<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> 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-END> SEP-30-1997 JUN-30-1997 MAR-31-1997
<CASH> 2,751,824 2,643,076 2,298,901
<RECEIVABLES> 7,477,199 6,207,301 5,749,558
<SECURITIES-RESALE> 4,694,086 5,125,028 5,896,118
<SECURITIES-BORROWED> 0 0 0
<INSTRUMENTS-OWNED> 176,173 189,979 201,919
<PP&E> 335,754 332,664 322,625
<TOTAL-ASSETS> 15,631,483 14,678,298 14,643,061
<SHORT-TERM> 230,892 209,317 190,264
<PAYABLES> 13,547,923 12,821,797 12,874,184
<REPOS-SOLD> 0 0 0
<SECURITIES-LOANED> 0 0 0
<INSTRUMENTS-SOLD> 0 0 0
<LONG-TERM> 319,980 289,180 283,317
<PREFERRED-MANDATORY> 0 0 0
<PREFERRED> 0 0 0
<COMMON> 2,677 1,785 1,785
<OTHER-SE> 1,075,292 990,979 936,090
<TOTAL-LIABILITY-AND-EQUITY> 15,631,483 14,678,298 14,643,061
<TRADING-REVENUE> 193,985 132,733 69,135
<INTEREST-DIVIDENDS> 651,815 415,464 199,853
<COMMISSIONS> 858,994 536,315 274,919
<INVESTMENT-BANKING-REVENUES> 0 0 0
<FEE-REVENUE> 308,677 196,522 94,698
<INTEREST-EXPENSE> 398,594 256,256 123,130
<COMPENSATION> 700,061 444,957 220,838
<INCOME-PRETAX> 343,003 216,063 110,320
<INCOME-PRE-EXTRAORDINARY> 207,222 130,697 66,735
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 207,222 130,697 66,735
<EPS-PRIMARY> 0.79<F1> 0.50<F1> 0.26<F1>
<EPS-DILUTED> 0.76<F1> 0.48<F1> 0.25<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>