<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, 1996                        

                                    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 October 31, 1996:   3,752,473  









<PAGE>                              
                              PUBCO CORPORATION 



                                                                  Page Number


PART I - FINANCIAL INFORMATION

  Item 1.  Financial Statements (Unaudited)

           Consolidated Balance Sheets as of
           September 30, 1996 and December 31, 1995 . . . . . .        3  

           Consolidated Statements of Operations
           for the Three and Nine Months Ended
           September 30, 1996 and 1995. . . . . . . . . . . . .        5  

           Consolidated Statements of Cash Flows
           for the Nine Months Ended September 30,
           1996 and 1995. . . . . . . . . . . . . . . . . . . .        6  

           Notes to Consolidated Financial Statements . . . . .        7  


  Item 2.  Management's Discussion and Analysis
           of Financial Condition and Results
           of Operations. . . . . . . . . . . . . . . . . . . .       10  



PART II - OTHER INFORMATION . . . . . . . . . . . . . . . . . .       12  

  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. . . . . . . . . . . . . . . . . . . . . . . . . . .       13  

                          






                                2.

<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
                                                        1996             1995   
ASSETS

CURRENT ASSETS

  Cash and cash equivalents                           $  1,844         $  7,919 
  Marketable securities and other short-
    term investments                                    22,506           11,836 
  Trade receivables (less allowances of
    $314 in 1996 and $279 in 1995)                       5,025            5,058 
  Inventories--Note B                                    7,686            7,447 
  Prepaid expenses and other current assets              1,122              756 
                                                      --------         --------
                             TOTAL CURRENT ASSETS       38,183           33,016 


PROPERTY AND EQUIPMENT (at cost
  less accumulated depreciation,
  amortization of $10,234 in 1996
  and $10,497 in 1995)                                   6,110            8,492 


INTANGIBLE ASSETS
  (at cost less accumulated amortization of
  $625 in 1996 and $490 in 1995)                         1,181              676 


OTHER ASSETS                                             2,926            2,920 
                                                      --------         --------


                                     TOTAL ASSETS     $ 48,400         $ 45,104 
                                                      ========         ========




See notes to consolidated financial statements.



                                3.

<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets--Continued
($ in 000's except share amounts)
                                                    September 30     December 31
                                                        1996             1995   
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

  Accounts payable                                    $  5,382         $  4,738 
  Accrued liabilities                                    8,208            9,287 
  Loans payable--related party                               -              289 
  Current portion of long-term debt                        572              218 
                        TOTAL CURRENT LIABILITIES       14,162           14,532 

LONG-TERM DEBT                                              45            2,407 

DEFERRED CREDITS AND NONCURRENT LIABILITIES              3,433            3,628 

MINORITY INTEREST                                          717            3,022 

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 1996 and 1995)                                      1                1 

  Common Stock:
    Common Stock - par value $.01; 5,000,000 
      shares authorized; 3,198,033 issued and
      3,196,033 outstanding in 1996 and 2,906,697
      issued and 2,904,697 outstanding in 1995              32               29 
    Class B Stock - par value $.01; 2,000,000 
      shares authorized, 556,440 issued and
      outstanding in 1996 and 557,030 issued
      and outstanding in 1995                                6                6 
  Additional paid in capital                            32,398           30,082 
  Unrealized gains on investments
    available for sale                                   1,645              801
  Retained (deficit)                                    (4,027)          (9,392)
                                                        30,055           21,527 
  Treasury stock at cost,
    2,000 shares in 1996 and 1995                          (12)             (12)
                       TOTAL STOCKHOLDERS' EQUITY       30,043           21,515 

       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $ 48,400         $ 45,104 

See notes to consolidated financial statements.



                                4.

<PAGE>
<TABLE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations
($ in 000's except share amounts)
<CAPTIONS>
                                                  Three Months Ended           Nine Months Ended
                                                     September 30                 September 30    
                                                   l996         l995           1996         1995  
<S>                                             <C>          <C>            <C>          <C>
Net sales                                        $ 11,716     $ 10,759       $ 39,741     $ 37,522 
Cost of sales                                       8,222        7,990         28,511       27,452 
                                                 --------     --------       --------     --------
                               GROSS PROFIT         3,494        2,769         11,230       10,070 

Costs and expenses:
  Selling, general and administrative expenses      2,715        1,841          7,799        6,094 
  Depreciation and amortization                       230          305            716          965 
  Interest, net                                      (570)        (252)        (1,644)        (571)
                                                 --------     --------       --------     --------
                                                    2,375        1,894          6,871        6,488 

