================================================================================

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB

(Mark One)

[X]  Quarterly  report under Section 13 or 15(d) of the Securities  Exchange Act
     of 1934

     For the quarterly period ended JUNE 30, 1998
                                    --------------------------------------------

[ ]  Transition report under Section 13 or 15(d) of the Exchange Act

     For the transition period from ___________________ to _____________________

     Commission file number  0-5703
                           -----------------------------------------------------

                             SIEBERT FINANCIAL CORP.
--------------------------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)

           NEW YORK                                             11-1796714
--------------------------------                           ---------------------
(State or Other Jurisdiction of                               (I.R.S.Employer
 Incorporation or Organization)                              Identification No.)

                      885 THIRD AVENUE, NEW YORK, NY 10022
--------------------------------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (212) 644-2400
--------------------------------------------------------------------------------
                (Issuer's Telephone Number, Including Area Code)

--------------------------------------------------------------------------------
(Former  Name,  Former  Address and Former  Fiscal Year,  if Changed  Since Last
Report)

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

Yes [X] No [ ]

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEEDING FIVE YEARS

         Check whether registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by a court.

Yes [ ] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares  outstanding of each of the issuer's classes
of common equity,  as of the latest  practicable date: AS OF JULY 28, 1998 THERE
WERE 20,996,440 SHARES OF COMMON STOCK, PAR VALUE $.01 PER SHARE, OUTSTANDING.

         Transitional Small Business Disclosure Format (check one):

Yes [ ] No [X]

================================================================================

<PAGE>


                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SIEBERT FINANCIAL CORP. & SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
JUNE 30, 1998
(UNAUDITED)

ASSETS

Cash and cash equivalents                                            $ 3,223,375
Cash equivalents - restricted                                          1,300,000
Receivable from broker-dealers                                           890,047
Securities owned, at market value                                     11,049,141
Secured demand note receivable from affiliate                          2,000,000
Furniture, equipment and leasehold improvements, net                     563,538
Investment in affiliate                                                3,392,000
Prepaid expenses and other assets                                        607,548
                                                                     -----------

                                                                     $23,025,649
                                                                     ===========
LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Securities sold, not yet purchased, at market value                  $ 2,091,406
Payable to clearing broker                                             2,567,764
Accounts payable and accrued liabilities                               3,515,722
                                                                     -----------

                                                                       8,174,892
                                                                     -----------

Commitments and contingent liabilities

Subordinated borrowings payable to affiliate                           3,000,000
                                                                     -----------

Stockholders' equity:
Common stock, $.01 par value; 49,000,000 shares authorized,
   20,996,440 shares outstanding                                         209,964
Additional paid-in capital                                             6,643,264
Retained earnings                                                      4,997,529
                                                                     -----------

                                                                      11,850,757
                                                                     -----------

                                                                     $23,025,649
                                                                     ===========



                 See notes to consolidated financial statements.


                                      -2-
<PAGE>


SIEBERT FINANCIAL CORP. & SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)


<TABLE>
<CAPTION>
                                                   THREE MONTHS ENDED           SIX MONTHS ENDED
                                                         JUNE 30,                    JUNE 30,
                                                -------------------------   -------------------------
                                                    1998         1997          1998           1997
                                                -----------   -----------   -----------   -----------
Revenues:
<S>                                             <C>           <C>           <C>           <C>        
   Commissions and fees                         $ 4,705,441   $ 4,350,814   $ 9,301,346   $ 9,095,253
   Investment banking                             1,473,171     1,061,811     2,965,726     1,348,860
   Trading profits                                  428,377       671,966       767,441     1,183,220
   Interest and dividends                           154,484       147,335       317,892       283,837
                                                -----------   -----------   -----------   -----------

                                                  6,761,473     6,231,926    13,352,405    11,911,170
                                                -----------   -----------   -----------   -----------

