<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, 1998                          

                                    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 30, 1998: 3,752,473.


<PAGE>
                              PUBCO CORPORATION



                                                                Page Number


PART I - FINANCIAL INFORMATION

  Item 1.  Financial Statements (Unaudited)

           Consolidated Balance Sheets as of
           September 30, 1998 and December 31, 1997  . . . . .       3  

           Consolidated Statements of Operations
           for the Three and Nine Months Ended
           September 30, 1998 and 1997. . . . . . .  . . . . .       5  

           Consolidated Statements of Cash Flows
           for the Nine Months Ended September 30,
           1998 and 1997. . . . . . . . . . . . . . . . . . . .      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
                                                      1998            1997   
ASSETS

CURRENT ASSETS

  Cash and cash equivalents                         $  8,518        $  1,720 
  Marketable securities and other
    investments available for sale                    17,463          25,661 
  Trade receivables (less allowances of
    $987 in 1998 and $931 in 1997)                     8,875           7,549 
  Inventories--Note B                                 13,112          11,000 
  Deferred income taxes                                2,400           2,400 
  Prepaid expenses and other current assets            1,235           1,570
                                                    --------        --------
                             TOTAL CURRENT ASSETS     51,603          49,900 


PROPERTY AND EQUIPMENT (at cost
  less accumulated depreciation,
  amortization of $11,725 in 1998
  and $11,172 in 1997)                                 6,282           6,072 


INTANGIBLE ASSETS
  (at cost less accumulated amortization of
  $1,196 in 1998 and $913 in 1997)                     3,971           4,204 


OTHER ASSETS                                          23,907          25,770 
                                                    --------        --------

                                     TOTAL ASSETS   $ 85,763        $ 85,946 
                                                    ========        ========



See notes to consolidated financial statements.

<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets--Continued
($ in 000's except share amounts)
                                                  September 30    December 31
                                                      1998            1997   
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

  Accounts payable                                  $  7,353        $  7,918 
  Accrued liabilities                                 10,222          11,505
                                                    --------        --------
                        TOTAL CURRENT LIABILITIES     17,575          19,423 

LONG-TERM DEBT                                         1,811               - 

DEFERRED CREDITS AND NONCURRENT LIABILITIES           23,324          23,812 

MINORITY INTEREST                                        808             662 

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 1998 and 1997)                                    1               1 

  Common Stock:
    Common Stock - par value $.01; 5,000,000 
      shares authorized; 3,201,131 issued and
      3,199,131 outstanding in 1998 and 3,200,871
      issued and 3,198,871 outstanding in 1997            32              32 
    Class B Stock - par value $.01; 2,000,000 
      shares authorized, 553,342 issued and
      outstanding in 1998 and 553,602 issued
      and outstanding in 1997                              6               6 
  Additional paid in capital                          32,180          32,180 
  Unrealized gains on investments
    available for sale                                   165           3,586
  Cumulative translation adjustment                       88             (10)
  Retained earnings                                    9,785           6,266
                                                    --------        --------
                                                      42,257          42,061 
  Treasury stock at cost,
    2,000 shares in 1998 and 1997                        (12)            (12)
                                                    --------        --------
                       TOTAL STOCKHOLDERS' EQUITY     42,245          42,049 
                                                    --------        --------
       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 85,763        $ 85,946 
                                                    ========        ========

See notes to consolidated financial statements.
<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations
($ in 000's except share amounts)
<TABLE>
<CAPTION>

                                                  Three Months Ended           Nine Months Ended
                                                     September 30                 September 30    
                                                   l998         l997           1998         1997  
<S>                                             <C>          <C>            <C>          <C>
Net sales                                        $ 16,531     $ 12,161       $ 53,852     $ 38,748  
Cost of sales                                      10,673        8,567         35,731       27,477
                                                 --------     --------       --------     --------
                             GROSS PROFIT           5,858        3,594         18,121       11,271 

Costs and expenses:
  Selling, general and
    administrative expenses                         4,723        2,864         14,453        8,380 
  Interest, net                                      (543)        (689)        (1,710)      (2,072)
                                                 --------     --------       --------     --------
                                                    4,180        2,175         12,743        6,308 

Other income, net                                     273           61            906          516 
                                                 --------     --------       --------     --------
               INCOME BEFORE INCOME TAXES
                    AND MINORITY INTEREST           1,951        1,480          6,284        5,479 

Provision for income taxes                            599           55          1,963          221 
                                                 --------     --------       --------     --------
          INCOME BEFORE MINORITY INTEREST           1,352        1,425          4,321        5,258 

