<PAGE>
                   SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                               FORM l0-Q



(Mark One)
     
/ X / QUARTERLY REPORT PURSUANT TO SECTION l3 OR l5(d) OF THE SECURITIES
      EXCHANGE ACT OF l934

For the period ended            September 30, 1997                      

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

For the transition period from              to               


                        Commission file number    0-1359     


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


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

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

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

                                   NA                                    
           (Former name, former address and former fiscal year,
                      if changed since last report.)


Indicate by check mark whether the registrant (l) has filed all reports 
required to be filed by Section l3 or l5(d) of the Securities Exchange 
Act of l934 during the preceding l2 months (or for such shorter period 
that the registrant was required to file such reports), and (2) has been 
subject to such filing requirements for the past 90 days.  Yes  X  No    


Number of Common Shares Outstanding as of November 1, 1997: 3,752,473.


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                              PUBCO CORPORATION



                                                                Page Number


PART I - FINANCIAL INFORMATION

  Item 1.  Financial Statements (Unaudited)

           Consolidated Balance Sheets as of
           September 30, 1997 and December 31, 1996. . . . . .       3  

           Consolidated Statements of Operations
           for the Three and Nine Months Ended
           September 30, 1997 and 1996 . . . . . . . . . . . .       5  

           Consolidated Statements of Cash Flows
           for the Nine Months Ended September 30,
           1997 and 1996. . . . . . . . . . . . . . . . . . . .      6  

           Notes to Consolidated Financial Statements . . . . .      7  


  Item 2.  Management's Discussion and Analysis
           of Financial Condition and Results
           of Operations. . . . . . . . . . . . . . . . . . . .      9  



PART II - OTHER INFORMATION . . . . . . . . . . . . . . . . . .     11  

  Item l.  Legal Proceedings.

  Item 2.  Changes in Securities.

  Item 3.  Defaults Upon Senior Securities.

  Item 4.  Submission of Matters to a Vote
           of Security Holders.

  Item 5.  Other Information.

  Item 6.  Exhibits and Reports on Form 8-K.



SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . .     12  

<PAGE>
                        PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements (Unaudited)--Note A.


PUBCO CORPORATION AND SUBSIDIARIES


Consolidated Balance Sheets
($ in 000's except share amounts)




                                                  September 30    December 31
                                                      1997            1996   
ASSETS

CURRENT ASSETS

  Cash and cash equivalents                         $  5,305        $  1,539 
  Marketable securities and other
    investments available for sale                    25,794          24,877 
  Trade receivables (less allowances of
    $302 in 1997 and $269 in 1996)                     5,934           4,410 
  Inventories--Note B                                  7,333           6,681 
  Deferred income taxes                                  735             735 
  Prepaid expenses and other current assets            1,217           1,085
                                                    --------        --------
                             TOTAL CURRENT ASSETS     46,318          39,327 


PROPERTY AND EQUIPMENT (at cost
  less accumulated depreciation,
  amortization of $10,914 in 1997
  and $10,298 in 1996)                                 5,274           5,929 


INTANGIBLE ASSETS
  (at cost less accumulated amortization of
  $833 in 1997 and $677 in 1996)                         973           1,129 


OTHER ASSETS                                          21,299          16,974 
                                                    --------        --------
                                                    
                                     TOTAL ASSETS   $ 73,864        $ 63,359 
                                                    ========        ========



See notes to consolidated financial statements.

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PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets--Continued
($ in 000's except share amounts)

                                                  September 30    December 31
                                                      1997            1996   
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

  Accounts payable                                  $  5,690        $  5,224 
  Accrued liabilities                                  7,904           8,906 
  Loan payable - bank                                    300               -
                                                    --------        --------
                        TOTAL CURRENT LIABILITIES     13,894          14,130 

LONG-TERM DEBT                                           112               -

DEFERRED CREDITS AND NONCURRENT LIABILITIES           21,623          17,286 

MINORITY INTEREST                                        771             608 

STOCKHOLDERS' EQUITY

  Preferred Stock:
    Convertible Preferred Stock - par value $1;
      20,000 shares authorized, none issued                -               - 
    Preferred Stock - par value $.01;
      2,000,000 shares authorized, 70,000 
      Series A shares issued and outstanding
      ($7,000 aggregate liquidation preference
      in 1997 and 1996)                                    1               1 

