<ARTICLE> BD
<LEGEND>
This schedule contains summary financial information extracted from the
Morgan Keegan, Inc. Form 10-Q for the period ended October 31, 1996 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUL-31-1997
<PERIOD-END>                               OCT-31-1996
<CASH>                                          12,982
<RECEIVABLES>                                  337,049
<SECURITIES-RESALE>                            349,774
<SECURITIES-BORROWED>                           13,022
<INSTRUMENTS-OWNED>                            410,134
<PP&E>                                          41,087
<TOTAL-ASSETS>                               1,199,968
<SHORT-TERM>                                   261,527
<PAYABLES>                                     543,760
<REPOS-SOLD>                                    62,098
<SECURITIES-LOANED>                              3,751
<INSTRUMENTS-SOLD>                              83,103
<LONG-TERM>                                     19,908
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        12,768
<OTHER-SE>                                     162,794
<TOTAL-LIABILITY-AND-EQUITY>                 1,199,968
<TRADING-REVENUE>                               28,104
<INTEREST-DIVIDENDS>                            14,734
<COMMISSIONS>                                   16,413
<INVESTMENT-BANKING-REVENUES>                    9,368
<FEE-REVENUE>                                    5,796
<INTEREST-EXPENSE>                              10,336
<COMPENSATION>                                  37,494
<INCOME-PRETAX>                                 11,749
<INCOME-PRE-EXTRAORDINARY>                      11,749
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     7,349
<EPS-PRIMARY>                                     0.36
<EPS-DILUTED>                                     0.36