UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   FORM 10-QSB

(Mark One)
   x             Quarterly Report Pursuant to Section 13 or 15(d) of the
------
                           Securities Exchange Act of 1934

                   For the quarterly period ended March 31, 2005

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 001-12233


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



                Maryland                                     13-3907058
--------------------------------------------------------------------------------
     (State or other jurisdiction of                       (I.R.S. Employer
      incorporation or organization)                       Identification No.)


    11 Hanover Square, New York, New York                       10005
--------------------------------------------------------------------------------
   (Address of principal executive offices)                   (Zip Code)


                                  212-785-0400
--------------------------------------------------------------------------------
                (Company's telephone number, including area code)


     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes          No   X
                                       -----       -----

     The registrant had outstanding 879,571 shares of common stock, par value
$.01 per share, as of June 30, 2005.


<PAGE>



INDEX

                                                                           Page
                                                                          Number

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

Condensed Balance Sheet
 -(Unaudited) March 31, 2005                                                   3

Condensed Statements of Income
 -(Unaudited) Three Months Ended March 31, 2005
    and March 31, 2004 (as restated)                                           4

Condensed Statements of Cash Flows
 -(Unaudited) Three Months Ended March 31,2005
    and March 31, 2004                                                         5

Notes to Condensed Financial Statements (Unaudited)                            6

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operation                                   12

Item 3.  Controls and Procedures                                              16

PART II.  OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders
         During The Period Covered by This Report
                                                                              17
Item 5.  Other Information                                                    17

Item 6.  Exhibits                                                             18

CERTIFICATION SIGNATURES                                                      19



                                      -2-
<PAGE>



Current assets:
  Cash and cash equivalents                                         $  3,353,293
  Receivables, prepaid assets and other                                   70,918
                                                                    ------------
    Total current assets                                               3,424,211
                                                                    ------------

Fifty percent interest in unconsolidated affiliate (Note 8)           10,017,906
Goodwill                                                               1,500,000
Other investments (Note 3)                                               326,605
Deferred taxes                                                           215,251
                                                                    ------------
                                                                      12,059,762

  Total assets                                                      $ 15,483,973
                                                                    ============


LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
  Accounts payable and accrued expenses                                $ 142,740
                                                                       ---------
    Total current liabilities                                            142,740
                                                                       ---------

Commitments and contingencies (Note 9)                                        -

Shareholders' equity: (Note 4)
 Common Stock, $0.01 par value
 10,000,000 shares authorized
    879,591 shares issued and outstanding                                  8,796
 Additional paid-in capital                                           12,642,163
 Retained earnings                                                     2,690,274
                                                                    ------------
Total shareholders' equity                                            15,341,233
                                                                    ------------
Total liabilities and shareholders' equity                          $ 15,483,973
                                                                    ============

See accompanying notes to the condensed financial statements.



                                      -3-
<PAGE>



                                BEXIL CORPORATION
                         CONDENSED STATEMENTS OF INCOME

Three Months
                                                           Ended March 31,
                                                          -----------------
                                                         2005           2004
                                                         ----           ----
                                                     (Unaudited)     (Unaudited)
Revenues:
  Consulting fees                                      $ 37,500        $ 25,000
  Other                                                  25,721          40,441
                                                       --------        --------
                                                         63,221          65,441
                                                       --------        --------

Expenses:
  General and Administrative                            155,508         203,493
  Communications                                          3,403           4,785
  Professional fees                                      16,500          18,798
                                                        -------         -------
                                                        175,411         227,076
                                                        -------         -------
Loss before income taxes and equity in earnings of
   York Insurance Services Group, Inc.                 (112,190)       (161,635)
Income tax expense (benefit) (Note 6)                    11,743         (17,244)
Equity in earnings of York Insurance Services
  Group, Inc.                                           594,420         519,511
                                                        -------         -------

  Net income                                           $470,487        $375,120
                                                       ========        ========

Per share net income:

  Basic                                                  $ 0.53          $ 0.43
  Diluted                                                $ 0.53          $ 0.43

Average shares outstanding:

  Basic                                                 879,591         879,571
  Diluted                                               879,591         880,928


See accompanying notes to the condensed financial statements.



                                       -4-
<PAGE>


                                BEXIL CORPORATION
                       CONDENSED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>

                                                                    Three Months Ended
                                                                          March 31,
                                                                  --------------------------
                                                                  2005                   2004
                                                                  ----                   ----
                                                               (Unaudited)           (Unaudited)
Cash flows from operating activites:
<S>                                                               <C>                     <C>
Net income                                                    $  470,487            $   375,120
Adjustments to reconcile net income to net cash used
in operating activities:
Equity of earnings of York                                      (594,420)              (519,511)
Decrease (increase) in deferred income taxes                       2,743                (26,244)
Net realized gain on investment                                       -                 (13,410)
Increase in prepaid expenses and other assets                    (25,750)               (16,198)
Decrease in accounts payable and accrued expenses               (101,078)              (177,453)
                                                             -----------            -----------
Net cash used in operating activities                           (248,018)              (377,696)
                                                             -----------            -----------

