<ARTICLE> BD
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 
CONSOLIDATED STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET OF THE 
COMPANY'S 1996 ANNUAL REPORT TO STOCKHOLDERS (FILED AS EXHIBIT 13.1 TO FORM 10-K
FOR THE PERIOD ENDED DECEMBER 31, 1996), INCORPORATED HEREIN BY REFERENCE, AND 
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                                                                                            

<PERIOD-TYPE>                   YEAR                   9-MOS                   6-MOS                   3-MOS
YEAR
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1996             DEC-31-1996             DEC-31-1996
             DEC-31-1995
<PERIOD-END>                               DEC-31-1996             SEP-30-1996             JUN-30-1996             MAR-31-1996
             DEC-31-1995
<CASH>                                       1,799,358               1,937,315               1,630,531                 998,959
               1,221,619
<RECEIVABLES>                                5,243,758               4,665,963               4,818,860               4,224,494
               4,088,211
<SECURITIES-RESALE>                          6,069,930               4,946,546               4,153,464               5,275,465
               4,634,298
<SECURITIES-BORROWED>                                0                       0                       0                       0
                       0
<INSTRUMENTS-OWNED>                            127,866                 147,965                 135,612                 118,446
                 113,522
<PP&E>                                         315,376                 289,153                 279,768                 286,695
                 243,472
<TOTAL-ASSETS>                              13,778,768              12,147,205              11,214,000              11,096,973
              10,552,008
<SHORT-TERM>                                   225,136                 153,909                 157,082                 162,435
                 212,961
<PAYABLES>                                  12,054,578              10,568,194               9,667,846               9,645,865
               9,133,222
<REPOS-SOLD>                                         0                       0                       0                       0
                       0
<SECURITIES-LOANED>                                  0                       0                       0                       0
                       0
<INSTRUMENTS-SOLD>                                   0                       0                       0                       0
                       0
<LONG-TERM>                                    283,816                 293,965                 300,084                 279,970
                 246,146
<PREFERRED-MANDATORY>                                0                       0                       0                       0
                       0
<PREFERRED>                                          0                       0                       0                       0
                       0
<COMMON>                                         1,785                   1,785                   1,785                   1,785
                   1,785
<OTHER-SE>                                     852,770                 812,379                 755,479                 681,779
                 631,109
<TOTAL-LIABILITY-AND-EQUITY>                13,778,768              12,147,205              11,214,000              11,096,973
              10,552,008
<TRADING-REVENUE>                              256,902                 192,156                 134,753                  61,634
                 191,392
<INTEREST-DIVIDENDS>                           680,860                 492,998                 321,510                 157,953
                 568,120
<COMMISSIONS>                                  954,129                 712,172                 502,062                 240,913
                 750,896
<INVESTMENT-BANKING-REVENUES>                        0                       0                       0                       0
                       0
<FEE-REVENUE>                                  311,067                 224,514                 144,219                  68,835
                 218,784
<INTEREST-EXPENSE>                             425,872                 307,683                 200,161                  99,009
                 357,223
<COMPENSATION>                                 766,377                 567,845                 396,189                 195,708
                 594,105
<INCOME-PRETAX>                                394,063                 294,866                 198,369                  79,670
                 277,104
<INCOME-PRE-EXTRAORDINARY>                     233,803                 174,106                 117,038                  46,943
                 172,604
<EXTRAORDINARY>                                      0                       0                       0                       0
                       0
<CHANGES>                                            0                       0                       0                       0
                       0
<NET-INCOME>                                   233,803                 174,106                 117,038                  46,943
                 172,604
<EPS-PRIMARY>                                     0.90<F1>                0.67<F1>                0.45<F1>
                    0.18<F1>                      0.67<F1>
<EPS-DILUTED>                                     0.87<F1>                0.65<F1>                0.44<F1>
                    0.18<F1>                      0.64<F1>
<FN>
<F1>Reflects the September 1997 three-for-two common stock split and the adoption
of Statement of Financial Accounting Standards No. 128 -- Earnings Per Share.
</FN>