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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549

                                  FORM 12b-25

                                                   Commission File Number 0-5703
                                                                          ------

                          NOTIFICATION OF LATE FILING

   (Check One): [ ] Form 10-K  [  ] Form 11-K  [  ] Form 20-F  [X] Form 10-Q  
[  ] Form N-SAR



For Period Ended:                SEPTEMBER 30, 1996                                              
                 --------------------------------------------------------------------------------
                                                
[ ] Transition Report on Form 10-K                 [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F                 [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K


For the Transition Period Ended:
                                ------------------------------------------------

         Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.

         If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
                                                       -------------------------

                        PART I.  REGISTRANT INFORMATION

Full name of registrant       SIEBERT FINANCIAL CORP.
                       ---------------------------------------------------------

Former name if applicable     J. MICHAELS, INC.
                         -------------------------------------------------------

                               885 Third Avenue
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Address of principal executive office (Street and number)

City, State and Zip Code  New York, NY 10022
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                       PART II.  RULE 12b-25 (b) AND (c)

         If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed (Check appropriate box.)

[ ]      (a)  The reasons described in reasonable detail in Part III of this
         form could not be eliminated without unreasonable effort or expense;

[X]      (b)  The subject annual report, semi-annual report, transition report
         on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be
         filed on or before the 15th calendar day following the prescribed due
         date; or the subject quarterly report or transition report on Form
         10-Q, or portion thereof will be filed on or before the fifth calendar
         day following the prescribed due date; and

[ ]      (c)  The accountant's statement or other exhibit required by Rule
         12b-25(c) has been attached if applicable.

                              PART III.  NARRATIVE

         State below in reasonable detail the reasons why Form 10-K, 11-K,
20-F, 10-Q, N-SAR or the transition report portion thereof could not be filed
within the prescribed time period.  (Attach extra sheets if needed.)

                          PART IV.  OTHER INFORMATION
     (1)  Name and telephone number of person to contact in regard to this
notification

        T. K. FLATLEY                            (212)     644-2400
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            (Name)                               (Area code)  (Telephone number)





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         (2)  Have all other periodic reports required under Section 13 or
15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter period
that the registrant was required to file such report(s) been filed?  If the
answer is no, identify report(s).
                                                               [X] Yes    [ ] No

         (3)  Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report or
portion thereof?
                                                               [X] Yes   [ ] No

         If so:  attached an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made.

                           SIEBERT FINANCIAL CORP.
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                (Name of registrant as specified in charter)

Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.

Date    NOVEMBER 13, 1996                   By:     T.K. Flatley              
     ----------------------------              ---------------------------------
                                            T. K. Flatley, CFO

                 Instruction.  The form may be signed by an executive officer
         of the registrant or by any other duly authorized representative.  The
         name and title of the person signing the form shall be typed or
         printed beneath the signature.  If the statement is signed on behalf
         of the registrant by an authorized representative (other than an
         executive officer), evidence of the representative's authority to sign
         on behalf of the registrant shall be filed with the form.

                                   ATTENTION

         Intentional misstatements or omissions of fact constitute Federal
criminal violations (see 18 U.S.C. 1001).



         Narrative for Item IV.3

         The Registrant has previously announced that it is discontinuing its
retail furniture business and plans to distribute the proceeds to its
shareholders, so the Registrant's financial statements reflect all of its
operations as a discontinued operation and all of its assets as assets held
for disposal. Subsequent to the end of the fiscal quarter, the merger of
Muriel Siebert Capital Markets Group Inc. with and into J. Michaels, Inc.,
and the change of name to Siebert Financial Corp., was consummated.





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