  Common Stock:
    Common Stock - par value $.01; 5,000,000 
      shares authorized; 3,200,406 issued and
      3,198,406 outstanding in 1997 and 3,198,088
      issued and 3,196,088 outstanding in 1996            32              32 
    Class B Stock - par value $.01; 2,000,000 
      shares authorized, 554,067 issued and
      outstanding in 1997 and 556,385 issued
      and outstanding in 1996                              6               6 
  Additional paid in capital                          31,524          32,180 
  Unrealized gains on investments
    available for sale                                 3,919           2,229
  Retained earnings (deficit)                          1,994          (3,101)
                                                    --------        --------
                                                      37,476          31,347 
  Treasury stock at cost,
    2,000 shares in 1997 and 1996                        (12)            (12)
                                                    --------        --------
                       TOTAL STOCKHOLDERS' EQUITY     37,464          31,335 
                                                    --------        --------
       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 73,864        $ 63,359 
                                                    ========        ========
See notes to consolidated financial statements.
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<TABLE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations
($ in 000's except share amounts)

<CAPTION>
                                                  Three Months Ended           Nine Months Ended
                                                     September 30                September 30     
                                                   l997         l996           1997         1996  
<S>                                             <C>          <C>            <C>          <C>
Net sales                                        $ 12,161     $ 11,716       $ 38,748     $ 39,741 
Cost of sales                                       8,567        8,222         27,477       28,511
                                                 --------     --------       --------     --------
                             GROSS PROFIT           3,594        3,494         11,271       11,230 

Costs and expenses:
  Selling, general and
    administrative expenses                         2,864        2,945          8,380        8,515 
  Interest, net                                      (689)        (570)        (2,072)      (1,644)
                                                 --------     --------       --------     --------
                                                    2,175        2,375          6,308        6,871 

Other income, net                                      61        1,173            516        1,195 
                                                 --------     --------       --------     --------
               INCOME BEFORE INCOME TAXES
                    AND MINORITY INTEREST           1,480        2,292          5,479        5,554 

Provision for income taxes                             55           25            221          116 
                                                 --------     --------       --------     --------
          INCOME BEFORE MINORITY INTEREST           1,425        2,267          5,258        5,438 

Minority interest                                     (45)         (34)          (163)         (73)
                                                 --------     --------       --------     --------
                               NET INCOME        $  1,380     $  2,233       $  5,095     $  5,365 
                                                 ========     ========       ========     ========
Preferred stock dividend requirements                 218          218            656          656 
                                                 --------     --------       --------     --------
                    NET INCOME APPLICABLE
                   TO COMMON STOCKHOLDERS        $  1,162     $  2,015       $  4,439     $  4,709 
                                                 ========     ========       ========     ========
                     NET INCOME PER SHARE        $    .31     $    .54       $   1.18     $   1.32 
                                                 ========     ========       ========     ========
Weighted average number
  of shares outstanding                         3,752,473    3,752,473      3,752,473    3,562,533
                                                =========    =========      =========    =========

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


<PAGE>
<TABLE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows
($ in 000's except share amounts)

<CAPTION>
                                                                       Nine Months Ended
                                                                         September 30       
                                                                     l997             1996  
<S>                                                                <C>              <C>
OPERATING ACTIVITIES
  Net income from continuing operations                            $  5,095         $  5,365  
  Adjustments to reconcile net income to
    net cash provided by operating activities:
      Depreciation and amortization                                     854            1,076 
      Net (gain) on sales of securities                                (459)            (321)
      Net loss (gain) on disposal of fixed assets                        71             (501)
      Minority interest                                                 163               73  
      Changes in operating assets and liabilities:
          Trade receivables                                          (1,524)              33  
          Inventories                                                  (652)            (239) 
          Other assets                                               (4,461)            (402) 
          Accounts payable                                              466              644  
          Other current liabilities                                  (1,002)          (1,122) 
          Deferred credits and noncurrent liabilities                 4,337             (195)
                                                                   --------         --------
                NET CASH PROVIDED BY OPERATING ACTIVITIES             2,888            4,411  