Other income, net                                   1,173          344          1,195          324 
                                                 --------     --------       --------     --------
          INCOME FROM CONTINUING OPERATIONS
  BEFORE INCOME TAXES AND MINORITY INTEREST         2,292        1,219          5,554        3,906 

Provision for income taxes                             25           30            116            8 
                                                 --------     --------       --------     --------
          INCOME FROM CONTINUING OPERATIONS
                   BEFORE MINORITY INTEREST         2,267        1,189          5,438        3,898 

Minority interest                                     (34)           2            (73)         (77)
                                                 --------     --------       --------     --------
          INCOME FROM CONTINUING OPERATIONS         2,233        1,191          5,365        3,821 
                                                 --------     --------       --------     --------
Income from discontinued
  operations, net of taxes                              -        1,100              -        1,100 
                                                 --------     --------       --------     --------
                                 NET INCOME      $  2,233     $  2,291       $  5,365     $  4,921 
                                                 ========     ========       ========     ========
Preferred stock dividend requirements                 218          218            656          656 
                                                 --------     --------       --------     --------
                      NET INCOME APPLICABLE
                     TO COMMON STOCKHOLDERS      $  2,015     $  2,073       $  4,709     $  4,265 
                                                 ========     ========       ========     ========
Earnings per share:
    CONTINUING OPERATIONS (NET OF PREFERRED
               STOCK DIVIDEND REQUIREMENTS)      $    .54     $    .28       $   1.32     $    .91 
                    DISCONTINUED OPERATIONS             -          .32              -          .32
                                                 --------     --------       --------     --------
                NET INCOME PER COMMON SHARE      $    .54     $    .60       $   1.32     $   1.23 
                                                 ========     ========       ========     ========
Weighted average number of shares outstanding   3,752,473    3,463,727      3,562,533    3,463,727
                                                =========    =========      =========    =========
<FN>
See notes to consolidated financial statements.
</TABLE>
                                5.
<PAGE>
<TABLE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows
($ in 000's except share amounts)
<CAPTIONS>
                                                                       Nine Months Ended
                                                                            June 30         
                                                                     l996             1995  
<S>                                                                <C>              <C>
OPERATING ACTIVITIES
  Net income from continuing operations                            $  5,365         $  3,821  
  Adjustments to reconcile net income to
    net cash provided by operating activities:
      Income from discontinued operations                                 -            1,100  
      Depreciation and amortization                                   1,076            1,042 
      Net (gain) on sales of securities                                (321)             (75)
      Net (gain) on disposal of fixed assets                           (501)            (279)
      Minority interest                                                  73               77  
      Changes in operating assets and liabilities:
          Trade receivables                                              33              976  
          Inventories                                                  (239)          (1,074) 
          Other assets                                                 (402)             (60) 
          Accounts payable                                              644           (1,130) 
          Other current liabilities                                  (1,122)          (3,576) 
          Deferred credits and noncurrent liabilities                  (195)            (576) 
                                                                   --------         --------
                NET CASH PROVIDED BY OPERATING ACTIVITIES             4,411              246  

INVESTING ACTIVITIES
  Purchases of marketable securities                                (16,733)          (8,613) 
  Proceeds from sale of marketable securities                         7,228            1,367  
  Purchases of fixed assets                                            (118)            (243) 
  Proceeds from the sale of fixed assets                              2,090            2,617  
                                                                   --------         --------
                  NET CASH (USED IN) INVESTING ACTIVITIES            (7,533)          (4,872) 

FINANCING ACTIVITIES
  Net (repayments) on loans payable                                    (289)          (1,911) 
  Proceeds from long-term debt                                       21,075           24,030  
  Principal payments on long-term debt                              (23,083)         (23,079) 
  Dividends paid                                                       (656)            (656) 
                                                                   --------         --------

                  NET CASH (USED IN) FINANCING ACTIVITIES            (2,953)          (1,616) 
                                                                   --------         --------
                  (DECREASE) IN CASH AND CASH EQUIVALENTS            (6,075)          (6,242) 

         CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD             7,919           12,583 
                                                                   --------         --------
               CASH AND CASH EQUIVALENTS AT END OF PERIOD          $  1,844         $  6,341 
                                                                   ========         ========


<FN>
See notes to consolidated financial statements.
</TABLE>
                                6.

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

September 30, 1996




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, 1995.  
The consolidated balance sheet as of December 31, 1995 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 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 
received one share of the Company's Common Stock in exchange for each six 
shares of Brooks Common Stock.

Brooks increased its ownership in Aspen Imaging International, Inc. 
("Aspen") at year-end 1995 from approximately 41% to approximately 62%.  The 
Company's Consolidated Balance Sheets at September 30, 1996 and December 31, 
1995 include the accounts of Aspen.  The Company's Consolidated Statements 
of Operations for the three and nine months ended September 30, 1996 include 
the results of Aspen's operations whereas the Company's Consolidated 
Statements of Operations for the three and nine months months ended 
September 30, 1995 account for Aspen's operations on the equity method.

