<ARTICLE> BD
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          AUG-31-1995
<PERIOD-END>                               FEB-28-1995
<CASH>                                         9988074
<RECEIVABLES>                                291814636
<SECURITIES-RESALE>                                  0
<SECURITIES-BORROWED>                          6145600
<INSTRUMENTS-OWNED>                           20237375
<PP&E>                                         6560701
<TOTAL-ASSETS>                               365615108
<SHORT-TERM>                                  99558928
<PAYABLES>                                   144376410
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                                   0
<LONG-TERM>                                   48500000
<COMMON>                                         94038
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                    57213099
<TOTAL-LIABILITY-AND-EQUITY>                 365615108
<TRADING-REVENUE>                                    0
<INTEREST-DIVIDENDS>                           6544485
<COMMISSIONS>                                 19568675
<INVESTMENT-BANKING-REVENUES>                        0
<FEE-REVENUE>                                        0
<INTEREST-EXPENSE>                             2681488
<COMPENSATION>                                 9293711
<INCOME-PRETAX>                                7000473
<INCOME-PRE-EXTRAORDINARY>                           0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   4039380
<EPS-PRIMARY>                                      .44
<EPS-DILUTED>                                      .41