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SIGNATURE RONALD F. ROHE
TITLE VICE PRESIDENT
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<NAME> PHILADELPHIA FUND, INC.
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<PAGE>
[LOGO] EAGLE GROWTH SHARES, INC. PHILADELPHIA FUND, INC [LOGO]
Philadelphia Fund, Inc.
File No.: 2-10698
SUB-ITEM 77K: Changes in registrant's certifying accountant.
As of June 25, 1997, the Registrant's Board of Directors selected the
accounting firm of Briggs, Bunting & Dougherty, LLP to serve as the
Registrant's independent certified public accountants for the fiscal
year ended November 30, 1997 to fill a vacancy in such position in
accordance with Section 32(a)(2) of the Investment Company Act of 1940
resulting from Tait, Weller & Baker's resignation on June 24, 1997.
Tait, Weller & Baker had served as the Registrant's independent
certified public accountant for the Registrant's two most recent
fiscal years ended November 30, 1996. Tait, Weller & Baker's report on
the financial statements of the Registrant for that period did not
contain an adverse opinion or disclaimer of opinion or was not
qualified or modified as to uncertainty, audit scope or accounting
principles. There were no disagreements with Tait, Weller & Baker on
any matter of accounting principle or practices, financial statement
disclosure, or auditing scope of procedure for the Registrant's two
most recent fiscal years ended November 30, 1996 and for the interim
period from December 1, 1996 through June 24, 1997.
The Registrant represents that it had not consulted with Briggs,
Bunting & Dougherty, LLP at any time prior to their engagement with
respect to the application of accounting principles to a specified
transaction, either completed or proposed; or the type of audit opinion
that might be rendered on the Registrant's financial statements.
1200 N. Federal Highway, Suite 424, Boca Raton, FL 33432 * (561) 395-2155
<PAGE>
TAIT, WELLER & BAKER
Certified Public Accountants
July 18, 1997
Securities and Exchange Commission
Washington, DC 20549
Re: Philadelphia Fund, Inc.
File No.: 2-10698
Dear Sir or Madam:
We have read Item 77K of the Form N-SAR of Philadelphia Fund, Inc.
for the period ended May 31, 1997, and agree with the statements
contained therein.
Very truly yours,
/s/Tait Weller & Baker
Tait, Weller, & Baker
Philadelphia, PA * New York, NY * Edison, NJ
Two Penn Center, Suite 700, Philadelphia, PA 19102-1707
(215) 568-2209 * FAX (215) 568-1544