Cash flows from investing activites:
Maturity of investments                                               -              2,300,000
Purchase of investments                                               -                   (560)
                                                             -----------            ----------
Net cash provided by investing activities                             -              2,299,440
                                                             -----------            ----------


Net (decrease) increase in cash and cash equivalents            (248,018)            1,921,744

Cash and cash equivalents:
  Beginning of period                                          3,601,311               199,601
                                                             -----------           -----------
  End of period                                              $ 3,353,293           $ 2,121,345
                                                             ===========           ===========
</TABLE>

Supplemental disclosure:
The Company paid no Federal income taxes for the three months ended March 31,
2005 and 2004.






See accompanying notes to the condensed financial statements.



                                      -5-
<PAGE>



                               BEXIL CORPORATION
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
               For the Three Months Ended March 31, 2005 and 2004
                                   (Unaudited)



1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Nature of Business and Organization

Bexil Corporation ("we", "us", or the "Company"), a Maryland corporation, is a
holding company. We have 10 employees. The Company's primary holding is a 50%
interest in privately held York Insurance Services Group, Inc. ("York"). Our 50%
interest in York is accounted for using the equity method, therefore York's
financial results are not consolidated with our own.

The Company was incorporated in August 1996 under the laws of the State of
Maryland as Bull & Bear U.S. Government Securities Fund, Inc., a non-diversified
closed-end management investment company registered under the Investment Company
Act of 1940 (the "1940 Act"). In October 1996, the Company's predecessor, a
series of shares of Bull & Bear Funds II, Inc., an open-end management
investment company, transferred its net assets to the Company in exchange for
shares of the Company. The Company changed its name to Bexil Corporation in
August 1999. In 2002, the Company filed an application with the Securities and
Exchange Commission (the "SEC") to terminate its registration as an investment
company registered under the 1940 Act.

On January 6, 2004, the Company's application with the SEC to terminate its
registration as an investment company was granted. As a result, the Company is
subject to the reporting and other requirements of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), and is no longer subject to regulation
under the 1940 Act. The Company's shares are listed on the American Stock
Exchange.

York Insurance Services Group, Inc. - Business

York is one of the leading privately owned insurance services business process
sourcing ("BPO") companies in the United States. Since the 1930's, York through
predecessor companies, has served as both an independent adjustment company and
third party administrator ("TPA") providing claims data and risk related
services to insurance companies, self insureds, and intermediaries throughout
the United States. More recently York has established business units in the
program management, licensed private investigation, recovery, environmental
consulting, retail logistics and large/complex loss adjusting markets.

Basis of Presentation

The Company's 50% interest in York is accounted using the equity method and
therefore York's financial results are not consolidated with our own. As fully
described in Note 2 to the condensed financial statements, effective January 1,
2004, and as a consequence of the de-registration, the Company changed its
method of accounting for its 50% interest in York from the fair value method to
the equity method. In preparing financial statements in conformity with
generally accepted accounting principles, management makes estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements, as well as the reported amounts of revenues


                                      -6-
<PAGE>


and expenses during the reporting period. Actual results could differ from those
estimates.

Cash and Cash Equivalents

Investments in money market funds and short-term investments and other
marketable securities maturing in 90 days or less are considered to be cash
equivalents. At March 31, 2005, the Company held approximately $3,104,000 in a
money market fund.

Investment in Unconsolidated Affiliate

Our 50% interest in our unconsolidated affiliate, York, is accounted for using
the equity method. Therefore York's financial results are not consolidated with
our own. See Note 2 to the condensed financial statements for a description of
the transitional adjustment that occurred during the first quarter of 2004.

Marketable Securities

The Company has a material investment in the common stock of a non-public entity
with no readily available market price, and accordingly this security is carried
at the lower of cost or estimated net realizable value.

Goodwill

The Company initially recorded $1,500,000 of goodwill relating to its investment
in York. The Company reviews goodwill for impairment annually. As part of this
review the Company considers financial performance, legal factors, business
climate, and potential action by regulators. The Company believes there has been
no impairment of goodwill as of March 31, 2005.

Income Taxes

The Company's method of accounting for income taxes conforms to Statement of
Financial Accounting Standards No. 109, "Accounting for Income Taxes." This
method requires the recognition of deferred tax assets and liabilities for the
expected future tax consequences of temporary differences between the financial
reporting basis and the tax basis of assets and liabilities.

Reporting Segment

The Company's operations are organized around insurance services and classified
into one group - insurance services. The chief operating decision maker reviews
and considers the consolidated reports of York as the key decision making
information.

