<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            March 31, 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 May 1, 1997:    3,752,473       







<PAGE>                              
                              PUBCO CORPORATION 



                                                                Page Number


PART I - FINANCIAL INFORMATION

  Item 1.  Financial Statements (Unaudited)

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

           Consolidated Statements of Operations
           for the Three Months Ended March 31,
           1997 and 1996. . . . . . . . . . . . . . . . . . . .      5  

           Consolidated Statements of Cash Flows
           for the Three Months Ended March 31,
           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  








                                  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)




                                                    March 31      December 31
                                                      1997            1996   
ASSETS

CURRENT ASSETS

  Cash and cash equivalents                         $    607        $  1,539 
  Marketable securities and other
    investments available for sale                    26,336          24,877 
  Trade receivables (less allowances of
    $274 in 1997 and $269 in 1996)                     6,387           4,410 
  Inventories--Note B                                  7,837           6,681 
  Deferred income taxes                                  735             735 
  Prepaid expenses and other current assets            1,144           1,085 
                                                    --------        --------
                             TOTAL CURRENT ASSETS     43,046          39,327 


PROPERTY AND EQUIPMENT (at cost
  less accumulated depreciation,
  amortization of $10,450 in 1997
  and $10,298 in 1996)                                 5,644           5,929 


INTANGIBLE ASSETS
  (at cost less accumulated amortization of
  $729 in 1997 and $677 in 1996)                       1,077           1,129 


OTHER ASSETS                                          18,176          16,974 
                                                    --------        --------

                                     TOTAL ASSETS   $ 67,943        $ 63,359 
                                                    ========        ========


See notes to consolidated financial statements.




                                  3.
<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets--Continued
($ in 000's except share amounts)
                                                    March 31      December 31
                                                      1997            1996   
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

  Accounts payable                                  $  7,332        $  5,224 
  Accrued liabilities                                  8,040           8,906 
  Loan payable-bank                                      457               - 
                                                    --------        --------
                        TOTAL CURRENT LIABILITIES     15,829          14,130 

DEFERRED CREDITS AND NONCURRENT LIABILITIES           18,719          17,286 

MINORITY INTEREST                                        672             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; 3,198,223 issued and
      3,196,223 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, 556,250 issued and
      outstanding in 1997 and 556,385 issued
      and outstanding in 1996                              6               6 
  Additional paid in capital                          31,961          32,180 
  Unrealized gains on investments 
    available for sale                                 1,829           2,229
  Retained (deficit)                                  (1,094)         (3,101)
                                                    --------        --------
                                                      32,735          31,347 
  Treasury stock at cost,
    2,000 shares in 1996 and 1995                        (12)            (12)
                                                    --------        --------
                       TOTAL STOCKHOLDERS' EQUITY     32,723          31,335 
                                                    --------        --------

       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 67,943        $ 63,359 
                                                    ========        ========

See notes to consolidated financial statements.

                                  4.
<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES

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




                                                      Three Months Ended
                                                            March 31        
                                                     l997            l996   

Net sales                                          $ 13,705        $ 14,079 
Cost of sales                                         9,884          10,299 
                                                   --------        --------
                                GROSS PROFIT          3,821           3,780 

Costs and expenses:
  Selling, general and
    administrative expenses                           2,687           2,539 
  Interest, net                                        (686)           (428)
                                                   --------        --------
                                                      2,001           2,111 

Other income (expense), net                             303              19 
                                                   --------        --------
                  INCOME BEFORE INCOME TAXES
                       AND MINORITY INTEREST          2,123           1,688 

Provision for income taxes                               52              43 
                                                   --------        --------
             INCOME BEFORE MINORITY INTEREST          2,071           1,645 

Minority interest                                       (64)            (70)
                                                   --------        --------
                                  NET INCOME       $  2,007        $  1,575 
                                                   ========        ========

Preferred stock dividend requirements                   219             219 
                                                   --------        --------
                       NET INCOME APPLICABLE
                      TO COMMON STOCKHOLDERS       $  1,788        $  1,356 
                                                   ========        ========

                        NET INCOME PER SHARE       $    .48        $    .39 
                                                   ========        ========
Weighted average number
  of shares outstanding                           3,752,473       3,461,727
                                                  =========       =========




See notes to consolidated financial statements.



