SECURITIES EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                      10-Q


                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 2000                  Commission file No. 1-7215


                              PEERLESS TUBE COMPANY

New Jersey                                       22-1191280 (IRS Identification)

                               58-76 LOCUST AVENUE
                          BLOOMFIELD, NEW JERSEY 07003
                             TELEPHONE: 201-742-5100

Securities registered pursuant to section 12(g) of the act:

         Title of Class                                        Exchange
         --------------                                        --------

Common stock $1.33-1/3 par value                         Over the counter (PLSU)

Indicate  by a check  mark  whether  the  registrant  (1) has filed all  reports
required to be filed under Section 13 or 15(d) of the Securities Exchange Act of
1934  during the  preceding  12 months  (or for such  shorter  periods  that the
registrant  was required to file such report),  and (2) has been subject to such
filing requirements for the past 90 days.

Yes [X]       No

As of the filing date,  the  aggregate  market value of the voting stock held by
non-affiliates of the Registrant was approximately $542,000. The market value is
based on $.22 as of May 2, 2000,  which is the last recorded  trade.  During the
quarter,  actual trades of relatively  small amounts of the Company's  shares of
stock have ranged in transaction price from $.1800 - $.2800.



Common Stock, Par Value                              $1.33-1/3
Outstanding at March 31, 2000                        2,462,973 shares

Documents incorporated by reference:  None






PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q              1

<PAGE>
<TABLE>

                              PEERLESS TUBE COMPANY
                                TABLE OF CONTENTS



<CAPTION>
                                                                                              PAGE
                                                                                              ----
<S>      <C>        <C>                                                                         <C>
PART I              FINANCIAL INFORMATION

         ITEM I     FINANCIAL STATEMENTS

                    Balance sheets as of March 31, 2000 (unaudited) and December 31, 1999        3

                    Statements of operations for the quarters ended March 31, 2000 (unaudited)
                    and 1999 (unaudited)                                                         4

                    Statements of cash flows - for the quarters ended March 31, 2000 (unaudited)
                    and 1999 (unaudited)                                                         5

                    Notes to the financial statements                                            6-7

         ITEM II    MANAGEMENT'S DISCUSSIONS & ANALYSIS OF THE FINANCIAL CONDITIONS              8-9
                    AND RESULTS OF OPERATIONS

PART II             OTHER INFORMATION

                    Item 5                                                                       9

                    Item 6                                                                       9

                    Signatures                                                                   10

</TABLE>









PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q             2

<PAGE>

PEERLESS TUBE COMPANY
BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                                March 31, 2000        December 31, 1999
                                                                                --------------        -----------------
                                                                                 (unaudited)
                                                                                    (rounded to nearest thousand)
-------------------------------------------------------------------------- ----------------------- ---------------------

<S>                                                                             <C>                    <C>
ASSETS

Current assets:
   Cash                                                                         $      76,000          $         50,000
   Accounts receivable, less allowance for doubtful accounts of $100,000            1,421,000                 1,373,000
   Inventories                                                                        945,000                   919,000
   Prepaid expenses                                                                    60,000                    63,000
-------------------------------------------------------------------------- ----------------------- ---------------------

                  Total current assets                                              2,502,000                 2,405,000

Property, plant and equipment, net                                                  1,320,000                 1,418,000
Deferred financing costs                                                              157,000                   165,000
Deferred tax assets, net of valuation allowance of $5,701,000
-------------------------------------------------------------------------- ----------------------- ---------------------

                  Total assets                                                  $     3,979,000          $    3,988,000
========================================================================== ======================= =====================

LIABILITIES AND STOCKHOLDERS' DEFICIENCY

Current liabilities:
   Accounts payable                                                             $   1,486,000            $      740,000
   Accrued liabilities                                                                482,000                   595,000
   Revolving credit line                                                              946,000                 1,184,000
   Current portion of long-term debt                                                  307,000                   307,000
-------------------------------------------------------------------------- ----------------------- ---------------------

                  Total current liabilities                                         3,221,000                 2,826,000

Long-term debt                                                                      1,638,000                 1,715,000
Other liabilities                                                                     181,000                   273,000
-------------------------------------------------------------------------- ----------------------- ---------------------

                  Total liabilities                                                 5,050,000                 4,814,000
-------------------------------------------------------------------------- ----------------------- ---------------------

