<ARTICLE>                                           BD
<LEGEND>
     This schedule contains summary financial information extracted from the
Company's  Consolidated  Statement  of  Financial  Condition  at  May  31,  1998
(Unaudited)  and the  Consolidated  Statement of Income for the six months ended
May 31, 1998  (Unaudited)  and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
       
                                            
<PERIOD-TYPE>                                  6-MOS
<FISCAL-YEAR-END>                              NOV-30-1998
<PERIOD-START>                                 DEC-01-1997
<PERIOD-END>                                   MAY-31-1998
<CASH>                                         6,520
<RECEIVABLES>                                  11,651
<SECURITIES-RESALE>                            48,927
<SECURITIES-BORROWED>                          20,702
<INSTRUMENTS-OWNED>                            89,765
<PP&E>                                         465
<TOTAL-ASSETS>                                 179,067
<SHORT-TERM>                                   11,148
<PAYABLES>                                     15,630
<REPOS-SOLD>                                   70,912
<SECURITIES-LOANED>                            7,627
<INSTRUMENTS-SOLD>                             37,364
<LONG-TERM>                                    26,845
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    758
<COMMON>                                       12
<OTHER-SE>                                     4,314
<TOTAL-LIABILITY-AND-EQUITY>                   179,067
<TRADING-REVENUE>                              1,011
<INTEREST-DIVIDENDS>                           7,981
<COMMISSIONS>                                  241
<INVESTMENT-BANKING-REVENUES>                  843
<FEE-REVENUE>                                  0
<INTEREST-EXPENSE>                             7,616
<COMPENSATION>                                 1,277
<INCOME-PRETAX>                                751
<INCOME-PRE-EXTRAORDINARY>                     511
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   511
<EPS-PRIMARY>                                  3.71
<EPS-DILUTED>                                  3.57