<ARTICLE>      BD
<LEGEND>
This  schedule  contains summary financial information  extracted
from  the  consolidated  statement of financial  condition  dated
December  31, 1995 and the statement of operations for  the  year
ended  December  31,  1995 and is qualified in  its  entirety  by
reference to such financial statements.
</LEGEND>
<MULTIPLIER>   1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<CASH>                                           7,120
<RECEIVABLES>                                  172,998
<SECURITIES-RESALE>                                  0
<SECURITIES-BORROWED>                            4,912
<INSTRUMENTS-OWNED>                             19,521
<PP&E>                                           3,014
<TOTAL-ASSETS>                                 227,288
<SHORT-TERM>                                    86,450
<PAYABLES>                                      71,934
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                             20,555
<INSTRUMENTS-SOLD>                               2,744
<LONG-TERM>                                     10,760
<COMMON>                                           681
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                      34,114
<TOTAL-LIABILITY-AND-EQUITY>                   227,288
<TRADING-REVENUE>                               18,980
<INTEREST-DIVIDENDS>                            13,002
<COMMISSIONS>                                   40,545
<INVESTMENT-BANKING-REVENUES>                   11,674
<FEE-REVENUE>                                    2,617
<INTEREST-EXPENSE>                               8,312
<COMPENSATION>                                  57,187
<INCOME-PRETAX>                                  1,307
<INCOME-PRE-EXTRAORDINARY>                       1,307
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       644
<EPS-PRIMARY>                                     0.14
<EPS-DILUTED>                                     0.14