SECURITIES AND EXCHANGE COMMISSION
                      WASHINGTON, DC  20549

                          FORM 10-Q SB

              QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                OF THE SECURITIES EXCHANGE ACT OF 1934


                  For Quarter Ended October 31, 1996
                Commission File Number: 33-24329 NY

                        READY CAPITAL CORP.
        (Exact name of registrant as specified in its charter)

        New York                               13-3475609 
      -----------                             -------------
 (State or other jurisdiction of             (I.R.S. Employer
 incorporation of organization)              Identification No.)

  416 41st Street, Brooklyn, New York                  11232 
  -----------------------------------                ----------
 (Address of principal executive offices)             (Zip Code)

    Registrant's telephone number, including area code: 718-633-1879


 Indicate by check mark whether the registrant (1) has filed all
 reports required to be filed by Section 13 or 15(d) of the
 Securities Exchange Act of 1934 during the preceding 12 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
              -----       -------

 Indicate the number of shares outstanding of each of the issuer's
 classes of common stock, as of the latest practicable date -- to
 wit:  1,000,000 shares at August 1, 1996.
















<PAGE>
                          Ready Capital Corp.
                            FORM 10-Q SB

                    Quarter Ended October 31, 1996


Part I      Financial Information

          Balance Sheets - October 31, 1996 and January 31, 1996  F-2

          Statement of Operations for nine months ended 
          October 31, 1996 and 1995, the three months
          ended October 31, 1996 and 1995, and inception 
          (February 23, 1988) to October 31, 1996                 F-3

          Statement of Changes in Shareholders' Equity - 
          Inception (February 23, 1988) to October 31, 1996       F-4

          Statement of Cash Flows for the nine months ended 
          October 31, 1996 and 1995 and Inception 
          (February 23, 1988) to October 31, 1996                 F-5

          Notes to Financial Statements                           F-7

          Management Discussion and Analysis of 
                      Quarterly Income                            F-8

Part II   Other Information - Items 1 to 6                        F-9

       Signatures                                                 F-10




























                                 F-1

<PAGE>
                            Ready Capital Corp.
                    (A Development Stage Enterprise)
                              Balance Sheet
                      Quarter Ended October 31, 1996
                                (Unaudited)

                                   ASSETS

                                        October 31,       January 31,
                                            1996             1996 
                                          --------         --------   

Current Assets:
    Cash in bank                             $     0  $        0
                                              ------- ----------- 

    Total Current Assets                           0           0 

Other Assets:
    Loans receivable shareholders                  0           0
                                              -------    -------- 

Total Assets                                 $     0     $     0  
                                              -------    --------


LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
    Accrued expenses payable                  $ 16,951    $ 16,951 

Other Liabilities:
    Loan payable officers                        1,544       1,544 

Shareholders' Equity:
    Common Stock, authorized 25,000,000
    shares, $.001 par value, 
    issued and outstanding, 1,000,000
    and 800,000 shares, respectively             1,000       1,000 
   Additional paid-in capital                  117,329     117,329 
   Deficit accumulated during the
      development stage                       (136,824)   (136,824)
                                              ---------    --------

     Total Shareholders' Equity                (18,495)    (18,495)
                                              ---------    --------
 
     Total Liabilities and
     Shareholders' Equity                  $         0   $       0 
                                              --------   ----------






             SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
           

                               F-2
<PAGE>

                             Ready Capital Corp.
                      (A Development Stage Enterprise)
                         Statement of Operations
                        Quarter Ended October 31, 1996
                               (Unaudited)
 

                                   Nine             Inception
                                   Months       (February 23, 1988)
                                   Ended                 to
                                 October 31,      October 31, 1996 
                                -------------     ----------------- 
                                1996     1995
                               -----     -----

Revenues                    $     0 $     0            $  3,148 

Costs and Expenses                0       0             (63,785) 
                               ------- -------         ----------

Net Operating Loss                0       0             (60,637)

Bad Debts                         0       0             (28,700)

Loss on sale of
  marketable securities           -       -             (47,487)
                              -------   ------         ----------
  
  Net Loss                   $    0  $    0           $(136,824)
                             ------   --------       ------------


Weighted average number of
  common shares outstanding  1,000,000 1,000,000 
                             --------- ---------


 Net Income (Loss) Per Share    Nil      0             0
                              ------   ------       ------------







           SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT


                             F-3






PAGE
<PAGE>
<TABLE>
                                    Ready Capital Corp.
                              A Development Stage Enterprise)
                        Statement of Changes in Shareholders' Equity
                     Inception (February 23, 1988) to October 31, 1996

<CAPTION>
                                                                                Deficit
                                         Common Stock      Additional         Accumulated
                                          Number of         Paid-In             in the
                                      Shares     Amount     Capital         Development Stage
                                    -------- ----------    --------        ------------------
<S>                           <C>           <C>         <C>               <C>        
Inception - February 23, 1988            0      $  0        $    0              $    0 

Issuance of common stock to
  officers, directors and
  founders for cash                600,000       600         1,600                   0 

Proceeds from sale of common
  stock to the public, less
  stock offering costs of
  $34,271                          200,000       200       115,729                   0 

Net Income (Loss)                        0         0             0             (12,561)
                                    ------     -----        ------           -----------

Balance - January 31, 1989         800,000       800       117,329             (12,561)

Net Income (Loss)                        0         0             0             (53,202)
                                   -------      ----        ------            ----------