Commitments and contingencies

Stockholders' deficiency:
   Common stock, $1.33-1/3 par value; authorized 5,000,000 shares;
    issued and outstanding 2,536,935 shares                                         3,382,000                 3,382,000
   Additional paid-in capital                                                      14,439,000                14,439,000
   Accumulated deficit                                                             18,548,000                18,303,000
   Less - 73,962 shares of stock in treasury, at cost                                (344,000)                 (344,000)
-------------------------------------------------------------------------- ----------------------- ---------------------

                  Total stockholders' deficiency                                    1,071,000                   826,000
-------------------------------------------------------------------------- ----------------------- ---------------------

                  Total liabilities and stockholders' deficiency                $   3,979,000            $    3,988,000
========================================================================== ======================= =====================

                             THE ACCOMPANYING NOTES SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS.
</TABLE>








PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q             3

<PAGE>

PEERLESS TUBE COMPANY
STATEMENTS OF OPERATIONS FOR THE QUARTERS ENDED
<TABLE>
<CAPTION>

                                                                                March 31, 2000           March 31, 1999
                                                                                --------------           --------------
                                                                                              (unaudited)
                                                                   (rounded to nearest thousand except per share amount)
-------------------------------------------------------------------------- ----------------------- ---------------------

<S>                                                                             <C>                      <C>
Net sales                                                                       $   3,488,000            $    3,828,000

Cost of sales                                                                       3,216,000                 3,698,000
-------------------------------------------------------------------------- ----------------------- ---------------------

Gross profit                                                                          272,000                   130,000

Selling, general and administrative expenses                                          423,000                   397,000
-------------------------------------------------------------------------- ----------------------- ---------------------

Loss from operations                                                                  151,000                   267,000

Interest expense                                                                      117,000                    58,000

Other income                                                                           23,000                   330,000
-------------------------------------------------------------------------- ----------------------- ---------------------

Net income (loss)                                                                    (245,000)                    5,000

Accumulated deficiency:
Beginning of period                                                                18,303,000                18,028,000
-------------------------------------------------------------------------- ----------------------- ---------------------

End of period                                                                   $  18,548,000            $   18,023,000
========================================================================== ======================= =====================

Net income (loss) per share                                                     $       (0.10)           $         0.00
========================================================================== ======================= =====================

Weighted average shares outstanding                                                 2,462,973                 2,462,973
========================================================================== ======================= =====================

                             THE ACCOMPANYING NOTES SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS.

</TABLE>








PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q             4

<PAGE>

PEERLESS TUBE COMPANY
STATEMENTS OF CASH FLOWS FOR THE QUARTERS ENDED
<TABLE>
<CAPTION>
                                                                                March 31, 2000           March 31, 1999
                                                                                --------------           --------------
                                                                                              (unaudited)
                                                                                      (rounded to nearest thousand)
----------------------------------------------------------------------------- --------------------- --------------------
<S>                                                                             <C>                      <C>
Cash flows from operating activities:
   Net income (loss)                                                            $    (245,000)           $        5,000

   Adjustment to reconcile net income (loss) to net cash provided by (used in)
    operating activities:
       Depreciation and amortization                                                  106,000                   180,000
       (Increase) decrease in operating assets:
         Accounts receivable                                                          (48,000)                 (761,000)
         Inventories                                                                  (26,000)                  243,000
         Prepaid expenses                                                               3,000                    11,000
         Other current assets
       Increase (decrease) in operating liabilities:
         Accounts payable                                                             746,000                   308,000
         Accrued liabilities                                                         (113,000)                  (26,000)
----------------------------------------------------------------------------- ------------------- ---------------------

                  Total adjustments                                                   668,000                   (45,000)
----------------------------------------------------------------------------- ------------------- ---------------------

                  Net cash provided by (used in) operating activities                 423,000                   (40,000)
----------------------------------------------------------------------------- ------------------- ---------------------

Cash flows from financing activities:
   Net borrowings (repayment) under credit line                                      (238,000)                  161,000
   Reduction of long-term debt and other liabilities                                 (159,000)                   95,000
----------------------------------------------------------------------------- ------------------- ---------------------

                  Net cash provided by (used in) financing activities                (397,000)                   66,000
----------------------------------------------------------------------------- ------------------- ---------------------

