EXHIBIT 99.1




                       REPORT OF INDEPENDENT ACCOUNTANTS
                                        



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

We have audited the consolidated statement of financial condition of BHC
Financial, Inc. and Subsidiaries as of December 31, 1996 and the related
consolidated statement of income, stockholders' equity and cash flows for the
year 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 audit 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 audit provides 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 the year
ended December 31, 1996 in conformity with generally accepted accounting
principles.


/s/ PricewaterhouseCoopers LLP
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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

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