SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                   FORM 10-QSB

(X)     QUARTERLY  REPORT  PURSUANT  TO  SECTION  13  OR  15(d)  OF  THE
                        SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended March 31, 1999

                                       OR

( )     TRANSITION  REPORT  PURSUANT  TO  SECTION  13  OR  15(d)  OF  THE
                        SECURITIES EXCHANGE ACT OF 1934
              For the transition period from          to
                                             ---------  ---------

     Commission  File  Number:  0-21609
                                -------


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

           Texas                                     93-1216127
-------------------------------          -----------------------------------
(State or other jurisdiction of          (I.R.S. Employer Identification No.)
incorporation or organization)

          c/o Ann W. Green, 26 Broadway, 8th Floor, New York, NY 10004
          ------------------------------------------------------------
              (Address of principal executive offices)   (Zip Code)

                                 (212) 510-0686
        ----------------------------------------------------------------
                (Issuer's telephone number, including area code)


Check  whether  the Issuer (1) 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    NO   X
          ---     ---

Indicate  the  number  of  shares outstanding of each of the issuer's classes of
common  stock,  as  of  the  latest  practicable  date.


              Class                          Outstanding  at  March 31,  1999
--------------------------------------     ------------------------------------
Common Stock, par value $.10 per share               7,002,964 shares


<PAGE>
<TABLE>
<CAPTION>

                                    - INDEX -

                                                                                 PAGE(S)
                                                                                 -------
<S>         <C>                                                                  <C>
PART I.     Financial Information:

ITEM 1.     Financial Statements

            Condensed Balance Sheets - March 31, 1999 (Unaudited)
            and December 31, 1998                                                     3.

            Condensed Statements of Operations (Unaudited) - Cumulative Period
            During the Development Stage (January 1, 1999 to March 31, 1999)
            and the Three Months Ended March 31, 1999 and 1998                        4.

            Condensed Statements of Cash Flows (Unaudited) - Cumulative Period
            During the Development Stage (January 1, 1999 to March 31, 1999)
            and the Three Months Ended March 31, 1999 and 1998                        5.

            Notes to Interim Condensed Financial Statements (Unaudited)               6.


ITEM 2.     Management's Discussion and Analysis or Plan of Operation                 7.


PART II.    Other Information                                                         8.


SIGNATURES                                                                            9.


EXHIBITS:   Exhibit 27 - Financial Data Schedule

</TABLE>


                                                                         Page 2.
<PAGE>
PART  I.     FINANCIAL  INFORMATION:

ITEM  I.     FINANCIAL  STATEMENTS:

<TABLE>
<CAPTION>
                          CHASE PACKAGING CORPORATION
                          ---------------------------
                          (A DEVELOPMENT STAGE COMPANY)
                          -----------------------------
                            CONDENSED BALANCE SHEETS
                            ------------------------

                                   - ASSETS -

                                                       MARCH        December
                                                      31, 1999      31, 1998
                                                    ------------  ------------
                                                    (UNAUDITED)
<S>                                                 <C>           <C>
CURRENT ASSETS:
     Cash and cash equivalents                      $    10,205   $    11,661
                                                    ------------  ------------

TOTAL ASSETS                                        $    10,205   $    11,661
                                                    ============  ============






                    - LIABILITIES AND SHAREHOLDERS' DEFICIT -
CURRENT LIABILITIES:
      Accrued expenses                              $    23,254   $    23,279
                                                    ------------  ------------

TOTAL CURRENT LIABILITIES                                23,254        23,279
                                                    ------------  ------------




COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' DEFICIT:
Preferred stock $1.00 par value; 4,000,000
 shares authorized, none issued                               -             -
Common stock, $.10 par value 25,000,000 authorized
 7,002,964 issued in 1999 and 1998                      700,296       700,296
Additional paid-in capital                            2,914,207     2,914,207
Accumulated deficit                                  (3,626,121)   (3,626,121)
Deficit accumulated during the development stage         (1,431)            -
                                                    ------------  ------------
                                                        (13,049)      (11,618)
                                                    ------------  ------------

                                                    $    10,205   $    11,661
                                                    ============  ============
</TABLE>

                       See notes to financial statements.


