<ARTICLE> BD
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-29-1996
<CASH>                                          15,277
<RECEIVABLES>                                1,299,773
<SECURITIES-RESALE>                             23,000
<SECURITIES-BORROWED>                           15,454
<INSTRUMENTS-OWNED>                             42,309
<PP&E>                                          58,061
<TOTAL-ASSETS>                               1,490,082
<SHORT-TERM>                                     7,500
<PAYABLES>                                   1,157,813
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                            261,871
<INSTRUMENTS-SOLD>                               9,140 
<LONG-TERM>                                     30,000
<PREFERRED-MANDATORY>                            3,681
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                     250,520
<TOTAL-LIABILITY-AND-EQUITY>                 1,490,082
<TRADING-REVENUE>                               32,210
<INTEREST-DIVIDENDS>                            25,682
<COMMISSIONS>                                   36,688
<INVESTMENT-BANKING-REVENUES>                        0
<FEE-REVENUE>                                        0
<INTEREST-EXPENSE>                              11,729
<COMPENSATION>                                  31,284
<INCOME-PRETAX>                                 30,639
<INCOME-PRE-EXTRAORDINARY>                      30,639
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    19,083
<EPS-PRIMARY>                                     0.52
<EPS-DILUTED>                                     0.52