Earnings Per Share

Basic earnings per share is computed using the weighted average number of shares
outstanding. Diluted earnings per share is computed using the weighted average
number of shares outstanding adjusted for the incremental shares attributed to
potentially dilutive securities including outstanding exercisable options to
purchase common stock. The following table sets forth the computation of basic
and diluted earnings per share:


                                      -7-
<PAGE>

<TABLE>
<CAPTION>
                                                                    Three Months
                                                                   Ended March 31,
                                                             -------------------------
                                                               2005             2004
                                                               ----             ----
Numerator for basic and diluted earnings per share:
<S>                                                            <C>              <C>
  Net income                                                 $470,487        $ 375,120
                                                             ========        =========

Denominator:
  Denominator for basic
   earning per share:
  Weighted-average shares                                     879,591          879,571
  Effect of dilutive securities:
   Employee stock options                                          -             1,357
                                                              -------          -------

Denominator for diluted earnings per share:
  adjusted weighted-average shares
  and assumed conversion                                      879,591          880,928
                                                              =======          =======
</TABLE>

Management's Use of Estimates


The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Estimates are primarily used in the determination of
equity method goodwill, investment impairment and expenses allocation. Actual
results may differ from those estimates.

Emerging Accounting Standards

On December 16, 2004, the FASB issued Statement No. 123 (Revised 2004),
"Share-Based Payment". This statement requires all entities to recognize
compensation expense in an amount equal to the fair value of share-based
payments (e.g., stock options and restricted stock) granted to employees. This
standard is effective for public companies that file as small business issuers
as of the beginning of the first interim or annual reporting period beginning
after December 15, 2005. We are currently in the process of assessing the impact
that the adoption of this standard will have on our financial statements.


2.CHANGE IN ACCOUNTING PRINCIPLE

Effective with a Securities and Exchange Commission order on January 6, 2004,
the Company ceased to be an investment company pursuant to Section 8(f) of the
1940 Act. As a registered investment company, the Company recorded its net
assets at fair value (or market value). Effective upon de-registration, the
Company commenced reporting its assets and liabilities on a historical cost
basis. Although de-registration occurred on January 6, 2004, for convenience the
Company effected the change as of January 1, 2004 because management deemed
there to be no material change in either the fair value or historical cost of
its net assets in the three business day period from January 1 to January 6,
2004.

As a consequence of the de-registration, the Company changed its method of
accounting for its 50 percent interest in York from the fair value method to the
equity method. In addition, the Company changed its basis of accounting for its
other investment from fair value to cost. For all other assets and

                                      -8-
<PAGE>


liabilities, fair value approximated cost at the time of de-registration and no
additional transition adjustment was required.


3.OTHER INVESTMENTS

As of March 31, 2005, other investments consisted of the following:

                                                    Cost            Market Value
                                                   ------           ------------
Common stock of non-public entity*               $325,000                  *
Other                                               1,605              $1,590
                                                 --------
         Total                                   $326,605
                                                 ========

* No readily determinable market value. A valuation committee meets on a
quarterly basis to determine if there is any asset impairment, by reviewing the
most readily available information about the entity and private stock
transactions, if any. Based upon this analysis, management has determined that
there was no impairment at March 31, 2005.


4.STOCK OPTIONS

On March 25, 2004, the Company's shareholders' approved the adoption a Long-Term
Incentive Plan, which provides for the granting of a maximum of 175,918 options
to purchase common stock to directors, officers and key employees of the Company
or its affiliates. The option price per share may not be less than the fair
value of such shares on the date the option is granted, and the maximum term of
an option may not exceed 5 years. The vesting period is three years of service.

The Company applies APB Opinion No. 25, "Accounting for Stock Issued to
Employees" and related interpretations in accounting for its stock option plan.
Accordingly, no compensation cost has been recognized for its stock option plan.
Pro forma compensation cost for the Company's plan is required by Statement of
Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation" ("SFAS 123") and has been determined based on the fair value at
the grant dates for awards under the plan consistent with the method of SFAS
123. For purposes of pro forma disclosure, the estimated fair value of the
options is amortized to expense over the options' vesting period. The Company's
pro forma information is as follows:

                                                       Three Months
                                                      Ended March 31,
                                           ------------------------------------
                                                2005                 2004
                                                ----                 ----
Net income                  As reported       $470,487             $ 375,120
                              Pro forma       $437,736             $(339,743)

Earnings per share

              Basic         As reported         $ 0.53               $ 0.43
                              Pro forma         $ 0.49              $ (0.39)

              Diluted       As reported         $ 0.53               $ 0.43
                              Pro forma         $ 0.49              $ (0.39)

The fair value of each option grant is estimated as of the date of grants using
the Black-Scholes option-pricing model with the following weighted average

                                      -9-
<PAGE>


assumptions used for grants in 2004; average volatility of 48%; risk-free
interest rate of 2.7% and expected life of 3 years; and, no dividends. A summary
of the status of the Company's stock option plan as of March 31, 2005 are
presented below:

                                                                       Weighted
                                                Number                  Average
                                                  Of                    Exercise
Stock Options                                   Shares                   Price
-------------                                 ---------                ---------

Outstanding at Decemeber 31, 2004               143,000                   $21.47
Granted                                              -                        -
Expired                                              -                        -
                                              ---------               ---------
Outstanding at March 31, 2005                   143,000                   $21.47
                                              ---------

There were 102,214 options exercisable at March 31, 2005 with a weighted-average
exercise price of $20.91. The weighted average fair value of options granted
using the Black-Scholes option-pricing model was $1.99 for the three months
ended March 31, 2005.

