<ARTICLE> BD
<LEGEND>
 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
  FROM THE CONSOLIDATED STATEMENT OF FINANCIAL CONDITION DATED
  MARCH 31, 1995 AND THE STATEMENT OF OPERATIONS FOR THE THREE
 MONTHS ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY
             REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                              
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                           DEC-31-1995
<PERIOD-START>                              JAN-01-1995
<PERIOD-END>                                MAR-31-1995
<CASH>                                        7,522,970
<RECEIVABLES>                               147,618,153
<SECURITIES-RESALE>                                   0
<SECURITIES-BORROWED>                         8,329,950
<INSTRUMENTS-OWNED>                          23,316,122
<PP&E>                                        5,115,680
<TOTAL-ASSETS>                              207,404,109
<SHORT-TERM>                                 54,307,000
<PAYABLES>                                   56,647,144
<REPOS-SOLD>                                          0
<SECURITIES-LOANED>                          44,771,213
<INSTRUMENTS-SOLD>                            5,975,673
<LONG-TERM>                                  10,760,000
<COMMON>                                        648,743
<PREFERRED-MANDATORY>                                 0
<PREFERRED>                                           0
<OTHER-SE>                                   34,244,336
<TOTAL-LIABILITY-AND-EQUITY>                207,404,109
<TRADING-REVENUE>                             5,331,299
<INTEREST-DIVIDENDS>                          3,197,690
<COMMISSIONS>                                 9,887,439
<INVESTMENT-BANKING-REVENUES>                   744,840
<FEE-REVENUE>                                   604,131
<INTEREST-EXPENSE>                            2,087,295
<COMPENSATION>                               13,515,637
<INCOME-PRETAX>                                 118,641
<INCOME-PRE-EXTRAORDINARY>                      118,641
<EXTRAORDINARY>                                       0
<CHANGES>                                             0
<NET-INCOME>                                     68,445
<EPS-PRIMARY>                                      0.02
<EPS-DILUTED>                                      0.02