========

See notes to consolidated financial statements.

                                16.
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
PUBCO CORPORATION AND SUBSIDIARIES

($ in 000's except share amounts)
<TABLE>
<CAPTION>
                                                               Year Ended December 3l
                                                             1998        1997        1996  
<S>                                                      <C>         <C>         <C>
Net sales                                                 $ 68,660    $ 53,902    $ 51,069 
Cost of sales                                               45,747      37,510      36,747 
                                                          --------    --------    --------
                                        GROSS PROFIT        22,913      16,392      14,322 

Selling, general and administrative expenses                19,086      13,470      11,339 
Interest expense                                               120          48         113
Interest income                                             (2,370)     (2,777)     (2,400)
Other income, net                                             (701)       (786)       (558)
                                                          --------     -------    --------

    INCOME BEFORE INCOME TAXES AND MINORITY INTEREST         6,778       6,437       5,828 


(Benefit) for income taxes--Note I                            (696)     (3,955)       (534)
                                                          --------     -------     -------

                     INCOME BEFORE MINORITY INTEREST         7,474      10,392       6,362 


Minority interest                                             (136)       (168)        (71)
                                                          --------     -------     -------

                                          NET INCOME         7,338      10,224       6,291 


Preferred stock dividend requirements                          875         857         875 
                                                          --------    --------    --------
        NET INCOME APPLICABLE TO COMMON STOCKHOLDERS      $  6,463    $  9,367    $  5,416 
                                                          ========    ========    ========

                        NET INCOME PER SHARE--Note A      $   1.72    $   2.50    $   1.50  
                                                          ========    ========    ========

Weighted average number of shares
  outstanding--Notes A and E                             3,752,473   3,752,473   3,610,278  
                                                         =========   =========   =========

<FN>
See notes to consolidated financial statements.
</TABLE>






                                17.
<PAGE>
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
PUBCO CORPORATION AND SUBSIDIARIES

($ in 000's except share amounts)
<TABLE>
Three Years Ended December 3l, l998
<CAPTION>
                            Preferred   Common    Class B                          Accumulated
                              Stock     Stock      Stock   Additional  Retained      Other
                               Par       Par        Par     Paid In    Earnings   Comprehensive
                              Value     Value      Value    Capital    (Deficit)     Income       Total 
<S>                           <C>        <C>        <C>     <C>        <C>          <C>          <C>
Balance at January 1, 1996    $ 1        $29        $ 6     $30,082    $ (9,392)    $   801      $21,527

  Net income for 1996                                                     6,291                    6,291
  Other comprehensive
    Income--Note C                                                                    1,428        1,428
    Total comprehensive                                                                          -------
      income                                                                                       7,719
  Preferred Stock 
    dividends paid at
    $12.50 per share
    --Note E                                                   (875)                                (875)
  Shares issued
    (290,746)--Note B                      3                  2,973                                2,976
                              ---        ---        ---     -------    --------     -------      -------
Balance at December 31,
  1996                        $ 1        $32        $ 6     $32,180    $ (3,101)    $ 2,229      $31,347

  Net income for 1997                                                    10,224                   10,224
  Other comprehensive
    Income--Note C                                                                    1,347        1,347
    Total comprehensive                                                                          -------
      income                                                                                      11,571
  Preferred Stock
    dividends paid at 
    $12.25 per share
    --Note E                                                               (857)                    (857)
                              ---        ---        ---     -------    --------     -------      -------
Balance at December 31, 1997  $ 1        $32        $ 6     $32,180    $  6,266     $ 3,576      $42,061

  Net income for 1998                                                     7,338                    7,338
  Other comprehensive
    Income--Note C                                                                   (3,333)      (3,333)
    Total comprehensive                                                                          -------
      income                                                                                       4,005
  Preferred Stock 
    dividends paid at 
    $12.50 per share
    --Note E                                                               (875)                    (875)
                              ---        ---        ---     -------    --------     -------      -------
Balance at December 31, 1998  $ 1        $32        $ 6     $32,180    $ 12,729     $   243      $45,191
                              ===        ===        ===     =======    ========     =======      =======
<FN>
See notes to consolidated financial statements.
</TABLE>
                                18.
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
PUBCO CORPORATION AND SUBSIDIARIES

($ in 000's except share amounts)
<TABLE>
<CAPTION>
                                                                      Year Ended December 3l
                                                                   1998        1997          1996  
<S>                                                           <C>           <C>          <C>
OPERATING ACTIVITIES
  Net income                                                  $   7,338     $ 10,224      $  6,291 
  Adjustments to reconcile net income to net
    cash provided by operating activities:
      Depreciation and amortization                               1,031        1,180         1,358 
      Deferred income taxes                                        (800)      (4,265)         (735)
      Net (gain) on sales of securities                            (595)        (779)          (51)
      Net loss (gain) on disposal of fixed assets                     1           71          (500)
      Minority interest                                              22           54           (36)
      Changes in operating assets and liabilities
        net of acquisitions:
          Trade receivables                                        (423)          34           648 
          Inventories                                              (625)      (1,149)          766 
          Accounts payable                                       (1,800)         387           486 
          Other current liabilities                              (3,013)      (1,023)         (380)
          Other, net                                                274          422          (755)
                                                              ---------     --------      --------
              NET CASH PROVIDED BY OPERATING ACTIVITIES           1,410        5,156         7,092 

INVESTING ACTIVITIES
  Purchases of marketable securities                             (1,692)      (9,971)      (20,882)
  Proceeds from sales of marketable securities                    8,404       11,323         9,320 
  Purchases of fixed assets                                        (851)        (154)         (173)
  Proceeds from the sale of fixed assets                             11           27         2,095 
  Acquisition of Kroy                                                 -         (273)            -
  Purchase of subsidiaries' stock                                     -            -           (43)
                                                              ---------     --------      --------
    NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES           5,872          952        (9,683)

FINANCING ACTIVITIES
  Net (repayments) on loans payable                                   -            -          (289)
  Proceeds from long-term debt                                   16,822       24,325        26,294 
  Principal payments on long-term debt                          (15,133)     (29,395)      (28,919)
  Dividends paid on preferred stock                                (875)        (857)         (875)
                                                              ---------     --------      --------
    NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES             814       (5,927)       (3,789)
                                                              ---------     --------      --------
       INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS           8,096          181        (6,380)

         CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR           1,720        1,539         7,919 
                                                              ---------     --------      --------
               CASH AND CASH EQUIVALENTS AT END OF YEAR       $   9,816     $  1,720      $  1,539 
<FN>
See notes to consolidated financial statements.
</TABLE>


                                19.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
PUBCO CORPORATION AND SUBSIDIARIES

December 3l, l998
($ in 000's except share amounts)




NOTE A--SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation:  The consolidated financial statements of Pubco 
Corporation ("Company" or "Pubco") include the accounts of the Company and its 
wholly-owned and majority-owned subsidiaries.  Intercompany balances and 
transactions have been eliminated in consolidation.

On October 20, 1997, Pubco acquired all of the outstanding stock of Kroy, Inc. 
(which later became Kroy LLC).  The operations of Kroy from the date of its 
acquisition are included in the consolidated statements of operations and its 
assets and liabilities are included in the consolidated balance sheets.

The Company includes its Buckeye Business Products, Inc. division ("Buckeye") 
and its Aspen Imaging International, Inc. ("Aspen") subsidiary which 
manufacture and market computer and data processing supplies, and Pubco owns 
approximately 85% of Allied Construction Products, Inc. ("Allied"), which 
manufactures and distributes products for the construction and related 
industries.  Pubco also owns other income producing assets.

Cash and Cash Equivalents:  Cash equivalents are composed of all highly liquid 
investments generally with a maturity of three months or less at the time of 
purchase, carried at cost, which approximates fair value.  

Marketable Securities and Other Investments:  Marketable securities and other 
investments are classified as available for sale and, accordingly, are stated 
at fair value, with the unrealized gains and losses reported in a separate 
component of stockholders' equity.  Realized gains and losses, and declines in 
value judged to be other-than-temporary, are included in "other income, net" 
in the consolidated statements of operations.  The cost of securities sold is 
based on the specific identification method. 

Inventories:  Inventories are stated at the lower of cost (first-in, 
first-out) or market.

Financial Instruments:  The Company's financial instruments recorded on the 
balance sheet include cash and cash equivalents and marketable securities, 
other investments and long term debt.  Long term debt is at market rates of 
interest that adjust frequently.  The carrying amount of long term debt 
approximates fair value.

Off balance sheet financial instruments include foreign currency exchange 
agreements.  In the normal course of business, the Company's construction





                                20.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES




NOTE A--SIGNIFICANT ACCOUNTING POLICIES--CONTINUED

products subsidiary purchases components from a German supplier and from time 
to time, enters into foreign currency exchange contracts with banks in order 
to fix its trade payables denominated in the Deutsche Mark.  The Company had 
no amounts outstanding at December 31, 1998 and 1997.

Long-lived Assets:  Property and equipment are recorded at cost with 
depreciation and amortization principally computed by the straight-line method 
over the following estimated useful lives: buildings, 10 to 30 years; 
machinery, equipment and fixtures, 5 to 10 years; and leasehold improvements, 
5 to 10 years.