On June 27, 1996, the Company acquired all of the assets of Aspen, subject 
to all of its liabilities, in exchange for Common Stock of the Company.  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.





                                7.

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

September 30, 1996



NOTE A -- Basis of Presentation--Continued

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.

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 and long-term debt.  Because 
of their short maturity, the carrying amount of cash and cash equivalents 
approximates fair value.  Because the majority of long-term debt is at 
market rates of interest that adjust frequently, the carrying amount of 
long-term debt 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, 1996 and December 31, 1995.

Effective January 1, 1996, the Company adopted SFAS No. 121 - "Accounting 
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be 
Disposed Of."  SFAS No. 121 establishes accounting standards for the 
impairment of long-lived assets, certain identifiable intangibles, and 
goodwill related to those assets to be held and used, and for long-lived 
assets and certain identifiable intangibles to be disposed of.  The effect 
of its adoption is immaterial to results of operations.

Certain prior year amounts have been reclassified to conform to the 1996 
presentation.








                                8.

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

September 30, 1996



NOTE B -- Inventories

The components of inventories consist of the following:

                                         September 30      December 31
                                             1996             1995    

    Raw materials and supplies             $ 4,926          $ 4,532
    Work in process                            483              484
    Finished goods                           2,277            2,431
                                           -------          -------
                                           $ 7,686          $ 7,447
                                           =======          =======




































                                9.

<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, 1996 and 1995

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

The Company's Consolidated Statement of Operations for the three and nine 
months ended September 30, 1996 include the results of Aspen.  For the 
comparable periods in 1995, the Company accounted for Aspen's results of 
operations using the equity method which were not significant and were 
included in other income in the Company's Consolidated Statements of 
Operations.

As discussed below, the Company's 1996 results of operations improved over 
1995 primarily as the result of an increase in interest income, nonrecurring 
gains on sale of fixed assets (included in other income), gain on the sales 
of securities (included in other income), as well as improvements in 
Allied's operating income.

Sales increased in the three months and nine months ended September 30, 
1996, from the three and nine months ended September 30, 1995, primarily as 
the result of the inclusion of the sales of Aspen in the 1996 periods.

The gross profit percentage increase in the 1996 periods compared to the 
1995 periods is the result of a lower cost of sales at Allied resulting from 
favorable currency fluctuations and product mix as well as the inclusion of 
Aspen in the 1996 periods.

Selling, general and administrative expenses increased in the three and nine 
month periods ended September 30, 1996, from the three and nine months ended 
September 30, 1995, primarily as the result of the inclusion of Aspen in the 
1996 periods.

Nonmanufacturing depreciation and amortization expenses decreased in the 
1996 periods as compared to the 1995 periods as the result of the sale of 
nonmanufacturing fixed assets.  The gains recognized on such sales are 
reflected in other income.

The decrease in interest, net, is primarily the result of lower borrowing 
levels at Allied during the 1996 periods compared to the 1995 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.  
The Company will continue to generate interest and other income on its 
available funds until used to acquire other operating businesses.  While no 
particular acquisition is pending or has been identified, the Company 
routinely reviews acquisition opportunities.




                               10.

<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

At September 30, 1996, the Company had $24,350,000 of cash, cash 
equivalents, marketable securities and other short-term investments, and 
approximately $45,000 of long-term debt.

The increases in inventories and accounts payable from December 31, 1995 to 
September 30, 1996 reflect Allied's normal seasonal change in inventories 
offset by a decrease in inventories at Buckeye/Aspen.

Stockholders' equity of $30,043,000 at September 30, 1996 includes Common 
and Preferred stockholders' equity.  In order to calculate Common 
stockholders' equity at September 30, 1996, 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, 
1996.

The Company has not consistently generated pretax income and the potential 
future tax benefits of the deferred tax assets, primarily net operating loss 
carryforwards, may not be realized.  Accordingly, a valuation allowance has 
been provided equal to the net deferred tax assets related to these 
potential future tax benefits, which totaled approximately $16,000,000 at 
December 31, 1995.  Should the Company generate pretax income in future 
years, the tax benefits of the net operating loss carryforwards and other 
items will be realized, which will have a positive impact on the future cash 
flows, liquidity and capital resources of the Company.






























                               11.

<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

             None

























                               12.

<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
                                 President and
                                 Chief Financial Officer
























Dated:  November 12, 1996
<PAGE>
                                EXHIBIT INDEX



Financial Data Schedule