<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   March 28, 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 non-affiliates of the Registrant.

















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                  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




































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                    THE JONES FINANCIAL COMPANIES, L.P., LLP

                  CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

                                  ASSETS
                               (Unaudited)

                                       March 28,    December 31,
(Amounts in thousands)                    1997           1996

Cash and cash equivalents             $  64,309     $   64,858
Securities purchased under
  agreements to resell                   70,000        145,000

Receivable from:
  Customers                             648,370        615,399
  Brokers or dealers and clearing
      organizations                      16,542         14,978
  Mortgages and loans                    67,883         66,116

Securities owned, at market value:
  Inventory securities                   51,381         58,373
  Investment securities                 171,444        171,177

Equipment, property and improvements    175,562        173,719

Other assets                             69,780         70,796
                                       __________    __________

                                      $1,335,271     $1,380,416

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



























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                  THE JONES FINANCIAL COMPANIES, L.P., LLP

               CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

                  LIABILITIES AND PARTNERSHIP CAPITAL
                              (Unaudited)

                                       March 28,    December 31,
(Amounts in thousands)                   1997           1996

Bank loans                            $   3,800      $   2,750

Payable to:
  Customers                             535,583        591,931
  Brokers or dealers and clearing
   organizations                         17,238         12,999
  Depositors                             63,373         63,125

Securities sold but not yet purchased,
  at market value                        18,932         13,215

Accounts payable and accrued expenses    47,684         54,115

Accrued compensation and employee benefits 88,795       88,474

Long-term debt                           65,025         67,190
                                      __________     __________

                                        840,430        893,799
Liabilities subordinated to claims
  of general creditors                  216,500        216,500

Partnership capital                     259,997        248,157

Partner's capital reserved for
  anticipated withdrawals                18,344         21,960
                                      __________     __________

                                        278,341        270,117
                                      __________     __________

                                   $  1,335,271    $  1,380,416

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















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                   THE JONES FINANCIAL COMPANIES, L.P., LLP

                       CONSOLIDATED STATEMENT OF INCOME
                                 (Unaudited)
                                               Three Months Ended
(Amounts in thousands,                         March 28, March 29,
except per unit information)                     1997      1996
Revenues:
 Commissions                                   $170,477  $160,196
 Principal transactions                          48,579    33,714
 Investment banking                               3,337     2,983
 Interest and dividends                          18,735    15,154
 Other                                           20,726    15,214
                                               _________ _________
                                                261,854   227,261
                                               _________ _________
Expenses:
 Employee and partner compensation and benefits 149,751   130,927       
 Occupancy and equipment                         30,603    23,374
 Communications and data processing              17,100    15,712
 Interest                                        10,273     7,875
 Payroll and other taxes                         10,741     9,420
 Floor brokerage and clearance fees               1,916     1,666
 Other operating expenses                        17,724    15,064
                                               _________ _________
                                                238,108   204,038
                                               _________ _________
 Net income                                    $ 23,746  $ 23,223
                                               ========= =========
Net income allocated to:
 Limited partners                              $  3,488  $  4,169
 Subordinated limited partners                    2,632     2,470
 General partners                                17,626    16,584
                                               ________  ________
                                               $ 23,746  $ 23,223
                                               ========  ========
Net income per weighted average $1,000
equivalent partnership unit outstanding:
 Limited partners                              $  36.65  $  42.63
                                                =======  ========
 Subordinated limited partners                 $  70.67  $  79.00
                                                =======  ========
Weighted average $1,000 equivalent
partnership units outstanding:
 Limited partners                                95,161    97,806
                                                =======  ========
 Subordinated limited partners                   37,239    31,269
                                                =======  ========

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









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                  THE JONES FINANCIAL COMPANIES, L.P., LLP
                    CONSOLIDATED STATEMENT OF CASH FLOWS
                                (Unaudited)

