Hynes & Howes Insurance Counselors, Inc.
Davenport, Iowa


                          Independent Auditor's Report

I have audited the accompanying balance sheets of Hynes & Howes Insurance
Counselors, Inc. as of September 30, 1996 and 1995, and the related statements
of operation, retained earnings, paid-in-capital, and cash flows for the years
ended September 30 , 1996 and 1995 and 1994.  These financial statements are the
responsibility of the company's management.  My responsibility is to express an
opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement.  An au dit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation.  I believe that my audits provide a reasonable basis for my
opinion.

In my opinion, the financial statements referred to above present fairly, in all
 material respects, the financial position of Hynes & Howes Insurance
 Counselors, Inc. at September 30, 1996 and 1995, and the results of its
 operations and its cash flow for the years ended September 30, 1996, and 1995
 and 1994, in conformity with generally accepted accounting principles.





                                 Everette E. Wilson
                                 Certified Public Accountant

November 20, 1996