Intangible assets ("goodwill") represents the excess of the purchase price 
over the fair value of the net assets of acquired businesses and is being 
amortized by the straight-line method, in most cases over 10 to 20 years.  The 
carrying amount of goodwill is reviewed if facts and circumstances suggest 
that it may be impaired.  If this review indicates that goodwill will not be 
recoverable, as determined based on the estimated undiscounted cash flows of 
the entity acquired over the remaining amortization period, the carrying 
amount of the goodwill is reduced by the estimated shortfall of cash flows.

Impairment of long-lived assets is recognized when events or changes in 
circumstances indicate that the carrying amount of the asset or related groups 
of assets may not be recoverable.  Measurement of the amount of impairment may 
be based on appraisal, market values of similar assets or estimated discounted 
future cash flows resulting from use and ultimate disposition of the asset.

Revenue Recognition:  Revenue is recognized generally upon shipment.

Research and Development Costs:  The Company performs research and development 
on present and future products and all costs are expensed as incurred.  Total 
expenditures amounted to $1,380, $638 and $385 for the years ended December 
31, 1998, 1997 and 1996.

Per Common Share Amounts:  Per common share amounts are computed after 
preferred dividend requirements on the basis of the weighted average number of 
shares of Common Stock outstanding.  The Company had no dilutive securities 
outstanding for any period presented.  Accordingly, basic and diluted earnings 
per share are the same.

Use of Estimates:  The preparation of financial statements in conformity with 
generally accepted accounting principles requires management to make estimates 
and assumptions that affect the reported amounts of assets and liabilities at 
the date of the financial statements, and the reported amounts of revenues and 
expenses during the reporting period.  Actual results could differ from those 
estimates.



                                21.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES




NOTE A--SIGNIFICANT ACCOUNTING POLICIES--CONTINUED

New Accounting Standards:  In June, 1998, the Financial Accounting Standards 
Board (FASB) issued Statement No. 133, Accounting for Derivative Instruments 
and Hedging Activities, which is required to be adopted in years beginning 
after June 15, 1999.  The Statement permits early adoption as of the beginning 
of any fiscal quarter after its issuance.  The Statement will require the 
Company to recognize all derivatives on the balance sheet at fair value.  
Derivatives that are not hedges must be adjusted to fair value through 
income.  If the derivative is a hedge, depending on the nature of the hedge, 
changes in the fair value of the derivative will either be offset against the 
change in fair value of the hedged assets, liabilities, or firm commitments 
through earnings or recognized in other comprehensive income until the hedged 
item is recognized in earnings.  The ineffective portion of a derivative's 
change in fair value will be immediately recognized in earnings.

The Company has not yet determined what the effect of Statement No. 133 will 
be on its earnings and financial position and has not yet determined the 
timing or method of adoption.  However, the Statement could increase 
volatility in earnings and comprehensive income.

On April 3, 1998, the Accounting Standards Executive Committee of the AICPA 
issued Statement of Position 98-5 -- Reporting on the Costs Of Start-Up 
Activities (the "SOP").  The SOP is effective for the Company in 1999 and 
would require the writeoff of any amounts deferred within the Balance Sheet 
related to start-up activities, as defined within the SOP.  The Company has 
reviewed the provisions of the SOP and does not believe that its adoption will 
have a material adverse impact on its earnings or financial condition. 

Reclassifications:  Certain amounts presented in prior years' financial 
statements and the notes thereto have been reclassified to conform with the 
1998 presentation.


















                                22.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES



NOTE B--BUSINESS COMBINATIONS

On October 20, 1997, Pubco purchased all of the stock of Kroy, Inc. and a 
Company subsidiary acquired Kroy's bank debt for approximately $5,000.  The 
subsidiary now acts as Kroy's secured lender.

The acquisition has been accounted for as a purchase and, accordingly, the 
operating results of Kroy have been included in the Company's consolidated 
financial statements since the date of acquisition.  The excess of the 
aggregate purchase price over the fair market value of net assets acquired of 
approximately $3,300 is being amortized over 20 years.

The following unaudited proforma consolidated results of operations for the 
years ending December 31, 1997 and 1996 assume the Kroy acquisition occurred 
as of January 1, 1996.

                                                    1997             1996 

Net sales                                         $72,822          $77,954
                                                  =======          =======
Net income                                        $ 8,547          $ 4,123
                                                  =======          =======
Earnings per common share                         $  2.28          $   .90
                                                  =======          =======



























                                23.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES



NOTE C--OTHER COMPREHENSIVE INCOME  

As required, the Company adopted SFAS No. 130, "Reporting Comprehensive 
Income" in 1998.  SFAS No. 130 established new rules for the reporting and 
display of comprehensive income and its components.  This standard does not 
impact net income or total stockholders' equity.  SFAS No. 130 requires the 
Company's change in its unrealized gains on investments available for sale and 
foreign currency translation adjustment to be included in other comprehensive 
income.  The prior period's financial statements have been reclassified to 
conform with these requirements.

Other comprehensive income consists of the following:

                                                   Year Ended December 31    
                                               l998         l997         1996  

  Other Comprehensive Income: 
    Unrealized holding gains (losses)
      on investments available for sale
      arising during the period              $(2,728)     $ 2,136      $ 1,479
    Less reclassification adjustment  
      for gains on investments available   
      for sale                                  (595)        (779)         (51)
    Unrealized currency translation
      adjustments arising during the period      (10)         (10)           -
                                             -------      -------      -------
    Total Other Comprehensive Income         $(3,333)     $ 1,347      $ 1,428 
                                             =======      =======      =======

  Accumulated Other Comprehensive Income:
    Unrealized holding gains (losses)
      on investments available for sale      $   263      $ 3,586      $ 2,229
    Cumulative translation adjustment            (20)         (10)           -
                                             -------      -------      -------
    Total accumlated other comprehensive
      income                                 $   243      $ 3,576      $ 2,229
                                             =======      =======      =======














                                24.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES



NOTE D--MARKETABLE SECURITIES

The following is a summary of available for sale securities:
<TABLE>
<CAPTION>
                                                        Gross        Gross      Estimated
                                                      Unrealized   Unrealized     Fair   
                                            Cost         Gains      (Losses)      Value  
    <S>                                  <C>           <C>           <C>         <C>
    December 31, 1998
    US Corporate Equity Securities       $  4,835      $  1,124      $   (698)   $  5,261 
    US Corporate Debt Securities            5,716           132          (541)      5,307 
    Foreign Government Debt Securities        719           256             -         975 
    Foreign Corporate Debt Securities       4,688           145             -       4,833 
                                         --------      --------      --------    --------                                      
                                         $ 15,958      $  1,657      $ (1,239)   $ 16,376 
                                         ========      ========      ========    ========

    December 31, 1997
    US Corporate Equity Securities       $  4,426      $    991      $     (9)   $  5,408 
    US Corporate Debt Securities           10,444         1,274          (110)     11,608 
    Foreign Government Debt Securities      2,294         1,062             -       3,356 
    Foreign Corporate Debt Securities       4,911           420           (42)      5,289 
                                         --------      --------      --------    --------                                      
                                         $ 22,075      $  3,747      $   (161)   $ 25,661 
                                         ========      ========      ========    ========
</TABLE>

The gross realized gains on sales of securities available for sale totaled 
$998, $855 and $1,086 for 1998, 1997 and 1996, respectively.  The gross 
realized losses totaled $403, $76 and $1,035 in 1998, 1997 and 1996, 
respectively.

The cost and estimated fair value of debt securities at December 31, 1998, 
by estimated maturity, are shown below.  Expected maturities may differ 
from contractual maturities because the issuers of the securities may have 
the right to prepay obligations without prepayment penalties.

                                                               Estimated  
                                                   Cost        Fair Value

    Due in one year or less                      $      -       $      -
    Due after one year through three years          2,347          2,298 
    Due after three years                           8,776          8,817
                                                 --------       --------
                                                 $ 11,123       $ 11,115
                                                 ========       ========




                                25.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES




NOTE E--STOCKHOLDERS' EQUITY

The Company's Common Stock has one vote per share and Class B Stock has ten 
votes per share.  Transferability of Class B Stock is restricted and, 
accordingly, there is no market for Class B Stock.  However, Class B Stock 
is convertible into Common Stock on a share-for-share basis.  Conversions 
of Class B Stock were 260, 2,783 and 645 shares during 1998, 1997 and 1996, 
respectively.

The Company's non-voting Preferred Stock Series A requires cumulative 
annual dividends on the $100 face value per share at four percent above the 
averaged base lending rate of three large commercial banks.  No dividend 
may be paid on Common Stock while there is any dividend arrearage on the 
Preferred Stock.  In 1998, the Company paid $875 ($12.50 per share) of 
Preferred Stock Series A dividends.  The Company's Preferred Stock is 
subject to redemption, in whole or in part, at the Company's option at a 
redemption price equal to the face value of the Preferred Stock (and any 
unpaid cumulative dividends).  As of December 31, 1998, there were no 
undeclared and unpaid dividends on the Preferred Stock.

Stockholders' equity of $45,179 at December 31, 1998 includes Common and 
Preferred stockholders' equity.  In order to calculate Common stockholders' 
equity at December 31, 1998, the face value of the Preferred Stock ($7,000) 
and any unpaid cumulative dividends on the Preferred Stock must be 
subtracted from total stockholders' equity.