INVESTING ACTIVITIES
  Purchases of marketable securities                                 (8,887)         (16,733) 
  Proceeds from sale of marketable securities                        10,119            7,228  
  Purchases of fixed assets                                            (136)            (118) 
  Proceeds from the sale of fixed assets                                 26            2,090
                                                                   --------         --------
      NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES             1,122           (7,533) 

FINANCING ACTIVITIES
  Net borrowings (repayments) on loans payable                          300             (289) 
  Proceeds from long-term debt                                       13,801           21,075  
  Principal payments on long-term debt                              (13,689)         (23,083) 
  Dividends paid                                                       (656)            (656) 
                                                                   --------         --------
                  NET CASH (USED IN) FINANCING ACTIVITIES              (244)          (2,953) 
                                                                   --------         --------
                              INCREASE (DECREASE) IN CASH
                                     AND CASH EQUIVALENTS             3,766           (6,075) 

         CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD             1,539            7,919 
                                                                   --------         --------
               CASH AND CASH EQUIVALENTS AT END OF PERIOD          $  5,305         $  1,844 
                                                                   ========         =========

<FN>
See notes to consolidated financial statements.
</TABLE>
<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
($ in 000's except share amounts)

September 30, 1997




NOTE A -- Basis of Presentation

The financial information presented herein should be read in conjunction 
with the consolidated financial statements and footnotes included in the 
Company's Annual Report on Form 10-K for the year ended December 31, 1996.  
The consolidated balance sheet as of December 31, 1996 has been derived from 
the audited financial statements at that date.

The accompanying unaudited consolidated financial statements reflect 
consolidation of the operations of the Company's wholly-owned and 
majority-owned subsidiaries and Bobbie Brooks, Incorporated ("Brooks"), an 
approximately 90%-owned subsidiary until June 27, 1996, whereupon it merged 
with and into the Company.  As a result of the merger, each Brooks 
stockholder is entitled to receive one share of the Company's Common Stock 
in exchange for each six shares of Brooks Common Stock.

On June 27, 1996, the Company acquired all of the assets of Aspen Imaging 
International, Inc. ("Aspen"), subject to all of its liabilities, in 
exchange for Common Stock of the Company.  Immediately prior to this 
acquisition, the Company owned approximately 62% of Aspen.  As a result of 
the acquisition, each Aspen stockholder is entitled to receive one share of 
the Company's Common Stock in exchange for each seven shares of Aspen Common 
Stock.

The merger of Brooks into the Company and the acquisition by the Company of 
the assets and business of Aspen, resulted in the Company issuing 
approximately 290,746 shares of the Company's Common Stock to the Brooks and 
Aspen minority stockholders.  The Merger of Brooks into the Company was 
accounted for under the purchase method of accounting.  The minority 
interest of Brooks acquired in the Merger was valued for accounting purposes 
at an amount equal to the market value of the stock of the Company issued to 
the Brooks minority stockholders.  Goodwill of $640,000 was recognized as a 
result of the Merger.  The stock of the Company issued to the minority 
stockholders of Aspen for the assets and business of Aspen was valued for 
accounting purposes at an amount equal to the fair value of the net assets 
acquired.

The accompanying unaudited consolidated financial statements have been 
prepared in accordance with generally accepted accounting principles for 
interim financial information.  Accordingly, they do not include all of the 
information and footnotes required by generally accepted accounting 
principles for complete financial statements.  In the opinion of management, 
all adjustments considered necessary for a fair presentation have been 
included, all of which are of a normal recurring nature.

<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
($ in 000's except share amounts)

September 30, 1997




NOTE A -- Basis of Presentation--Continued

Net income per common share has been computed by dividing net income after 
preferred dividend requirements by the weighted average number of shares of 
Common Stock and Class B Stock outstanding during the periods.  The 
Preferred Stock dividend requirement is an annual variable dividend, 
currently $12.50 per share.

Financial Instruments:  The Company's financial instruments recorded on the 
balance sheet include cash and cash equivalents.  Because of their short 
maturity, the carrying amount of cash and cash equivalents approximates fair 
value.  

