FORM 10-QSB
                                
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D. C. 20549
                                
(Mark One)
   [X]    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934
                                
               For the Quarter Ended June 30, 1997
                               OR
   [   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934
                                
                  COMMISSION FILE NUMBER 0-7349
                                
                    WEBCOR ELECTRONICS, INC.
       (Exact name of Issuer as specified in its charter)
           Delaware                                  59-3453153
other jurisdiction of                                (I.R.S.Employer
incorporation or organization)                      Identification No.)
                                
                     1612 N. Osceola Avenue
                    Clearwater, Florida 33755
                 (Address of principal offices)
                         (813) 443-3434
        (IssuerOs telephone number, including area code)
                                
      Indicate by check mark whether the Issuer (1) has filed all
reports  required  to be filed by Section 13 or  15  (d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the Issuer was required to file
such   reports)  and  (2)  has  been  subject  to   such   filing
requirements for the past 90 days.
                                              Yes E[X]E NoEE[ E ]

      State  the  number of shares outstanding  of  each  of  the
issuer's  classes  of common stock, as of the latest  practicable
dates.
                                
     Title of Each Class            Outstanding at June 30, 1997
                                
Common Stock, $0.01 Par Value             3,476,370 Shares* subject to 
                                          a reverse split of 11.5879


                        TABLE OF CONTENTS
                                
                                
                                

PART I FINANCIAL INFORMATION                                           PAGE

ITEM 1 Financial Statements

       Consolidated Balance Sheets as of June 30, 1997
  
       Consolidated Statements of Operations for the Three Month
        Periods Ended June 30, 1997 and March 31, 1997.                 4
      
       Consolidated Statements of Cash Flow for the Three Month
        Periods Ended June 30, 1997 and March 31, 1997.                 5
      
       Notes to Financial Statements                                    6

ITEM 2 Managements Discussion and Analysis of
       Financial Condition and Results of Operations                    7

PART II OTHER INFORMATION                                               9
      
        SIGNATURES                                                      9
                    



                     WEBCOR ELECTRONICS INC.
                    (a Dormant State Company)
                   Consolidated Balance Sheet
                 June 30, 1997 and March 31, 1997
                           (unaudited)
                                  
                                         06/30/97   03/31/97
 Assets


Organization Cost                          $    0      $   0

 Total Assets                                   0          0

Liabilities and 
Shareholder's Equity

Stockholders' Equity

Common Stock par value at $.01 per share
20,000,000 shares authorized,
3,476,370 shares issued and outstanding         0         0
Additional Paid in Capital                   21,650     17,815
Retained  Earnings (Deficit)                (21,650)   (17,815)
                                             ______     _______


Total Shareholders' Equity                      0         0
                                             ______     _______

Total Liabilities and Shareholders Equity    $  0       $ 0
                                            =========   ========






         See accompanying notes to financial statements








                     WEBCOR ELECTRONICS INC.
                    (a Dormant State Company)
             Consolidated  Statements of Operations
     for the period ending June 30, 1997, and March 31, 1997
                           (unaudited)


                                1997            1997
                              06/30/97       03/31/97
                              _______        ________

Revenues                      $     0         $    0

Expenses
Administrative Expenses       $21,650        $17,365
Filing Fees                   $     0         $  450

Net Income/Loss for the year  $(21,650)      $(17,815)
                              =========      ========


         See accompanying notes to financial statements
                                
                                











                    WEBCOR ELECTRONICS, INC.
                    (a Dormant State Company)
             Consolidated Statements of  Cash Flows
for three months ended June 30, 1997 and the year ended March 31,
                              1997
                           (unaudited)
                                
                                
                                               For Three Months Ended
                                                06-30-97     03-31-97

Cash Flows from Operating Activities
Net Income                                     $(21,650)     (17,815)

Net Cash Provided (used) /
By Operating Activities                               0            0


Expenses Paid by Capston                         21,650       17,815

Net Increase (Decrease) in Cash                       0            0
Cash at Beginning of Period                           0            0

Cash at End of Period                           $     0        $   0
                                                  ========       ====
                                
                                

                                
                                
                                
                                
                                
                                
                                
                                
               See accompanying notes to financial statements
                                






                    WEBCOR ELECTRONICS, INC.
                    (A Dormant State Company)
                                
                                
                          June 30, 1997

Note 1. HISTORY OF THE COMPANY

WEBCOR   ELECTRONICS  INC.,  (A  Dormant  State   Company),   was
incorporated on December 3, 1971, under the laws of the State  of
Delaware.   The Company conducted an initial public  offering  of
its  Common  Stock  in  May  1982  and  in  connection  with   an
application  to  list its Common Stock on the  AMEX  system,  the
Company  also  registered its Common Stock  pursuant  to  Section
12(g)  of  the  Securities Exchange Act of  1934.  The  Company's
Common  Stock remained listed on the AMEX system until April  09,
1987.