Balance - January 31, 1990         800,000       800       117,329             (65,763)

Net Income (Loss)                        0         0             0              (7,710)
                                   -------      ----       -------             ---------

Balance - January 31, 1991         800,000       800       117,329             (73,473)

Net Income (Loss)                        0         0             0             (20,862)

<FN>
                                SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
           

                                                     F-4
</TABLE>

PAGE
<PAGE>
<TABLE>
                                  Ready Capital Corp.
                             A Development Stage Enterprise)
                        Statement of Changes in Shareholders' Equity
                     Inception (February 23, 1988) to October 31, 1995

<CAPTION>                                                                      Deficit
                                         Common Stock      Additional         Accumulated
                                          Number of         Paid-In             in the
                                      Shares     Amount     Capital         Development Stage
                                     -------   -------      --------       ------------------
<S>                              <C>           <C>       <C>               <C>                  
Balance - January 31, 1992           800,000       800       117,329            (94,335)

Net Income (Loss)                          0         0             0             (3,138)
                                     -------      ----        -------          ----------

Balance - January 31, 1993           800,000       800       117,329            (97,473)

Net Income (Loss)                          0         0             0             (2,860)
                                     -------       ----      -------           ----------

Balance - January 31, 1994           800,000       800       117,329           (100,333)
   
Shares issued for services           200,000       200             0                  0 

Net Income (Loss)                          0         0             0            ( 4,691)
                                     -------      ----       -------           ---------

Balance - January 31, 1995         1,000,000      1,000       117,329          (105,024)

Net Income (Loss)                          0          0             0           (31,800)
                                   ---------      -----       -------         ----------          

Balance - January 31, 1996         1,000,000      1,000       117,329          (136,824)                                        

Net Income (Loss)                          0          0             0                 0                                
                                   ---------      -----       -------          - --------

Balance - October 31, 1996         1,000,000  $   1,000    $  117,329        $ (136,824)

<FN>
                                SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
           

                                                     F-5






</TABLE>
<PAGE>
                            Ready Capital Corp.
                      (A Development Stage Enterprise)
                         Statement of Cash Flows
                               (Unaudited) 


                                       Nine            Inception
                                      Months       (February 23, 1988)
                                      Ended                to
                                    October 31,       October 31, 1996  
                                  1996        1995 
                               ---------     -------   ------------------
Cash Flows From Operating Activities:
    Net Loss                           $   0      $    0        $(136,824)
    Shares issued for expenses             0           0               200 
    Changes in assets and liabilities: 
        Increase in accrued expenses       0           0            16,951 
          and payables     
    Bad Debts                              0           0            28,700
                                      ------       -----         ---------
  
Funds Used in Operating Activities         0           0           (90,973)
                                       ------       -----         ---------
Cash Flows From Financing Activities:
    Proceeds from loans                                              1,544
    Proceeds from issuance 
       of common stock                     0           0           152,400 
    Payment of deferred offering costs     0           0           (34,271)
    Loans to shareholders
       & Officers                          0           0           (28,700)
                                        ------    -------        -----------
Funds Provided by Financing Activities     0           0            90,973 
                                        ------     ------        -----------
Cash Flows From Investing Activities:
    Purchase (sale) of securities          0           0           (47,488)
    Increase (decrease) on due to
       gain or loss on sale on
       of marketable securities           0            0            47,488 
                                       ------       -----        ----------
Funds Provided By (Used In)
    Investing Activities                  0            0                0 
                                       ------        -----        ---------
Increase (Decrease) in Cash               0            0                0 

Cash Balance - Beginning                  0            0                0 
                                     --------        ----          -------
Cash Balance - End                 $      0    $       0         $      0 
                                   --------     --------         ---------
                                   








             SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
           

                                  F-6

<PAGE>
                            Ready Capital Corp.
                    (A Development Stage Enterprise)
                  Management's Discussion and Analysis of
                       Quarterly Income Statement
                      Quarter Ended October 31, 1996



1.  Basis of Presentation

  The accompanying financial statements, reflect all adjustments, which
  in the opinion of management, are necessary for the fair presentation
  of the financial position and the results of operations for the 
  interim periods presented are not necessarily indicative of the
  results to be expected for the full year.








































             SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
           

                                  F-7
<PAGE>


                           Ready Capital Corp.
                     (A Development Stage Enterprise)
                   Management's Discussion and Analysis of
                        Quarterly Income Statement
                     Quarter Ended October 31, 1996


 The Company is in the development stage and is searching to find and
 acquire a suitable business which the Company would operate directly or
 as a subsidiary corporation.  Ready Capital Corp. had no operations except
 investment and business search activities.








































              SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
           

                                  F-8


<PAGE>




                                Ready Capital Corp.

                           Quarter Ended October 31, 1996


Part II    Other Information


Item 1    Legal Proceedings - None

Item 2    Changes in Securities - None

Item 3    Defaults Upon Senior Securities - None

Item 4    Submission of Matters to a Vote of Securities Holders - None

Item 5    Other Information - None other than already referred to in the 
          instant 10-Q.

Item 6   Exhibits and Reports on Form 8-K - None































                   SEE ACCOMPANING NOTES TO FINANCIAL STATEMENT
           
                                  F-9

<PAGE>
                         
                            Ready Capital Corp.
 
                                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.



 
                                     Ready Capital Corp.




Date:     April 16, 1997            BY: Jeanette Zammetti
          ---------------             ---------------------
                                           President










 













                                    F-10
<PAGE>