                                         Three Months Ended
                                       March 28,      March 29,
(Amounts in thousands)                    1997           1996
Cash Flows Provided by Operating Activities:
  Net income                          $  23,746      $  23,223
  Adjustments to reconcile net income to
  net cash provided by operating activities:
  Depreciation and amortization           9,077          6,212
  Decrease in securities held for
   repurchase                            75,000              -
  (Increase) decrease in net receivable from
  customers                             (89,319)        36,271
  Increase (decrease) in net payable to/
  receivable from brokers or dealers and
      clearing organizations              2,675         (2,548)
  Increase in receivable from mortgages
      and loans                          (1,767)          (561)
  Decrease in securities owned, net      12,442         36,713
  Decrease (increase) in payable to
      depositors                            247           (595)
  (Decrease) increase in accounts payable
      and accrued expenses               (6,109)         1,439
  Other assets                            1,016         10,679
                                      __________     __________
  Net cash provided by operating
      activities                         27,008        110,833
                                      __________     __________
Cash Flows Used by Investing Activities:
  Purchase of equipment, property and
    improvements                        (10,920)        (5,955)
                                      __________     __________

Cash Flows Used by Financing Activities:
  Issuance (repayment) of bank loans      1,050        (31,002)
  Repayment of long-term debt            (2,165)        (2,126)
  Issuance of partnership interests       8,082          3,365
  Redemption of partnership interests    (1,106)        (1,960)
  Withdrawals and distributions from
  partnership capital                   (22,498)       (16,423)
                                      __________     __________
  Net cash used by financing activities (16,637)       (48,146)
                                      __________     __________
  Net (decrease) increase in cash and
     cash equivalents                      (549)        56,732

Cash and Cash Equivalents,
     beginning of period                 64,858         44,112
                                      __________     __________
Cash and Cash Equivalents,
     end of period                    $  64,309    $   100,844

Interest payments for the periods were $9,579 and $5,452.

      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

           THREE MONTHS ENDED MARCH 28, 1997, AND MARCH 29, 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                    (852)   (1,108)        -     (1,960)

Net income                    4,169     2,471    16,583     23,223

Withdrawals and distributions    (7)       (4)        -        (11)

Reserved for anticipated
  withdrawals                (4,162)   (2,467)  (12,006)   (18,635)
                           ________  ________  ________   ________

Balance, March 29, 1996     $97,558   $31,200  $108,042  $ 236,800

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

Issuance of partnership
  interests                       -     8,082         -      8,082

Redemption of partnership
  interests                  (1,042)      (64)        -     (1,106)

Net income                    3,488     2,632    17,626     23,746

Withdrawals and distributions   (19)      (56)     (463)      (538)

Reserved for anticipated
  withdrawals                (3,469)   (2,576)  (12,299)   (18,344)
                           ________  ________  ________    _______

Balance, March 28, 1997    $ 94,765  $ 37,196  $128,036  $ 259,997

     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 months ended March 28,

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 March 28, 1997, EDJ's Net Capital of $268.3 million was 42% of

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

required was $255.6 million.

                 THE JONES FINANCIAL COMPANIES, L.P., LLP

                    MANAGEMENT'S FINANCIAL DISCUSSION

OPERATIONS

                   QUARTER ENDED MARCH 28, 1997, VERSUS

                       QUARTER ENDED MARCH 29, 1996

  During the first quarter of 1997, the Partnership experienced a

significant increase in customer dollars invested, and an increase in

the number of its Investment Representatives.  As a result, revenues

increased 15% ($34.6 million).  Additionally, the Partnership made

significant progress in its implementation of client server

technology.  The combination of increased Investment Representatives

and client server conversion costs resulted in a 17% ($34.1 million)

increase in expenses.  The resulting net income increased $.5 million,

or 2% over the same period last year.

