<ARTICLE>  BD
<LEGEND>
 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
  FROM THE CONSOLIDATED STATEMENT OF FINANCIAL CONDITION DATED
   MARCH 27, 1997 AND THE STATEMENT OF OPERATIONS FOR THE NINE
 MONTHS ENDED MARCH 27, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
             REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>  1,000
<PERIOD-TYPE>                             3-MOS
<FISCAL-YEAR-END>                         DEC-31-1997
<PERIOD-START>                            JAN-01-1997
<PERIOD-END>                              MAR-27-1997
<CASH>                                          6,435
<RECEIVABLES>                                 270,639
<SECURITIES-RESALE>                                 0
<SECURITIES-BORROWED>                          19,569
<INSTRUMENTS-OWNED>                            27,464
<PP&E>                                          2,312
<TOTAL-ASSETS>                                343,196
<SHORT-TERM>                                  166,375
<PAYABLES>                                     63,876
<REPOS-SOLD>                                        0
<SECURITIES-LOANED>                            60,893
<INSTRUMENTS-SOLD>                              3,536
<LONG-TERM>                                    10,000
<COMMON>                                          715
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                         0
<OTHER-SE>                                     38,801
<TOTAL-LIABILITY-AND-EQUITY>                  343,196
<TRADING-REVENUE>                               5,266
<INTEREST-DIVIDENDS>                            4,045
<COMMISSIONS>                                  11,419
<INVESTMENT-BANKING-REVENUES>                   7,696
<FEE-REVENUE>                                     633
<INTEREST-EXPENSE>                              2,351
<COMPENSATION>                                 20,215
<INCOME-PRETAX>                                 2,752
<INCOME-PRE-EXTRAORDINARY>                      2,752
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                    1,647
<EPS-PRIMARY>                                    0.34
<EPS-DILUTED>                                    0.28