The 1998 Equity Incentive Plan provides for the grant of (i) incentive and 
non-statutory stock options, (ii) stock bonuses, (iii) rights to purchase 
restricted stock, and (iv) stock appreciation rights, to key employees, 
officers and consultants of the Company and its affiliates.  The maximum 
number of shares of Common Stock issuable under the Plan as approved by the 
stockholders is 200,000.  No stock awards were issued under the Plan during 
1998.  During 1999, the Board amended the Plan, subject to stockholder 
approval within 12 months of the date of the amendment, to increase the 
number of shares issuable under the Plan by 120,000 shares to 320,000 
shares.  Also in 1999, the Board issued non-statutory stock options to 
purchase 220,000 shares at $9.00 per share, 20,000 of which are subject to 
approval of the amendment by the stockholders.  The options vest over four 
years.  None of such options are presently exercisable.











                                26.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES




NOTE F--RETIREMENT PLANS

The Company maintains two discretionary non-qualified profit sharing plans 
to provide retirement benefits for certain of its key employees.  The 
assets are segregated, and are included in Other Noncurrent Assets.  The 
liabilities associated with these plans are included in Other Liabilities.  
In 1997, the Company adopted a 401(k) plan for its printer supplies 
business and its corporate employees.  The construction products business 
also maintains a 401(k) plan.  Kroy also maintains a 401(k) for its 
employees.  The Company partially matches employee deferrals under these 
plans.  Expenses under these various plans aggregated approximately $419, 
$391 and $366 for the years ended December 3l, 1998, l997 and l996, 
respectively.

The Company makes contributions to a collectively-bargained, multiemployer 
defined benefit pension plan.  The Company contributed and charged to 
expense $77, $55 and $10 for the years ended December 3l, l998, l997 and 
1996, respectively, for the plan.  These contributions are determined in 
accordance with the provisions of a negotiated labor contract and generally 
are based on the amount of wages earned.  Information as to the Company's 
portion of the accumulated plan benefits, plan net assets and unfunded 
vested benefits, if any, is not determinable.  In the event of a withdrawal 
from the plan, the Company may be subject to a withdrawal liability under 
the provisions of the Multiemployer Pension Plan Amendments Act of 1980.  
Management does not intend to take any action that would subject the 
Company to any such liability under the plan.

The Company maintains a noncontributory defined benefit pension plan 
covering employees who are under a collective bargaining agreement and 
sponsors a pension plan for terminated employees of a former operation of a 
predecessor company.  The excess actuarial present value of accumulated 
plan benefits over net assets available for benefits under these plans was 
approximately $381 and $226 at December 31, 1998 and 1997, respectively, 
which amounts have been reflected in the accompanying balance sheets.  
Expenses under these plans were approximately $74, $73 and $62 for 1998, 
1997 and 1996, respectively.

Since 1986, the Company's President has deferred his salary under the terms 
of deferred compensation plans established for his benefit.  As 
compensation is earned by him, it is paid by the Company to deferred 
compensation trusts and included in selling, general and administrative 
expenses.  Amounts are being distributed to him by the trusts in accordance 
with the terms of the deferred compensation plans.  The securities included 
in these trusts are classified as trading and, accordingly, are stated at 
fair value.  Unrealized gains (losses) were ($3,313), ($1,055) and $1,564 
for the years ended December 31, 1998, 1997 and 1996, respectively.




                                27.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES




NOTE F--RETIREMENT PLANS--CONTINUED

Realized and unrealized gains and losses, interest, dividends and plan 
expenses are reflected in other income, net, and total ($59), $4,615 and 
$3,013 for the years ended December 31, 1998, 1997 and 1996, respectively.  
There is no resulting effect on net income, because these are matched by 
adjustments to deferred compensation expense, which are also included in 
other income, net.  The amounts of these charges were $59, ($4,615) and 
($3,013) for the years ended December 31, 1998, 1997 and 1996, respectively.

The Company provides life insurance benefits and/or contributes to the cost 
of medical insurance for certain retired salaried and commission basis 
employees.  The accumulated postretirement benefit obligation and related 
expense recorded for each year are not material to the balance sheet or the 
results of operations.


NOTE G--FINANCING ARRANGEMENTS

The Company has a $10,000 revolving credit facility at LIBOR plus 1.5% or 
the lending bank's prime rate ("Prime"), at the Company's option, expiring 
in 2000, with no outstanding borrowings at December 31, 1998.  The Company 
has a $2,500 demand credit facility at LIBOR plus 2% or Prime, at the 
Company's option, with no outstanding balance at December 31, 1998.  The 
Company has a $3,000 revolving credit facility at LIBOR plus 2.5% or Prime, 
at the Company's option, expiring in 2000, with $1,689 outstanding at 
weighted average interest rate of 7.58% at December 31, 1998.

Total interest payments by the Company were $113, $59 and $120 for the 
years ended December 31, 1998, 1997 and 1996, respectively.




















                                28.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES



NOTE H--OTHER INFORMATION

                                                  December 31
                                             1998             1997   

Inventories:
  Raw materials and supplies               $  6,389         $  5,585 
  Work in process                               303              596 
  Finished goods                              4,933            4,819 
                                           --------         --------
                                           $ 11,625         $ 11,000 
                                           ========         ========
Property and equipment:
  Land and buildings                       $  1,475         $  1,475 
  Machinery, equipment and fixtures          12,344           12,427 
  Leasehold improvements                      3,192            3,154 
  Construction in progress                      237              188
                                           --------         --------
                                             17,248           17,244 
  Less accumulated depreciation and
    amortization                            (11,760)         (11,172) 
                                           --------         --------
                                           $  5,488         $  6,072 
                                           ========         ========
Other noncurrent assets:
  Assets held for deferred compensation    $ 19,394         $ 19,659
  Deferred income tax assets                  4,200            2,600
  Other                                       3,548            3,511 
                                           --------         --------
                                           $ 27,142         $ 25,770 
                                           ========         ========
Accrued liabilities:
  Payroll and other employee benefits      $  2,462         $  3,552
  Accrued taxes                               1,687            1,659
  Other                                       4,343            6,294 
                                           --------         --------
                                           $  8,492         $ 11,505 
                                           ========         ========
Deferred credits and non-current
   liabilities:
  Deferred compensation liability          $ 19,394         $ 19,659
  Other                                       3,803            4,153 
                                           --------         --------
                                           $ 23,197         $ 23,812 
                                           ========         ========

Under current accounting rules, assets of the deferred compensation trusts 
must be accounted for as if they are assets of the Company although the assets 
are not available for general corporate use by the Company and could only be 
available to creditors of the Company in the event of the Company's bankruptcy.

                                29.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES



NOTE I--INCOME TAXES

Pubco and its consolidated subsidiaries file a consolidated federal income tax 
return.  The (benefit) provision for income taxes consists of the following 
components:

                                               Year Ended December 3l
                                           1998         1997          1996   

   Federal provision-current             $  190        $  199        $  156 

   Deferred benefit                        (954)       (4,265)         (735)

   State and local provision-current         68           111            45
                                         ------        ------        ------
                                         $ (696)      ($3,955)       $ (534)
                                         ======        ======        ======

Income taxes paid by the Company were $258, $310 and $192 for the years ended 
December 31, 1998, 1997 and 1996, respectively.

A reconciliation of the statutory federal income tax rate to the effective 
rate is as follows:

                                                Year Ended December 3l
                                           1998          1997          1996   

Statutory federal rate                     34.0%         34.0%         34.0% 
State and local tax, net of 
  federal tax benefit                        .3           1.0            .6 
Reduction of valuation allowance
  for deferred tax assets                 (39.8)        (95.1)        (33.6) 
Other                                      (4.8)         (1.3)        (10.2)
                                           ----          ----          ----
                                          (10.3%)       (61.4%)        (9.2%) 
                                           ====          ====           ===

At December 31, 1998, the Company had available net operating loss 
carryforwards of approximately $3,900 for federal income tax purposes.  
Approximately $656 are subject to limitations based on certain subsidiaries' 
ability to generate future taxable income.  The loss carryforwards, if not 
used, will expire as follows: $140 in 2007, $260 in 2008 and $3,500 in 2009.

In addition, for tax purposes, the Company has investment tax credit 
carryforwards of approximately $70 which expire between 1999 and 2000 and 
alternative minimum tax credit carryforwards of approximately $1,040.

Deferred income taxes reflect the net tax effects of temporary differences 
between the carrying amounts of assets and liabilities, for financial 
reporting purposes, and the amounts used for income tax purposes.  Significant

                                30.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES



NOTE I--INCOME TAXES--CONTINUED

components of the Company's federal and state deferred tax assets and 
liabilities are as follows:

                                                    1998              1997  
    Deferred tax assets:
      Net operating loss carryforwards
        and credits                               $  2,800          $  4,700 
      Deferred compensation                          7,200             6,100 
      Other                                          3,600             4,900
                                                  --------          --------
        Total deferred tax assets                   13,600            15,700 
    Deferred tax liabilities:
      Tax over book depreciation                       500               700 
      Other                                            200               200
                                                  --------          --------
          Total deferred tax liabilities               700               900
                                                  --------          --------
    Net deferred tax assets                         12,900            14,800 
      Valuation allowance for
        deferred tax assets                         (7,100)           (9,800)
                                                  --------          --------
    Net deferred taxes                            $  5,800          $  5,000 
                                                  ========          ========

The Company continually reviews the adequacy of the valuation allowance and is 
recognizing these benefits only as reassessment indicates that it is more 
likely than not that the benefits will be realized.