                  Net increase in cash                                                 26,000                    26,000

Cash - beginning of period                                                             50,000                    15,000
----------------------------------------------------------------------------- ------------------- ---------------------

Cash - end of period                                                            $      76,000            $       41,000
============================================================================= =================== =====================

                          THE ACCOMPANYING NOTES SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS.
</TABLE>








PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q             5

<PAGE>

PEERLESS TUBE COMPANY
NOTES TO FINANCIAL STATEMENTS

NOTE 1:  PREPARATION OF FINANCIAL STATEMENTS

The  accompanying  unaudited  financial  statements  have been  prepared  by the
Company in accordance  with  generally  accepted  accounting  principles.  These
statements should be read in conjunction with the audited  financial  statements
and notes  included in the Company's  Annual Report From 10-K for the year ended
December 31, 1999.

In  the  opinion  of  management,   these  financial   statements   include  all
adjustments,  consisting  only of normal  recurring  adjustments,  necessary  to
present fairly the financial position, result of operations,  and cash flows for
the Company.  Certain  information and footnote  disclosure normally included in
financial  statements  prepared in accordance with generally accepted accounting
principles have been condensed or omitted  pursuant tot he rules and regulations
of the Securities and Exchange Commission.  The Company believes,  however, that
the disclosures in this report are adequate to make the information  present not
misleading in any material  respect.  There have been no significant  changes in
accounting  policy since December 31, 1999. The results of operations may not be
indicative of the results that may be excepted for the year ending  December 31,
2000.

NOTE 2:  BUSINESS AND DEBT RESTRUCTURING

The  accompanying  consolidated  financial  statements  have  been  prepared  in
conformity with generally  accepted  accounting  principles,  which  contemplate
continuation of the Company as a going concern. Since 1998, however, the Company
has  suffered  recurring  losses from  operations  and  negative  cash flows and
currently has a stockholders'  deficiency.  These conditions  raise  substantial
doubt about its ability to continue as a going concern.

The Company's management has continually  evaluated and reshaped its business to
improve the operational results of the Company and respond to the changes in the
economic and competitive  market in which the Company  operates.  Major cost and
head count reduction  programs  previously  implemented  focused on reduction of
pension and employee  benefits,  particularly  changes to  healthcare  benefits.
Except for  periodic  additions to meet peaks in sales  demand,  the Company has
reduced its  workforce,  both  salaried and hourly.  Management  introduced  and
implemented  new programs to improve its  production,  inventory  management and
management cost accounting systems.

With the  anticipated  cooperation  of its  secured  lender  and the  additional
consolidation of plant assets,  management believes that actions presently being
taken to improve the  Company's  operating  performance  including  reduction of
staffing levels and  stabilization  of raw material prices will provide adequate
working capital,  help minimize the financial losses, and create the opportunity
for the Company to continue as a going concern.

NOTE 3:  INVENTORIES

Inventories are comprised of the following:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------- ----------------------- ------------------------
INVENTORIES                                                                     MARCH 31, 2000         DECEMBER 31, 1999
-------------------------------------------------------------------------- ----------------------- ------------------------
<S>                                                                             <C>                     <C>
Raw materials                                                                   $    437,000            $      510,000
Finished goods                                                                       508,000                   409,000
-------------------------------------------------------------------------- ----------------------- ------------------------
                  Total                                                         $    945,000            $      919,000
-------------------------------------------------------------------------- ----------------------- ------------------------
</TABLE>








PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q             6







<PAGE>

NOTE 4:  ACCRUED LIABILITIES

Accrued liabilities is comprised of the following:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------- ----------------------- ------------------------
ACCRUED LIABILITIES                                                             MARCH 31, 2000         DECEMBER 31, 1999
-------------------------------------------------------------------------- ----------------------- ------------------------
<S>                                                                             <C>                     <C>
Payroll, payroll taxes, and payroll related costs                               $    227,000            $      168,000
All other                                                                            255,000                   427,000
-------------------------------------------------------------------------- ----------------------- ------------------------
                  Total                                                         $    482,000            $      595,000
-------------------------------------------------------------------------- ----------------------- ------------------------
</TABLE>

