SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, DC 20549

                                 FORM 12b-25

                                          Commission File Number: 1-09779

                         NOTIFICATION OF LATE FILING

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

   For Period Ended:               December 31, 1997
                  ------------------------------------------------------

   [   ] 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:______________________________________

        READ ATTACHED INSTRUCTION SHEET BEFORE PREPARING FORM.  PLEASE
   PRINT OR TYPE.

        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        NIPSCO Industries, Inc.
                            ---------------------------------------------

   Former name if applicable

   ______________________________________________________________________
   Address of principal executive office (STREET AND NUMBER)

    5265 Hohman Avenue
   ----------------------------------------------------------------------
   City, State and Zip Code   Hammond, Indiana 46320
                              -------------------------------------------





                      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.)

   [ X ]     (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

   [ X ]     (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 of thereof could
   not be filed within the prescribed time period.  (Attach extra sheets
   if needed.)  See attached.

                         PART IV.  OTHER INFORMATION

        (1)  Name and telephone number of person to contact in regard to
   this notification

     Lauralyn G. Bengel                   312             258-5670
   ---------------------------------------------------------------------
        (Name)                        (Area Code)    (Telephone number)

        (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?

                                                      [   ] Yes  [ X ] No

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        If so:  attach 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.

                           NIPSCO Industries, Inc.
   ----------------------------------------------------------------------
                (Name of registrant as specified in charter)

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

   Date      June 25, 1998                 By    /s/ Mark D. Wyckoff
             --------------------               -------------------------

             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.

   This letter serves to meet the requirements of Rule 12b-25(c) as it
   relates to the Form 12b-25 to be filed by NIPSCO Industries, Inc. for
   the IWC Resources Corporation Employee Thrift Plan and the Employees'
   Profit Sharing and Salary Deferral Plan of SM&P Utility Resources,
   Inc., notifying you of a late filing of the Form 11-K for each of the
   Plans for the year ended December 31, 1997.  The Form 11-K requires
   audited financial statements of the Plan and we anticipate being
   unable to complete our audit by the filing deadline due to certain
   delays in the preparation of the financial data.



   Date:     June 25, 1998             /s/ Arthur Andersen LLP
                                      -----------------------------------
                                      Arthur Andersen LLP















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