On  February  01,  1989, the Company filed a  voluntary  petition
under  Chapter 11 of the Bankruptcy Act (Case  No.  89-10328)  in
the  U.S. Bankruptcy Court for the Eastern District of New  York.
On  October  16,  1990, the Company's case under Chapter  11  was
voluntarily  converted  into  a  case  under  Chapter  7  of  the
Bankruptcy  Act. As a result of the voluntary conversion  of  the
Company's  bankrupty  case  ,  all assets  of  the  Company  were
transferred  to the Trustee in Bankruptcy on the conversion  date
and  the Company ceased all operations. Subsequently, the Trustee
in Bankruptcy effected an orderly liquidation of corporate assets
and  used  the  proceeds  to repay the  Company's  creditors.  On
November 13,1996 the Company's case under Chapter 7 was closed by
an  order  of  the  Court  and  the  Trustee  in  Bankruptcy  was
discharged.  As  a result of the Bankruptcy, the Company  has  no
assets, liabilities, management or ongoing operations and has not
engaged in any business activities since February, 1990.

Note 2. RESTORATION OF CORPORATE STATUS

On  December  26, 1996, acting in its capacity as the  holder  of
5000 shares (0.0014%)  of the Company's common stock, and without
first  receiving  the consent, approval or authorization  of  any
other person associated with the Company, Capston Network Company
effected  a  renewal, revival and restoration  of  the  Company's
certificate  of  incorporation pursuant to  Section  312  of  the
General Corporation Law of Delaware.  Thereafter, Capston filed a
10-K  for  the  years  ending March 31, 1989-1996,  and  a  Proxy
Statement seeking approval and ratification of its actions, along
with  authorization  to  seek  a  suitable  business  combination
transaction.  This proxy statement was ultimately distributed  to
the   Company's  stockholders  and  the  proposals  therein  were
approved by the holders of a majority of the Company's issued and
outstanding shares.

Under  the  terms  of the original Proxy Statement,  Capston  was
authorized to seek a suitable business combination transaction on
behalf  of  the Company and to submit the terms of  any  proposed
business  combination  transaction to the Company's  stockholders
for their approval.  Capston did not receive and was not entitled
to receive any equity interest in the Company as a result of it's
actions  prior  to  the  date of the Proxy Statement.   Moreover,
Capston  was  not  entitled  to reimbursement  for  any  expenses
incurred  by  it  on behalf of the Company except to  the  extent
that the terms of a business combination transaction provided for
the reimbursement of such expenses. However, because Sally Fonner
is  both  the President of WEBCOR ELECTRONICS INC. and   Capston,
prior Staff Accounting Bulletins require under generally accepted
accounting principles the treatment of debiting the expenses with
corresponding  credit  to paid-in capital.   Future  expenses  of
Capston  or others  will be treated this way. These expenses  are
actual  cash expenditures and do not reflect any costs associated
with the operation of Capston nor any personnel time or cost.

Note 3. FUTURE EXPENSES

Capston  will continue to extend administrative expenses to  keep
WEBCOR ELECTRONICS, INC. current with its reporting requirements,
keeping  the  Corporation in good standing,  any  required  proxy
solicitation  or acquisition efforts.  These amounts  should  not
exceed   $50,000  in  out-of-pockets  costs.   In  addition,   if
approved,  and as a result of a suitable acquisition,  additional
fees  paid for by issuance of equity position  would be for:  (i)
Capston  of  200,000 shares, (ii)up to 4,500,000 shares  for   an
acquisition(s)  and  (iii)  up to 5% of  the  acquisition  for  a
finder's fee .


Item 2. Management Discussion and Analysis of Financial Condition
and Results of Operations.

Financial Condition

      WEBCOR  ELECTRONICS  INC.  has  no  operations,  assets  or
liabilities.  Expenses incurred to keep it in good standing  with
governmental  and regulatory bodies, maintain the transferability
of  its  stock  and  interact  with  stockholders,  are  paid  by
Capston.