The following table summarizes information about stock options outstanding at
March 31, 2005:
<TABLE>
<CAPTION>
                          Options Outstanding                                                Options Excercisable
--------------------------------------------------------------------------------    --------------------------------------
                                          Weighted-Average
     Range of            Number             Remaining           Weighted-Average        Number of       Weighted-Average
 Exercise Prices       Outstanding      Contractual Life         Exercise Price          Options         Exercise Price
 ---------------       -----------      ----------------         --------------          -------         --------------
<S>                         <C>                <C>                     <C>                 <C>                 <C>
  $16.30-$17.85            23,000           4.5 years                $16.50               21,000             $16.37
  $21.59-$23.75           120,000           4.0 years                $22.42               81,214             $22.08
                       ----------                                                       --------
                          143,000           4.1 years                $21.47              102,214             $20.91
                       ==========                                                       ========
</TABLE>

5.401(k) PLAN

The Company has a 401(k) retirement plan for substantially all of its qualified
employees. Contributions to this plan are based upon a percentage of salaries of
eligible employees and are accrued and funded on a current basis. Total plan
expense for the three months ended March 31, 2005 and 2004 was approximately
$5,500 and $8,000, respectively.

6.INCOME TAXES

The income tax expense / (benefit) for the three months ended March 31, 2005 and
2004 is as follows:

                                                Three Months Ended March 31,
                                             ================================
                                                 2005                2004
                                                 ----                ----
Current                                          $ -                 $ -
  State and local                               9,000               9,000
                                                -----               -----

Deferred
  Net operating loss                          (46,000)            (73,000)
  Equity in earnings of York                   48,743              46,756
                                             --------           ---------

                                             $ 11,743           $ (17,244)
                                             ========           =========

                                      -10-
<PAGE>


Deferred taxes are comprised of the following as of March 31, 2005:

   Net operating and capital loss carryforwards                $ (913,719)
   Equity in earnings of York                                     698,468
                                                               ----------
                                                               $ (215,251)

As of March 31, 2005, the Company had net operating loss carryforwards of
approximately $2,000,000 that expire between 2022 and 2024.

The provision for income taxes differs from the federal statutory income tax
rate as a result of the dividends received exclusion (80%) on the equity in
earnings of the unconsolidated affiliate.


7. RELATED PARTIES

Certain officers of the Company also serve as officers and/or directors of
Winmill & Co. Incorporated, Tuxis Corporation, and their affiliates
(collectively, the "Affiliates"). The Company shares office space and various
administrative and other support functions with the Affiliates and pays an
allocated cost based on an estimated assessment of use and other factors. The
Company is expected to reimburse the Affiliates for these costs. At March 31,
2005 the Company had a payable to Affiliates for these costs of $24,000. For the
three months ended March 31, 2005 and 2004 the Company charged operations
approximately $24,000 and $24,000, respectively. The Company has a consulting
agreement with York and earned fees of $37,500 and $25,000 for the three months
ended March 31, 2005 and 2004, respectively.


8.INVESTMENT IN UNCONSOLIDATED AFFILIATE

York's summarized condensed financial information is as follows:

                                   York Insurance Services Group, Inc.
                           -----------------------------------------------------
                             Three Months Ended            Three Months Ended
                               March 31, 2005                March 31, 2004
                           ------------------------    -------------------------

Sales                           $ 16,839,102                  $ 14,617,026
Expenses                        $ 14,706,958                  $ 12,803,075
Net income                      $  1,188,840                  $  1,039,022

Working capital                 $ 15,230,081                  $  9,715,543
Total assets                    $ 32,400,946                  $ 23,893,948
Total liabilities               $ 12,365,134                  $ 10,049,054
Shareholder's equity            $ 20,035,812                  $ 13,844,894

York is a 50% owned unconsolidated affiliate accounted for by the equity method.
At March 31, 2005, the Company's cost of its 50% interest in York exceeds the
underlying equity in net assets as follows:

  Fifty percent interest in York                               $11,517,906
  Equity in net assets of York                                  10,017,906
                                                               -----------
    Goodwill                                                   $ 1,500,000
                                                               ===========

In accordance with Statement of Financial Accounting Standards No. 142,
"Goodwill and Other Intangible Assets" ("SFAS 142"), the equity method goodwill

                                      -11-
<PAGE>


of $1,500,000 is not amortized. The goodwill balance is reviewed for impairment
annually for changes in events or circumstances that would impair the valuation.
The aggregate equity method interest in York of $10,017,906 at March 31, 2005 is
reviewed for impairment at least annually in accordance with SFAS 142.


