<PAGE>
                   SECURITIES AND EXCHANGE COMMISSION

                        Washington, D.C.  20549
                        ______________________

                             FORM 10-Q

         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)

             OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended   June 27, 1997
Commission file number   0-16633

                THE JONES FINANCIAL COMPANIES, L.P., LLP
______________________________________________________________________
         (Exact name of registrant as specified in its charter)

      MISSOURI                                     43-1450818
______________________________________________________________________
      (State or other jurisdiction of             (IRS Employer
      incorporation or organization)              Identification No.)

      201 Progress Parkway
      Maryland Heights, Missouri                   63043
______________________________________________________________________
      (Address of principal executive offices)    (Zip Code)

Registrant's telephone number, including area code (314) 515-2000
                                                  __________________

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports,
and (2) has been subject to such filing requirements for the past 90
days.
                                      YES      X         NO
                                             ____            ____

As of the filing date, there are no voting securities held by no voting
securities held by non-affiliates of the Registrant.


















<PAGE>
                  THE JONES FINANCIAL COMPANIES, L.P., LLP

                                INDEX
                                                             Page
                                                           Number
Part I.FINANCIAL INFORMATION

Item 1.Financial Statements

      Consolidated Statement of Financial Condition ...........3
      Consolidated Statement of Income  .......................5
      Consolidated Statement of Cash Flows ....................6
      Consolidated Statement of Changes in Partnership Capital 7
      Notes to Consolidated Financial Statements ..............8

Item 2.Management's Discussion and Analysis of Financial
      Condition and Results of Operations .....................9

Part II.OTHER INFORMATION

Item 1.Legal Proceedings.......................................13

      Signatures ..............................................14





































<PAGE>
               THE JONES FINANCIAL COMPANIES, L.P., LLP

             CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

                                ASSETS
                             (Unaudited)

                                        June 27,    December 31,
(Amounts in thousands)                      1997          1996

Cash and cash equivalents             $  45,207      $  64,858
Securities purchased under agreements
  to resell                              21,450        145,000

Receivable from:
  Customers                             697,346        615,399
  Brokers or dealers and clearing
      organizations                      22,879         14,978
  Mortgages and loans                    71,281         66,116

Securities owned, at market value:
  Inventory securities                   63,223         58,373
  Investment securities                 171,322        171,177

Equipment, property and improvements    183,491        173,719

Other assets                             71,453         70,796
                                      _________      _________

                                    $  1,347,652 $   1,380,416

The accompanying notes are an integral part of these financial
statements.



























<PAGE>
               THE JONES FINANCIAL COMPANIES, L.P., LLP

             CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

               LIABILITIES AND PARTNERSHIP CAPITAL
                            (Unaudited)

                                        June 27,    December 31,
(Amounts in thousands)                     1997           1996

Bank loans                            $   5,450      $  2,750

Payable to:
  Customers                             533,424       591,931
  Brokers or dealers and clearing
    organizations                        13,771        12,999
  Depositors                             64,693        63,125

Securities sold but not yet purchased,
  at market value                        22,854        13,215

Accounts payable and accrued expenses    61,067        54,115

Accrued compensation and employee benefits 89,575      88,474

Long-term debt                           61,450        67,190
                                      _________      ________

                                        852,284       893,799
Liabilities subordinated to claims
  of general creditors                  216,500       216,500

Partnership capital                     265,202       248,157

Partner's capital reserved for
  anticipated withdrawals                13,666        21,960
                                      _________      ________

                                        278,868       270,117
                                      _________      ________

                                    $  1,347,652 $  1,380,416

The accompanying notes are an integral part of these financial
statements.















<PAGE>
           THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP

                   CONSOLIDATED STATEMENT OF INCOME
                             (Unaudited)

                           Three Months Ended      Six Months Ended
(Amounts in thousands      June 27,  June 28,    June 27,    June 28,
except per unit information)  1997     1996        1997        1996
Revenues:
  Commissions              $ 181,941 $ 159,936 $ 352,418 $  320,132
  Principal transactions      49,610    52,993    98,189     86,707
  Investment banking           2,964     3,895     6,301      6,878
  Interest and dividends      22,494    17,064    41,230     32,218
  Other                       21,948    17,480    42,677     32,694
                           _________   _______    ______    _______
                             278,957   251,368   540,815    478,629
                           _________   _______    ______    _______