Corporate Background Information

WEBCOR  ELECTRONICS INC., (the Registrant), was  incorporated  on
December  3, 1971, under the laws of the State of Delaware.   The
Company conducted an initial public offering of its Common  Stock
in  May  1982 and in connection with an application to  list  its
Common Stock on the AMEX system, the Company also registered  its
Common Stock pursuant to Section 12(g) of the Securities Exchange
Act  of  1934. The Company's Common Stock remained listed on  the
AMEX system until April 09, 1987.

On  February  01,  1989, the Company filed a  voluntary  petition
under  Chapter 11 of the Bankruptcy Act (Case  No.  89-10328)  in
the  U.S. Bankruptcy Court for the Eastern District of New  York.
On  October  16,  1990, the Company's case under Chapter  11  was
voluntarily  converted  into  a  case  under  Chapter  7  of  the
Bankruptcy  Act. As a result of the voluntary conversion  of  the
Company's  bankrupty  case  ,  all assets  of  the  Company  were
transferred  to the Trustee in Bankruptcy on the conversion  date
and  the Company ceased all operations. Subsequently, the Trustee
in Bankruptcy effected an orderly liquidation of corporate assets
and  used  the  proceeds  to repay the  Company's  creditors.  On
November 13,1996 the Company's case under Chapter 7 was closed by
an  order  of  the  Court  and  the  Trustee  in  Bankruptcy  was
discharged.  As  a result of the Bankruptcy, the Company  has  no
assets, liabilities, management or ongoing operations and has not
engaged in any business activities since February, 1990.

     During the pendancy of the Bankruptcy, the management of the
Registrant neglected to file franchise tax returns with  and  pay
the  required  franchise taxes to the State  of  Delaware.  As  a
result,  the Company's corporate charter was revoked by order  of
the Secretary of State of the State of Delaware on March 1, 1991.
Similarly,  the  management of the Registrant neglected  to  file
with the SEC either (a) the regular reports that are required  of
all  companies that have securities registered under the Exchange
Act,   or  (b)  a  certification  on  Form  15  terminating   its
registration  under  the Exchange Act. As a result,  the  Company
remained  a  Registrant under the Exchange Act but was  seriously
delinquent  in  its SEC reporting obligations. According  to  the
National Quotation Bureau, the last published quotation  for  the
Company's  Common Stock was posted by CARR SECURITIES CORP.,  one
of  the  Company's market makers, on October 15,  1996.  At  that
time,  the  published quote was $0.00 bid and $0.10 asked.  There
have  been no published quotations for the Company's Common Stock
since October 15, 1996.

      Acting in its capacity as a Stockholder of the Company, and
without first receiving any consent, approval or authorization of
any  officer,  director  or  other Stockholder  of  the  Company,
Capston  effected  a  renewal, revival  and  restoration  of  the
Company's certificate of incorporation pursuant to Section 312 of
the General Corporation Law of the State of Delaware. In general,
Section  312  provides  that  any  corporation  may  "procure  an
extension, restoration, renewal or revival of its certificate  of
incorporation,   together  with  all  the   rights,   franchises,
privileges and immunities and subject to all of its duties, debts
and liabilities which had been secured or imposed by its original
certificate  of  incorporation"  upon  compliance  with   certain
procedural requirements.

      After  reviewing  the applicable files, Capston  determined
that the only debt of the Company that was "secured or imposed by
its original certificate" was the obligation of the Registrant to
pay  its  Delaware taxes. Therefore, Capston paid  all  past  due
franchise  taxes  on  behalf of the  Company  and  then  filed  a
Certificate of Renewal, Revival, Extension and Restoration of the
Company's  Certificate of Incorporation on behalf of the  Company
under  the authority granted by Section 312(h). The total out-of-
pocket  costs  paid  by Capston incurred in connection  with  the
restoration  of the Company's charter was $450.  This Certificate
was  filed in the office of the Secretary of  State of the  State
of  Delaware on December 26, 1996 and at the date of  this  Proxy
Statement the Company is lawfully incorporated, validly  existing
and in good standing under the laws of the State of Delaware.

Proposed Operations

      While the Registrant has no assets, liabilities, management
or  ongoing  operations  and  has not  engaged  in  any  business
activities, Capston believes that it may be possible  to  recover
some  value  for  the  Stockholders  through  the  adoption   and
implementation of a Plan whereby the Company will be restructured
as a "clean public shell" for the purpose of effecting a business
combination  transaction with a suitable  privately-held  company
that has both business history and operating assets.