In 1997, the Company reduced the valuation allowance by $5,065 resulting in a 
deferred tax benefit of $4,265.  In 1998, the Company reduced the valuation 
allowance by $2,700 resulting in a deferred tax benefit of $954.  The 
reductions recorded were based upon future taxable income projections over the 
next several years made by management of the Company.  These projections take 
into consideration the recent acquisition of Kroy and the taxable income 
generated by the Company over the past three years.  The Company would need to 
generate approximately $15,000 of future taxable income in order to realize 
the net deferred taxes recordable at December 31, 1998.












                                31.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES




NOTE J--LEASING ARRANGEMENTS

Pubco and certain of its subsidiaries are parties to separate leasing 
arrangements for office and factory space in an approximately 312,000 square 
foot building owned and operated by a partnership that is controlled by the 
majority stockholder of the Company.  The Company's printer supplies business 
and construction products business conduct substantially all of their business 
activities from this building.  Pubco has its corporate offices at this 
building.  The leases expire in 2005.  The leases require annual payments 
aggregating $549.  Rent expense associated with these leases was $549 for each 
of the years ended December 31, 1998, 1997 and 1996.

The Company and its subsidiaries lease certain facilities and equipment under 
non-cancellable leases for periods ranging from 1 to 10 years.  Total rental 
expense from continuing operations under all operating leases is summarized 
below:


                                             Year Ended December 31
                                        1998          1997          1996  


   Minimum rentals                   $ 1,491       $   867       $   600 
   Sublease rental income                (67)          (66)          (61)
                                     -------       -------       -------
                                     $ 1,424       $   801       $   539 
                                     =======       =======       =======

At December 3l, l998, the commitments under non-cancellable operating leases 
are as follows:

                                    Operating
                                      Leases  

       l999                          $ 1,083
       2000                              848 
       2001                              672 
       2002                              651 
       2003                              650 
       Thereafter                        532
                                     -------
                                     $ 4,436 
                                     =======







                                32.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES


NOTE K--INDUSTRY SEGMENT INFORMATION
<TABLE>
<CAPTION>
Summarized industry segment information is as follows:

                                                   Printer    Construction 
                                                   Supplies   Products
                                                   Business   Business       Corporate   Consolidated
<S>                                                <C>          <C>          <C>          <C>
1998

Net sales                                          $ 44,272     $ 24,388      $      -     $ 68,660 
Trade receivables                                     5,200        2,762            10        7,972 
Income before income taxes and minority interest      4,655        1,577           546        6,778 
Identifiable assets                                  19,846       10,210        55,303       85,359 
Capital expenditures                                    579          225            47          851 
Depreciation and amortization                           401          373           257        1,031 

1997

Net sales                                          $ 29,373     $ 24,529      $      -     $ 53,902 
Trade receivables                                     4,969        2,460           120        7,549 
Income before income taxes and minority interest      3,840        1,992           605        6,437 
Identifiable assets                                  22,195        9,257        54,494       85,946 
Capital expenditures                                     29           94            31          154 
Depreciation and amortization                           160          390           630        1,180 

1996

Net sales                                          $ 25,930     $ 25,139      $      -     $ 51,069 
Trade receivables                                     2,445        1,909            56        4,410 
Income before income taxes and minority interest      3,344        1,624           860        5,828 
Identifiable assets                                  10,610        8,528        45,385       64,523 
Capital expenditures                                     45           57            71          173 
Depreciation and amortization                           348          381           629        1,358 
</TABLE>

The Company's operations are classified into two reportable business 
segments.  The Company's two reporting business segments are managed 
separately based upon fundamental differences in their operations.

The Company has a subsidiary which sells printer supplies in Europe and 
contributes approximately 8% to the Company's consolidated sales and 
represents approximately 3% of the Company's consolidated assets.  Total 
long-lived assets of this subsidiary are not material.

Corporate includes income producing assets, certain amounts related to the 
previously discontinued segments and amounts held for deferred compensation 
arrangements.  The printer supplies business includes the operations of Kroy 
which was acquired in October, 1997.


                                33.
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--CONTINUED
PUBCO CORPORATION AND SUBSIDIARIES




NOTE L--QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The Company's unaudited quarterly results of operations in 1998 and 1997 are set
forth below.

                                                      1998                      
                                     1st         2nd         3rd         4th    
                                   Quarter     Quarter     Quarter     Quarter  

Net sales                         $ 20,035    $ 17,286    $ 16,531    $ 14,808 
                                  ========    ========    ========    ========
Gross profit                      $  6,551    $  5,712    $  5,858    $  4,792 
                                  ========    ========    ========    ========
Net income                        $  1,567    $  1,281    $  1,327    $  3,163 
                                  ========    ========    ========    ========
Income applicable to
  Common Stockholders             $  1,348    $  1,062    $  1,109    $  2,944  
                                  ========    ========    ========    ========
Net income per
  common share                    $    .36    $    .28    $    .30    $    .78  
                                  ========    ========    ========    ========

                                                     1997                      
                                    1st         2nd         3rd         4th    
                                  Quarter     Quarter     Quarter     Quarter  

Net sales                         $ 13,705    $ 12,882    $ 12,161    $ 15,154 
                                  ========    ========    ========    ========
Gross profit                      $  3,821    $  3,856    $  3,594    $  5,121 
                                  ========    ========    ========    ========
Net income                        $  2,007    $  1,708    $  1,380    $  5,129 
                                  ========    ========    ========    ========
Income applicable to
  Common Stockholders             $  1,788    $  1,489    $  1,162    $  4,928 
                                  ========    ========    ========    ========
Net income per
  common share                    $    .48    $    .39    $    .31    $   1.32 
                                  ========    ========    ========    ========

Net income in the 4th quarter of 1997 included an adjustment to recognize 
deferred tax assets of $4,265.  A change in the Company's effective tax rate in 
the 4th quarter of 1998 resulted in a $2,610 adjustment to net income.








                                34.
<PAGE>
ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
          FINANCIAL DISCLOSURE   

          None.


                                PART III


ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT   

Identification of Directors and Executive Officers

    Glenn E. Corlett, age 55, Director since February, 1997, has been 
Dean of the Business School at Ohio University since July 1, 1997.  
Between November, 1996 and June 30, 1997, Mr. Corlett was an independent 
business consultant.  Prior to November, 1996, Mr. Corlett was the 
Executive Vice President and Chief Operating Officer of N.W. Ayer, 
Incorporated, an advertising agency he joined in 1990.

    William A. Dillingham, age 55, Director, has been President of the 
Company's printer supplies business for more than the past five years.  
Mr. Dillingham was appointed a Director of the Company in December, 1997.

    Harold L. Inlow, age 65, Director, is an independent business 
consultant who has consulted for the Company since 1995.  Mr. Inlow was 
President of the Company's former retail subsidiary prior to 1995.    Mr. 
Inlow was appointed a Director of the Company in December, 1997.

    Stephen R. Kalette, age 48, has been a Director of Pubco since 
December, 1983 and has been an executive officer of Pubco since April, 
1984.  Mr. Kalette currently serves as its Vice President, 
Administration, General Counsel and Secretary.

    Robert H. Kanner, age 51, has been a Director and executive officer 
of Pubco since December, 1983.  Mr. Kanner currently serves as its 
Chairman, President and Chief Financial Officer. 

    Leo L. Matthews, age 59, has been President of the Company's 
construction products business since it was acquired in March, 1993.  
Between 1987 and 1993, Mr. Matthews provided consulting services in 
strategic planning, marketing, management and finance.

Family Relationships

    There are no familial relationships between any Director and 
executive officer of Pubco.









                                35.
<PAGE>
Board of Directors

    The Board of Directors establishes broad corporate policies which are 
carried out by the officers of Pubco who are responsible for day-to-day 
operations.  In 1998, the Board held two meetings and took action by 
unanimous written consent on two other occasions.  No Director was absent 
during the year from any of the meetings of the Board of Directors or of 
any of the committees of the Board on which he served.

Committees of the Board of Directors

    Pubco has a standing Audit Committee.  The Audit Committee, which did 
not meet in 1998, consists of Mr. Corlett and Mr. Inlow.  The Audit 
Committee (i) reviews the internal controls of Pubco and its financial 
reporting; (ii) meets with the Chief Financial Officer and such other 
officers as it, from time to time, deems necessary; (iii) meets with 
Pubco's independent public auditors and reviews the scope and results of 
auditing procedures, the degree of such auditors' independence, audit and 
non-audit fees charged by such auditors, and the adequacy of the 
Company's internal accounting controls; and (iv) recommends to the Board 
the appointment of the independent auditors.



































