<ARTICLE> BD
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                          $4,005
<RECEIVABLES>                                 $138,167
<SECURITIES-RESALE>                             $2,869
<SECURITIES-BORROWED>                         $344,904
<INSTRUMENTS-OWNED>                           $162,311
<PP&E>                                         $12,584
<TOTAL-ASSETS>                                $675,785
<SHORT-TERM>                                  $134,712
<PAYABLES>                                    $107,939
<REPOS-SOLD>                                        $0
<SECURITIES-LOANED>                           $350,577
<INSTRUMENTS-SOLD>                             $10,075
<LONG-TERM>                                     $6,009
<PREFERRED-MANDATORY>                               $0
<PREFERRED>                                         $0
<COMMON>                                           $54
<OTHER-SE>                                     $42,220
<TOTAL-LIABILITY-AND-EQUITY>                  $675,785
<TRADING-REVENUE>                                   $0
<INTEREST-DIVIDENDS>                           $32,240
<COMMISSIONS>                                  $42,711
<INVESTMENT-BANKING-REVENUES>                  $19,558
<FEE-REVENUE>                                  $10,244
<INTEREST-EXPENSE>                             $26,030
<COMPENSATION>                                 $95,691
<INCOME-PRETAX>                                 $9,092
<INCOME-PRE-EXTRAORDINARY>                      $5,500
<EXTRAORDINARY>                                     $0
<CHANGES>                                           $0
<NET-INCOME>                                    $5,500
<EPS-PRIMARY>                                    $1.02
<EPS-DILUTED>                                    $1.02