Expenses:
  Employee and partner compensation
    and benefits            158,617   147,995   308,368    278,922
  Occupancy and equipment    32,467    25,120    63,070     48,494
  Communications and data
    processing               20,567    18,630    37,667     34,342
  Interest                   10,900     8,225    21,174     16,100
  Payroll and other taxes     8,428     7,249    19,169     16,669
  Floor brokerage and clearance
    fees                      1,877     1,865     3,676      3,531
  Other operating expenses   17,642    16,384    35,483     31,448
                          _________   _______    ______    _______
                            250,498   225,468   488,607    429,506
                          _________   _______    ______    _______
  Net income              $  28,459 $  25,900 $  52,208 $   49,123
                          =========   =======    ======    =======
Net income allocated to:
  Limited partners        $   4,133 $   4,623 $   7,621 $    8,792
  Subordinated limited 
   partners                   3,042     2,650     5,674      5,120
  General partners           21,284    18,627    38,913     35,211
                          _________   _______    ______    _______
                          $  28,459 $  25,900 $  52,208 $   49,123
                          =========   =======    ======    =======
 Net income per weighted average
     $1,000 equivalent partnership
     units outstanding:
       Limited partners  $   43.92  $   47.57 $   80.53 $    90.18
                          ========    =======    =======   =======
     Subordinated limited
        partners         $   81.78  $   84.94 $  152.44 $   163.92
                          ========    =======    =======   =======
Weighted average $1,000 equivalent
  partnership units outstanding:
       Limited partners     94,102     97,177    94,631     97,491
                          ========    =======    =======   =======
Subordinated limited 
  partners                  37,196     31,200    37,217     31,234
                          ========    =======    =======   =======
The accompanying notes are an integral part of these statements.


<PAGE>
            THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP

                    CONSOLIDATED STATEMENT OF CASH FLOWS
                               (Unaudited)

                                           Six Months Ended
                                        June 27,       June 28,
(Amounts in thousands)                    1997           1996
Cash Flows Provided by Operating Activities:
  Net income                          $  52,208      $  49,123
  Adjustments to reconcile net income to
  net cash provided by operating activities:
  Depreciation and amortization          18,270         13,082
  Increase in net receivable from
     customers                         (140,454)        (7,299)
  Decrease in securities held for
     repurchase                         123,550         (1,385)
  Decrease (increase) in net receivable from/
  payable to brokers or dealers and clearing
  organizations                          (7,129)        15,964
  Increase in receivable from mortgages
     and loans                           (5,165)        (1,695)
  Decrease in securities owned, net       4,644         29,988
  Increase (decrease) in payable to
     depositors                           1,568           (541)
  Increase in accounts payable and accrued
     expenses                             8,053          8,231
  Other assets                             (657)         5,274
                                        _______       ________
  Net cash provided by operating
     activities                          54,888        110,742
                                        _______        _______
Cash Flows Used by Investing Activities:
  Purchase of equipment, property and
    improvements                        (28,042)       (26,666)
                                        ________       _______
Cash Flows Used by Financing Activities:
  Issuance of bank loans                  2,700              -
  Repayment of bank loans                     -        (32,503)
  Issuance of long-term debt                  -          6,698
  Repayment of long-term debt            (5,740)        (4,551)
  Issuance of partnership interests       8,833          3,365
  Redemption of partnership interests    (2,526)        (2,572)
  Withdrawals and distributions from
  partnership capital                   (49,764)       (41,816)
                                      _________       ________
  Net cash used by financing activities (46,497)       (71,379)
                                      _________       ________
  Net (decrease) increase in cash and
    cash equivalents                    (19,651)        12,697

Cash and Cash Equivalents,
   beginning of period                   64,858         44,112
                                      _________       ________
Cash and Cash Equivalents,
   end of period                      $  45,207       $ 56,809

Interest payments for the periods were $20,534 and $15,983.