Expenses:
   Employee compensation and benefits             2,304,063     1,984,640     4,652,625     3,806,536
   Clearing fees, including floor brokerage         295,848     1,039,429     1,360,789     2,172,279
   Advertising and promotion                        309,475       638,094       759,144     1,539,180
   Communications                                   414,610       408,452       823,866       840,614
   Occupancy                                        158,322       163,343       354,333       326,098
   Interest                                          92,613       114,765       192,664       206,840
   Other general and administrative                 781,776       796,552     1,563,300     1,502,575
                                                -----------   -----------   -----------   -----------

                                                  4,356,707     5,145,275     9,706,721    10,394,122
                                                -----------   -----------   -----------   -----------

Income before income taxes                        2,404,766     1,086,565     3,645,684     1,517,048

Provision for income taxes                        1,041,000       491,000     1,477,000       673,000
                                                -----------   -----------   -----------   -----------

Net income                                      $ 1,363,766   $   595,565   $ 2,168,684   $   844,048
                                                ===========   ===========   ===========   ===========

Net income per share of common stock - basic    $      0.06   $      0.03   $      0.10   $      0.04
and diluted

Weighted average shares outstanding - basic      20,992,510    20,950,440    20,992,265    20,948,156

Weighted average shares outstanding - diluted    21,720,690    20,950,440    21,668,630    20,948,156


                           See notes to consolidated financial statements.
</TABLE>


                                                 -3-
<PAGE>


SIEBERT FINANCIAL CORP. & SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                                      SIX MONTHS ENDED
                                                                                          JUNE 30,
                                                                                  --------------------------
                                                                                     1998            1997
                                                                                  -----------    -----------
<S>                                                                               <C>            <C>        
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                                                     $ 2,168,684    $   844,048
   Adjustments to reconcile net income to net cash provided by
     operating activities:
       Depreciation and amortization                                                   79,711         71,772
       Noncash compensation                                                            43,961             --
       Changes in operating assets and liabilities:
         Net (increase) in securities owned, at market value                       (4,484,473)      (276,920)
         Net change in receivable from clearing broker                              3,812,556      1,900,180
         Decrease (increase) in prepaid expenses and other assets                      12,839       (446,170)
         Net increase (decrease) in securities sold, not yet purchased,
           at market value                                                             53,859       (194,081)
         Increase in accounts payable and accrued liabilities                         344,237        265,010
                                                                                  -----------    -----------

           Net cash provided by operating activities                                2,031,374      2,163,839
                                                                                  -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Loans to or investment in affiliate                                             (3,000,000)      (392,000)
   Purchase of furniture, equipment and leasehold improvements                       (167,696)       (37,430)
                                                                                  -----------    -----------

           Net cash (used in) investing activities                                 (3,167,696)      (429,430)
                                                                                  -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from exercise of stock options                                             14,800             --
   Dividends on common stock                                                          (49,245)            --
   Issuance of shares, net of expenses                                                     --        (28,941)
                                                                                  -----------    -----------

           Net cash (used in) financing activities                                    (34,445)       (28,941)
                                                                                  -----------    -----------

           Net (decrease) increase in cash and cash equivalents                    (1,170,767)     1,705,468

Cash and cash equivalents - beginning of period                                     4,394,142        231,029
                                                                                  -----------    -----------

Cash and cash equivalents - end of period                                         $ 3,223,375    $ 1,936,497
                                                                                  ===========    ===========

SUPPLEMENTAL CASH FLOW DISCLOSURES:
   Cash paid for:
     Interest                                                                     $   192,664    $   206,840
     Income taxes                                                                   1,497,711        244,300

                               See notes to consolidated financial statements.
</TABLE>


                                                     -4-
<PAGE>


SIEBERT FINANCIAL CORP. & SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1998
(UNAUDITED)

1.    ORGANIZATION AND BASIS OF PRESENTATION:

       The  consolidated  financial  statements  include the accounts of Siebert
       Financial Corp. (the "Company") and its wholly-owned  subsidiary,  Muriel
       Siebert & Co., Inc. ("Siebert").  All material intercompany balances have
       been eliminated. The statements are unaudited; however, in the opinion of
       management,  all adjustments  considered  necessary to reflect fairly the
       Company's  financial  position and results of  operations,  consisting of
       normal recurring adjustments, have been included.

