<ARTICLE>                                           BD
<LEGEND>
     This  Schedule  contains  summary  financial   information  extracted  from
Consolidated  Statements  of  Financial  Condition  at  September  30,  1998 and
Consolidated Statements of Income (Loss) -- Nine Months ended September 30, 1998
and is  qualified in its  entirety by  reference  to such  financial  statements
included in Form 10-Q for September 30, 1998.

</LEGEND>
<CIK>          0000083125                      
<NAME>         First Montauk Financial Corp.                      
<MULTIPLIER>                   1,000
       
                                                 
<PERIOD-TYPE>                  3-mos
<FISCAL-YEAR-END>              Dec-31-1998
<PERIOD-START>                 Jul-1-1998
<PERIOD-END>                   Sep-30-1998
<CASH>                         98                                    
<RECEIVABLES>                  1836                
<SECURITIES-RESALE>            0                 
<SECURITIES-BORROWED>          0                 
<INSTRUMENTS-OWNED>            2407                
<PP&E>                         1895                
<TOTAL-ASSETS>                 11004                
<SHORT-TERM>                   0                 
<PAYABLES>                     3532                
<REPOS-SOLD>                   0                 
<SECURITIES-LOANED>            0                 
<INSTRUMENTS-SOLD>             20                
<LONG-TERM>                    107                
<PREFERRED-MANDATORY>          0                 
<PREFERRED>                    0                 
<COMMON>                       4921                
<OTHER-SE>                     2424                
<TOTAL-LIABILITY-AND-EQUITY>   11004                
<TRADING-REVENUE>              1307                
<INTEREST-DIVIDENDS>           366                
<COMMISSIONS>                  7199                
<INVESTMENT-BANKING-REVENUES>  74                
<FEE-REVENUE>                  0                 
<INTEREST-EXPENSE>             25                
<COMPENSATION>                 7060                
<INCOME-PRETAX>                (472)                
<INCOME-PRE-EXTRAORDINARY>     (472)                
<EXTRAORDINARY>                0                 
<CHANGES>                      0                 
<NET-INCOME>                   (347)                
<EPS-PRIMARY>                  (.04)                
<EPS-DILUTED>                  (.04)