<ARTICLE> BD <PERIOD-TYPE> 3-MOS 6-MOS <FISCAL-YEAR-END> AUG-31-1996 AUG-31-1996 <PERIOD-END> FEB-29-1996 FEB-29-1996 <CASH> 15,599,501 15,599,501 <RECEIVABLES> 455,693,992 456,693,992 <SECURITIES-RESALE> 0 0 <SECURITIES-BORROWED> 6,082,100 6,082,100 <INSTRUMENTS-OWNED> 402,860,581 402,860,581 <PP&E> 7,830,838 7,830,838 <TOTAL-ASSETS> 992,917,731 992,917,731 <SHORT-TERM> 15,633,929 15,633,929 <PAYABLES> 194,593,334 194,593,334 <REPOS-SOLD> 0 0 <SECURITIES-LOANED> 190,325,189 190,325,189 <INSTRUMENTS-SOLD> 0 0 <LONG-TERM> 48,483,000 48,483,000 <PREFERRED-MANDATORY> 0 0 <PREFERRED> 0 0 <COMMON> 117,077 117,077 <OTHER-SE> 81,965,170 81,965,170 <TOTAL-LIABILITY-AND-EQUITY> 992,917,731 992,917,731 <TRADING-REVENUE> 0 0 <INTEREST-DIVIDENDS> 14,388,759 27,060,324 <COMMISSIONS> 39,692,233 73,577,856 <INVESTMENT-BANKING-REVENUES> 0 0 <FEE-REVENUE> 3,044,643 6,313,840 <INTEREST-EXPENSE> 8,432,790 15,393,832 <COMPENSATION> 15,152,180 28,453,956 <INCOME-PRETAX> 14,419,049 25,677,412 <INCOME-PRE-EXTRAORDINARY> 0 0 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> 7,915,725 14,147,939 <EPS-PRIMARY> .68 1.22 <EPS-DILUTED> .60 1.09