U. S. SECURITIES AND EXCHANGE COMMISSION
                           Washington D.C. 20549
                                                                            


                                FORM 10-QSB

[ X ]  Quarterly report under Section 13 or 15 (d) of the Securities Exchange 
       Act of 1934 for the quarterly period ended September 30, 1996

[   ]  Transition report pursuant to Section 13 or 15 (d) of the Securities 
       Exchange Act  of 1934 for the transition period from _____ to _____.

                         Commission File No. 2-97360-A


                        FAST EDDIE RACING STABLES, INC.
            (Exact name of issuer as specified in its charter)

     Florida                                               59-2091510
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                        Identification Number

424 N.E. 10th Street, Boca Raton, Florida                    33432-2938
(Address of Principal Executive Offices)                      (Zip Code)





   Check whether the issuer (1) filed all reports required to be filed by 
section 13 or 15 (d) of the Exchange Act during the past 12 months (or such 
shorter period that the registrant was required to file such reports), and (2) 
has not been subject to such filing requirements for the past 90 days.
Yes______ No   X .

As of September 30, 1996 there were 2,245,500 shares of the Company's common
stock, $.01 par value, outstanding.


<PAGE>  


                
                        FAST EDDIE RACING STABLES, INC.
                            SEPTEMBER 30, 1996
                                (Unaudited)



          INDEX                                               Page No.

PART I - Financial information

     Item I - Financial Statements

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

                Statements of Operations for the nine and three
                months ended September 30, 1996 and 1995         4

                Statements of Cash Flows for the nine
                months ended September 30, 1996 and 1995         5

                Notes to Financial Statements                    6
  
     Item II - Management's Discussion and Analysis of 
               Financial Condition and Results of Operations     7

Signatures                                                       8





                                    2

<PAGE>                       


                     FAST EDDIE RACING STABLES, INC.
                             BALANCE SHEETS
                                (Unaudited)
                                    


     ASSETS                                   September 30,    December 31,    
Current assets:                                     1996           1995     
  Cash and cash equivalents                    $      -       $    -
  Marketable securities                                 0              0
  Other current assets                                  0              0

     Total current assets                               0              0


Standardbred race horses, at cost, net of
  accumulated depreciation                              0              0

Loan to officer                                         0              0

Other assets                                            0              0

     Total assets                               $    -         $    -


          Liabilities and shareholders' equity

Current liabilities:
  Accounts payable and accrued expenses         $       0      $       0

     Total current liabilities                          0              0

                                                       -             -     
Shareholders' equity:
  Common stock, $.01 par value, 5,000,000
    shares authorized; 2,245,500 shares
    issued and outstanding                         22,455         22,455
Additional paid-in capital                        737,200        737,200
Deficit                                          (759,655)      (759,655)
     Total shareholders' equity                         0              0

     Total liabilities and shareholders' equity $    -        $      -

                                       3
 <PAGE>                       
                        
                        FAST EDDIE RACING STABLES, INC.
                           STATEMENTS OF OPERATIONS
                                  (Unaudited)



                                        Three months ended   Nine months ended  
                                           September 30        September 30     
                                            1996    1995      1996     1995

Racing revenues                          $   -    $   -    $   -     $   -   

Racing expenses                                0         0        0         0

                                               0         0        0         0  

Administrative expenses                        0         0        0         0

Income (loss) from operations                  0         0        0         0
 
Other income (expense):
 Interest and other income                     0         0        0         0
 Gain (loss) on marketable securities          0         0        0         0
 Gain (loss) on disposition of race horses     0         0        0         0
 Write off of limited partnership  
  investment                                   0         0        0         0
 Write off of loan to officer                  0         0        0         0
                                               0         0        0         0
Net income (loss)                        $   -    $    -    $   -     $   -     

Net income (loss) per share              $   -    $    -    $   -     $   -







  
                                     4

<PAGE>                       
                       
                       FAST EDDIE RACING STABLES, INC.
                          STATEMENTS OF CASH FLOWS
                                 (Unaudited)


