N-23C-1

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C.  20549

FORM N-23C-1

STATEMENT BY REGISTERED CLOSED-END
INVESTMENT COMPANY WITH RESPECT TO PURCHASES OF ITS OWN
SECURITIES PURSUANT TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH

(See rules and instructions on back of this form.  If acknowledgment is desired, file this form with the Commission in triplicate.)

REPORT FOR CALENDAR MONTH ENDING October 31, 2002

                                            Franklin Capital Corporation                                    
(Name of registered closed-end investment company)

 Date of
Each Transaction

Identification
of Security

Number of
Shares Purchased

Price
Per
Share

Approximate Asset
Value or Approximate
Asset Coverage Per Share
at Time of Purchase

 Name of Seller
or of
Seller's Broker
October 16, 2002 Franklin Capital Corporation Common Stock

1,700

$2.95

$1.97

Ladenburg Thalman

October 17, 2002 Franklin Capital Corporation Common Stock

2,300

$2.85

$1.97

Ladenburg Thalman

REMARKS:  

Franklin Capital Corporation

           Name of Registrant
 

By:  /s/Hiram M. Lazar            
          Name Here
          Chief Financial Officer  
                     (Title)

Date of Statement:   November 8, 2002

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