<ARTICLE> BD
<RESTATED> 
<MULTIPLIER> 1,000
       
                                                       
<PERIOD-TYPE>                  12-MOS      3-MOS       6-MOS       9-MOS
<FISCAL-YEAR-END>              DEC-31-1995 DEC-31-1995 DEC-31-1995 DEC-31-1995
<PERIOD-START>                 JAN-01-1995 JAN-01-1996 JAN-01-1996 JAN-01-1996
<PERIOD-END>                   DEC-31-1995 MAR-31-1996 JUN-30-1996 SEP-30-1996
<CASH>                              437167      487289      374728    89567
<RECEIVABLES>                      1102348     1126031     1096615  1267258
<SECURITIES-RESALE>                  80233      224695      144803   208497
<SECURITIES-BORROWED>                    0<F1>       0<F1>       0<F1>    0<F1>
<INSTRUMENTS-OWNED>                 322892      339259      286116   387415
<PP&E>                               31108       30363       32468    33137
<TOTAL-ASSETS>                     2021908     2256786     1982648  2033297
<SHORT-TERM>                         97000      187590      102857   223258
<PAYABLES>                         1372044     1415669     1295831  1100853
<REPOS-SOLD>                        120808       74059       51563   104379
<SECURITIES-LOANED>                      0<F2>       0<F2>       0<F2>    0<F2>
<INSTRUMENTS-SOLD>                   61050      223038      161712   206560
<LONG-TERM>                          41410       37138       33803    30476
<PREFERRED-MANDATORY>                    0           0           0        0
<PREFERRED>                              0           0           0        0
<COMMON>                              1508        1512        1524     1520
<OTHER-SE>                          222494      236646      248436   258685
<TOTAL-LIABILITY-AND-EQUITY>       2021908     2256786     1982648  2033297
<TRADING-REVENUE>                   179180       46478       88927   129280
<INTEREST-DIVIDENDS>                109393       26930       52956    80470
<COMMISSIONS>                       175987       54860      113185   163993
<INVESTMENT-BANKING-REVENUES>        89763       26142       50018    80244
<FEE-REVENUE>                        27088<F3>    8104<F3>   16580<F3>25849<F3>
<INTEREST-EXPENSE>                   64777       14745       28478    42948
<COMPENSATION>                      345834       97112      192863   286914
<INCOME-PRETAX>                      56271       23289       43243    63227
<INCOME-PRE-EXTRAORDINARY>           35873       15080       28108    41098
<EXTRAORDINARY>                          0           0           0        0
<CHANGES>                                0           0           0        0
<NET-INCOME>                         35873       15080       28108    41098
<EPS-PRIMARY>                         2.96<F4>    1.25<F4>    2.32<F4> 3.39<F4>
<EPS-DILUTED>                         2.85<F4>    1.21<F4>    2.24<F4> 3.26<F4>
<FN>
<F1>Included in Receivables
<F2>Included in Payables
<F3>Includes fees from Asset Management only
<F4>Earnings (loss) per share amounts represent basic and diluted as prescribed
under SFAS 128
</FN>