9.CONTINGENCIES

From time to time, Bexil is threatened or named as defendant in litigation
arising in the normal course of business. As of March 31, 2005, Bexil was not
involved in any litigation that, in the opinion of management, would have a
material adverse impact on its financial statements.


10.PRESENTATION OF RESTATED STATEMENT OF INCOME

The statement of income for the three months ended March 31, 2004 has been
restated to correct the presentation of equity in earnings of York Insurance
Services Group, Inc. The restatement presents the equity in earnings of York
after the income tax expense (benefit) on the statement of income. As originally
reported the equity in earnings of York was presented as a component of
revenues. The correction was deemed necessary in order to conform to the income
statement presentation of equity in earnings of an equity method investee in SEC
Regulation S-X, Rule 5-03(b)(13). For the three months ended March 31, 2004, the
equity in earnings of York was $519,511. The correction had no effect on net
income or earnings per share.



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

The following analysis gives effect to the restatement as discussed in Note 10
to the accompanying condensed financial statements.

Bexil Corporation, a Maryland corporation ("we," "us" or the "Company"), is a
holding company. We have 10 employees.

The Company was incorporated under the laws of the State of Maryland as Bull &
Bear U.S. Government Securities Fund, Inc., a non-diversified closed-end
management investment company registered under 1940 Act. From 1986 through
September 1996, the predecessor operated as a diversified series of shares of
Bull & Bear Funds II, Inc., an open-end management investment company organized
in 1974. In October 1996, the Company's predecessor transferred its net assets
to the Company in exchange for shares of the Company. The Company changed its
name to Bexil Corporation on August 26, 1999. Prior to January 6, 2004, the
Company (including its predecessors) was regulated under the 1940 Act. In 2002,
the Company filed an application with the SEC to terminate its registration as
an investment company registered under the 1940 Act.

On January 6, 2004 the Company's application with the SEC to terminate its
registration as an investment company was granted. As a result, the Company is
subject to the reporting and other requirements of the Exchange Act and is no
longer subject to regulation under the 1940 Act. Bexil is a publicly-held
company listed on the American Stock Exchange.

Bexil's primary holding is comprised of its 50% interest in privately held York
Insurance Services Group, Inc. ("York"). York is one of the leading privately
owned insurance services business process outsourcing ("BPO") companies in the

                                      -12-
<PAGE>


United States. Since the 1930's, York, through predecessor companies, has served
as both an independent adjustment company and third party administrator ("TPA")
providing comprehensive claims, data, and risk related services to insurance
companies, self-insureds, and intermediaries throughout the United States. More
recently York has established business units in the program management, licensed
private investigation, recovery, environmental consulting, retail logistics and
large/complex loss adjusting markets.

Our 50% interest in York is accounted for using the equity method and,
therefore, York's financial results are not consolidated with our own.

         York Industry Profile and Risks

The insurance services industry in which York competes is fragmented and
includes captive and independent service providers. Captives are typically owned
and operated by insurance carriers and brokers. Independents competitors include
a few large, small group of mid-sized, and many small companies. York is one of
the largest independent companies within the mid-sized group. York seeks to
position itself as a nimble, nationwide provider of a broad array of insurance
services. York's objective is to offer its customers the flexibility of the
smaller providers combined with the infrastructure and service offerings of
larger competitors.

York competes in the domestic and international markets for claims
administration, claims adjusting, and related services, which are highly
competitive. A large number of companies compete in varying ways in various
segments of the market. Competitors include those insurance companies that have
their own claims handling capabilities, insurance brokers offering adjusting and
related services to supplement brokerage services, as well as national, regional
and small adjusting companies.

Although there are a large number of property and casualty insurers, the major
insurers, which account for a substantial portion of the market, typically
maintain a staff of adjusters on their payrolls. Generally, insurers use this
staff to adjust automobile and smaller property claims; however many insurers
also have internal adjusting staffs which handle claims that are larger or more
complicated. Nonetheless, to varying degrees, property and casualty insurers
"outsource" claims adjusting, whether entirely, on a multi-policy "program"
basis or, a policy-by-policy basis or on an adjustment-by-adjustment basis.

Insurers have numerous reasons for out-sourcing claims handling. Some insurers
have elected to reduce overhead by eliminating internal claims adjusting
capability in whole or in part. Others have specialized requirements for
specialized adjusting services. Additionally, certain claims may require
adjusting services outside the geographic area that an insurer's staff can
handle conveniently. Insurers' relationships with insureds or managing general
agents, and those parties' relationships with claims administrators, may also
result in an insurer out-sourcing claims. York makes its services available to
those insurers wishing to out-source claims handling.

Insurance markets tend to be cyclical in nature. As markets "harden", premiums,
deductibles and "self-insured retention" amounts tend to increase, while
coverage terms tend to become more restrictive. As markets "soften", the
opposite tends to occur. Different business opportunities arise in all phases of
these cycles. For example, the higher deductibles and self-insured retention
amounts seen during a "hard" market may lead insureds to take a greater degree
of control over the claims handling process. This presents an opportunity for
York to provide service to "self-insured" parties. On the other hand, a "soft"
market will tend to cause insurers to seek to cut costs. One way insurers try to
do this is by reducing the overhead of their in-house

                                      -13-
<PAGE>


claims departments.  This presents an opportunity to York to handle
"out-sourced" claims.

