<ARTICLE> BD
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 
CONSOLIDATED STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET OF THE COMPANY'S
1997 ANNUAL REPORT TO STOCKHOLDERS, WHICH ARE INCORPORATED HEREIN BY REFERENCE 
TO EXHIBIT NO. 13.1 OF THIS REPORT, FOR THE PERIOD ENDED DECEMBER 31, 1997, AND 
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                       2,864,284
<RECEIVABLES>                                8,018,583
<SECURITIES-RESALE>                          4,707,187
<SECURITIES-BORROWED>                                0
<INSTRUMENTS-OWNED>                            282,569
<PP&E>                                         342,273
<TOTAL-ASSETS>                              16,481,707
<SHORT-TERM>                                   268,644
<PAYABLES>                                  14,228,865
<REPOS-SOLD>                                         0
<SECURITIES-LOANED>                                  0
<INSTRUMENTS-SOLD>                                   0
<LONG-TERM>                                    361,049
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         2,677
<OTHER-SE>                                   1,142,440
<TOTAL-LIABILITY-AND-EQUITY>                16,481,707
<TRADING-REVENUE>                              257,985
<INTEREST-DIVIDENDS>                           900,035
<COMMISSIONS>                                1,174,023
<INVESTMENT-BANKING-REVENUES>                        0
<FEE-REVENUE>                                  427,673
<INTEREST-EXPENSE>                             546,483
<COMPENSATION>                                 961,824
<INCOME-PRETAX>                                447,247
<INCOME-PRE-EXTRAORDINARY>                     270,277
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   270,277
<EPS-PRIMARY>                                     1.03<F1>
<EPS-DILUTED>                                      .99<F1>
<FN>
<F1>Reflects the September 1997 three-for-two common stock split and prior
Financial Data Schedules have not been restated for the recapitalization.
</FN>