OMB APPROVAL
                   UNITED STATES                      OMB Number: 3235-0145
           SECURITIES AND EXCHANGE COMMISSION          Expires: October 31, 1994
            Washington, D.C. 20549                    Estimated average burden
                        SCHELDULE 13G


                    Under the Securities Exchange Act of 1934

                               (Amendment No. 1 )*


                               PORTA SYSTEMS CORP
                                (Name of Issuer)


                                     COMMON
                         (Title of Class of Securities)


                                    735647109
                                 (CUSIP Number)


Check the following box if a fee is being paid with this statement
|_|.  (A fee is not required only if the filing person: (1) has a
previous statement on file reporting beneficial ownership of more
than five percent of the class of securities described in Item 1;
and (2) has filed no amendment subsequent thereto reporting
beneficial ownership of five percent or less of such class.)  (See
Rule 13d-7).

*The remainder of this cover page shall be filled out for a
reporting person's initial filing of this form with respect to the
subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.

The information required in the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes).








1        NAME OF REPORTING PERSON
         SS. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                                               INGALLS & SNYDER LLC
                                                    13-5156620

2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) |_|
                                                                      (b) |_|
3        SEC USE ONLY

        CITIZENSHIP OR PLACE OF ORGANIZATION

                                                  NEW YORK STATE

NUMBER OF                5     SOLE VOTING POWER       -0-
SHARES
BENEFICIALLY             6     SHARED VOTING POWER      -0-
OWNED BY
EACH                     7     SOLE DISPOSITIVE POWER   144,275 (Assuming
REPORTING                conversion of $945,000.00 principal amount of the
PERSON                   zero coupon convertible debentures due 1-2-98.)
WITH
                         8     SHARED DISPOSITIVE POWE   -0-
 
 
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         144,275 (Assuming the conversion noted in Item 7 above.)

10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
         SHARES*

11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

         6.4% (Based on 2,231,929 shares outstanding as of November 6,
         1997 pursuant to the Company's Form 10Q for the period ended
         September 30, 1997 and assuming the conversion noted in Item
         7, above).

12       TYPE OF REPORTING PERSON *

                                                      BD




                                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                    Under the Securities Exchange Act of 1934

Item 1. SECURITY AND ISSUER

(a) Title of Class of Equity Securities:            Common
(b) Name and Address of Issuer's              Porta Systems Corp.
    Principal Executive Offices:              575 Underhill Blvd.
                                              Syosset, NY 11791

Item 2.  IDENTITY AND BACKGROUND

(a)      Name:                                 INGALLS & SNYDER LLC

(b)      Address of Principal Business Office: 61 Broadway
                                               New York, NY 10006

(c)      Citizenship:                     New York Limited Liability
                                          Company

(d)      Title of Class of Securities:              Common

(e)      Cusip Number                              735647109

Item 3.  If this statement is filed pursuant to rule 13d-1(b), or
13d-2(b), check whether the person filing is a:

(a)      Broker or Dealer registered under Section 15 of the Act

Item 4.  Ownership

(a)      144,275 (Assuming conversion of $945,000.00 principal amount
         of the zero coupon convertible debentures due 1-2-98).

 
(b)      6.4% (Based on 2,231,929 shares outstanding as of November
         6,1998 pursuant to the Company's Form 10Q for the period ended
         September 30, 1997 and assuming the conversion noted in Item
         4(a), above.)

(c)
         (I)  -0-

         (II) -0-

         (III)                 144,275 (Assuming the conversion noted in Item
                               4(a), above.)

         (IV)                  -0-

Item 5.  Ownership of Five Percent or Less of a Class

                               Not Applicable




Item 6.  Ownership of More than five Percent on Behalf of Another
Person

                               Not Applicable

Item 7.  Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company
 
                               Not Applicable

Item 8.  Identification and Classification of Members of the Group

                               Not Applicable

Item 9.  Notice of Dissolution of Group

                               Not Applicable

Item 10.  Certification

         By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purposes or effect.

                                                     SIGNATURE

         After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
                                                    February 9, 1998



 
                                                    Joseph F. Antizzo,
                                                    Managing Director