The insurance industry is heavily regulated and has recently been the focus of
intense scrutiny. Business practices of brokers, agents, insurance carriers and
reinsurers have all been under review including many customers and parties that
refer business to York. It is uncertain what impact these recent regulatory
initiatives will have on the insurance industry and ultimately on York's
business. To the extent that these regulatory initiatives lead to changes in the
industry, York believes that both risks to its current business and
opportunities for new business may be created.

York obtains business from numerous sources, including insurers, insurance
brokers, managing general agents ("MGA's"), captives, government agencies,
public entities, private self-insured companies, consultants, and trade
associations. Many of York's sources of revenue often involve multi-party
relationships. For example, an important source of business for York is
industry-specific programs. These programs often involve a large group of
policyholders, a trade association, a managing general agent, in conjunction
with an insurance carrier, each of whom exercise influence over how the program
is managed and who is selected to manage the claims. Despite these multi-party
relationships, York frequently contracts with the insurer. One such insurer
represented approximately 24% and 19% of York's revenue for the three months
ended March 31, 2005 and 2004, respectively, most of which was derived from TPA
services provided on industry-specific program business which also involved
relationships with MGA's and trade associations which are an integral part of
the buying decision. York services less than 5% of their total claims business.
York has also generated revenues with multiple affiliates of this insurer,
representing in the aggregate an additional amount of less than 10% of York's
2005-2004 revenues.

York manages claims for residual market property and auto plans in over 20
states. The selection of York as TPA on these programs is influenced by each
individual state plan, the servicing carrier which manages each plan, the state
departments of insurance which oversee each plan, and the representatives of
insurance companies who serve on the Boards of each plan. York sometimes
contracts directly with the residual market plan, and sometimes with the
servicing carrier, including some of the affiliated insurers referred to above.
In every instance York is approved as claims TPA by the residual market plan in
each state and acts as agents of the plan. In the aggregate, residual market
plans represented approximately 36% and 30% of York's revenue for the three
months ended March 31, 2005 and 2004, respectively. Each of these state residual
market plans is a separate customer relationship and as such, the customer
concentration disclosure above does not reflect any business derived from
residual market plans.

         Liquidity and Capital Resources

At March 31, 2005, the Company had positive working capital of $3,281,471, total
assets of $15,483,973, no long-term debt, and shareholders' equity of
$15,341,233. Total assets and shareholders' equity increased due to an increase
in equity in the earnings of York. The main components of cash flow activity for
2005 was cash used in operating activities. Overall, there was a net decrease in
cash and cash equivalents of $248,018 at March 31, 2005.

Management knows of no contingencies that are reasonably likely to result in a
material decrease in the Company's liquidity or that are likely to materially
adversely affect the Company's capital resources.

                                      -14-
<PAGE>


         Forward Looking Information

Certain written and oral statements made or incorporated by reference from time
to time by the Company in this report, other reports, filings with the
Securities and Exchange Commission, press releases, conferences, or otherwise,
contain "forward looking information" and are "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements. Forward-looking statements may be identified, without limitation,
by the use of such words as "anticipates", "estimates", "expects", "intends",
"plans", "predicts", "projects", "believes", or words or phrases of similar
meaning. Forward-looking statements include risks and uncertainties which could
cause actual results or outcomes to differ materially from those expressed in
the forward-looking statements. In addition to other factors and matters
discussed elsewhere herein, some of the important facts that could cause actual
results to differ materially from those discussed in the forward-looking
statements include the following: changes in general economic conditions in
York's major geographic markets; occurrences of weather-related, natural and
man-made disasters, changes in overall employment levels and associated injury
rates in the United States; changes in the degree to which property and casualty
insurance carriers outsource their claims handling functions; decisions by major
insurance carriers and underwriters and brokers to expand their activities as
third party administrators and adjusters, which would directly compete with
York's business; the ability to identify new revenue sources not directly tied
to the insurance underwriting cycle; the growth of alternative risk programs and
the use of independent third party administrators such as York, as opposed to
administrators affiliated with brokers or insurance carriers; ability to develop
or acquire information technology resources to support and grow York's business;
the ability to recruit, train and retain qualified personnel; the renewal of
existing major contracts with clients and York's ability to obtain such renewals
and new contracts on satisfactory financial terms and the creditworthiness of
its major clients; changes in accounting principles or application of such
principles to York's business; and any other factors referenced or incorporated
by reference in this report and any other publicly filed report. The risks
included above are not exhaustive.