Off balance sheet financial instruments include foreign currency exchange 
agreements.  In the normal course of business, the Company's construction 
products subsidiary purchases components from a German supplier and from 
time to time, enters into foreign currency exchange contracts with banks in 
order to fix its trade payables denominated in the Deutsche Mark.  The 
contract amounts outstanding and the net deferred gains or losses were not 
significant at September 30, 1997 and December 31, 1996.

Certain prior year amounts have been reclassified to conform to the 1997 
presentation.



NOTE B -- Inventories

The components of inventories consist of the following:

                                         September 30      December 31
                                             1997             1996    

    Raw materials and supplies             $ 4,422          $ 4,472
    Work in process                            517              356
    Finished goods                           2,394            1,853
                                           $ 7,333          $ 6,681


<PAGE>
Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations.



RESULTS OF OPERATIONS


Comparison of the Three and Nine Months Ended September 30, 1997 and 1996

The Company's operations primarily consist of Buckeye Business Products, 
Inc. ("Buckeye"), Allied Construction Products, Inc. ("Allied") and Aspen.

The decrease in net income in the three months ended September 30, 1997 is 
due to the inclusion in the 1996 period of approximately $840,000 of gain 
from the sale of a fixed asset.

Sales increased in the three months ended September 30, 1997 over the 1996 
period due to sales increases at both Allied and Buckeye.  Sales decreased 
in the nine months ended September 30, 1997 from the comparable 1996 period  
primarily as the result of lower sales at Allied and the continued erosion 
of sales in the impact printing ribbon business during the first six months 
of 1997.

Gross profits in 1997 reflect lower cost of sales at Allied arising from 
favorable currency fluctuations.

The change in interest, net, is primarily the result of lower borrowing 
levels at Allied during the 1997 periods compared to the 1996 periods and 
the significant increase in interest income.  Earnings from the Company's 
cash and cash equivalents and marketable securities and other short term 
investments increased because of increases in the amount of such assets.  

On October 20, 1997, the Company acquired Kroy, Inc. ("Kroy"), a producer of 
commercial and industrial labeling equipment and supplies.  The Company's
results of operations will include the results of Kroy's operations commencing
in the fourth quarter.

The Company will continue to generate interest and other income on its 
available funds until used to acquire other operating businesses.  While no 
other acquisition is pending or has been identified, the Company routinely 
reviews acquisition opportunities.

<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

At September 30, 1997, the Company had $31,099,000 of cash, cash 
equivalents, marketable securities and other short-term investments and 
$112,000 of long term debt.  The Company used approximately $6,100,000 to 
purchase the common stock of Kroy and acquire its bank debt.  The Company's
remaining marketable securities and other short term investments continue to
be subject to risk of loss and fluctuations in value.  The income generated
from the remaining marketable securities and other short-term investments may
not be the same from year to year or period to period.  The Company will
continue to buy, hold and sell marketable securities and other short term
investments to the extent funds are not required to make additional
acquisitions of operating businesses.

The Company also has a $10,000,000 line of credit which can be used for 
other acquisitions.  The Company is continually reviewing business 
acquisition opportunities.

Stockholders' equity of $37,464,000 at September 30, 1997 includes Common 
and Preferred stockholders' equity.  In order to calculate Common 
stockholders' equity at September 30, 1997, the face value of the Preferred 
Stock ($7,000,000) and any unpaid cumulative dividends on the Preferred 
Stock must be subtracted from total stockholders' equity.  There were no 
unpaid cumulative preferred stock dividends outstanding at September 30, 
1997.

To the extent that the Company is able to utilize its net operating loss 
carryforwards, there will be a positive impact on the Company's future cash 
flows and liquidity.

<PAGE>
                         PART II - OTHER INFORMATION




Item l.  LEGAL PROCEEDINGS.  Not Applicable

Item 2.  CHANGES IN SECURITIES.  None

Item 3.  DEFAULTS UPON 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

             Financial Data Schedule  

         (b) Reports on Form 8-K

             The Company filed a Form 8-K to report an Item 2 acquisition of 
             Kroy on October 20, 1997.

<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.


                                  PUBCO CORPORATION




                                   /s/   Robert H. Kanner
                                 --------------------------------
                                 Robert H. Kanner
                                 Chief Executive Officer and
                                 Chief Financial Officer
























Dated:  November 14, 1997
<PAGE>
                                EXHIBIT INDEX




Financial Data Schedule