Minority interest                                     (25)         (45)          (146)        (163)
                                                 --------     --------       --------     --------
                               NET INCOME        $  1,327     $  1,380       $  4,175     $  5,095 
                                                 ========     ========       ========     ========

Preferred stock dividend requirements                 218          218            656          656 
                                                 --------     --------       --------     --------
                    NET INCOME APPLICABLE
                   TO COMMON STOCKHOLDERS        $  1,109     $  1,162       $  3,519     $  4,439 
                                                 ========     ========       ========     ========
                     NET INCOME PER SHARE        $    .30     $    .31       $    .94     $   1.18 
                                                 ========     ========       ========     ========
Weighted average number
  of shares outstanding                         3,752,473    3,752,473      3,752,473    3,752,473
                                                =========    =========      =========    =========
<FN>
See notes to consolidated financial statements.
</TABLE>


<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows
($ in 000's except share amounts)
<TABLE>
<CAPTION>
                                                                       Nine Months Ended
                                                                         September 30       
                                                                     l998             1997  
<S>                                                                <C>              <C>
OPERATING ACTIVITIES
  Net income from continuing operations                            $  4,175         $  5,095  
  Adjustments to reconcile net income to
    net cash provided by operating activities:
      Depreciation and amortization                                     823              854 
      Net (gain) on sales of securities                                (832)            (459)
      Net loss on disposal of fixed assets                                -               71 
      Minority interest                                                 146              163  
      Changes in operating assets and liabilities:
          Trade receivables                                          (1,326)          (1,524) 
          Inventories                                                (2,112)            (652) 
          Other assets                                                2,142           (4,461) 
          Accounts payable                                             (565)             466  
          Other current liabilities                                  (1,283)          (1,002) 
          Deferred credits and noncurrent liabilities                  (390)           4,337
                                                                   --------         --------
                NET CASH PROVIDED BY OPERATING ACTIVITIES               778            2,888  

INVESTING ACTIVITIES
  Purchases of marketable securities                                 (1,098)          (8,887) 
  Proceeds from sale of marketable securities                         6,707           10,119  
  Purchases of fixed assets                                            (744)            (136) 
  Proceeds from the sale of fixed assets                                  -               26
                                                                   --------         --------
                NET CASH PROVIDED BY INVESTING ACTIVITIES             4,865            1,122  

FINANCING ACTIVITIES
  Net borrowings on loans payable                                         -              300  
  Proceeds from long-term debt                                       11,868           13,801  
  Principal payments on long-term debt                              (10,057)         (13,689) 
  Dividends paid                                                       (656)            (656) 
                                                                   --------         --------
      NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES             1,155             (244) 
                                                                   --------         --------
                    INCREASE IN CASH AND CASH EQUIVALENTS             6,798            3,766  

         CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD             1,720            1,539 
                                                                   --------         --------
               CASH AND CASH EQUIVALENTS AT END OF PERIOD          $  8,518         $  5,305 
                                                                   ========         ========
<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, 1998




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, 1997.  
The consolidated balance sheet as of December 31, 1997 has been derived from 
the audited financial statements at that date.

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.  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, 1998 and December 31, 1997.

Certain prior year amounts have been reclassified to conform to the 1998 
presentation.


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

September 30, 1998



NOTE B -- Inventories

The components of inventories consist of the following:

                                               September 30      December 31
                                                   1998             1997    

    Raw materials and supplies                   $ 6,953           $ 5,585
    Work in process                                  879               596
    Finished goods                                 5,280             4,819
                                                 -------           -------
                                                 $13,112           $11,000
                                                 =======           =======

NOTE C -- Comprehensive Income

As required, the Company adopted SFAS No. 130, "Reporting Comprehensive 
Income," in the first quarter of 1998.  SFAS No. 130 established new rules 
for the reporting and display of comprehensive income and its components.  
This standard does not impact net income or total stockholders' equity.  
SFAS No. 130 requires the Company's change in its unrealized gains on 
investments available for sale and foreign currency translation adjustment 
to be included in other comprehensive income.  The prior period's financial 
statements have been reclassified to these requirements.