Other sections of this report may include reference to the additional factors
which could adversely impact the Company's and York's business and financial
performance. Moreover, the Company and York operate in a very competitive and
rapidly changing environment. New risk factors emerge from time to time, and it
is not possible for management to predict all such risk factors, nor can it
assess the impact of known risk factors on the Company and York's business or
the extent to which any factor or combination of factors may cause actual
results to differ materially from those contained in any forward-looking
statement. The Company undertakes no obligation to revise or publicly release
the results of any revisions to forward-looking statements or to identify any
new risk factors which may arise. Given these risks and uncertainties, investors
should not place undue reliance on forward-looking statements as a prediction of
actual future results.

Investors should also be aware that while the Company does, from time to time,
communicate with securities analysts, it is against the Company's policy to
disclose to them any material, non-public information. Accordingly, investors
should not assume that the Company agrees with any statement or report issued by
any analyst irrespective of the content of the statement or report. Furthermore,
the Company has a policy against issuing or confirming financial forecasts or
projections issued by others. Thus, to the extent that the reports issued by
securities analysts contain any projections, forecasts, or opinions, such
reports are not the responsibility of the Company.

                                      -15-
<PAGE>


Three Months Ended March 31, 2005 Compared to Three Months Ended March 31, 2004

For the three months ended March 31, 2005 compared to three months ended March
31, 2004, total revenue of $63,221 decreased $2,220 or 3.4% from $65,441, due to
a decrease in other revenue of $14,720 which was partially offset by an increase
in consulting fees of $12,500. Equity in earnings of York of $594,420 increased
$74,909 or 14.4% due to York's increased earnings. York's revenue increased
15.2% over the same period of last year.

Total expenses of $175,411 decreased $51,665 or 22.8% compared to the same
period in 2004. General and administrative expense decreased $47,985 or 23.6%
primarily due to lower employment costs. The remaining expenses of
communications expense and professional fees decreased $3,680.

Net income for the three months ended March 31, 2005 was $470,487 or $0.53 per
share on a diluted basis as compared to net income of $375,120 or $0.43 per
share on a diluted basis for the three months ended March 31, 2004.


Item 3.  Controls and Procedures

Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to
ensure that information required to be disclosed in the Company's reports filed
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the SEC's rules and forms, and
that such information is accumulated and communicated to the Company's
management, including its President and Chief Executive Officer and Principal
Financial Officer, or persons performing similar functions, as appropriate, to
allow timely decisions regarding required disclosure. Management necessarily
applied its judgment in assessing the costs and benefits of such controls and
procedures which, by their nature, can provide only reasonable assurance
regarding management's control objectives. The Company has carried out an
evaluation, under the supervision and with the participation of the Company's
management, including the Company's President and Chief Executive Officer along
with the Company's Principal Financial Officer, of the effectiveness of the
design and operation of the Company's disclosure controls and procedures
pursuant to Exchange Act Rule 13a-15(b). Based on that evaluation, management,
including the Company's President and Chief Executive Officer along with the
Company's Principal Financial Officer, concluded that the Company's disclosure
controls and procedures were not effective as of March 31, 2005, because of
certain control deficiencies outlined below.

On June 15, 2005, the Company inadvertently filed the 2004 Report before all
pending edits and reviews were completed. Because the edits and review
procedures had not been completed, the Company's Chief Financial Officer
determined that the Company's financial statements for the fiscal years ended
December 31, 2004 and 2003 as filed should not be relied upon. On June 20, 2005,
an amended 2004 Report was filed to correct certain errors which resulted from
the inadvertent filing of the 2004 Report on June 15, 2005. The circumstances
surrounding the inadvertent filing and a description of the edits which had not
been completed are described in the Company's Current Report on Form 8-K dated
June 16, 2005, and filed with the SEC on the same date. Moreover, this report on
Form 10-QSB for the quarter ended March 31, 2005 due on May 16, 2005 was not
filed until July 11, 2005, such delay being attributable to the time necessary
to make an accounting presentation of the Company's conversion from an
investment company to an operating company.

In connection with the preparation of the 2004 Annual Report on Form 10KSB/A,
management determined that deficiencies within its disclosure controls and
procedures including internal control over financial reporting existed that
related to the following (1) the Company's internal controls over SEC filings
were not adequate and required further strengthening, (2) the controls over the
application of APB 18 regarding the classification of income from equity
affiliates as disclosed in Note 10 in this Form 10QSB did not operate
effectively, and (3) the controls over the application of APB No. 20 as
disclosed in Note 2 to the 2004 annual report on Form 10KSB/A did not operate
effectively.

                                      -16-
<PAGE>

With respect to the Company's interest in an unconsolidated affiliate, York
Insurance Services Group, Inc., inasmuch as the Company does not control or
manage this entity, the Company's disclosure controls and procedures with
respect to such entity are necessarily more limited than those it maintains with
respect to its operations that it controls and manages.

Changes in Internal Control Over Financial Reporting

There has been no change during the Company's fiscal quarter ended March 31,
2005 in the Company's internal control over financial reporting that was
identified in connection with the foregoing evaluation which has materially
affected, or is reasonably likely to materially affect, the Company's internal
control over financial reporting.


