<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