                                36.
<PAGE>
ITEM 11.  EXECUTIVE COMPENSATION

Summary Compensation Table
<TABLE>
     The following table discloses compensation paid or accrued, during each of the Company's last three 
fiscal years, to the Company's Chief Executive Officer and to its other executive officers.
<CAPTION>

                                                                 Long-Term Compensation              
                                  Annual Compensation                Awards        Payouts            
      Name and                                  Other Annual  Restricted            LTIP     All Other
      Principal                        Bonus    Compensation  Stock       Options  Payouts  Compensation
      Position       Year  Salary($)    ($)         ($)       Awards ($)  SARs(#)   ($)         ($)     

<S>                   <C>   <C>        <C>        <C>              <C>       <C>      <C>   <C>
Robert H. Kanner(1)
     Chairman, CEO,   1998  $525,000      ---     $74,710(2)       ---       ---      ---   $181,605(3,4,5)
     President &      1997   525,000      ---      72,014          ---       ---      ---    184,691
     CFO              1996   525,000      ---      64,917          ---       ---      ---    185,560     


Stephen R. Kalette
     VP-Admin.,       1998  $330,000      ---     $27,600(6)       ---       ---      ---   $ 35,757(4,5)
     General Counsel  1997   330,000      ---      26,416          ---       ---      ---     35,799     
     & Secretary      1996   330,000      ---      25,022          ---       ---      ---     35,076     


William A. Dillingham(7)
     President of     1998  $450,000      ---     $10,091(7)       ---       ---      ---   $ 31,000(5,8)
     Buckeye Division 1997   450,000      ---       5,473          ---       ---      ---     31,000     
                      1996   450,000      ---       7,284          ---       ---      ---     30,000     


Leo L. Matthews(9)
     President of     1998  $130,000   $ 70,000   $ 5,703(10)      ---       ---      ---   $ 11,000(11) 
     Allied           1997   130,000     90,900     5,163          ---       ---      ---     10,847     
                      1996   120,000     85,055     5,459          ---       ---      ---      7,200     

















                                37.
<PAGE>
<FN>
(1)      Mr. Kanner deferred his entire salary for each of the years reported under the terms 
         of deferred compensation plans established for his benefit.  The amounts reported 
         for each year are the amounts deferred for that year.  As compensation is earned by 
         Mr. Kanner, it is paid by the Company to deferred compensation trusts.  These 
         amounts are being distributed to Mr. Kanner by the trusts in accordance with the 
         terms of the deferred compensation plans.

(2)      Of the amount shown in the table, $70,258 in 1998, $67,620 in 1997 and $61,370 in 
         1996 represents the premiums on life insurance paid for by the Company on Mr. 
         Kanner's life, and for which the Company is not a beneficiary; and $4,452 in 1998, 
         $4,394 in 1997 and $3,547 in 1996 represents the cost of providing Mr. Kanner with 
         use of an automobile during the year.

(3)      Of the amount reflected, $122,100 in 1998, $125,400 in 1997 and $127,900 in 1996 
         represents a payment by the Company toward the premium on split dollar life 
         insurance on Mr. Kanner's life and for which the Company is not the beneficiary.  
         The amounts will be repaid to the Company out of the death proceeds from such policy.

(4)      In 1988, the Company adopted a non-qualified plan to provide retirement benefits for 
         executive officers and other key employees.  The plan provides benefits upon 
         retirement, death or disability of the participant and benefits are subject to a 
         restrictive vesting schedule.  $58,505 in 1998, $58,291 in 1997 and $57,660 in 1996 
         of the amounts shown in the table for Mr. Kanner and $34,757 in 1998, $34,799 in 
         1997 and $35,076 in 1996 of the amounts shown in the table for Mr. Kalette are 
         amounts contributed to such plan for the benefit of such executive officers with 
         respect to the years noted.  Vesting of benefits under the plan is phased in over 20 
         years and only a portion of the amount contributed for each year has fully vested.

(5)      In 1997, the Company adopted a 401-K plan to provide retirement benefits for 
         employees of Pubco and the Company's printer supplies business, including officers.  
         Participating employees make voluntary contributions to the Plan, a portion of which 
         the Company matches.   Of the amounts shown in the 1998 and 1997 tables for Mr. 
         Kalette and Mr. Kanner, $1,000 was contributed by Pubco to such plan.  Of the amount 
         shown in the 1998 and 1997 tables for Mr. Dillingham, $1,000 was contributed by 
         Buckeye to such plan.  Vesting of benefits under the plan is phased in over six 
         years.

(6)      Of the amount shown in the table, $23,085 in 1998, $22,210 in 1997 and $21,396 in 
         1996 represents the premiums on life insurance paid for by the Company on Mr. 
         Kalette's life, and for which the Company is not a beneficiary; and $4,057 in 1998, 
         $3,725 in 1997 and $3,154 in 1996 represents the cost of providing Mr. Kalette with 
         use of an automobile during the year

(7)      All of the amounts shown as paid to or for Mr. Dillingham were paid by the Company's 
         printer supplies business.  Of the amount shown in the table, $4,425 in 1998, $3,885 
         in 1997 and $3,535 in 1996 represents the premiums on life insurance paid for by the 
         Company's printer supplies business on Mr. Dillingham's life, and for which it is 
         not a beneficiary; and $5,666 in 1998, $1,588 in 1997 and $3,749 in 1996  represents 
         the cost of providing Mr. Dillingham with use of an automobile during the year.

(8)      In 1988, the Company's printer supplies business adopted a non-qualified plan to 
         provide retirement benefits for executive officers and other key employees.  The 
         plan provides benefits upon retirement, death or disability of the participant and 


                                38.
<PAGE>

         benefits are subject to arestrictive vesting schedule.  Of the amount shown in the 
         table for Mr. Dillingham, $30,000 was contributed to such plan for the benefit of 
         such executive officer with respect to each of the years noted.  Vesting of benefits 
         under the plan is phased in over 20 years and only a portion of the amount 
         contributed for each year has fully vested.

(9)      All of the amounts shown as paid to or for Mr. Matthews were paid by the Company's 
         construction products business.  Mr. Matthews has an employment agreement with such 
         business providing for a minimum $130,000 per year base salary; a share of Allied's 
         earnings in excess of its operating plan earnings, if any, and discretionary bonuses.

(10)     Of the amount shown in the table, $1,710 in 1998, $1,710 in 1997 and $1,710 in 1996 
         represents the premiums on life insurance paid for by the construction products 
         business on Mr. Matthew's life, and for which it is not a beneficiary; and $3,993 in 
         1998, $3,453 in 1997 and $3,749 in 1996 represents the cost of providing Mr. 
         Matthews with use of an automobile during that year.

(11)     In 1993, the Company's construction products business adopted a 401-K plan (with a 
         profit sharing component) to provide retirement benefits for its employees, 
         including officers.  Participating employees make voluntary contributions to the 
         Plan, a portion of which such business matches.   All of the amount shown in the 
         table for Mr. Matthews was contributed by Allied to such plan.  Vesting of benefits 
         under the plan is phased in over three years.
</TABLE>

Unless covered by an employment agreement with the Company, officers 
serve for one year terms or until their respective successors are duly 
elected and qualified.

1998 Equity Incentive Plan

    In July, 1998, the Board of Directors adopted the Company's 1998 
Equity Incentive Plan, subject to approval by the Company's stockholders 
which was obtained at the Annual Meeting of Stockholders held on 
September 14, 1998.  The Plan provides for the grant of (i) incentive and 
non-statutory stock options, (ii) stock bonuses, (iii) rights to purchase 
restricted stock, and (iv) stock appreciation rights, to key employees, 
officers and consultants of the Company and its affiliates.  The maximum 
number of shares of Common Stock issuable under the Plan as approved by 
the stockholders is 200,000.  No stock awards were issued under the Plan 
during 1998.  During 1999, the Board amended the Plan, subject to 
stockholder approval within 12 months of the date of the amendment, to 
increase the number of shares issuable under the Plan by 120,000 shares 
to 320,000 shares.  Also in 1999, the Board issued non-statutory stock 
options to purchase 220,000 shares, 20,000 of which are subject to 
approval of the amendment by the stockholders.  Mr. Dillingham and Mr. 
Kalette were issued options to purchase 100,000 and 20,000 shares, 
respectively, under the Plan.  Other officers and non-officer employees 
of the Company were issued options to purchase a total of 100,000 
shares.  None of such options are presently exercisable.





                                39.
<PAGE>
Compensation of Directors

    The Company pays its outside Director an annual fee of $15,000, 
payable monthly.  The Company also reimburses its Directors for any 
expense reasonably incurred while performing services for the Company.  
Directors who are employees of the Company or otherwise receive 
compensation from the Company do not receive any fee for acting as 
Directors of the Company.


      COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

    As Directors of the Company, Mr. Kanner and Mr. Kalette participate 
in Board of Directors' deliberations and decisions concerning executive 
officer compensation.  Mr. Kanner and Mr. Kalette are executive officers 
of the Company.








































                                40.
<PAGE>
ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

    The following table sets forth as of March 1, 1999 (i) the number of 
shares of Pubco's stock owned, directly or indirectly, by each Director 
and executive officer of the Company and by all Directors and officers as 
a group, and (ii) the number of shares of Pubco's stock held by each 
person who was known by Pubco to beneficially own more than 5% of Pubco's 
stock:
<TABLE>
<CAPTION>

                               Common Stock                    Class B Stock         Aggregate
                      Amount and Nature               Amount and Nature              Percent of
                        of Beneficial    Percent of     of Beneficial    Percent of    Voting
Name of Holder         Ownership (1)(2)     Class      Ownership (1)(2)     Class      Power   

<S>                        <C>             <C>              <C>             <C>        <C>
Glenn E. Corlett                  --         --                  --           --         --   
Harold L. Inlow                   --         --                  --           --         --   
Stephen R. Kalette               166          *              13,759          2.5        1.6   
Robert H. Kanner(3)        2,066,894       64.6             514,044         92.9       82.5   
William A. Dillingham          3,725          *                  --           --          *   
Leo L. Matthews(4)                --         --                  --           --         --   
  3830 Kelley Avenue
  Cleveland, OH 44114

All Directors and
  officers as a group      2,070,785       64.7             527,903         95.4       84.2   
  (7 persons)(3)

FMR Corp. (5)
  82 Devonshire Street
  Boston, MA 02109           319,500        9.9                  --           --        3.7  
<FN>
* indicates less than 1%.
</TABLE>

(1) Except as set forth below, each owner has sole voting and investment 
    power with respect to the shares beneficially owned by him.