The accompanying notes are an integral part of these financial statements.
<PAGE>
              THE JONES FINANCIAL COMPANIES, L.P., LLP

        CONSOLIDATED STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL

            SIX MONTHS ENDED JUNE 27, 1997, AND JUNE 28, 1996
                                 (Unaudited)

                                   Subordinated
                            Limited   Limited    General
                            ptnrshp   ptnrshp    ptnrshp
(Amounts in thousands)      capital   capital    capital    Total

Balance, December 31, 1995 $ 98,410  $ 28,943  $103,465  $ 230,818

Issuance of partnership interests -     3,365         -      3,365

Redemption of partnership
  interests                  (1,464)   (1,108)        -     (2,572)

Net income                    8,792     5,120    35,211     49,123

Withdrawals and distributions  (411)   (4,420)  (19,512)   (24,343)

Reserved for anticipated
  withdrawals                (8,381)     (700)   (5,984)   (15,065)
                           ________  ________  ________   ________

Balance, June 28, 1996      $96,946   $31,200  $113,180   $241,326

Balance, December 31, 1996 $ 95,807  $ 29,178  $123,172  $ 248,157

Issuance of partnership interests -     8,833         -      8,833

Redemption of partnership
   interests                 (1,962)     (564)        -     (2,526)

Net income                    7,621     5,674    38,911     52,208

Withdrawals and distributions  (721)   (4,910)  (22,173)   (27,804)

Reserved for anticipated
   withdrawals               (6,900)     (763)   (6,003)   (13,666)
                           ________  ________  ________    _______

Balance, June 27, 1997     $ 93,845  $ 37,448  $133,909  $ 265,202

The accompanying notes are an integral part of these financial
statements.












<PAGE>
            THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP

                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                              (Unaudited)

BASIS OF PRESENTATION

  The accompanying consolidated financial statements include the

accounts of The Jones Financial Companies, L.P., LLP and all wholly

owned subsidiaries (The "Partnership"), including the Partnership's

principal subsidiary, Edward D. Jones & Co., L.P., ("EDJ"), a

registered broker/dealer.  All material intercompany balances and

transactions have been eliminated.  Investments in nonconsolidated

companies which are at least 20% owned are accounted for under the

equity method.

  The financial statements have been prepared under the accrual basis

of accounting which requires the use of certain estimates by

management in determining the Partnership's assets, liabilities,

revenues and expenses.

  The financial information included herein is unaudited.  However,

in the opinion of management, such information includes all

adjustments, consisting solely of normal recurring accruals, which are

necessary for a fair presentation of the results of interim

operations.

  The results of operations for the three and six months ended June

27, 1997, are not necessarily indicative of the results to be expected

for the full year.

NET CAPITAL REQUIREMENTS

  As a result of its activities as a registered broker/dealer, EDJ is

subject to the Net Capital requirements of the Securities and Exchange

Commission and the New York Stock Exchange.  Under the alternative

method permitted by the rules, EDJ is required to maintain minimum Net

Capital of 2% of aggregate debit items arising from customer

transactions.  The Net Capital rules also provide that EDJ may not
<PAGE>
expand its business nor may partnership capital be withdrawn if

resulting Net Capital would be less than 5% of aggregate debit items.

At June 27, 1997, EDJ's Net Capital of $260.3 million was 38% of

aggregate debit items and its Net Capital in excess of the minimum

required was $226.1 million.



















































<PAGE>
               THE JONES FINANCIAL COMPANIES, L.P., LLP

                  MANAGEMENT'S FINANCIAL DISCUSSION

                             OPERATIONS

           QUARTER AND SIX MONTHS ENDED JUNE 27, 1997, VERSUS

               QUARTER AND SIX MONTHS ENDED JUNE 28, 1996

  During the first six months of 1997, strong securities markets and

growth of the salesforce increased revenues and net income to record

levels.  Revenue increased 13% ($62.2 million) to $540.8 million

compared to the six months ended June 28, 1996 and expenses increased

14% ($59.1 million) to $488.6 million.  As a result, net income

increased 6% ($3.1 million) to $52.2 million.  Similarly, second

quarter revenues increased 11% ($27.6 million) with expenses

increasing 11% ($25.0 million), and net income 10% ($2.6 million).

  The Partnership segments its revenues between securities

transaction revenue and non-securities transaction revenue.

