SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                                    FORM 10-Q

                 QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF
                    THE SECURITIES AND EXCHANGE ACT OF 1934

                        For Quarter Ended June 30, 1997

                         Commission File Number 0-2734

American Midland Corporation

New York                                                      13-1919009
(State or other jurisdiction of                               I.R.S. employer
incorporated or organization)                                 identification
                                                              number

                   302 Fifth Avenue, New York, New York 10001
                 (Exact address of principal executive offices)


                                 (212) 279-5612
              (Registrant's telephone number, including area code)

Indicate by (X) whether the registrant (1) has filed all reports  required to be
filed by section 13 or 15 (d) of the  Securities and Exchange Act of 1934 during
the  preceding 12 months,  and (2) has been subject to such filing  requirements
for the past 90 days. Yes X No

     Common  stock,  $.01 par value:  5,696,000  shares  outstanding  as of June
30,1997












<PAGE>
PART 1 - FINANCIAL INFORMATION

ITEM 1.           FINANCIAL STATEMENTS

         The  accompanying  condensed  financial  statements of American Midland
Corporation  ("American")  at and for the periods  indicated  do not include all
footnotes and certain  financial  statement  disclosure  normally required under
generally  accepted  accounting  principles;  they should be read in conjunction
with the consolidated  financial  statements of American  included in its annual
report on Form 10-K to the Securities and Exchange Commission for the year ended
December 31, 1996.

         The interim condensed consolidated financial statements included herein
are  unaudited,  but  include all  adjustments  consisting  of normal  recurring
accruals  which  American  considers  necessary for a fair  presentation  of its
consolidated  financial  position  and  results  of  operations  at and  for the
respective  periods.  The results of  operations  for the six months  ended June
30,1997 are not necessarily indicative of the results of operations for the year
ending December 31, 1996.

























<PAGE>
                             AMERICAN MIDLAND CORP.
                           CONSOLIDATED BALANCE SHEET
                                   (unaudited)
<TABLE>
<CAPTION>

ASSETS                                            June 30,         December 31,
Current Assets                                    1997             1996
<S>                                               <C>              <C>         
Cash ........................................     $      7,000     $      8,000

Total Current Assets ........................     $      7,000     $      8,000
                                                                   ------------
Investments in and advances to ..............        3,626,000        3,626,000
unconsolidated subsidiary, at
equity (note 1)

Total Assets ................................     $  3,633,000     $  3,634,000

LIABILITIES
Current Liabilities

Accounts payable ............................          120,000          120,000
Notes Payable ...............................          304,000          304,000
Loans Payable ...............................           40,000           40,000

Total Current Liabilities ...................          464,000          464,000
                                                                   ------------

Excess of losses and distributions over
investments and advances to real estate
and joint ventures, at equity ...............          847,000          847,000

STOCKHOLDERS' EQUITY
Common Stock ................................           57,000           57,000
Capital in excess of par value ..............       24,785,000       24,785,000
Deficit .....................................      (22,520,000      (22,519,000)

Total .......................................     $  3,633,000     $  3,634,000
</TABLE>

   The accompanying notes are an integral part of these financial statements.


<PAGE>
                             AMERICAN MIDLAND CORP.
                       CONSOLIDATED RESULTS OF OPERATIONS
<TABLE>
<CAPTION>
                                   (Unaudited)

                                                  Six months ended June 30,
                                                         1997              1996
Income from continuing operations.
Revenues:                                                   $             $
<S>                                                         <C>           <C>  
Interest and other Income ..................                0             2,000


Gross Revenues .............................      $         0       $     2,000

Expenses
Selling and Administrative .................            1,000             7,000
                                                  -----------       -----------

Total Expenses .............................           (1,000)           (7,000)

Net Loss from continuing operations ........      $    (1,000)           (5,000)


Net Loss per Share .........................                0                 0

Weighted average number of common
shares outstanding .........................        5,696,000         5,696,000
</TABLE>

   The accompanying notes are an integral part of these financial statements.
<PAGE>
                             AMERICAN MIDLAND CORP.
                       CONSOLIDATED RESULTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                  Three months ended June 30,
                                                         1997              1996
Income from continuing operations.
Revenues:                                            $                 $
<S>                                                          <C>          <C>  
Interest and other Income ...................                0            1,000


Gross Revenues ..............................      $         0      $     1,000

Expenses
Selling and Administrative ..................                0            4,000
                                                   -----------      -----------

Total Expenses ..............................                0           (4,000)

Net Loss from continuing operations .........      $         0           (3,000)


Net Loss per Share ..........................                0                0

Weighted average number of common
shares outstanding ..........................        5,696,000        5,696,000

</TABLE>
   The accompanying notes are an integral part of these financial statements.