(2) Class B Stock is convertible into Common Stock on a share for share 
    basis.  Therefore, ownership of Class B Stock may also be deemed to 
    be beneficial ownership of the same number of shares of Common Stock.

(3) Does not include 800 shares of Common Stock owned by Mr. Kanner as 
    custodian for his children, as to which shares he disclaims 
    beneficial ownership.

(4) Mr. Matthews owns approximately 3.6% of the Common Stock of Allied.

(5) Information concerning FMR Corp. is based upon disclosure contained 
    in a Schedule 13(G) filed with the SEC and the Company as of February 
    1, 1999.



                                41.
<PAGE>
Warrants and Options to Purchase Securities

    No warrants, options or rights to purchase the Company's Common Stock 
were granted by the Company to, or exercised by, any officer or Director 
of the Company during 1998.  SEE ITEM 11, Executive Compensation - 1998 
Equity Incentive Plan.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

    The Company leases a general purpose 312,000 square foot building in 
Cleveland, Ohio (the "Building") on a triple net basis.  The premises are 
used for executive and administrative facilities, the manufacturing and 
administrative operations of the Company's printer supplies business and 
the manufacturing and administrative operations of the Company's 
construction products business.  Pubco subleases a portion of the 
Building to an unrelated party.  The annual rental for the Building is 
approximately $548,700.  The Partnership that owns the Building is 80% 
owned and controlled by Mr. Kanner.  Mr. Dillingham, Mr. Kalette and five 
other individuals have a minority interest in the Partnership.





































                                42.
<PAGE>
                                PART IV

ITEM l4.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
          FORM 8-K

    (a)   l.  List of Financial Statements
                                                         Page Number 

          Consolidated Balance Sheets at            
          December 3l, l998 and l997........................   14

          Consolidated Statements of Income   
          for each of the three years in the 
          period ended December 3l, l998....................   16

          Consolidated Statements of Stockholders'
          Equity for each of the three years in 
          the period ended December 3l, l998................   17

          Consolidated Statements of Cash Flows   
          for each of the three years in the
          period ended December 3l, l998....................   18

          Notes to Consolidated Financial Statements........   19


          2.  List of Financial Statement Schedules

          Schedule II - Valuation and Qualifying 
          Accounts..........................................   S-1

          All other schedules for which provision is made in the 
          applicable accounting regulations of the Securities and 
          Exchange Commission are not required under the related 
          instructions or are inapplicable and therefore have been 
          omitted.

          3.  List of Exhibits

          Exhibit
            No.                        Description

          10.32         August 26, 1998 (Ninth) Amendment to Credit 
                        Facility and Security Agreement dated March 1, 
                        1993 between Allied Construction Products, Inc. 
                        and KeyBank National Association.










                                43.
<PAGE>
          21            Subsidiaries of the Registrant.

          27            Financial Data Schedule.

    The following exhibits were previously filed with the Commission as  
    indicated in the bracketed [] references and are hereby incorporated 
    by reference.

        Exhibit
          No.                          Description


          2.1           Agreement and Plan of Merger dated April 26, 1996 
                        between Pubco Corporation and Bobbie Brooks, 
                        Incorporated [Registration Statement on Form S-4 
                        No. 333-02951, Exhibit 2.1].

          2.2           Sale and Liquidation Agreement dated April 26, 
                        1996 between Pubco Corporation, PSI, Inc. and 
                        Aspen Imaging International, Inc. [Registration 
                        Statement on Form S-4 No. 333-02951, Exhibit 2.2].

          3.1           Certificate of Incorporation of Pubco, as amended 
                        [Form 10-K for year ended December 31, 1987, 
                        Exhibit 3.1 and Information Statement dated June 
                        27, 1990 for August 14, 1990 Annual Meeting of 
                        Stockholders, Appendix I].

          3.2           By-Laws of Pubco, as amended [Form 10-K for year 
                        ended December 31, 1986, Exhibit 3.2(a)].

          10.19         Credit Facility and Security Agreement dated 
                        March 1, 1993 between Allied Construction 
                        Products, Inc. and Society National Bank [Form 
                        10-K for year ended December 31, 1993, Exhibit 
                        10.19].

          10.20         Amendments to Credit Facility and Security 
                        Agreement dated March 1, 1993 between Allied 
                        Construction Products, Inc. and Society National 
                        Bank [Form 10-K for year ended December 31, 1994, 
                        Exhibit 10.20].

          10.21         June 30, 1995 (Fifth) Amendment to Credit 
                        Facility and Security Agreement dated March 1, 
                        1993 between Allied Construction Products, Inc. 
                        and Society National Bank. [Form 10-K for year 
                        ended December 31, 1995, Exhibit 10.21]

          10.22         December 4, 1996 (Sixth) Amendment to Credit 
                        Facility and Security Agreement dated March 1, 
                        1993 between Allied Construction Products, Inc. 
                        and KeyBank National Association. [Form 10-K for 
                        year ended December 31, 1996, Exhibit 10.22]


                                44.
<PAGE>
          10.25         Stock Purchase Agreement between Pubco and Kroy
                        Holding Company.  [Form 8-K dated October 20, 
                        1997, Exhibit 10.25]

          10.26         Stock Purchase Agreement between Pubco and Marion 
                        and Warren Pollock.  [Form 8-K dated October 20, 
                        1997, Exhibit 10.26]

          10.27         Stock Purchase Agreement between Pubco and Quest 
                        Equities Corp.  [Form 8-K dated October 20, 1997, 
                        Exhibit 10.27]

          10.28         June 30, 1997 (Seventh) Amendment to Credit 
                        Facility and Security Agreement dated March 1, 
                        1993 between Allied Construction Products, Inc. 
                        and KeyBank National Association.  [Form 10-K for 
                        year ended December 31, 1997, Exhibit 10.28]

          10.29         July 11, 1997 (Eighth) Amendment to Credit 
                        Facility and Security Agreement dated March 1, 
                        1993 between Allied Construction Products, Inc. 
                        and KeyBank National Association.  [Form 10-K for 
                        year ended December 31, 1997, Exhibit 10.29]

          10.30         Amended and Restated Master Promissory Note, 
                        Pledge and Security Agreement dated November 25, 
                        1997, between Pubco Corporation and KeyBank 
                        National Association.  [Form 10-K for year ended 
                        December 31, 1997, Exhibit 10.30]

          10.31         Second Amended and Restated Master Promissory 
                        Note and Security Agreement dated November 25, 
                        1997, between Pubco Corporation and KeyBank 
                        National Association for the Buckeye Business 
                        Products, Inc. Division.  [Form 10-K for year 
                        ended December 31, 1997, Exhibit 10.31]

          10.33         Pubco Corporation 1998 Equity Incentive Plan.  
                        [Information Statement for September 14, 1998 
                        Annual Meeting of Stockholders, Appendix A]


    (b)  Reports on Form 8-K Filed during Fourth Quarter

          None











                                45.
<PAGE>
SIGNATURES

    Pursuant to the requirements of Section l3 or l5(d) of the Securities 
Exchange Act of l934, the Registrant has duly caused this report to be 
signed on its behalf by the undersigned, thereunto duly authorized.


                                  PUBCO CORPORATION


                                  By:  /s/ Robert H. Kanner
                                     ---------------------------------
                                     Robert H. Kanner,
                                     Chairman of the Board, President,
                                     Chief Executive Officer and
                                     Chief Financial Officer


Date:  March 25, l999

    Pursuant to the requirements of the Securities Exchange Act of 1934, 
this report has been signed below by  the following persons on behalf of 
the Registrant, on the date indicated above:


                                       /s/ Robert H. Kanner
                                     -------------------------------
                                     Robert H. Kanner, Director


                                       /s/ Stephen R. Kalette
                                     -------------------------------
                                     Stephen R. Kalette, Director


                                       /s/ Glenn E. Corlett
                                     -------------------------------
                                     Glenn E. Corlett, Director


                                       /s/ William A. Dillingham
                                     -------------------------------
                                     William A. Dillingham, Director


                                       /s/ Harold L. Inlow
                                     -------------------------------
                                     Harold L. Inlow, Director








                                46.
<PAGE>




                               PUBCO CORPORATION
                                AND SUBSIDIARIES
                                  SCHEDULE II
                       VALUATION AND QUALIFYING ACCOUNTS
                                    (000's)

<TABLE>
<CAPTION>
     Column A                        Column B            Column C            Column D        Column E 
                                    Balance at          Additions                           Balance at
                                    Beginning           Charged to:                           End of
    Description                     of Period      Cost/Expense   Other     Deductions        Period  

<S>                                  <C>           <C>        <C>          <C>
Allowance for doubtful
  accounts-trade receivables

Year ended December 31, 1998            931        $   42     $    -        $  125 (A)       $  848 


Year ended December 31, 1997         $  269        $   17     $  672 (B)    $   27 (A)       $  931 


Year ended December 31, 1996         $  279        $   61     $    -        $   71 (A)       $  269 

<FN>

                            

(A)  Bad-debt writeoffs.

(B)  Allowances for doubtful accounts acquired.

</TABLE>


















                                S-1
<PAGE>
                             EXHIBIT INDEX



    Exhibit
      No.                             Description


    2.1            Agreement and Plan of Merger dated April 26, 1996 
                   between Pubco Corporation and Bobbie Brooks, 
                   Incorporated [Registration Statement on Form S-4 No. 
                   333-02951, Exhibit 2.1].