Securities transaction revenue has increased 7% ($27.1 million) to

$397.2 million for the first six months of 1997.  Four variables

affected this increase:  growth of investment representatives, growth

in customer dollars invested, changes in the product mix and a

decrease in business days.  The Partnership has added approximately

400 investment representatives since June, 1996 (12%).  These

additional investment representatives (coupled with the continued

maturing of the existing salesforce), and strong markets, resulted in

customer dollars invested increasing 16%, from $13.6 billion to $15.8

billion through June, 1997.  Offsetting the impact of increased

customer dollars was a 7% decline in the gross commission percentage

earned on each dollar handled, as the product mix shifted from mutual

funds and insurance products to lower margin equities.  Finally, there

were two fewer business days in 1997 relative to 1996 (124 vs. 126).

  Non-securities transaction revenue sources, including service fees

<PAGE>
from mutual fund and insurance companies, interest income, revenue

sharing arrangements with mutual fund and insurance companies, and

custodial fees from IRA accounts, increased 28% ($27.6 million) and

33% ($35.6 million) for three and six months ended June 27, 1997.

Service fees increased 37% ($8.5 million) and 37% ($16.1 million), for

the three and six months ended June 27, 1997.  Revenues from revenue

sharing arrangements increased 22% ($3.9 million) and 33% ($10.6

million) for the three and six months ended June 27, 1997.  These two

revenue sources are impacted by customer assets under control, which

have been positively affected by the growth in customer dollars

invested discussed previously and the strong securities market.

Assets under control have increased 29% ($29 billion) over the past

year to $129 billion as of June 27, 1997.

  Interest income has increased 32% ($5.4 million) and 28% ($9.0

million) for the three and six months ended June 27, 1997.  The

primary factor causing this is interest from customers' margin loans,

which increased 37% ($4.3 million) and 31% ($6.7 million) for the

quarter and six months ended June 27, 1997, compared to the same

periods in the prior year.  Loans to customers have increased 31%

($158 million) since June 28, 1996.  Interest income from investments

and securities held in inventory increased as well, which accounted

for the remaining increase in interest income for the three and six

months ended June 27, 1997.

  The growth in non-securities revenue sources has helped absorb the

increased expenses associated with the implementation of new

technology and growing the salesforce.  These Other Revenues, after

payout of commissions on Service Fees to Investment Representatives

and Interest Expense, currently cover 43% of the Partnership's

operating expenses, a significant increase over the prior year's

coverage ratio of 37%.

<PAGE>
  The Partnership's continued growth of the salesforce and

implementation of client server technology has increased its operating

expenses.  Operating expenses increased 11% ($25.0 million) and 14%

($59.1 million) comparing the second quarter and first six months of

1997 with 1996.  Growth of the salesforce and increased revenues

increased sales compensation costs.  Compensation of support staff in

individual branch offices and headquarters also increased 15% ($5.1

million) and 17% ($11.4 million) for the quarter and six months ending

June 27, 1997 due to higher staffing levels to support the firm's

growth strategy and implementation of new client server technology.

  Occupancy and equipment costs have increased 29% ($7.4 million) and

30% ($14.6 million), respectively, for the quarter and six months

ended June 27, 1997. Depreciation and lease expenses increased as a

result of the conversion to client server technology.  Rent expense

increased primarily due to increased numbers of branch office

locations.

  Communication and data processing expenses increased 10% ($3.4

million) primarily as a result of growth and conversion to the new

technology.  The cost associated with service bureaus who perform

administrative and processing support increased due to an increased

number of customers and transactions.  Satellite related expenditures

increased as the firm underwent a conversion of its satellite system

to support a larger salesforce.

  Interest expense increased 33% ($2.7 million) and 32% ($5.1

million) for the quarter and six months ending June 27, 1997.  These

increases are primarily the result of the $94.5 million subordinated

debt offering issued in September, 1996.

  Of the Partnership's remaining expenses, the most significant

changes related to support of the Partnership's strategy of

implementing new technology and expanding its salesforce.

<PAGE>
LIQUIDITY AND CAPITAL ADEQUACY

  The Partnership's equity capital at June 27, 1997, after reserves

for anticipated withdrawals was $265.2 million compared to $241.3

million as of June 28, 1996.  Equity capital increased primarily due

to retention of earnings and contributions of subordinated limited

partnership capital, net of redemptions of subordinated limited

partnership and limited partnership capital.

  At June 27, 1997, the Partnership had $45.2 million in cash and

cash equivalents.  Lines of credit are in place at ten banks

aggregating $575 million ($500 million of which are through

uncommitted lines of credit).  Actual borrowing availability is

primarily based on securities owned and customers' margin securities

which serve as collateral for the loans.