<PAGE>
                          AMERICAN MIDLAND CORPORATION
                       CONSOLIDATED STATEMENT OF CASH FLOW
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                   Six months ended June 30,
                                                     1997              1996
Cash Flow from Operating Activities:
<S>                                                      <C>           <C>      
Net Income (Loss) ..................................     $ (1,000)     $ (5,000)

Adjustments to reconcile net Income (Loss)
to cash provided by (used in ) operating
activities


Accounts payable and miscellaneous .................        1,000

Cash Provided by ( Used in ) Operations ............       (1,000)       (4,000)
Cash at beginning of period ........................        8,000        15,000
                                                         --------      --------

Cash at end of period ..............................     $  7,000      $  9,000
</TABLE>
   The accompanying notes are an integral part of these financial statements.
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED
March  31, 1997 vs 1996

American had a loss of $1,000 for the six months ended June 30, 1997 compared to
a loss of  $5,000  for the same  period  of 1996.  The  losses  from  continuing
operations  for 1997 and 1996 were  primarily  due to the  inability to generate
sufficient income to cover its overhead. American is currently inactive and does
not  conduct  any  operations  except  through  it's  forty five  percent  owned
subsidiary  Talmana which conducts a shrimp fishing and processing  operation in
Costa Rica.  The shrimp  processed  by Talmana  are caught in company  owned and
operated  fishing vessels and purchased from  independent  fishermen.  Talmana's
products are sold locally and exported to Europe,  Japan and the United  States.
Talmana does not report  earnings on a quarterly  basis and its earning have not
been  taken  into  consideration  in this  report.  The  demand  and  pricing of
Talmana's  products  vary from season to season  depending  on  availability  of
product  worldwide.  The first quarter of the year is usually the weakest due to
the shortage of product as a result of adverse  weather  conditions off the west
coast of Costa  Rica.  Inflation  and  competition  do not have any  significant
effect on Talmana's operation.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED
JUNE 30, 1997 vs 1996

Management's  discussion  and  analysis of  financial  condition  and results of
operations  for  the  six  months  ended  June  30,  1997  also  pertain  to the
corresponding three month period.

LIQUIDITY AND CAPITAL RESOURCE

American does not have adequate  liquidity to maintain its current operation and
has closed its office in New Jersey.  Its officers and directors  loaned $40,000
to American,  with an option to convert $30,000 of loans to 3,000,000  shares of
Americans  common  stock.They have indicated a willingness to loan any additonal
funds that might be required to meet American's  ongoing  obligations.  American
intends  to raise  additonal  funds  through  the  private  sale of its stock to
potential investors, however it has been unsuccessful to date.









<PAGE>
                          AMERICAN MIDLAND CORPORATION
                        NOTES TO CONSOLIDATED STATEMENTS
                                  June 30, 1997

NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated  financial  statements include the accounts of American Midland
Corporation ("American) and its wholly owned subsidiaries. American owns a forty
five percent  interest in a Costa Rican shrimp  fishing and  processing  company
("Talmana").  Talmana  does not report  earnings  on a  quarterly  basis and its
results have not been taken into consideration in this report.  American reports
this investment as an investment in an  unconsolidated  subsidiary on the equity
method,  adjusted  annually.  All  significant  intercompany  accounts have been
eliminated.


Going Concern
American  has  suffered   recurring   losses  from  operation  and  its  current
obligations  exceed its current  assets.  It has  recently  settled  substantial
obligations  and funded  said  settlements  by loans,  with an option to convert
$30,000 of said loans into  3,000,000  shares of common  stock from its officers
and directors.  It is continuing to attempt to raise  additonal funds to pay its
current outstanding  obligations and for future operations.  These matters raise
substantial concern about American's ability to continue as a going concern.


Per Share Calculation
The computation of per share amounts is based on the weighted  average number of
common  shares  outstanding  in each  period.  Common stock  equivalents,  which
include stock options are either insignificant or anti-dilutive.

     Investments  Americans's  ownership of a $3,000,000  10 year 6%  redeemable
preferred  stock due December 31, 2002 and it's  ownership of forty five percent
of the  outstanding  common shares of Talmana S.A. is carried on its books as an
investment in an unconsolidated subsidiary. Dividends on the preferred stock may
be paid in any year in which  Talmana  has  after  tax  earnings  in  excess  of
$1,500,000 if declared by the board of directors of Talmana.  Dividends not paid
are accrued and payable on the  Redemption  Date.  No dividends  have been paid.
American's  investment is carried on the equity method and no accruals have been
made for earned but unpaid dividends.



<PAGE>
                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned who are duly authorized to do so.

Dated Aug. 5, 1997                  AMERICAN MIDLAND CORP.
                                    ----------------------




                                            BY: /s/ Irwin S. Lampert
                                            IRWIN S. LAMPERT
                                            SENIOR VICE PRESIDENT
                                            AND TREASURER
                                            (PRINCIPAL FINANCIAL
                                            OFFICER)






















<PAGE>
                           PART II. OTHER INFORMATION


Item 1.  Legal Proceedings

See  Registrant's  Annual  Report on Form 10-K for the year ended  December  31,
1996.  As of June 30,  1997  there was no  material  change in the status of the
matters described in Item 3 of the Annual Report.


Item 6.  Exhibits and Reports on Form 8-K

(a) Exhibits

    none

(b) Reports on Form 8-K

    There  were no reports  on Form 8-K filed by the  Registrant  during the six
months ended June 30, 1997.

<PAGE>