<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  September 30, 1997, and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER>                                        1000
       
                             
<PERIOD-TYPE>                   9-mos
<FISCAL-YEAR-END>                            DEC-31-1997
<PERIOD-END>                                 SEP-30-1997
<CASH>                                         2,751,824
<RECEIVABLES>                                  7,477,199
<SECURITIES-RESALE>                            4,694,086
<SECURITIES-BORROWED>                                  0
<INSTRUMENTS-OWNED>                              176,173
<PP&E>                                           335,754
<TOTAL-ASSETS>                                15,631,483
<SHORT-TERM>                                     230,892
<PAYABLES>                                    13,547,923
<REPOS-SOLD>                                           0
<SECURITIES-LOANED>                                    0
<INSTRUMENTS-SOLD>                                     0
<LONG-TERM>                                      319,980
<PREFERRED-MANDATORY>                                  0
<PREFERRED>                                            0
<COMMON>                                           2,677
<OTHER-SE>                                     1,075,292
<TOTAL-LIABILITY-AND-EQUITY>                  15,631,483
<TRADING-REVENUE>                                193,985
<INTEREST-DIVIDENDS>                             651,815
<COMMISSIONS>                                    858,994
<INVESTMENT-BANKING-REVENUES>                          0
<FEE-REVENUE>                                    308,677
<INTEREST-EXPENSE>                               398,594
<COMPENSATION>                                   700,061
<INCOME-PRETAX>                                  343,003
<INCOME-PRE-EXTRAORDINARY>                       207,222
<EXTRAORDINARY>                                        0
<CHANGES>                                              0
<NET-INCOME>                                     207,222
<EPS-PRIMARY>                                        .76
<EPS-DILUTED>                                        .76