       The accompanying  consolidated financial statements do not include all of
       the information and footnote  disclosures  normally included in financial
       statements  prepared in accordance  with  generally  accepted  accounting
       principles.  Accordingly,  the  statements  should be read in conjunction
       with the audited  financial  statements  included in the Company's Annual
       Report on Form 10-KSB for the year ended  December 31,  1997.  Because of
       the nature of the Company's  business,  the results of any interim period
       are not necessarily indicative of results for a full year.

2.    NET CAPITAL:

       Siebert is subject to the  Securities and Exchange  Commission's  Uniform
       Net Capital Rule (Rule 15c3-1) which requires the  maintenance of minimum
       net capital. Siebert has elected to use the alternative method, permitted
       by the rule, which requires that Siebert maintain minimum net capital, as
       defined, equal to the greater of $250,000 or 2 percent of aggregate debit
       balances arising from customer transactions, as defined. (The net capital
       rule of the New York Stock Exchange also provides that equity capital may
       not be withdrawn or cash dividends paid if resulting net capital would be
       less than 5 percent of aggregate  debits.) At June 30, 1998,  Siebert had
       net capital of  approximately  $6,854,000  as  compared  with net capital
       requirements of $250,000.

       On June 30, 1998  Siebert  loaned  $3,000,000  to an  affiliate,  Siebert
       Brandford   Shank  &  Co.,  LLC  ("SBS  LLC")  pursuant  to  a  temporary
       subordination  agreement  with a maturity  date of August 14, 1998.  Such
       loan  resulted  in a temporary  reduction  in  regulatory  net capital of
       $3,000,000  as of June 30, 1998.  The repayment of the loan will increase
       the then regulatory net capital by $3,000,000. See also Note 5.

3.    STOCK SPLIT:

       On April 7, 1998,  the Company split its stock 4 for 1 in order to comply
       with the rules of The Nasdaq Stock Market,  Inc.  relating to listings on
       the Nasdaq SmallCap Market. All share and per share data contained herein
       have been retroactively adjusted to reflect this stock split.


                                      -5-
<PAGE>


SIEBERT FINANCIAL CORP. & SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1998 (CONTINUED)
(UNAUDITED)



4.    CLEARING AGREEMENT:

       In June 1998,  Siebert  signed a new one year agreement with its clearing
       broker which provides, among other things, for reduced ticket charges and
       execution fees. Such arrangement  provides for retroactive  effect of the
       new charges and  execution  fees,  not to exceed  $1,000,000.  A pro rata
       portion of the payment is  refundable  under certain  circumstances  and,
       accordingly,  Siebert recognized pre-tax income of approximately $750,000
       for the three month  period  ended June 30,  1998.  The balance  shall be
       recognized in a future period after such balance is no longer refundable.

5.    SUBSEQUENT EVENT:

       Effective July 1, 1998, SBS LLC commenced operations and succeeded to the
       tax exempt underwriting  business of the Siebert Brandford Shank division
       of Siebert.  Siebert's investment in SBS LLC will be accounted for on the
       equity method. See also Note 2.


                                      -6-
<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

         This  discussion  should  be read in  conjunction  with  the  Company's
unaudited  Consolidated  Financial  Statements  and the Notes thereto  contained
elsewhere in this Quarterly Report.

         Statements  in this  "Management's  Discussion  and Analysis or Plan of
Operation" and elsewhere in this document as well as oral statements that may be
made by the Company or by officers, directors or employees of the Company acting
on the  Company's  behalf that are not  statements of historical or current fact
constitute  "forward  looking  statements"  within the  meaning  of the  Private
Securities  Litigation  Reform  Act of 1995.  Such  forward  looking  statements
involve risks and  uncertainties  and known and unknown factors that could cause
the actual results of the Company to be materially different from the historical
results or from any future results  expressed or implied by such forward looking
statements,  including,  without  limitation:  changes in general  economic  and
market conditions,  fluctuations in volume and prices of securities, changes and
prospects for changes in interest  rates and demand for brokerage and investment
banking  services,  increases  in  competition  within and without the  discount
brokerage business through broader services offerings or otherwise,  competition
from  electronic   discount   brokerage  firms  offering  greater  discounts  on
commissions than the Company,  prevalence of a flat fee environment,  decline in
participation  in equity or municipal  finance  underwritings,  decreased ticket
volume  in the  discount  brokerage  division,  limited  trading  opportunities,
increases  in  expenses   and  changes  in  net  capital  or  other   regulatory
requirements.

