SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549


                          SCHEDULE 13D


            Under the Securities Exchange Act of 1934
                        (Amendment No. 9)


                    Publicker Industries Inc.
                        (Name of Issuer)


                  Common Stock, $.10 par value
                 (Title of Class of Securities)


                            744635103
                         (CUSIP NUMBER)


                     Allan R. Williams, Esq.
              Proskauer Rose Goetz & Mendelsohn LLP
                          1585 Broadway
                    New York, New York  10036
                         (212) 969-3220
          (Name, Address and Telephone Number of Person
        Authorized to Receive Notices and Communications)


                          March 8, 1995
              (Date of Event which Requires Filing
                       of this Statement)

If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this statement because of Rule 13d-1
(b)(3) or (4), check the following box.

Check the following box if a fee is being paid with the
statement.

CUSIP No. 744635103
                               13D

1    NAME OF REPORTING   Harry I. Freund
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a) 
                                                            (b) X

3    SEC USE ONLY

4    SOURCE OF FUNDS*
     WC, 00

5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
     IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)

6    CITIZENSHIP OR PLACE OF ORGANIZATION
     U.S.A.

     NUMBER OF           7    SOLE VOTING POWER
       SHARES                      1,664,897
     BENEFICIALLY
      0WNED BY           8    SHARED VOTING POWER
        EACH                       0
      REPORTING
       PERSON            9    SOLE DISPOSITIVE POWER
        WITH                       1,664,897

                         10   SHARED DISPOSITIVE POWER
                                     329,125

11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                                   1,994,022

12   CHECK BOX IF THE AGGREGATE AMOUNT IN
     ROW (11) EXCLUDES CERTAIN SHARES*                          

13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                                   12.3%

14   TYPE OF REPORTING PERSON*
                                      IN

              *SEE INSTRUCTIONS BEFORE FILLING OUT!

Note:     Pursuant to Rule 101(a)(2)(ii) of Regulation S-T, this
          first electronic amendment to a paper format Schedule
          13D restates the entire text of the Schedule 13D.


Item 1.   Security and Issuer
          This Statement relates to the common stock, par value
$.10 per share ("Common Stock"), of Publicker Industries Inc., a
Pennsylvania corporation (the "Company").  The address of the
Company's principal executive offices is 1445 East Putnam Avenue,
Old Greenwich, Connecticut 06870.
Item 2.   Identity and Background
          The person filing this Statement is Harry I. Freund. 
Mr. Freund is Chairman and co-owner of Balfour Investors
Incorporated ("Balfour"), a registered broker-dealer.  Mr.
Freund's business address is Balfour Investors Incorporated, 45
Rockefeller Plaza, New York, New York 10111.
          During the last five years Mr. Freund has not been
convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or been a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction and
as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such
laws.
Item 3.   Source and Amount of Funds or Other Consideration
          Freund used his personal funds to purchase the shares
of Common Stock and options and warrants to purchase Common Stock
owned directly by him.  The aggregate purchase price was
$337,334.75, consisting of (i) $74,433.75 paid for shares of
Common Stock, (ii) $2,000 paid for an option to purchase 200,000
shares of Common Stock at an exercise price of $2.50 per share,
(iii) $41,401 paid for warrants to purchase 92,160 shares of
Common Stock at an exercise price of $1.92 per share, (iv)
$192,500 paid for warrants to purchase 358,400 shares of Common
Stock at an exercise price of $1.92 per share, and (v) $27,000
paid for warrants to purchase 614,140 shares of Common Stock at
an exercise price of $1.92 per share.  This amount does not
include amounts paid by clients of Balfour for the 329,125 shares
of Common Stock which Balfour holds for clients in its
discretionary accounts, as to which Mr. Freund disclaims
beneficial ownership.  In addition to those shares of Common
Stock and options and warrants to purchase Common Stock reported
as being purchased by Mr. Freund above, Mr. Freund holds options
to purchase 375,000 shares of the Company's Common Stock at
various prices per share pursuant to Publicker's Stock Option
Plans, for which he paid no consideration.
          On March 8, 1995, the Board of Directors of the Company
(with Mr. Freund abstaining) extended the term of certain options
held by Mr. Freund to purchase 200,000 shares of the Company's
Common Stock at an exercise price of $2.50 per share from an
expiration date of April 12, 1995 to April 12, 2000.  The
extension of the term of these options was approved by the Board
of Directors subject to the approval of the Company's
shareholders.  
Item 4.   Purpose of Transaction
          The acquisitions of the shares of Common Stock and
options and warrants to purchase Common Stock were made by Mr.
Freund for investment purposes only.
          Mr. Freund intends continually to review his investment
in the Company and the business, operations, and financial
condition of the Company.  Mr. Freund may in the future,
depending upon his evaluation of the Company's business and
prospects, future developments, and other factors, seek to
exercise the options or warrants, or to sell part or all of the
shares of Common Stock, options or warrants of the Company held
by him or to purchase additional shares of the Common Stock,
options or warrants of the Company to obtain control of the
Company.
          Mr. Freund has no present plans or proposals which
relate to or would result in:  (i) the acquisition by any person
of additional securities of the Company, or the disposition of
securities of the Company; (ii) an extraordinary corporate
transaction, such as a merger, reorganization, or liquidation,
involving the Company or any of its subsidiaries; (iii) a sale or
transfer of a material amount of assets of the Company or any of
its subsidiaries except in so far as his duties as a director may
lead him to examine such possibilities; (iv) any change in the
present Board of Directors or management of the Company,
including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the Board; (v) any
material change in the present capitalization or dividend policy
of the Company; (vi) any other material changes in the Company's
business or corporate structure except in so far as his duties as
a director may lead him to examine such possibilities; (vii)
changes in the Company's charter, by-laws, or other instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Company by any person; (viii)
causing a class of securities of the Company to be delisted from
a national securities exchange or to cease to be authorized to be
quoted in an interdealer exchange in an interdealer quotation
system of a registered national securities association; (ix) a
class of equity securities of the Company becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the
Act; or (x) any action similar to any of those enumerated above. 
Item 4 disclosure provisions regarding any plans or proposals to
make any changes in the Company's investment policy for which a
vote is required by Section 13 of the Investment Company Act of
1940 are inapplicable.
          Mr. Freund continues to hold shares of Common Stock and
options and warrants to purchase Common Stock beneficially owned
by him for investment purposes.
Item 5.   Interest in Securities of the Issuer
          As of the close of business on March 8, 1995, Mr.
Freund may be deemed, pursuant to Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder, to own beneficially 1,994,022, or
12.3%, of the Company's 14,520,100 shares of Common Stock
outstanding as of September 30, 1994.
          Except for the extension of options described in Item
3, there have been no transactions in the Company's Common Stock
effected in the last 60 days in which Mr. Freund may be deemed to
have a beneficial interest.
          Except as to the shares of the Company's Common Stock
held by Balfour for its discretionary clients, Mr. Goldsmith has
the sole power to vote and dispose of the shares of the Company's
Common Stock owned beneficially by him.
Item 6.   Contracts, Arrangements, Understandings or Relationships
          None.
Item 7.   Material to be Filed as Exhibits
          Not applicable.
                            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.

Dated:  March 9, 1995




                              ____________________________
                              Harry I. Freund