                                                        Nine months ended     
                                                          September 30,       
                                                        1996        1995   
Cash flows from operating activities
  Net income (loss)                                  $   -      $     -   
  
Adjustments to reconcile net loss to net cash                 
  used in operating activities            
    Depreciation                                            0            0  
    Loss (gain) on marketable securities                    0            0
    Loss (gain) on disposition of race horses               0            0
    Loss on write off of limited partnership 
     investment                                             0            0
    Write off of loan receivable - officer                  0            0
    Changes in operating assets and liabilities
      Other current assets                                  0            0   
      Accounts payable and accrued expenses                 0            0
    Total adjustments                                       0            0
    
    Net cash provided (used) in operating                     
             activities                                     0            0
   
   Cash flows from investing activities
     Purchase of standardbred race horses                   0            0
     Sales of standardbred race horses                      0            0
     Purchase and sales of marketable securities, net       0            0
     Investment in limited partnership                      0            0
     Loans (advanced to) repaid by officer                  0            0
     Refund of security deposits                            0            0

 Net cash provided (used) by investing activities           0            0

 Net increase (decrease) in cash                            0            0

Cash, beginning of period                                   0            0

Cash, end of period                                  $    -     $     -




                                      5
<PAGE>
                    
                         FAST EDDIE RACING STABLES, INC.
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.    Interim unaudited financial statements

The accompanying unaudited financial statements have been prepared in 
accordance with the instructions to Form 10-QSB and do not necessarily include 
all of the information and notes required by generally accepted accounting 
principles for complete financial statements.  In the opinion of management, 
all adjustments, consisting of normal recurring accruals, considered necessary 
for a fair presentation have been included. These statements should be read in 
conjunction with the financial statements and notes included in the Company's
annual report on Form 10-KSB.

NOTE 2.    Discontinued operations

During the year ended December 31, 1989, the Company exhausted its financial 
resources and decided to discontinue formal operations.  In connection with 
such decision, the Company  sustained charges to its Statement of Operations 
associated with the cost of disposing of remaining assets and the discharge of 
a personal obligation to the Company by its president aggregating  $78,538 and 
$79,374, respectively.

During the period from discontinuing operations during 1989 through the date of 
this report, the Company has been and remains inactive.






                                  6


<PAGE>


ITEM 2     MANAGEMENT'S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS

Results of operations  

 During the years it conducted operations (1983 - 1989), the Company owned  and 
raced standardbred race horses at facilities in Florida, New York, New Jersey, 
Maryland and California.   Through such period, the Company was not able to 
generate income from operations or  net income.  Accordingly, its resources 
were exhausted and  during  the  year ended December 31, 1989,  the Company 
sold or otherwise disposed of all remaining horses and other assets in order 
to settle outstanding indebtedness.  At that point and through the date hereof 
the Company has been inactive.

Liquidity

 The Company does not currently have any cash or cash equivalents.  Current 
expenses of the Company including licenses, regulatory filings and related 
professional fees have been paid by the Company's President.

Foreign operations
 The Company has not had, and does not presently have any foreign operations.


                                       7
                                                                       
<PAGE>

                                 SIGNATURES

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


                        FAST EDDIE RACING STABLES, INC.

                                         By:/s/ Edward T. Shea, Jr.   
                                            Edward T. Shea, Jr., President

Dated:  November 13, 1996

SIGNATURES

 Pursuant to the requirements of the Securities Act of 1934, this report has 
been signed below by the following persons on the behalf of the registrant in 
the capacity indicated as of the date hereof

 

 Signatures               Titles                           Date


                          President, Principal Operating
                          Officer, Principal Financial
                          Officer, Principal Accounting
/s/ Edward T. Shea, Jr.   Officer                          November 13, 1996
Edward T. Shea, Jr.