<ARTICLE> BD
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                          24,024
<RECEIVABLES>                                1,078,385
<SECURITIES-RESALE>                                  0
<SECURITIES-BORROWED>                                0<F1>
<INSTRUMENTS-OWNED>                            126,187
<PP&E>                                          29,405
<TOTAL-ASSETS>                               1,346,433
<SHORT-TERM>                                    52,934
<PAYABLES>                                     814,860
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                                  0<F2>
<INSTRUMENTS-SOLD>                              25,842
<LONG-TERM>                                     79,369
<COMMON>                                         1,429
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                     371,999
<TOTAL-LIABILITY-AND-EQUITY>                 1,346,433
<TRADING-REVENUE>                              118,468
<INTEREST-DIVIDENDS>                            68,597
<COMMISSIONS>                                  140,026
<INVESTMENT-BANKING-REVENUES>                  199,145
<FEE-REVENUE>                                   79,252
<INTEREST-EXPENSE>                              21,920
<COMPENSATION>                                 329,504
<INCOME-PRETAX>                                118,281
<INCOME-PRE-EXTRAORDINARY>                           0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    70,871
<EPS-PRIMARY>                                     4.60
<EPS-DILUTED>                                     4.05
<FN>
<F1>Included as part of receivables.
<F2>Included as part of payables.
</FN>