<ARTICLE> BD
<LEGEND>
This schedule contains summary  financial extracted from the Company's
Consolidated Statement of Financial Condition at February 29, 1996 (Unaudited)
and the Consolidated Statement of Operations for the three months ended
February 29, 1996 (Unaudited) and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-START>                             DEC-01-1995
<PERIOD-END>                               FEB-29-1996
<CASH>                                           2,213
<RECEIVABLES>                                   10,107
<SECURITIES-RESALE>                             44,094
<SECURITIES-BORROWED>                           12,159
<INSTRUMENTS-OWNED>                             58,687
<PP&E>                                             478
<TOTAL-ASSETS>                                 128,702
<SHORT-TERM>                                     6,996
<PAYABLES>                                       9,442
<REPOS-SOLD>                                    65,627
<SECURITIES-LOANED>                              3,872
<INSTRUMENTS-SOLD>                              23,485
<LONG-TERM>                                     13,471
<COMMON>                                            11
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                        508
<OTHER-SE>                                       3,004
<TOTAL-LIABILITY-AND-EQUITY>                   128,702
<TRADING-REVENUE>                                  413
<INTEREST-DIVIDENDS>                             3,187
<COMMISSIONS>                                       96
<INVESTMENT-BANKING-REVENUES>                      211
<FEE-REVENUE>                                        0
<INTEREST-EXPENSE>                               3,096
<COMPENSATION>                                     416
<INCOME-PRETAX>                                    159
<INCOME-PRE-EXTRAORDINARY>                         104
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       104
<EPS-PRIMARY>                                    $0.79
<EPS-DILUTED>                                    $0.79