                                                                         Page 3.
<PAGE>
<TABLE>
<CAPTION>

                                 CHASE PACKAGING CORPORATION
                                 ---------------------------
                                (A DEVELOPMENT STAGE COMPANY)
                                -----------------------------
                                   STATEMENTS OF OPERATIONS
                                   ------------------------
                                         (UNAUDITED)

                                             Cumulative During the     Three Months Ended
                                               Development Stage            March 31,
                                              (January 1, 1999 to   -------------------------
                                                  March 31, 1999)       1999         1998
                                            ----------------------  ------------  -----------
<S>                                         <C>                     <C>           <C>
NET SALES                                            $          -   $         -   $        -
                                                     -------------  ------------  -----------

COSTS AND EXPENSES:
  Selling, general and administrative expense               3,479         3,479       15,282
  Interest income                                          (2,048)   ____(2,048)           -
                                                     -------------  ------------  -----------
TOTAL COSTS AND EXPENSES                                    1,431         1,431       15,282
                                                     -------------  ------------  -----------

(LOSS) BEFORE INCOME TAXES                                 (1,431)       (1,431)     (15,282)
  Income tax expense                                            -             -            -
                                                     -------------  ------------  -----------

NET (LOSS)                                           $     (1,431)  $    (1,431)  $  (15,282)
                                                     =============  ============  ===========

WEIGHTED AVERAGE COMMON SHARES
  OUTSTANDING                                           7,002,964     7,002,964    7,002,964
                                                     =============  ============  ===========

(LOSS) PER COMMON SHARE                              $          -   $         -   $        -
                                                     =============  ============  ===========
</TABLE>

                       See notes to financial statements.


                                                                         Page 4.
<PAGE>
<TABLE>
<CAPTION>

                                   CHASE PACKAGING CORPORATION
                                   ---------------------------
                                  (A DEVELOPMENT STAGE COMPANY)
                                  -----------------------------
                                     STATEMENTS OF CASH FLOWS
                                     ------------------------
                                           (UNAUDITED)

                                                       Cumulative During the  Three Months Ended
                                                         Development Stage         March 31,
                                                        (January 1, 1999 to   -------------------
                                                            March 31, 1999)     1999      1998
                                                       ---------------------  --------  ---------
<S>                                                    <C>                    <C>       <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                          $(1,431)  $(1,431)  $(15,282)
  Change in assets and liabilities:
    Accounts receivable                                                   -         -     53,567
    Accounts payable and accrued expenses                               (25)      (25)      (647)
                                                                    --------  --------  ---------
      NET CASH (UTILIZED) PROVIDED BY OPERATING ACTIVITIES           (1,456)   (1,456)    37,638


CASH FLOWS FROM INVESTING ACTIVITIES                                      -         -          -


CASH FLOWS FROM FINANCING ACTIVITIES                                      -         -          -
                                                                    --------  --------  ---------

NET (DECREASE) INCREASE IN CASH                                      (1,456)   (1,456)    37,638

CASH AND CASH EQUIVALENTS, AT BEGINNING OF
  PERIOD                                                             11,661     1,661    126,408
                                                                    --------  --------  ---------

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                         $10,205   $10,205   $164,046
                                                                    ========  ========  =========


SUPPLEMENTAL CASH FLOW INFORMATION
  Cash paid during the period for:
    Interest                                                       $      -   $     -   $      -
</TABLE>

                       See notes to financial statements.


                                                                         Page 5.
<PAGE>

                           CHASE PACKAGING CORPORATION
                           ---------------------------
                          (A DEVELOPMENT STAGE COMPANY)
                          -----------------------------
                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                                 MARCH 31, 1999
                                 --------------
                                   (UNAUDITED)


NOTE 1  - BASIS  OF  PRESENTATION:

          On  June  25,  1997,  Chase  Packaging  Corporation  ("Chase"  or "the
          Company")  announced to employees and creditors that Chase would begin
          an orderly liquidation of all Chase's assets beginning at the close of
          business  on June 30, 1997. On July 25, 1997, the Company notified its
          creditors  by  mail  that  the  Company would commence with an orderly
          liquidation of all its remaining assets outside of a formal bankruptcy
          or  receivership  proceeding  in  a  manner intended to maximize asset
          values. The Company's Board of Directors determined that it was in the
          best  interest of the Company and all of its creditors to liquidate in
          an  orderly  fashion.  The Company ceased all operating activity as of
          June  30,  1997  and liquidation of all of its assets was completed by
          the  trustee  as  of  December  31,  1997.