                                  5.
<PAGE>
<TABLE>
PUBCO CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows
($ in 000's except share amounts)
<CAPTIONS>
                                                                       Three Months Ended
                                                                            March 31        
                                                                     l997             1996  
<S>                                                                <C>              <C>
OPERATING ACTIVITIES
  Net income from continuing operations                            $  2,007         $  1,575  
  Adjustments to reconcile net income to
    net cash provided by operating activities:
      Depreciation and amortization                                     285              405 
      Net (gain) on sales of securities                                (340)              (3)
      Net loss on disposal of fixed assets                               71               28 
      Minority interest                                                  64               70  
      Changes in operating assets and liabilities:
          Trade receivables                                          (1,977)            (544) 
          Inventories                                                (1,156)             (69) 
          Other assets                                               (1,263)              36  
          Accounts payable                                            2,108            2,362  
          Other current liabilities                                    (866)            (364) 
          Deferred credits and noncurrent liabilities                 1,433             (245) 
                                                                   --------         --------
                NET CASH PROVIDED BY OPERATING ACTIVITIES               366            3,251  

INVESTING ACTIVITIES
  Purchases of marketable securities                                 (5,894)          (6,836) 
  Proceeds from sale of marketable securities                         4,375              544  
  Purchases of fixed assets                                             (43)             (27) 
  Proceeds from the sale of fixed assets                                 26              436 
                                                                   --------         --------
                  NET CASH (USED IN) INVESTING ACTIVITIES            (1,536)          (5,883) 

FINANCING ACTIVITIES
  Proceeds from long-term debt                                        5,543            6,272 
  Principal payments on long-term debt                               (5,086)          (7,616) 
  Dividends paid                                                       (219)            (219) 
                                                                   --------         --------
      NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES               238           (1,563) 
                                                                   --------         --------
                  (DECREASE) IN CASH AND CASH EQUIVALENTS              (932)          (4,195) 

         CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD             1,539            7,919 
                                                                   --------         --------
               CASH AND CASH EQUIVALENTS AT END OF PERIOD          $    607         $  3,724 
                                                                   ========         ========

<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)

March 31, 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 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.




                                  7.
<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
($ in 000's except share amounts)

March 31, 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 March 31, 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:

                                           March 31        December 31
                                             1997             1996    

    Raw materials and supplies             $ 4,858          $ 4,472
    Work in process                            457              356
    Finished goods                           2,522            1,853
                                           -------          -------
                                           $ 7,837          $ 6,681
                                           =======          =======









                                  8.
<PAGE>
Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations.



RESULTS OF OPERATIONS


Comparison of the Three Months Ended March 31, 1997 and 1996

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

As discussed below, the Company's 1997 results of operations improved over 
1996 primarily as the result of an increase in interest income, gain on the 
sales of securities (included in other income), as well as improvements in 
Allied's operating income.

Sales decreased in the three months ended March 31, 1997, from the three 
months ended March 31, 1996, primarily as the result of the continued 
erosion of sales in the impact printing ribbon business.

Gross profit percentage increased in 1997 compared to 1996 as the result of 
a lower cost of sales at Allied arising from favorable currency fluctuations 
and more favorable product mix.

The change in interest, net, is primarily the result of lower borrowing 
levels at Allied during the 1997 period compared to the 1996 period 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.






















                                  9.
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

At March 31, 1997, the Company had $26,943,000 of cash, cash equivalents, 
marketable securities and other short-term investments and no long term 
debt.  The securities are subject to risk of loss and fluctuations in 
value.  The income generated from such 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 investments to the extent funds are not required to 
make an acquisition of other operating businesses.  The Company also has a 
$10,000,000 line of credit which can be used for acquisitions.  The Company 
is continually reviewing business acquisition opportunities.

The increases in inventories and accounts payable from December 31, 1996 to 
March 31, 1997 reflect Allied's normal seasonal change in inventories.

Stockholders' equity of $32,723,000 at March 31, 1997 includes Common and 
Preferred stockholders' equity.  In order to calculate Common stockholders' 
equity at March 31, 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 March 31, 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.

On October 30, 1995, the Company announced that it would purchase from time 
to time in the open market up to 175,000 of its shares.  Through March 31, 
1997, the Company had purchased 2,000 of such shares at a purchase price of 
approximately $12,000.


























                                 10.
<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

































                                 11.
<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:  May 13, 1997
                                
                                
                                









                                 12.
<PAGE>
                                EXHIBIT INDEX



Financial Data Schedule