<ARTICLE> BD
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               SEP-26-1997
<CASH>                                            $321
<RECEIVABLES>                                 $207,118
<SECURITIES-RESALE>                             $3,504
<SECURITIES-BORROWED>                         $587,132
<INSTRUMENTS-OWNED>                           $120,462
<PP&E>                                         $13,246
<TOTAL-ASSETS>                                $955,158
<SHORT-TERM>                                  $203,002
<PAYABLES>                                     $60,837
<REPOS-SOLD>                                    $5,031
<SECURITIES-LOANED>                           $606,583
<INSTRUMENTS-SOLD>                              $4,112
<LONG-TERM>                                     $7,927
<PREFERRED-MANDATORY>                               $0
<PREFERRED>                                         $0
<COMMON>                                           $57
<OTHER-SE>                                     $43,578
<TOTAL-LIABILITY-AND-EQUITY>                  $955,158
<TRADING-REVENUE>                              $47,246
<INTEREST-DIVIDENDS>                           $32,748
<COMMISSIONS>                                  $38,347
<INVESTMENT-BANKING-REVENUES>                  $11,114
<FEE-REVENUE>                                   $8,114
<INTEREST-EXPENSE>                             $28,112
<COMPENSATION>                                 $73,183
<INCOME-PRETAX>                                 $1,501
<INCOME-PRE-EXTRAORDINARY>                        $862
<EXTRAORDINARY>                                   $305
<CHANGES>                                           $0
<NET-INCOME>                                    $1,167
<EPS-PRIMARY>                                    $0.19
<EPS-DILUTED>                                    $0.19