NOTE 5:  LONG-TERM DEBT

Long-term debt is comprised of the following:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------- ----------------------- ------------------------
LONG-TERM DEBT                                                                  MARCH 31, 2000         DECEMBER 31, 1999
-------------------------------------------------------------------------- ----------------------- ------------------------
<S>                                                                             <C>                     <C>
Equipment term loan payable in monthly  installments  of $25,600
plus  interest   through July 1, 2006. The loan bears interest
at the prime rate plus 3%                                                       $  1,945,000            $    2,022,000

Less current portion                                                                 307,000                   307,000
-------------------------------------------------------------------------- ----------------------- ------------------------
                  Long-term debt                                                $  1,638,000            $    1,715,000
-------------------------------------------------------------------------- ----------------------- ------------------------
</TABLE>








PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q             7

<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF
THE FINANICAL CONDITION & RESULTS OF OPERATIONS

SALES AND RESULTS OF OPERATIONS 2000 COMPARED TO 1999

SALES

Sales for the  quarter  ended  March 31, 2000 and 1999  totaled  $3,488,000  and
$3,828,000, respectively.

The  breakdown  of overall  sales from all sources for the first  quarter  ended
March 31, 2000 and 1999, respectively, was as follows:
<TABLE>
<CAPTION>
 ------------------------- ------------------ ------------------- ------------------ ------------------
                              1ST QUARTER        1ST QUARTER              $                  %
 NET SALES                       2000                1999              CHANGE             CHANGE
 ------------------------- ------------------ ------------------- ------------------ ------------------
 <S>                         <C>                <C>                 <C>                      <C>
 Cans                        $   2,832,000      $   3,354,000       $   (522,000)            (15.6)
 Metal Tubes                       426,000            242,000            184,000              76.0
 Miscellaneous                     230,000            232,000             (2,000)             (0.8)
 ------------------------- ------------------ ------------------- ------------------ ------------------
          Total              $   3,488,000      $   3,828,000       $   (340,000)             (8.9)
 ------------------------- ------------------ ------------------- ------------------ ------------------
</TABLE>

GROSS PROFIT TRENDS AND DISCUSSION

The gross profit on sales for the quarter ended March 31, 2000 was $272,000,  or
8% on sales of  $3,488,000,  as compared  with the quarter  ended March 31, 1999
where the gross profit on sales was $130,000, or 3% on sales of $3,828,000. This
improvement is due to lower raw material costs and reduced payroll.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling,  general and  administrative  expenses for the quarter  ended March 31,
2000 were  $423,000  or 12% of  sales.  For the  quarter  ended  March 31,  1999
selling, general and administrative expenses were $397,000 or 10% of net sales.

INTEREST EXPENSE AND OTHER EXPENSES, NET

Interest  expense for the quarter  ended March 31, 2000 was $117,000 as compared
to $58,000 for the quarter  ended March 31, 1999.  In the first  quarter of 1999
the Company had a one time credit of $308,000  resulting from the termination of
the Company's overfunded defined benefit pension plan.







PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q             8

<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

The Company has negative  working capital of $719,000 at March 31, 2000 which is
approximately a $298,000 decrease in working capital from December 31, 1999.

For the three months ended March 31, 2000 cash provided by operating  activities
was  $423,000  compared to $40,000  used in  operating  activities  for the same
period in 1999. The Company  continues to work closely with its secured lenders.
The  Company's  revolving  credit line for the quarter  ended March 31, 2000 was
$946,000  as compared  with  $1,184,000  as of  December  31, 1999 a decrease of
$238,000.

The Company's management has continually  evaluated and reshaped its business to
improve the operational results of the Company and respond to the changes in the
economic  and  competitive  market in which the  Company  operates.  Except  for
periodic  additions to meet peaks in sales demands,  the Company has reduced its
workforce,   both  salary  and  hourly.  Also,  management  has  introduced  and
implemented new programs to improve its production and inventory management.

PART II - OTHER INFORMATION

ITEM 5:

There were no dividends declared in the quarter.

ITEM 6:

None.








PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q             9


<PAGE>

SIGNATURES

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

                                            PEERLESS TUBE COMPANY

                                            Registrant

                                            By:



                                            -----------------------------
                                            Fredric Remington Jr.
                                            Chairman


                                            By:




                                            -----------------------------
                                            Richard W. Potts
                                            President










PEERLESS TUBE COMPANY - March 31, 2000 Quarterly Report 10Q            10