<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, 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 May 1, 1998: 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
           March 31, 1998 and December 31, 1997. . . . . .           3  

           Consolidated Statements of Operations
           for the Three Months Ended
           March 31, 1998 and 1997 . . . . . . . . . . . .           5  

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




                                                    March 31      December 31
                                                      1998            1997   
ASSETS

CURRENT ASSETS

  Cash and cash equivalents                         $  5,376        $  1,720 
  Marketable securities and other
    investments available for sale                    22,336          25,661 
  Trade receivables (less allowances of
    $966 in 1998 and $931 in 1997)                     9,867           7,549 
  Inventories--Note B                                 11,834          11,000 
  Deferred income taxes                                2,400           2,400 
  Prepaid expenses and other current assets            1,861           1,570
                                                    --------        --------
                             TOTAL CURRENT ASSETS     53,674          49,900 


PROPERTY AND EQUIPMENT (at cost
  less accumulated depreciation,
  amortization of $11,357 in 1998
  and $11,172 in 1997)                                 6,005           6,072 


INTANGIBLE ASSETS
  (at cost less accumulated amortization of
  $1,009 in 1998 and $913 in 1997)                     4,108           4,204 


OTHER ASSETS                                          25,432          25,770 
                                                    --------        --------

                                     TOTAL ASSETS   $ 89,219        $ 85,946 
                                                    ========        ========



See notes to consolidated financial statements.

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PUBCO CORPORATION AND SUBSIDIARIES

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

CURRENT LIABILITIES

  Accounts payable                                  $  9,886        $  7,918 
  Accrued liabilities                                 10,895          11,505
                                                    --------        --------
                        TOTAL CURRENT LIABILITIES     20,781          19,423 

DEFERRED CREDITS AND NONCURRENT LIABILITIES           23,925          23,812 

MINORITY INTEREST                                        734             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; 3,201,021 issued and
      3,199,021 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, 553,452 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                                 3,921           3,586
  Cumulative translation adjustment                       37             (10)
  Retained earnings                                    7,614           6,266
                                                    --------        --------
                                                      43,791          42,061

  Treasury stock at cost,
    2,000 shares in 1998 and 1997                        (12)            (12)
                                                    --------        --------
                       TOTAL STOCKHOLDERS' EQUITY     43,779          42,049 
                                                    --------        --------
       TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 89,219        $ 85,946 
                                                    ========        ========

See notes to consolidated financial statements.

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PUBCO CORPORATION AND SUBSIDIARIES

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


                                                       Three Months Ended  
                                                             March 31       
                                                      l998            l997  

Net sales                                           $ 20,035        $ 13,705 
Cost of sales                                         13,484           9,884
                                                    --------        --------
                             GROSS PROFIT              6,551           3,821 

Costs and expenses:
  Selling, general and
    administrative expenses                            4,909           2,687 
  Interest, net                                         (572)           (686)
                                                    --------        --------
                                                       4,337           2,001

Other income, net                                        146             303 
                                                    --------        --------
               INCOME BEFORE INCOME TAXES
                    AND MINORITY INTEREST              2,360           2,123

Provision for income taxes                               721              52
                                                    --------        --------
          INCOME BEFORE MINORITY INTEREST              1,639           2,071

Minority interest                                        (72)            (64)
                                                    --------        --------
                               NET INCOME           $  1,567        $  2,007
                                                    ========        ========

Preferred stock dividend requirements                    219             219 
                                                    --------        --------
                    NET INCOME APPLICABLE
                   TO COMMON STOCKHOLDERS           $  1,348        $  1,788
                                                    ========        ========
                     NET INCOME PER SHARE           $    .36        $    .48
                                                    ========        ========
Weighted average number
  of shares outstanding                            3,752,473       3,752,473
                                                   =========       =========



See notes to consolidated financial statements.