Part II. Other Information

Items 4. Submission of Matters to a Vote of Security Holders During the Period
         Covered by This Report

None

Item 5.  Other Information

     The Company's principal financial officer and principal accounting officer
resigned from that position effective July 11, 2005. The Company appointed a new
principal financial officer and principal accounting officer, Thomas O'Malley,
effective July 11, 2005. Mr. O'Malley also is Chief Financial Officer, Chief
Accounting Officer, and Vice President of Tuxis Corporation and Winmill & Co.
Incorporated and its affiliates ("Winco"), and the investment companies managed
by Winco. Previously, Mr. O'Malley served as Assistant Controller of Reich &
Tang Asset Management, LLC, Reich & Tang Services, Inc., and Reich & Tang
Distributors, Inc. He is a certified public accountant. There is no employment
agreement between the Company and Mr. O'Malley.

                                      -17-
<PAGE>


Item 6. Exhibits and Reports on Form 8-K

None






                                      -18-
<PAGE>


MANAGEMENT'S REPRESENTATION

         The information furnished in this report reflects all adjustments which
are, in the opinion of management, necessary to a fair statement of the results
of the period.

                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                           BEXIL CORPORATION

Dated: July 11, 2005                   By :   /s/Thomas O'Malley
                                              ------------------
                                              Thomas O'Malley
                                              Chief Financial Officer, Chief
                                              Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed by the following persons on behalf of the Company and in the
capacities and on the dates indicated.


July 11, 2005      By:   /s/Thomas B. Winmill
                         -------------------------------------------------------
                         Bassett S. Winmill, Chairman of the Board, Director
                         Thomas B. Winmill on behalf of Bassett S. Winmill by
                         Power of Attorney signed 12/11/01

July 11, 2005      By:   /s/Thomas B. Winmill
                         -------------------------------------------------------
                         Thomas B. Winmill, Esq., President
                         Chief Executive Office, General Counsel, Director

July 11, 2005      By:   /s/Thomas B. Winmill
                         -------------------------------------------------------
                         Charles A. Carroll, Director
                         Thomas B. Winmill on behalf of Charles A. Carroll  by
                         Power of Attorney signed 12/11/01

July 11, 2005      By:   /s/Thomas B. Winmill
                         -------------------------------------------------------
                         Edward G, Webb, Jr., Director
                         Thomas B. Winmill on behalf of Edward G, Webb, Jr.  by
                         Power of Attorney signed 12/11/01

July 11, 2005      By:   /s/Thomas B. Winmill
                         -------------------------------------------------------
                         Douglas Wu, Director
                         Thomas B. Winmill on behalf of Douglas Wu by
                         Power of Attorney signed 12/11/01


                                      -19-
<PAGE>


Certification - Exchange Act Rules 13a-14 and 15d-14

I, Thomas B. Winmill, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Bexil Corporation
("registrant");

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the periods covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e))and internal control over financial reporting (as
defined in Exchange ActRules 13a-15(f) and 15d-15(f) for the registrant and
have:

a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and

d) Disclosed in this report any change in the registrants internal control over
financial reporting that ocurred during the registrants most recent fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the small business issuers' internal control over financial reporting;
and

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing
the equivalen tfunctions):

a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.


Date: July 11,2005

                                                  /s/ Thomas B. Winmill
                                                  -----------------------
                                                  Chief Executive Officer

                                      -20-
<PAGE>


Certification - Exchange Act Rules 13a-14 and 15d-14

I, Thomas O'Malley, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Bexil Corporation
("registrant");

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the periods covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and
have:

a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and

d) Disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the small business issuers' internal control over financial reporting;
and

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of registrant's board of directors
(or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.




Date: July 11, 2005
                                                  /s/ Thomas O'Malley
                                                  -----------------------
                                                  Chief Financial Officer

                                      -21-
<PAGE>


                          CEO CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                           AS ADOPTED PURSUANT TO 906
                        OF THE SARBANES-OXLEY ACT OF 2002






In connection with the Quarterly Report of Bexil Corporation on Form 10-QSB for
the period ending March 31,2005 as filed with the Securities and Exchange
Commission on the date hereof (the "Report"), I, Thomas B. Winmill, Chief
Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley act of 2002, that:


1. The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material
respects, the financial condition and result of operations of the Company.



/s/ Thomas B. Winmill
---------------------
Thomas B. Winmill
Chief Executive Officer
July 11, 2005

                                      -22-
<PAGE>


                         CFO CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                           AS ADOPTED PURSUANT TO 906
                        OF THE SARBANES-OXLEY ACT OF 2002






In connection with the Quarterly Report of Bexil Corporation on Form 10-QSB for
the period ending March 31, 2005 as filed with the Securities and Exchange
Commission on the date hereof (the "Report"), I, William G. Vohrer, Chief
Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material
respects, the financial condition and result of operations of the Company.



/s/Thomas O'Malley
Thomas O'Malley
Chief Financial Officer
July 11, 2005

                                      -23-
<PAGE>