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

<MULTIPLIER>  1,000
<PERIOD-TYPE>                             9-MOS
<FISCAL-YEAR-END>                         DEC-31-1998
<PERIOD-START>                            JAN-01-1998
<PERIOD-END>                              SEP-30-1998
<CASH>                                         15,687
<RECEIVABLES>                                 206,543
<SECURITIES-RESALE>                                 0
<SECURITIES-BORROWED>                           6,100
<INSTRUMENTS-OWNED>                            26,413
<PP&E>                                          4,616
<TOTAL-ASSETS>                                287,311
<SHORT-TERM>                                   24,375
<PAYABLES>                                     76,560
<REPOS-SOLD>                                        0
<SECURITIES-LOANED>                           109,117
<INSTRUMENTS-SOLD>                              1,462
<LONG-TERM>                                    20,570
<COMMON>                                        1,021
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                         0
<OTHER-SE>                                     54,206
<TOTAL-LIABILITY-AND-EQUITY>                  287,311
<TRADING-REVENUE>                              19,792
<INTEREST-DIVIDENDS>                           14,634
<COMMISSIONS>                                  41,822
<INVESTMENT-BANKING-REVENUES>                  13,787
<FEE-REVENUE>                                   2,485
<INTEREST-EXPENSE>                              7,861
<COMPENSATION>                                 65,991
<INCOME-PRETAX>                                 7,079
<INCOME-PRE-EXTRAORDINARY>                      7,079
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                    4,243
<EPS-PRIMARY>                                     .65
<EPS-DILUTED>                                     .62