Form 12b-25
[As last amended in release No. 34-31905, February 23, 1993, 58 F.R. 14628.]

             U.S. SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549

                           FORM 12b-25

                   NOTIFICATION OF LATE FILING
                           (Check One):

    [  ]Form 10-K [  ] Form 20-F  [  ] Form 11-K [X] Form 10-Q  [  ] Form N-SAR
    For Period Ended:                        March 28, 1997      
    [  ] Transition Report on Form 10-K
    [  ] Transition Report on Form 20-F
    [  ] Transition Report on Form 11-K
    [  ] Transition Report on Form 10-Q
    [  ] Transition Report on Form N-SAR
    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:  BHC Financial, Inc. 
    Former Name if Applicable

    Twelve Hundred 
    One Commerce Square
    2005 Market Street                                           
    Address of Principal Executive Office (Street and Number)

     Philadelphia, Pennsylvania  19103-3212                      
    City, State and Zip Code
                                                                 







Part II - Rules 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 box if appropriate)

[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, Form 20-F, 11-K or Form N-SAR, or portion thereof will be filed on
or before the fifteenth 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

    (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, 20-F, 11-K, 10-Q,
N-SAR or the transaction report or portion thereof could not be filed within
the prescribed time period.

Registrant's password expired and Registrant did not receive a new password
from the Securities and Exchange Commission (the "SEC") in time to file by the
close of business on the required date (May 12, 1997).  The SEC received and
accepted the relevant Report on Form 10-Q at 6:39 p.m. on May 12, 1997 and
assigned it a filing date of May 13, 1997 (8:00 a.m.).

Part IV - Other Information
                                                                             
                                                                       

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

          Brian D. Doerner                        (215)      864-8615
         (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

    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.


       BHC FINANCIAL, 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: May 13, 1997       By:   /s/ Richard M. Bare               
                                   Richard M. Bare                             
                                   Controller

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.
                                                                 

                            ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).