  A substantial portion of the Partnership's assets are primarily

liquid, consisting mainly of cash and assets readily convertible into

cash.  These assets are financed primarily by customer credit

balances, equity capital, bank lines of credit and other payables.

The Partnership believes that the liquidity provided by existing cash

balances and borrowing arrangements will be sufficient to meet the

Partnership capital and liquidity requirements.

CASH FLOWS

  For the Quarter ended June 27, 1997, cash and cash equivalents

decreased $19.7 million.  Cash flows from operating activities

provided $54.9 million, primarily attributable to net income adjusted

for depreciation and amortization, decreases in securities held for

repurchase, decreases in securities owned, and increases in accounts

payable and accrued expenses, offset by increases in net receivables

from customers and brokers, dealers and clearing organizations.

Investing activities used $28.1 million for the purchase of fixed

assets.  Cash flows from financing activities used $46.5 million

<PAGE>
primarily for withdrawals and distributions from partnership capital,

net of issuance of partnership interests.

  There were no material changes in the partnership's overall

financial condition during the six months ended June 27, 1997,

compared with the six months ended June 28, 1996.  The Partnership's

balance sheet is comprised primarily of cash and assets readily

convertible into cash.  Securities inventories are carried at market

values and are readily marketable.  Customer margin accounts are

collateralized by marketable securities.  Other customer receivables

and receivables and payables with other broker/dealers normally settle

on a current basis.  Liabilities, including certain amounts payable to

customers, checks, accounts payable and accrued expenses are sources

of funds to the Partnership.  These liabilities, to the extent not

utilized to finance assets, are available to meet liquidity needs and

provide funds for short term investments, which favorably impacts

profitability.

  The Partnership's growth in recent years has been financed through

sales of limited partnership interests to its employees, retention of

earnings, and private placements of long-term and subordinated debt.

  The Partnership's principal subsidiary, Edward D. Jones & Co.,

L.P., ("EDJ") as a securities broker/dealer, is subject to the

Securities and Exchange Commission regulations requiring EDJ to

maintain certain liquidity and capital standards.  EDJ has been in

compliance with these regulations.

  The Partnership's subsidiary, Boone National Savings and Loan

Association, F.A. (Boone), a Federally-chartered stock savings and

loan association, is required under federal regulations to maintain

specified levels of liquidity and capital standards.  Boone has been

in compliance with these regulations.



<PAGE>
           THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP

Item 1:  Legal Proceedings

  There have been no material changes in the legal proceedings

previously reported.

Item 5:  Other Information

  None

Item 6:  Exhibits and Reports on Form 8-K

  (a) Exhibits

  Reference is made to the Exhibit Index contained hereinafter.

  (b) Reports on Form 8-K

  No reports were filed on Form 8-K for the six months ended June 27,

1997.





































<PAGE>
                              SIGNATURES

  Pursuant to the requirements of the Securities Exchange Act of 1934

the registrant has duly caused this report to be signed on its behalf

by the undersigned thereunto duly authorized.

         THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP
                             (Registrant)

Dated:  July 29, 1997                        /s/John W. Bachmann
                                             _____________________
                                             John W. Bachmann
                                             Managing Partner

Dated:  July 29, 1997                        /s/Steven Novik
                                             _____________________
                                             Steven Novik
                                             Chief Financial Officer








































<PAGE>
                               SIGNATURES

  Pursuant to the requirements of the Securities Exchange Act of 1934

the registrant has duly caused this report to be signed on its behalf

by the undersigned thereunto duly authorized.

           THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP
                             (Registrant)

Dated:  July 29, 1997
                                             _____________________
                                             John W. Bachmann
                                             Managing Partner

Dated:  July 29, 1997
                                             _____________________
                                             Steven Novik
                                             Chief Financial Officer








































<PAGE>
                             EXHIBIT INDEX

        THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP

                 For the quarter ended June 27, 1997

Exhibit No.                Description                            Page

10.1                       Memorandum of Association of Edward Jones
                            Limited, dated July 10, 1997

10.2                       Articles of Association of Edward Jones
                            Limited, dated July 10, 1997<PAGE>

27.0                       Financial Data Schedule (provided for the
                            Securities and Exchange Commission only)<PAGE>












































<PAGE>