<ARTICLE>  BD
<LEGEND>
 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
  FROM THE CONSOLIDATED STATEMENT OF FINANCIAL CONDITION DATED
JUNE 30, 1995 AND THE STATEMENT OF OPERATIONS FOR THE SIX MONTHS
ENDED JUNE 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
                  TO SUCH FINANCIAL STATEMENTS.
</LEGEND>


<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                           DEC-31-1995
<PERIOD-START>                              JAN-01-1995
<PERIOD-END>                                JUN-30-1995
<CASH>                                        9,528,360
<RECEIVABLES>                               154,299,886
<SECURITIES-RESALE>                                   0
<SECURITIES-BORROWED>                         3,808,900
<INSTRUMENTS-OWNED>                          23,291,031
<PP&E>                                        4,313,137
<TOTAL-ASSETS>                              211,894,420
<SHORT-TERM>                                 61,805,000
<PAYABLES>                                   54,690,568
<REPOS-SOLD>                                          0
<SECURITIES-LOANED>                          38,024,970
<INSTRUMENTS-SOLD>                            7,624,446
<LONG-TERM>                                  10,760,000
<COMMON>                                        648,743
<PREFERRED-MANDATORY>                                 0
<PREFERRED>                                           0
<OTHER-SE>                                   34,290,693
<TOTAL-LIABILITY-AND-EQUITY>                211,894,420
<TRADING-REVENUE>                            10,614,116
<INTEREST-DIVIDENDS>                          6,282,533
<COMMISSIONS>                                20,373,386
<INVESTMENT-BANKING-REVENUES>                 5,126,995
<FEE-REVENUE>                                 1,222,062
<INTEREST-EXPENSE>                            4,082,673
<COMPENSATION>                               28,894,480
<INCOME-PRETAX>                                 601,867
<INCOME-PRE-EXTRAORDINARY>                      601,867
<EXTRAORDINARY>                                       0
<CHANGES>                                             0
<NET-INCOME>                                    360,663
<EPS-PRIMARY>                                      0.09
<EPS-DILUTED>                                      0.09