Total comprehensive income consists of the following:
<TABLE>
<CAPTION>
                                                  Three Months Ended          Nine Months Ended
                                                     September 30                September 30     
                                                   l998         l997           1998         1997  
    <S>                                          <C>          <C>            <C>          <C>
    Net Income                                   $ 1,327      $ 1,380        $ 4,175      $ 5,095 
                                                 -------      -------        -------      -------
    Other Comprehensive Income: 
      Unrealized holding gains (losses)
        on investments available for sale
        arising during the period                 (1,916)         722         (2,589)     $ 2,149 
      Less reclassification adjustment                                     
        for gains on investments available   
        for sale                                    (189)         (35)          (832)        (459)
    Unrealized currency translation adjustments
      arising during the period                       45            -             98            -
                                                 -------      -------        -------      -------
      Total Other Comprehensive Income            (2,060)         687         (3,323)       1,690
                                                 -------      -------        -------      -------
      Total Comprehensive Income                 $(  733)     $ 2,067        $   852      $ 6,785
                                                 =======      =======        =======      =======
</TABLE>
<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, 1998 and 1997

Income before income taxes and minority interest increased in both the three 
and nine month periods of 1998 from 1997 primarily because of an increase in 
income at the Company's printer supplies business, which since October 20, 
1997 has included Kroy, a producer of commercial and industrial labeling 
equipment and supplies.

Sales increased in both the three and nine month periods of 1998 from 1997 
primarily because of the inclusion of Kroy.

Gross profit percentage increased in both the three and nine month periods 
of 1998 from 1997 primarily because of the inclusion of Kroy.

Selling, general and administrative expenses increased in both the three and 
nine month periods of 1998 from 1997 primarily because of the inclusion of 
Kroy.

The change in interest, net, in both the three and nine month periods of 
1998 from 1997 is primarily the result of a decrease in interest income 
because of the purchase and funding of Kroy.

In the year ended December 31, 1997, in accordance with SFAS No. 109, 
"Accounting for Income Taxes", the Company's valuation allowance on its 
deferred tax assets related to net operating loss carryforwards and certain 
deductible temporary differences was reduced.  The increase in the provision 
for income taxes in both the three and nine month periods of 1998 reflects 
the usage of a portion of the deferred tax asset that was recognized at 
December 31, 1997.

<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

At September 30, 1998, the Company had $25,981,000 of cash, cash 
equivalents, marketable securities and other short-term investments and
$1,811,000 of long term debt.  In October, 1997, the Company used 
approximately $5,000,000 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 $2,500,000 working capital line for its printer 
supplies business.  At September 30, 1998, there were no borrowings under 
this line of credit.  The Company also has a $3,000,000 working capital line 
of credit for its construction products business.  At September 30, 1998, 
borrowing under this line of credit was $1,811,000.  The Company also has a 
$10,000,000 line of credit which it uses for the issuance of letters of 
credit and which can be used for other purposes, including acquisitions.  At 
September 30, 1998, letters of credit aggregating $2,161,400 were 
outstanding, but there were no borrowings under this line.  The Company is 
continually reviewing business acquisition opportunities.

Regarding the functionality of the Company's computer systems for the year 
2000, the systems utilized by the printer supplies business and Pubco 
corporate (including stock transfer functions), are currently compliant.  
All of such systems had been routinely acquired by the Company and were 
already year 2000 compliant.  Not all of the computer systems used by the 
Company's construction products business are presently year 2000 compliant.  
The construction products business expects that such systems will become 
completely compliant at a cost not to exceed $350,000 and that such 
compliance will be substantially completed by the end of 1999.

Stockholders' equity of $42,245,000 at September 30, 1998 includes Common 
and Preferred stockholders' equity.  In order to calculate Common 
stockholders' equity at September 30, 1998, 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, 
1998.

<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.

         The Company held its Annual Meeting of Stockholders on September 
         14, 1998. At the Meeting, Stockholders were asked to reelect all of 
         the Company's Directors and to approve the Company's 1998 Equity 
         Incentive Plan, which had been described in detail in the Company's 
         Information Statement mailed to all Stockholders of record.

         Glenn E. Corlett, William A. Dillingham, Harold L. Inlow, Stephen 
         R. Kalette and Robert H. Kanner were each reelected as Directors of 
         the Company to serve until the next annual meeting of Stockholders 
         or until their successors were duly elected and qualified.  Each 
         Director received 7,345,024 votes, being all of the votes cast at 
         the Meeting.  There were no votes cast against any Director nor 
         were there any abstensions.

         The Stockholders also approved the Company's 1998 Equity Incentive 
         Plan.  The Plan received the favorable vote of all 7,345,024 votes 
         represented at the Meeting.  There were no votes cast against the 
         Plan nor were there any abstensions.


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
<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 2, 1998
<PAGE>
                                EXHIBIT INDEX




Financial Data Schedule