          The Board of Directors has been devoting its efforts to establishing a
          new  business  and  accordingly,  the  Company  is  being treated as a
          development  stage  company, in accordance with Statement of Financial
          Accounting  Standards  No.  7,  effective  January  1,  1999.

          In  the  opinion  of  management,  the  accompanying unaudited interim
          condensed financial statements of the Company, contain all adjustments
          necessary (consisting of normal recurring accruals or adjustments only
          to  present  fairly  the  Company's financial position as of March 31,
          1999  and  the  results of its operations and cash flows for the three
          month  periods  ended  March  31,  1999  and  1998.

          The  accounting policies followed by the Company are set forth in Note
          2  to the Company's financial statements included in its Annual Report
          on  Form  10-KSB  for  the  year  ended  December  31,  1998  which is
          incorporated  herein  by reference. Specific reference is made to this
          report  for a description of the Company's securities and the notes to
          consolidated  financial  statements.

NOTE 2  - LOSS  PER  COMMON  SHARE:

          Loss  per  common  share  before  and after extraordinary gain for the
          three  month  periods  were  calculated  by  dividing net loss for the
          period  by the number of shares outstanding for the period ended March
          31,  1999  and  1998.


                                                                         Page 6.
<PAGE>
ITEM  2.  MANAGEMENT'S  PLAN  OF  OPERATIONS:


          Chase  Packaging Corporation (the Company) has experienced cash losses
          for  the  past years in spite of numerous infusions of working capital
          and  an  aggressive program of inventory and expense reduction. During
          1997,  the  Board  of Directors determined that an orderly liquidation
          was  in  the best interest of the Company and all of its creditors and
          retained  the  firm  of Edward Hostmann, Inc. to assist the Company in
          such  liquidation.

          As  part  of  the  liquidation  process,  effective July 21, 1997, the
          Company  sold most of its assets in Idaho Falls, Idaho (excluding real
          estate)  to  Lockwood  Packaging Corporation for $330,000. The Company
          also sold the Idaho Falls real estate (land and building). During July
          and  August  of  1997  Chase sold most of its inventory in Portland to
          other  packaging  companies.  The  Company  also  sold  its band label
          extruder  for  $125,000  with  remaining  inventory  and machinery and
          equipment  sold  at  an  August  14  auction  for  gross  proceeds  of
          approximately  $340,000.  As  of  December  31,  1997, the Company had
          completed  the  liquidation  of  all  of  its  assets.

          Effective  January  1,  1999, the Board of Directors has been devoting
          its  efforts  to  establishing  a  new  business  and accordingly, the
          Company is being treated as a development stage company, in accordance
          with  Statement  of  Financial  Accounting Standards No. 7, as of that
          date.  The  Company continues to pay for minor administrative expenses
          and  is  generating  interest  income  on  its  remaining cash balance

          As  a  result of the liquidation completed in 1997, the Company's cash
          balance  as  of  March  31,  1999  was  $10,205.


                                                                         Page 7.
<PAGE>
                           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  Security  Holders

          None

Item  5.  Other  Information

          None

Item  6.  Exhibits  and  Reports

          None


                                                                         Page 8.
<PAGE>
                                   SIGNATURES



In  accordance  with the requirements of the Exchange Act, the registrant caused
this  report  to  be  signed  on  its  behalf by the undersigned, thereunto duly
authorized.



                                        CHASE  PACKAGING  CORPORATION
                                        -----------------------------





                                        -----------------------------
Date:  May  6,  2002                    Ann  W.  Green
                                        (Assistant  Secretary
                                        and  Principal  Financial  and
                                        Accounting  Officer)


                                                                         Page 9.
<PAGE>