    2.2            Sale and Liquidation Agreement dated April 26, 1996 
                   between Pubco Corporation, PSI, Inc. and Aspen Imaging 
                   International, Inc. [Registration Statement on Form 
                   S-4 No. 333-02951, Exhibit 2.2].

    3.1            Certificate of Incorporation of Pubco, as amended 
                   [Form 10-K for year ended December 31, 1987, Exhibit 
                   3.1 and Information Statement dated June 27, 1990 for 
                   August 14, 1990 Annual Meeting of Stockholders, 
                   Appendix I].

    3.2            By-Laws of Pubco, as amended [Form 10-K for year ended 
                   December 31, 1986, Exhibit 3.2(a)].

    10.19          Credit Facility and Security Agreement dated March 1, 
                   1993 between Allied Construction Products, Inc. and 
                   Society National Bank [Form 10-K for year ended 
                   December 31, 1993, Exhibit 10.19].

    10.20          Amendments to Credit Facility and Security Agreement 
                   dated March 1, 1993 between Allied Construction 
                   Products, Inc. and Society National Bank. [Form 10-K 
                   for year ended December 31, 1994, Exhibit 10.20].

    10.21          June 30, 1995 (Fifth) Amendment to Credit Facility and 
                   Security Agreement dated March 1, 1993 between Allied 
                   Construction Products, Inc. and Society National Bank. 
                   [Form 10-K for year ended December 31, 1995, Exhibit 
                   10.21]

    10.22          December 4, 1996 (Sixth) Amendment to Credit Facility 
                   and Security Agreement dated March 1, 1993 between 
                   Allied Construction Products, Inc. and KeyBank 
                   National Association.[Form 10-K for year ended 
                   December 31, 1996, Exhibit 10.22]

    10.25          Stock Purchase Agreement between Pubco and Kroy 
                   Holding Company.  [Form 8-K dated October 20, 1997, 
                   Exhibit 10.25]





<PAGE>
    10.26          Stock Purchase Agreement between Pubco and Marion and
                   Warren Pollock.  [Form 8-K dated October 20, 1997, 
                   Exhibit 10.26]

    10.27          Stock Purchase Agreement between Pubco and Quest 
                   Equities Corp.  [Form 8-K dated October 20, 1997, 
                   Exhibit 10.27]

    10.28          June 30, 1997 (Seventh) Amendment to Credit Facility 
                   and Security Agreement dated March 1, 1993 between 
                   Allied Construction Products, Inc. and KeyBank 
                   National Association.  [Form 10-K for year ended 
                   December 31, 1997, Exhibit 10.28]

    10.29          July 11, 1997 (Eighth) Amendment to Credit Facility 
                   and Security Agreement dated March 1, 1993 between 
                   Allied Construction Products, Inc. and KeyBank 
                   National Association.  [Form 10-K for year ended 
                   December 31, 1997, Exhibit 10.29]

    10.30          Amended and Restated Master Promissory Note, Pledge 
                   and Security Agreement dated November 25, 1997, 
                   between Pubco Corporation and KeyBank National 
                   Association.  [Form 10-K for year ended December 31, 
                   1997, Exhibit 10.30]

    10.31          Second Amended and Restated Master Promissory Note and 
                   Security Agreement dated November 25, 1997, between 
                   Pubco Corporation and KeyBank National Association for 
                   the Buckeye Business Products, Inc. Division.  [Form 
                   10-K for year ended December 31, 1997, Exhibit 10.31]

    10.32          August 26, 1998 (Ninth) Amendment to Credit Facility 
                   and Security Agreement dated March 1, 1993 between 
                   Allied Construction Products, Inc. and KeyBank 
                   National Association.  [Form 10-K for year ended 
                   December 31, 1997, Exhibit 10.32]

    10.33          Pubco Corporation 1998 Equity Incentive Plan.  
                   [Information Statement for September 14, 1998 Annual 
                   Meeting of Stockholders, Appendix A]

    21             Subsidiaries of the Registrant.  

    27             Financial Data Schedule


<PAGE>
                           NINTH AMENDMENT TO
             CREDIT FACILITY AND SECURITY AGREEMENT ('Amendment')


     WHEREAS, ALLIED CONSTRUCTION PRODUCTS, INC., a Delaware corporation, 
(herein called the "Borrower") and KEY CORPORATE CAPITAL INC., a Michigan 
corporation (herein referred to as the "Lender") by assignment from KeyBank 
National Association (formerly known as Society National Bank), a national 
banking association, entered into a Credit Facility and Security Agreement 
dated March 1, 1993, which has previously been amended from time to time (as 
amended, herein called the "Agreement"), and

     WHEREAS, the Borrower and the Lender have agreed to further amend the 
Agreement to extend the Termination Date of the Agreement and to adjust the
interest payable on the outstanding balance of the Revolving Credit Loan;

     NOW, THEREFORE, for valuable consideration received to their mutual 
satisfaction, the Borrower and the Lender hereby agree as follows:

     1. The definitions of "Termination Date" appearing in Section 1.2 of the
Agreement is hereby amended by deleting such definition in its entirety and
substituting therefor the following:

        "Termination Date" means June 30, 2000, or such earlier date on which
        the commitment of the Lender to make Advances pursuant to Section 2.1
        of this Agreement shall have been terminated pursuant to Sections 10
        or 14 of this Agreement.

     2. Section 2.1 of the Agreement is hereby amended by adding the following
definitions for "Applicable Interest Rate" and

        "Applicable Interest Rate" means the interest rate in effect from time
        to time hereunder equal to the sum of the percentage per annum (iden-
        tified below in basis points) plus either the Prime Rate or the LIBOR
        Rate, at Borrower's option, computed in accordance with the following
        schedule:

           Ratio of Adjusted Debt     Revolving Loan    Revolving Loan
           to Tangible Net Worth       (Prime Rate)      (LIBOR Rate)
             (Levels 1 and 2)
           ----------------------     --------------    ----------------
           Level 1 - Greater than
           or equal to 1.5 to 1.0     0 basis points    250 basis points

           Level 2 - Less than
           1.5 to 1.0                 0 basis points    200 basis points

        The applicable level of the ratio of Adjusted Debt to Tangible Net
        Worth shall be calculated on a quarterly basis, and shall not be
        otherwise adjusted during the year.  The initial applicable level of
        the foregoing ratio shall be Level 2.  Quarterly adjustments to the
        Applicable Interest Rate shall be effective fifteen (15) days after






<PAGE>
        Lender's receipt of Borrower's financial statements, such adjustments
        commencing with Lender's receipt of Borrower's June 30, 1998 financial
        statements."

     3. Section 2.1(b) of the Agreement is hereby amended by deleting such
Section in its entirety and substituting the following in place thereof:

        "(b) As compensation for the Advances made by Lender, Borrower under-
        takes and agrees to pay to Lender interest equal to the Applicable
        Interest Rate upon the average daily balances in Borrower's Loan
        Account during the preceding month with respect to all Advances.
        Interest on Advances shall be payable monthly in arrears commencing
        on the first day of the month following the month in which such
        Advance is made and continuing on the first day of each consecutive
        month thereafter by debiting the Operating Account.  Lender shall
        use its best efforts to give Borrower notice prior to debiting the
        Operating Account."

     4. Exhibit A-3 to the Agreement is hereby amended by deleting such
Exhibit in its entirety and substituting the form attached hereto as Exhibit
A-4.  The Borrower hereby agrees that it will, contemporaneously with
the execution of this Amendment to the Agreement, execute and deliver to the 
Lender a new Revolving Credit Promissory Note in the form of Exhibit A-4 to
replace the Revolving Credit Promissory Note currently held and owned by the 
Lender representing the Borrower's borrowings under the Agreement.

     5. This Amendment shall be effective as of Aug 1, 1998.  Except 
as previously amended or as herein specifically amended, directly or by 
reference, all of the terms and conditions set forth in the Agreement are 
confirmed and ratified, and shall remain as originally written.  This 
Amendment shall be construed in accordance with the laws of the State of 
Ohio, without regard to principles of conflict of laws.  The Agreement and 
all other related loan documents executed in connection with the Agreement 
shall remain in full force and effect in all respects as if the unpaid 
balance of the principal outstanding, together with interest accrued 
thereon, had originally been payable and secured as provided for therein, 
as amended from time to time and as modified by this Amendment.  Nothing 
herein shall affect or impair any rights and powers which the Lender may 
have under the Agreement and any and all related loan documents.

     6. In consideration of this Amendment, the Borrower hereby 
releases and discharges the Lender and its shareholders, directors, 
officers, employees, attorneys, affiliates and subsidiaries from any and all 
claims, demands, liability and causes of action whatsoever, now known or 
unknown, arising prior to the date hereof out of or in any way related to 
the extension or administration of the Obligations of the Borrower (as 
defined in the Agreement), the Agreement or any mortgage or security 
interest related thereto.

     7. For purposes of this Amendment, the terms used in the Agreement 
shall have the same meaning as used herein.  The Borrower and the Lender
hereby agree to extend all liens and security interests securing the
Obligations, until said Obligations, as modified herein, and any and all
related promissory notes have been fully paid.  The parties hereto further


                                -2-
<PAGE>
agree that this Amendment shall in no manner affect or impair the liens and
security interests evidenced by the Agreement and/or any other instruments
evidencing, securing or related to the Obligations.  The Borrower hereby
acknowledges that all liens and security interests securing the Obligations
are valid and subsisting.