BUSINESS ENVIRONMENT

         Market  conditions  during  the first six  months of 1998  reflected  a
continuation of the 1997 bull market  characterized  by record volume and record
high market  levels.  At the same time,  competition  has continued to intensify
both among all  classes of  brokerage  firms and within the  discount  brokerage
business  as well as from new firms not  previously  in the  discount  brokerage
business.  Electronic  trading  continues  to grow as a retail  discount  market
segment with some firms offering very low flat rate trading  execution fees that
are difficult for any  conventional  discount firm to meet. Many of the flat fee
brokers,  however,  impose  charges for services such as mailing,  transfers and
handling  exchanges which the Company does not and also direct their  executions
to captive market makers.  Continued  competition  from ultra low cost, flat fee
brokers and broader  service  offerings from other  discount  brokers could also
limit the Company's  growth or even lead to a decline in the Company's  customer
base which  would  adversely  affect its  results of  operations.  Industry-wide
changes in trading  practices are expected to cause continuing  pressure on fees
earned by discount brokers for the sale of order flow.

         The  Company,  like other  securities  firms,  is directly  affected by
general  economic and market  conditions  including  fluctuations  in volume and
prices of  securities,  changes and prospects for changes in interest  rates and
demand for brokerage and investment  banking  services,  all of which can affect
the Company's  relative  profitability.  In periods of reduced market  activity,
profitability  is likely to be  adversely  affected  because  certain  expenses,
including  salaries  and related  costs,  portions of  communications  costs and
occupancy  expenses,  remain  relatively  fixed.  Accordingly,  earnings for any
period should not be considered representative of any other period.


                                      -7-
<PAGE>


         Siebert  utilizes  both  systems  housed  primarily on its own computer
network  and  systems  housed on the  computers  of third  parties,  such as its
clearing broker and payroll vendor,  to conduct its normal business  activities.
Some of the systems on its network  are  proprietary  and many are off the shelf
programs  acquired from vendors.  Siebert has inventoried those systems critical
to its operations and has received  assurances from the developers,  vendors and
third  parties  that those  systems  are, or will be prior to December 31, 1998,
year 2000  compliant.  Although  nothing has come to Siebert's  attention  which
would cause it to believe that the  assurances it has received are not accurate,
the failure of one or more critical systems to be year 2000 compliant could have
a material  adverse effect on the results of its operations.  Siebert intends to
test all of the critical  systems during 1999. The costs incurred to date and in
the  future  relating  to this  issue are not  expected  to be  material  in the
aggregate.

CURRENT DEVELOPMENTS

         In June 1998, Siebert signed a new one year agreement with its clearing
broker  which  provides,  among other  things,  for reduced  ticket  charges and
execution  fees. Such agreement  provides for the retroactive  effect of the new
charges and  execution  fees in an amount not to exceed  $1,000,000.  If the new
agreement had been  effective for the entire  calendar year 1997,  Siebert would
have realized  monthly  savings of a minimum of $150,000.  A pro rata portion of
the payment is refundable under certain circumstances and, accordingly,  Siebert
recognized pre-tax income of approximately  $750,000 in its financial statements
for the second  quarter of 1998.  The balance  shall be  recognized  in a future
period after such  balance is no longer  refundable.  In addition,  Siebert will
have reduced clearing costs and execution fees for the remainder of the contract
term  based on the  volume of trades  and  customer  account  balances.  The new
agreement  also provides  increasing  volume  discounts as the monthly number of
trades increases.

RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 1998 COMPARED TO THREE MONTHS ENDED JUNE 30, 1997

         Total  revenues  for the three  months  ended  June 30,  1998 were $6.8
million,  an  increase  of  $530,000  or 8.5%  over  the  same  period  in 1997.
Commission and fee income, investment banking and interest and dividend revenues
increased as compared to the prior year, however, trading profits decreased.

         Commission  and fee income  increased  $149,000 or 3.1% to $4.7 million
due to higher  volume  partially  offset by lower  commissions  earned per trade
resulting from the increase of lower-priced electronic trading, price reductions
on other related  services caused by increased  competition from ultra low cost,
flat fee brokers and a reduction of order flow fees.

         Investment  banking revenues  increased $411,000 or 38% to $1.5 million
primarily due to the increased tax exempt underwriting  activity by the Siebert,
Brandford,  Shank division in 1998. This division had minimal operations for the
three months ended June 30, 1997, since it only began operations in late 1996.

         Trading profits decreased  $244,000 or 36% to $428,000 primarily due to
reduced  income  opportunities  in  trading  of listed  bond  funds,  the firm's
principal trading activity.


                                      -8-
<PAGE>


         Interest and dividends  increased $7,000 or 4.9% to $154,000  primarily
due to trading strategies which generated higher dividend income.

         Total  expenses  for the three  months  ended  June 30,  1998 were $4.4
million,  a decrease of  $788,000 or 15% over the same period in 1997.  Clearing
fees,   advertising   and  promotion,   occupancy,   interest  and  general  and
administrative costs decreased and all other expenses increased.

         Employee  compensation  and benefit costs increased  $319,000 or 16% to
$2.3 million primarily due to commissions paid to the Siebert,  Brandford, Shank
division's  sales  personnel  resulting from  increased tax exempt  underwriting
activity.

         Clearing  and  floor  brokerage  fees  decreased  $743,000  or  72%  to
$296,000.  Such costs decreased  primarily due to the retroactive  effect of the
Company's  new  clearing  agreement  with  its  clearing  broker  (see  "Current
Developments" above).

         Advertising and promotion expense decreased $329,000 or 52% to $309,000
due to a decreased level of promotional advertising.

         Communications  expense increased $6,000 or 1.5% to $415,000  primarily
due to increased quote and news services.

         Occupancy costs decreased $5,000 or 3.1% to $158,000 principally due to
a decrease in operating escalations.

         Interest expense  decreased  $22,000 or 19% to $93,000 primarily due to
less use of short positions in proprietary trading activity.

         Other general and administrative  expenses decreased $15,000 or 1.9% to
$782,000 primarily due to small decreases in various operational expenses.

         Provision for income taxes  increased  $550,000 or 112% to $1.0 million
primarily  due to an  increase  in net  income  before  income tax in the second
quarter of 1998 of $1.3  million or 121% to $2.4 million over the same period in
1997.

SIX MONTHS ENDED JUNE 30, 1998 COMPARED TO SIX MONTHS ENDED JUNE 30, 1997

         Total  revenues  for the six  months  ended  June 30,  1998 were  $13.4
million,  an  increase  of $1.4  million  or 12% over the same  period  in 1997.
Commission and fee income, investment banking and interest and dividend revenues
increased as compared to the prior year, however, trading profits decreased.

         Commission  and fee income  increased  $206,000 or 2.3% to $9.3 million
due to higher  volume  partially  offset by lower  commissions  earned per trade
resulting from the increase of lower priced electronic trading, price reductions
on other related  services caused by increased  competition from ultra low cost,
flat fee brokers and a reduction of order flow fees.

         Investment  banking  revenues  increased  $1.6  million or 120% to $3.0
million primarily due to the increased tax exempt  underwriting  activity by the
Siebert, Brandford, Shank division in 1998. This division had minimal operations
for the first six months of 1997, since it only began operations in late 1996.


                                      -9-
<PAGE>


         Trading profits decreased  $416,000 or 35% to $767,000 primarily due to
reduced  income  opportunities  in  trading  of listed  bond  funds,  the firm's
principal trading activity.

