<ARTICLE>                                           BD
<LEGEND>
This  schedule  contains  summary  financial   information  extracted  from  the
Condensed  Consolidated  Statement of Income and Condensed  Consolidated Balance
Sheet of the Company's  Quarterly  Report on Form 10-Q for the quarterly  period
ended June 30,  1997,  and is  qualified  in its  entirety by  reference to such
financial statements.

</LEGEND>                     
<MULTIPLIER>                                         1000
       
                                                   
<PERIOD-TYPE>                                       6-mos
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-END>                                   JUN-30-1997
<CASH>                                          2,643,076
<RECEIVABLES>                                   6,207,301
<SECURITIES-RESALE>                             5,125,028
<SECURITIES-BORROWED>                                   0
<INSTRUMENTS-OWNED>                               189,979
<PP&E>                                            332,664
<TOTAL-ASSETS>                                 14,678,298
<SHORT-TERM>                                      209,317
<PAYABLES>                                     12,821,797
<REPOS-SOLD>                                            0
<SECURITIES-LOANED>                                     0
<INSTRUMENTS-SOLD>                                      0
<LONG-TERM>                                       289,180
<PREFERRED-MANDATORY>                                   0
<PREFERRED>                                             0
<COMMON>                                            1,785
<OTHER-SE>                                        990,979
<TOTAL-LIABILITY-AND-EQUITY>                   14,678,298
<TRADING-REVENUE>                                 132,733
<INTEREST-DIVIDENDS>                              415,464
<COMMISSIONS>                                     536,315
<INVESTMENT-BANKING-REVENUES>                           0
<FEE-REVENUE>                                     196,522
<INTEREST-EXPENSE>                                256,256
<COMPENSATION>                                    444,957
<INCOME-PRETAX>                                   216,063
<INCOME-PRE-EXTRAORDINARY>                        130,697
<EXTRAORDINARY>                                         0
<CHANGES>                                               0
<NET-INCOME>                                      130,697
<EPS-PRIMARY>                                         .72
<EPS-DILUTED>                                         .72