<ARTICLE>  BD
<LEGEND>                                     
 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION DATED JUNE 30, 1998 AND THE
 STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND IS
   QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

<MULTIPLIER>  1,000
<PERIOD-TYPE>                             6-MOS
<FISCAL-YEAR-END>                         DEC-31-1998
<PERIOD-START>                            JAN-01-1998
<PERIOD-END>                              JUN-30-1998
<CASH>                                         10,074
<RECEIVABLES>                                 240,562
<SECURITIES-RESALE>                                 0
<SECURITIES-BORROWED>                          31,888
<INSTRUMENTS-OWNED>                            30,799
<PP&E>                                          4,259
<TOTAL-ASSETS>                                345,220
<SHORT-TERM>                                   69,600
<PAYABLES>                                     74,736
<REPOS-SOLD>                                        0
<SECURITIES-LOANED>                           132,923
<INSTRUMENTS-SOLD>                              3,508
<LONG-TERM>                                     9,970
<COMMON>                                        1,016
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                         0
<OTHER-SE>                                     53,467
<TOTAL-LIABILITY-AND-EQUITY>                  345,220
<TRADING-REVENUE>                              15,556
<INTEREST-DIVIDENDS>                            9,870
<COMMISSIONS>                                  27,591
<INVESTMENT-BANKING-REVENUES>                   7,230
<FEE-REVENUE>                                   1,686
<INTEREST-EXPENSE>                              5,423
<COMPENSATION>                                 43,883
<INCOME-PRETAX>                                 5,517
<INCOME-PRE-EXTRAORDINARY>                      5,517
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                    3,276
<EPS-PRIMARY>                                     .50
<EPS-DILUTED>                                     .48