<ARTICLE>       BD
<LEGEND>        
This schedule contains summary financial information extracted from the
consolidated statement of financial condition dated December 31, 1994 and 
the statement of operations for the year ended December 31, 1994 and is 
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER>    1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                           8,241
<RECEIVABLES>                                  163,822
<SECURITIES-RESALE>                                  0
<SECURITIES-BORROWED>                            3,530
<INSTRUMENTS-OWNED>                             23,319
<PP&E>                                           4,779
<TOTAL-ASSETS>                                 222,208
<SHORT-TERM>                                    65,650
<PAYABLES>                                      63,105
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                             43,405     
<INSTRUMENTS-SOLD>                               4,252
<LONG-TERM>                                     11,520
<COMMON>                                           649  
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                      33,577
<TOTAL-LIABILITY-AND-EQUITY>                   222,208 
<TRADING-REVENUE>                               22,567
<INTEREST-DIVIDENDS>                            10,918
<COMMISSIONS>                                   40,024
<INVESTMENT-BANKING-REVENUES>                   11,969
<FEE-REVENUE>                                    2,542
<INTEREST-EXPENSE>                               6,138
<COMPENSATION>                                  60,652
<INCOME-PRETAX>                                (9,221)
<INCOME-PRE-EXTRAORDINARY>                     (9,221)
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (5,503)
<EPS-PRIMARY>                                   (1.29)
<EPS-DILUTED>                                   (1.29)