         Interest and dividends  increased $34,000 or 12% to $318,000  primarily
due to trading strategies which generated higher dividend income.

         Total expenses for the six months ended June 30,1998 were $9.7 million,
a decrease  of $687,000  or 6.6% over the same  period in 1997.  Clearing  fees,
advertising  and  promotion,  communications  and interest all decreased and all
other expenses increased.

         Employee  compensation  and benefit costs increased  $846,000 or 22% to
$4.7 million primarily due to commissions paid to the Siebert,  Brandford, Shank
division's  sales  personnel  resulting from  increased tax exempt  underwriting
activity.

         Clearing and floor  brokerage fees decreased  $811,000 or 37.0% to $1.4
million.  Such  costs  decreased  primarily  due to the  retroactive  effect  of
Company's  new  clearing  agreement  with  its  clearing  broker  (see  "Current
Developments" above).

         Advertising and promotion expense decreased $780,000 or 51% to $759,000
due to a decreased level of promotional advertising.

         Communications  expense decreased $17,000 or 2.0% to $824,000 primarily
due to telephone contract price reductions.

         Occupancy costs increased  $28,000 or 8.7% to $354,000  principally due
to a lease extension option cancellation fee paid during 1998.

         Interest expense decreased $14,000 or 6.9% to $193,000 primarily due to
less use of short positions in proprietary trading activity.

         Other general and administrative  expenses increased $61,000 or 4.0% to
$1.6 million primarily due to increased business development expenses related to
the municipal investment banking staff.

         Provision for income taxes  increased  $804,000 or 119% to $1.5 million
primarily  due to an increase in net income  before  income tax in the first six
months of 1998 of $2.2  million or 140% to $3.6  million over the same period in
1997, partially offset by a refund of local taxes.

LIQUIDITY AND CAPITAL RESOURCES

         The Company's assets are highly liquid,  consisting  generally of cash,
money market funds and securities  freely salable in the open market.  Siebert's
total  assets at June 30, 1998 were $23  million,  of which $2 million  took the
form of a secured  demand  note.  $14 million or 62% of total assets were highly
liquid.

          The Company has filed a Registration Statement with the Securities and
Exchange  Commission for a discounted  rights  offering  covering  shares of its
Common Stock. The controlling  stockholder of the Company has indicated that she
intends to waive the receipt of any such rights.  There can be no assurance that
any such offering will be successfully consumated.

         Siebert is subject to the net capital requirements of the SEC, the NYSE
and other regulatory  authorities.  At June 30, 1998,  Siebert's  regulatory net
capital  was $6.9  million,  $6.7  million  in  excess  of its  minimum  capital
requirement of $250,000.


                                      -10-
<PAGE>


                           PART II - OTHER INFORMATION

ITEM 5. OTHER INFORMATION.

         If the Company  does not  receive  notice of any matter that is to come
before the  shareholders  at the next annual meeting of the  shareholders  on or
before  Wednesday,  September 23, 1998,  which  corresponds  to forty-five  days
before the date on which the Company  first mailed its proxy  materials  for the
prior years' annual meeting of the  shareholders.  The proxy for the next annual
meeting of the  shareholders  may,  pursuant  to Rule  14a-4c of the Proxy Rules
under the Securities  Exchange Act of 1934,  confer  discretionary  authority to
vote on such matter.


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

       (a)  Exhibits
            27 - Financial Data Schedule (Edgar Filing Only)

       (b)  Reports on Form 8-K
            None.


                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                         SIEBERT FINANCIAL CORP.


                                         By:  /s/ MURIEL F. SIEBERT
                                              ---------------------------------
                                                  Muriel F. Siebert
                                                  Chair and President
                                                  (principal executive officer)

                                         Date:  July 30, 1998




                                         By:  /s/  RICHARD M. FELDMAN
                                              ---------------------------------
                                                   Richard M. Feldman
                                                   Executive Vice President,
                                                   Chief Financial Officer and
                                                   Assistant Secretary
                                                   (principal financial and 
                                                   accounting officer)

                                         Date:  July 30, 1998


                                      -11-