     8. The Borrower covenants and agrees (i) to pay the balance of any 
principal, together with all accrued interest, as specified above in 
connection with any promissory note executed and evidencing any indebtedness 
incurred in connection with the Agreement, as modified by this Amendment, 
and (ii) to perform and observe covenants, agreements, stipulations and 
conditions on its part to be performed hereunder or under the Agreement and 
all other related loan documents executed in connection herewith or thereof.

     9. The Borrower hereby declares that the Borrower has no set offs, 
counterclaims, defenses or other causes of action against the Lender arising 
out of the Agreement or any related loan documents, and to the extent any 
such set offs, counterclaims, defenses or other causes of action may exist, 
whether known or unknown, such items are hereby waived by the Borrower.

    10. This Amendment may be executed in counterparts and all such 
counterparts shall constitute one agreement binding on all the parties, 
notwithstanding that the parties are not signatories to the same 
counterpart.

    11. The Borrower hereby represents and warrants to the Lender that 
(a) the Borrower has the legal power and authority to execute and deliver 
this Amendment; (b) the officials executing this Amendment have been duly 
authorized to execute and deliver the same and bind the Borrower with 
respect to the provisions hereof; (c) the execution and delivery hereof by 
the Borrower and the performance and observance by the Borrower of the 
provisions hereof do not violate or conflict with the organizational 
agreements of the Borrower or any law applicable to the Borrower or result 
in a breech of any provisions of or constitute a default under any other 
agreement, instrument or document binding upon or enforceable against the 
Borrower; and (d) this Amendment constitutes a valid and binding obligation 
upon the Borrower in every respect.

               (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)

















                               -3-
<PAGE>
   12. In consideration for entering into this Amendment, Borrower 
agrees to pay Lender a renewal fee of One Thousand Dollars ($1,000.00) 
payable on the date hereof.  The Borrower further agrees to reimburse Lender 
for any and all out-of-pocket costs, fees and expenses incurred in 
connection with this Amendment, including, without limitation, attorney's 
fees.

     IN WITNESS WHEREOF, the Borrower and the Lender have caused this 
Amendment to the Agreement to be executed by their duly authorized 
officers as of the 26th day of August, 1998.

KEY CORPORATE CAPITAL INC.,                      ALLIED CONSTRUCTION
 a Michigan corporation, by assignment            PRODUCTS, INC.,
 from KeyBank National Association                a Delaware corporation, 
 (formerly known as Society National Bank),                            
 a national banking association


  By: /s/ Jeffrey M. Evans                    By: /s/ Richard E. Hojnacki
     -------------------------------             -----------------------------
Name:  Jeffrey M. Evans                     Name:  Richard E. Hojnacki
     -------------------------------             -----------------------------
 Its:  Vice President                        Its:  Vice President
     -------------------------------             -----------------------------
					 
                                          And By: /s/ Stephen R. Kalette
                                                 -----------------------------
                                            Name:  Stephen R. Kalette
                                                 -----------------------------
                                             Its:  Secretary
                                                 -----------------------------


























<PAGE>
                                EXHIBIT A-4

                      REVOLVING CREDIT PROMISSORY NOTE

$3,000,000.00                                                August 26, 1998
                                                             Cleveland, Ohio


     FOR VALUE RECEIVED, ALLIED CONSTRUCTION PRODUCTS, INC., a Delaware 
corporation, (the "Borrower"), promises to pay to the order of KEY CORPORATE 
CAPITAL INC. (the "Holder") on June 30, 2000, or sooner as hereinafter 
provided, the principal amount of Three Million and no/100 Dollars 
($3,000,000.00) or, if less, the aggregate unpaid principal amount from time 
to time borrowed by the Borrower from the Holder pursuant to the Credit 
Agreement (hereinafter defined).  The unpaid principal balance outstanding 
on this Revolving Credit Promissory Note from time to time (the "Outstanding 
Principal Balance") shall be determined by the ledgers and records of the 
Holder as accurately maintained.

     This Revolving Credit Promissory Note is the "Revolving Note" defined 
and referred to in, and is entitled to the benefits of, a certain Credit 
Facility and Security Agreement dated March 1, 1993 (said Credit Facility 
and Security Agreement as amended and including, as it may be from time to 
time further amended, restated or otherwise modified, being herein called 
the "Credit Agreement"), between the Borrower and the Holder, to which 
reference is hereby made for a statement of the rights of the Holder and the 
duties and obligations of the Borrower in relation thereto, but neither this 
reference to the Credit Agreement nor any provision thereof shall affect or 
impair the absolute and unconditional obligation of the Borrower to pay the 
principal of and interest on this Revolving Credit Promissory Note when due. 
 Capitalized terms used in this Revolving Credit Promissory Note not defined 
hereinafter shall have the respective meanings given to such items in the 
Credit Agreement.

     This Revolving Credit Promissory Note is being executed and delivered 
in substitution for an existing Revolving Credit Promissory Note executed 
by Borrower and dated July 11, 1997, and the execution and delivery of this 
Revolving Credit Promissory Note shall not constitute a novation and shall 
not terminate or otherwise affect the first lien and security interest of 
the Holder in Borrower's property.

     The Outstanding Principal Balance of this Revolving Credit Promissory 
Note shall bear interest from and including the date hereof until the date 
of payment in full at the rate per annum as set forth in the Credit 
Agreement.  All interest on this Revolving Credit Promissory Note shall be 
paid in accordance with the terms of the Credit Agreement.  Interest shall 
be computed on the basis of a year of 360 days for the actual number of days 
elapsed.  All unpaid principal and interest on this Revolving Credit 
Promissory Note shall be due on the maturity date hereof as set forth in the 
Credit Agreement.

     Reference is hereby made to the Credit Agreement which contains 
provisions for the acceleration of the maturity hereof upon the happening 
of certain stated events and for mandatory prepayments and voluntary 
prepayments hereon.  The term "Holder" includes the successors and assigns 
of Holder.

<PAGE>
     This Revolving Credit Promissory Note is secured by collateral 
assigned, pledged or granted to the Holder; reference is made to the Credit 
Agreement and the documents and instruments assigning, pledging or granting 
said collateral for a description of the Holder's rights with respect 
thereto.

     Payment of the principal of and interest on this Revolving Credit 
Promissory Note shall be made in lawful money of the United States of 
America, by federal funds wire transfer to the main office of Holder, 127 
Public Square, Cleveland, Ohio 44114-1306, or at such other place or in such 
other manner of payment as Holder or any subsequent holder hereof shall have 
designated to the Borrower in writing.

     The Borrower waives demand, presentment for payment, notice of 
dishonor, protest, and notice of protest and diligence in collection and 
bringing suit and agrees that Holder may extend the time for payment, accept 
partial payment, take security therefor, or exchange or release any 
collateral, without discharging or releasing the Borrower.

     This Revolving Credit Promissory Note was executed in Cleveland, 
Cuyahoga County, Ohio.  The construction, validity, and enforceability of 
this Revolving Credit Promissory Note shall be governed by the laws of the 
State of Ohio.

     The Borrower authorizes any attorney at law to appear before any 
court of record, state or federal, in the county where this Revolving Credit 
Promissory Note was executed or where the Borrower resides or may be found, 
after the unpaid principal balance of this Revolving Credit Promissory Note 
becomes due, either by lapse of time or by operation of any provision for 
acceleration of maturity contained in the Credit Agreement, and waive the 
issuance and service of process, admit the maturity of this Revolving Credit 
Promissory Note, by reason of acceleration or otherwise, and confess 
judgment against the Borrower in favor of the holder of this Revolving 
Credit Promissory Note for the amount then appearing due on this Revolving 
Credit Promissory Note, together with interest thereon and costs of suit, 
and thereupon to release all errors and to waive all rights of appeal and 
stay of execution.  The foregoing warrant of attorney shall survive any 
judgment and may be used from time to time without exhausting the right to 
further use the warrant of attorney and, if any judgment be vacated for any 
reason, the holder of this Revolving Credit Promissory Note nevertheless may 
use the foregoing warrant of attorney to obtain an additional judgment or 
judgments against the Borrower.  Borrower agrees that the holder's

               (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)












                               -2-


<PAGE>
attorney may confess judgment pursuant to the foregoing warrant of attorney.
Borrowers further agrees that the attorney confessing judgment pursuant to 
the foregoing warrant of attorney may receive a legal fee or other 
compensation from the holder.

WARNING:  BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT 
TRIAL.  IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU 
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO 
COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR 
WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH 
THE AGREEMENT, OR ANY OTHER CAUSE.

        ALLIED CONSTRUCTION PRODUCTS,
         INC., a Delaware corporation,


         By:                                 
            -----------------------------------
       Name:                               
            -----------------------------------
      Title:                              
            -----------------------------------


     And By:                                 
            -----------------------------------
       Name:                               
            -----------------------------------
        Its:                              
            -----------------------------------
























                               -3-
<PAGE>
                                EXHIBIT 21


                            PUBCO CORPORATION

                      Subsidiaries of the Registrant






    The Company directly or indirectly owns 100% of the capital stock of 
the following significant subsidiaries:


            Subsidiaries                       State of Incorporation


    Buckeye Business Products, Inc., Division                

    Aspen Imaging International, Inc.                Delaware

    Kroy LLC                                         Nevada


    The Company owns an indirect 85% plus interest in Allied Construction 
Products, Inc., a Delaware corporation.