<PAGE>
PUBCO CORPORATION AND SUBSIDIARIES

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

                                                                      Three Months Ended
                                                                            March 31        
                                                                     l998             1997  
<S>                                                                <C>              <C>
OPERATING ACTIVITIES
  Net income from continuing operations                            $  1,567         $  2,007  
  Adjustments to reconcile net income to
    net cash provided by operating activities:
      Depreciation and amortization                                     281              285 
      Net (gain) on sales of securities                                (185)            (340)
      Net loss on disposal of fixed assets                                -               71
      Minority interest                                                  72               64  
      Changes in operating assets and liabilities:
          Trade receivables                                          (2,318)          (1,977) 
          Inventories                                                  (834)          (1,156) 
          Other assets                                                   47           (1,263) 
          Accounts payable                                            1,968            2,108  
          Other current liabilities                                    (610)            (866) 
          Deferred credits and noncurrent liabilities                   160            1,433
                                                                   --------         --------
                NET CASH PROVIDED BY OPERATING ACTIVITIES               148              366  

INVESTING ACTIVITIES
  Purchases of marketable securities                                      -           (5,894) 
  Proceeds from sale of marketable securities                         3,845            4,375  
  Purchases of fixed assets                                            (118)             (43) 
  Proceeds from the sale of fixed assets                                  -               26
                                                                   --------         --------
      NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES             3,727           (1,536) 

FINANCING ACTIVITIES
  Proceeds from long-term debt                                       10,057            5,543  
  Principal payments on long-term debt                              (10,057)         ( 5,086) 
  Dividends paid                                                       (219)            (219) 
                                                                   --------         --------
      NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES              (219)             238  
                                                                   --------         --------
                              INCREASE (DECREASE) IN CASH
                                     AND CASH EQUIVALENTS             3,656             (932) 

         CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD             1,720            1,539 
                                                                   --------         --------
               CASH AND CASH EQUIVALENTS AT END OF PERIOD          $  5,376         $    607 
                                                                   ========         ========

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

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

March 31, 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 March 31, 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)

March 31, 1998



NOTE B -- Inventories

The components of inventories consist of the following:

                                                 March 31        December 31
                                                   1998             1997    

    Raw materials and supplies                   $ 6,041           $ 5,585
    Work in process                                  783               596
    Finished goods                                 5,010             4,819
                                                 -------           -------
                                                 $11,834           $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 for the three months 
ended March 31 

                                                   1998             1997    

    Net Income                                   $ 1,567          $ 2,007 
    Other Comprehensive Income:                                           
      Unrealized holding gains (losses)
        on investments available for sale
        arising during the period                    520              (60)
      Less reclassification adjustment                                     
        for gains on investments available   
        for sale                                    (185)            (340)
  Unrealized currency translation adjustments
        arising during the period                     47                -
                                                 -------          -------
    Total Other Comprehensive Income                 382             (400)
                                                 -------          -------
    Total Comprehensive Income                   $ 1,949          $ 1,607
                                                 =======          =======

<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, 1998 and 1997

Income from continuing operations before income taxes and minority interest 
increased in 1998 from 1997 primarily because of an increase in income at 
the Company's (i) printer supplies business, which since October 20, 1997 
has included Kroy, a producer of commercial and industrial labeling 
equipment and supplies, and (ii) construction products business.

Sales increased in 1998 from 1997 primarily because of the inclusion of Kroy 
although all of the Company's operations experienced sales increases in the 
1998 quarter.

Gross profit percentage increased in 1998 from 1997 primarily because of the 
inclusion of Kroy, which maintains a higher gross profit percentage than the 
Company's other businesses.

Selling, general and administrative expenses increased in 1998 from 1997 
because of the inclusion of Kroy.

The change in interest, net, is primarily the result of a decrease in 
interest income because of the purchase and funding of Kroy.

Income before income taxes and minority interest increased to $2,360,000 in 
the quarter ended March 31, 1998, from $2,123,000 in the quarter ended March 
31, 1997.  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 the 1998 period reflects the usage of a portion of the 
deferred tax asset that was recognized at December 31, 1997.

<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

At March 31, 1998, the Company had $27,712,000 of cash, cash equivalents, 
marketable securities and other short-term investments and no 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 and a $3,000,000 working capital line of credit for its 
construction products business.  At March 31, 1998, there were no borrowings 
under either of these lines of credit.  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 March 31, 1998, 
letters of credit aggregating $1,261,600 had been issued, but there were no 
borrowings under this line.  The Company is continually reviewing business 
acquisition opportunities.

Stockholders' equity of $43,779,000 at March 31, 1998 includes Common and 
Preferred stockholders' equity.  In order to calculate Common stockholders' 
equity at March 31, 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 March 31, 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.  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

<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 14, 1998
<PAGE>
                                EXHIBIT INDEX




Financial Data Schedule