EXHIBIT 99.2



                       REPORT OF INDEPENDENT ACCOUNTANTS
                                        


To the Stockholders and
Board of Directors of
BHC Financial, Inc.:

We have audited the consolidated statements of financial condition of BHC
Financial, Inc. and Subsidiaries as of December 31, 1996 and the related
consolidated statements of income, stockholders' equity and cash flows for each
of the two years in the period ended December 31, 1996 and the related financial
statement schedules, not separately presented herein.  These consolidated
financial statements are the responsibility of the Company's management.  Our
responsibility is to express an opinion on these consolidated financial
statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit 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.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements and the related financial
statement schedules referred to above present fairly, in all material respects,
the financial position of BHC Financial, Inc. and Subsidiaries as of December
31, 1996 and the results of their operations and their cash flows for each of
the two years in the period ended December 31, 1996 in conformity with generally
accepted accounting principles.



Coopers & Lybrand L.L.P.

2400 Eleven Penn Center
Philadelphia, Pennsylvania
February 14, 1997, except for note 12
as to which the date is March 3, 1997