     Capston believes the Company will offer owners of a suitable
privately-held company the opportunity to acquire  a  controlling
ownership interest in a public company at substantially less cost
than  would  otherwise be required to conduct an  initial  public
offering.  Nevertheless, Capston is not aware  of  any  empirical
statistical  data  that would independently confirm  or  quantify
Capston's  beliefs concerning the perceived value of a merger  or
acquisition  transaction for the owners of a suitable  privately-
held company. The owners of any existing business selected for  a
business  combination  with the Company  will  incur  significant
costs and expenses, including the costs of preparing the required
business combination agreements and related documents, the  costs
of preparing a Current Report on Form 8-K describing the business
combination   transaction  and  the  costs   of   preparing   the
documentation  associated  with any future  reporting  under  the
Exchange Act and registrations under the Securities Act.

      If  the  Plan is approved by the Stockholders, the  Company
will be fully reactivated and then used as a corporate vehicle to
seek,  investigate  and,  if the results  of  such  investigation
warrant, effect a business combination with a suitable privately-
held  company or other business opportunity presented  to  it  by
persons or firms that seek the perceived advantages of a publicly
held  corporation. The business operations proposed in  the  Plan
are  sometimes referred to as a "blind pool" because Stockholders
will  not  ordinarily have an opportunity to analyze the  various
business opportunities presented to the Company, or to approve or
disapprove the terms of any business combination transaction that
may   be   negotiated  by  Capston  on  behalf  of  the  Company.
Consequently,  the Company's potential success  will  be  heavily
dependent  on  the  efforts  and abilities  of  Capston  and  its
officers,  directors  and consultants, who  will  have  virtually
unlimited  discretion in searching for, negotiating and  entering
into   a  business  combination  transaction.  Capston  and   its
officers,  directors and consultants have had limited  experience
in  the  proposed  business  of  the  Company.  Although  Capston
believes  that the Company will be able to enter into a  business
combination  transaction within 12 months after the  approval  of
the Plan by the Stockholders, there can be no assurance as to how
much  time will elapse before a business combination is effected,
if ever. The Company will not restrict its search to any specific
business, industry or geographical location, and the Company  may
participate  in  a  business venture of  virtually  any  kind  or
nature.

       Capston   and  its  officers,  directors  and  consultants
anticipate that the selection of a business opportunity  for  the
Company  will be complex and extremely risky. Because of  general
economic conditions, rapid technological advances being  made  in
some  industries,  and  shortages of available  capital,  Capston
believes that there are numerous privately-held companies seeking
the  perceived  benefits of a publicly traded  corporation.  Such
perceived  benefits may include facilitating  debt  financing  or
improving the terms on which additional equity or may be  sought,
providing liquidity for the principals of the business,  creating
a means for providing incentive stock options or similar benefits
to  key  employees, providing liquidity for all stockholders  and
other factors.

     Potential business opportunities may occur in many different
industries  and at various stages of development,  all  of  which
will  make the task of comparative investigation and analysis  of
such  business  opportunities extremely  difficult  and  complex.
Capston  anticipates that the Company will be able to participate
in only one business venture. This lack of diversification should
be  considered a substantial risk inherent in the Plan because it
will  not permit the Company to offset potential losses from  one
venture  against  gains  from  another.  Moreover,  due  to   the
Company's lack of any meaningful financial, managerial  or  other
resources, Capston believes the Company will not be viewed  as  a
suitable  business  combination  partner  for  either  developing
companies or established business that are in need of substantial
additional capital.

Acquisition of Opportunities

       In   implementing   a   particular  business   combination
transaction,  the  Company  may  become  a  party  to  a  merger,
consolidation,  reorganization,  joint  venture,   franchise   or
licensing  agreement with another corporation or entity.  It  may
also purchase stock or assets of an existing business. After  the
consummation of a business combination transaction, it is  likely
that  the  present Stockholders of the Company will  only  own  a
small  minority interest in the combined companies. In  addition,
as  part of the terms of the acquisition transaction, all of  the
Company's  officers and directors will ordinarily resign  and  be
replaced  by  new officers and directors without a  vote  of  the
Stockholders. Capston does not intend to obtain the  approval  of
the Stockholders prior to consummating any acquisition other than
a  statutory merger that requires a Stockholder vote. Capston and
its officers, directors and consultants do not intend to sell any
shares held by them in connection with a business acquisition.

