[ARTICLE] BD

This schedule contains summary financial information extracted from the
Condensed Consolidated Statement of Income and Condensed Consolidated Balance
Sheet of the Company's Form 10-Q for the quarterly period ended September 30,
1994, and is qualified in its entirety by reference to such financial
statements.

[MULTIPLIER] 1000

                             
[PERIOD-TYPE]                   9-MOS
[FISCAL-YEAR-END]                          DEC-31-1994
[PERIOD-START]                              JAN-1-1994
[PERIOD-END]                               SEP-30-1994
[CASH]                                          360479
[RECEIVABLES]                                  2885514
[SECURITIES-RESALE]                            4025034
[SECURITIES-BORROWED]                                0
[INSTRUMENTS-OWNED]                                  0
[PP&E]                                          135985
[TOTAL-ASSETS]                                 7564785
[SHORT-TERM]                                    111462
[PAYABLES]                                     6619560
[REPOS-SOLD]                                         0
[SECURITIES-LOANED]                                  0
[INSTRUMENTS-SOLD]                                   0
[LONG-TERM]                                     206494
[COMMON]                                           595
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[OTHER-SE]                                      441467
[TOTAL-LIABILITY-AND-EQUITY]                   7564785
[TRADING-REVENUE]                               124645
[INTEREST-DIVIDENDS]                            251042
[COMMISSIONS]                                   414008
[INVESTMENT-BANKING-REVENUES]                        0
[FEE-REVENUE]                                   113810
[INTEREST-EXPENSE]                              132928
[COMPENSATION]                                  331140
[INCOME-PRETAX]                                 168357
[INCOME-PRE-EXTRAORDINARY]                      168357
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                    101544
[EPS-PRIMARY]                                     1.74
[EPS-DILUTED]                                     1.74