<ARTICLE> BD
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               MAR-31-1999
<CASH>                                          50,254
<RECEIVABLES>                                1,661,105
<SECURITIES-RESALE>                            255,569
<SECURITIES-BORROWED>                                0<F1>
<INSTRUMENTS-OWNED>                            422,597
<PP&E>                                          46,083
<TOTAL-ASSETS>                               2,644,401
<SHORT-TERM>                                   293,803
<PAYABLES>                                   1,549,544
<REPOS-SOLD>                                    85,684
<SECURITIES-LOANED>                                  0<F2>
<INSTRUMENTS-SOLD>                             257,920
<LONG-TERM>                                    111,018
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         1,586
<OTHER-SE>                                     344,846
<TOTAL-LIABILITY-AND-EQUITY>                 2,644,401
<TRADING-REVENUE>                               42,488
<INTEREST-DIVIDENDS>                            30,860
<COMMISSIONS>                                   83,266
<INVESTMENT-BANKING-REVENUES>                   33,435
<FEE-REVENUE>                                   16,952<F3>
<INTEREST-EXPENSE>                              16,053
<COMPENSATION>                                 130,908
<INCOME-PRETAX>                                 36,145
<INCOME-PRE-EXTRAORDINARY>                      22,590
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    22,590
<EPS-PRIMARY>                                     1.81<F4>
<EPS-DILUTED>                                     1.70<F4>
<FN>
<F1>Included in receivables
<F2>Included in payables
<F3>Includes fees from Asset Management only
<F4>Earnings (loss) per share amounts represent Basic and Diluted as prescribed by
SFAS 128
</FN>