      It  is anticipated that any securities issued in a business
combination transaction will be issued in reliance on  exemptions
from  registration under applicable Federal and state  securities
laws. In some circumstances, however, as a negotiated element  of
a  business  combination, the Company may agree to register  such
securities  either at the time the transaction is consummated  or
at  some  specified time thereafter. The issuance of  substantial
additional  securities and their potential sale into any  trading
market  that  may develop may have a depressive  effect  on  such
market.  While  the actual terms of a transaction  to  which  the
Company  may  be a party cannot be predicted, it may be  expected
that  the  parties  to  the  business transaction  will  find  it
desirable  to avoid the creation of a taxable event  and  thereby
structure   the   acquisition  in  a   so   called   "tax   free"
reorganization  under Sections 368(a)(1) or 351 of  the  Internal
Revenue  Code  of 1986, as amended (the "Code").    In  order  to
obtain tax free treatment under the Code, it may be necessary for
the  owners  of the acquired business to own 80% or more  of  the
voting  stock  of  the  surviving  entity.  In  such  event,  the
stockholders  of the Company would retain less than  20%  of  the
issued  and  outstanding shares of the combined companies,  which
could  result  in  significant dilution in  the  equity  of  such
stockholders.  The  Company  intends to  structure  any  business
combination in such manner as to minimize Federal and  state  tax
consequences to the Company and any target company.

     As part of the Company's investigation of potential business
opportunities,   Capston   and  its   officers,   directors   and
consultants  will ordinarily meet personally with management  and
key  personnel, may visit and inspect material facilities, obtain
independent  analysis  or  verification  of  certain  information
provided,  check reference of management and key  personnel,  and
take  other reasonable investigative measures, to the  extent  of
the  Company's limited resources and Capston's limited expertise.
The  manner  in which the Company participates in an  opportunity
will  depend  on  the nature of the opportunity,  the  respective
needs  and  desires  of  the Company and other  parties  and  the
relative  negotiating  strength of the  Company  and  such  other
management.

      With  respect  to  any  business combination  negotiations,
Capston  will ordinarily focus on the percentage of  the  Company
which  target company stockholders would acquire in exchange  for
their  ownership interest in the target company. Depending  upon,
among  other things, the target company's assets and liabilities,
the  Company's  stockholders will in all likelihood  only  own  a
small minority interest in the combined companies upon completion
of the business combination transaction. Any business combination
effected  by  the Company can be expected to have  a  significant
dilutive effect on the percentage of shares held by the Company's
current Stockholders.

     Upon completion of a business combination transaction, there
can  be  no  assurance  that  the combined  companies  will  have
sufficient   funds  to  undertake  any  significant  development,
marketing and manufacturing activities. Accordingly, the combined
companies  may  be  required to either seek  additional  debt  or
equity  financing  or  obtain  funding  from  third  parties,  in
exchange  for which the combined companies might be  required  to
issue  a substantial equity position. There is no assurance  that
the   combined  companies  will  be  able  to  obtain  additional
financing on terms acceptable to the combined companies.

      It  is  anticipated  that  the  investigation  of  specific
business   opportunities  and  the  negotiation,   drafting   and
execution of relevant agreements, disclosure documents and  other
instruments   will  require  substantial  management   time   and
attention  and  substantial costs for accountants, attorneys  and
others.  If  a decision is made not to participate in a  specific
business   opportunity  the  costs  incurred   in   the   related
investigation would not be recoverable. Furthermore, even  if  an
agreement is reached for the participation in a specific business
opportunity,  the  failure  to consummate  that  transaction  may
result in the loss of the Company of the related costs incurred.




Exemption from Rule 419

      As  an  existing  Registrant under the  Exchange  Act,  the
Company's  proposed activities are not subject to  SEC  Rule  419
which  was  adopted to strengthen the regulation of "blind  pool"
companies  which Congress has found to have been common  vehicles
for fraud and manipulation in the penny stock market. The Company
is  not  subject to Rule 419 because it is not offering stock  to
the  public  in an offering registered under the Securities  Act.
Accordingly,  Stockholders are not entitled  to  the  substantive
protection provided by Rule 419.



PART II - OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

       NONE

ITEM 2.CHANGES IN SECURITIES
       NONE

ITEM 3.DEFAULTS ON SENIOR SECURITIES
       NONE

ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
       NONE

ITEM 5.OTHER INFORMATION
       NONE

ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K
       A.   Exhibits  None
       B. Reports on Form 8-K           None
       
                                
                                
                           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  thereunto   duly
authorized.

                                   WEBCOR ELECTRONICS, INC.
                                   
                                   

                                   Sally A. Fonner
                                   Chief Executive Officer
                                   Dated: June 30, 1997
                                   
                                   

                                   Sally A. Fonner
                                   Chief Financial Officer
                                   Dated: June 30, 1997