  Total revenues increased 15% ($34.7 million) to $261.8 million

compared to the quarter ended March 29, 1996.  The Partnership

segments its revenues between securities transaction revenues

(revenues resulting from customers' trades) and non-transaction or

other revenues.  Growth of the salesforce contributed to increases in

both revenue segments, as the Partnership increased its salesforce 11%

compared to the first quarter of 1996.  These added investment

representatives (IRs) and a strong market increased the customer

dollars handled, which drive securities transaction revenue.  During

the first quarter, $7.5 billion customer dollars were handled, an

increase of 19% over 1996.  These increases were offset by a lower

<PAGE>
gross margin percentage, as the Firm's product mix shifted away from

higher margin mutual funds and insurance products to equity and fixed

income products.  The gross margin percentage decreased from 2.8% in

the first quarter of 1996 to 2.6% in the first quarter of 1997.  The

net effect was a 10% ($17.3 million) increase in securities

transaction revenue, which totaled $193.5 million for the quarter

ending March 28, 1997.

  Non-transaction revenue includes service fees from mutual fund and

insurance companies, interest income, IRA custodial fees earned on IRA

accounts, and management fees received from mutual fund and money

market products.  Assets under control increased 20% compared to the

first quarter of 1996, and serves as the basis for service fees and

management fee revenue received from mutual fund, insurance and money

market products.  Also, IRA fees are based upon the number of IRA

accounts, which increased significantly from a year ago.  Non-

transaction revenues increased 34% ($17.4 million) to $68.3 million

for the quarter ending March 28, 1997.

  The firm's operating expenses reflect both the higher number of IRs

this year and the number of offices which have been converted to

client server.  Expenses have increased by 17% ($34.1 million)

compared to the first quarter of 1996.  The client server conversion

is nearing completion, as approximately 3,000 branch client servers

are installed compared with only 300 in March, 1996.

  Focusing on changes in major revenue and expense categories,

Commission revenues increased 6% ($10.3 million) due to the

significant increase in customer dollars invested.  Significant

increases include Listed and over-the-counter (O-T-C) agency equity

commissions, which increased 14% ($5.4 million) and mutual fund

commissions which increased 8% ($6.5 million).  These increases were

offset by a 4% ($1.6 million) decrease in Insurance and Annuity

<PAGE>
revenues.

  Principal transaction revenue increased 44% ($14.9 million).  This

increase was primarily reflected in municipal bond principal revenues

(29% or $3.5 million), certificate of deposit revenues (47% or $3.0

million), OTC principal transactions (156% or $2.8 million), and

Mortgage backed product revenues (35% or $2.0 million).

  Interest and dividend income increased 23% ($3.4 million).  This

was due to a $161.5 million (33%) increase in loans to customers since

March 29, 1996, and resulted in $2.5 in increased interest income.

Also, interest on firm investments increased (156% or $1.2 million).

  Other revenue increased 36% ($5.5 million), as a result of

increased management fees from mutual fund, insurance and money market

products that the firm distributes ($4.8 million) and from increased

IRA custodial fees ($.7 million).

  Compensation costs increased 14% ($18.8 million) compared to the

prior year.  Commissions, estimated sales bonuses, and profit sharing

provisions earned by Investment Representatives increased due to

increased revenues, as the Partnership has a compensation structure

which expands and contracts with increases and decreases in revenues,

profit margins, and net income.  Salaries of branch and heaquarters

non-sales associates were also higher as headcount grew to support a

larger salesforce.

  Occupancy and equipment and Communications as data processing costs

increased 22% ($8.6 million) due to increased expenses related to the

implementation of client server technology.

  Interest expense increased 30% ($2.4 million).  This is primarily a

result of the  $94.5 million subordinated debt offering issued in

September, 1996.

  Of the Partnership's remaining expenses, the most significant

changes were related to support the Partnership's strategy of

<PAGE>
expanding its salesforce and implementing new technology.

LIQUIDITY AND CAPITAL ADEQUACY

  The Partnership's equity capital at March 28, 1997, after reserves

for anticipated withdrawals, was $260.0 million compared to $236.8

million as of March 29, 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 March 28, 1997, the Partnership had $64.3 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 March 28, 1997, cash and cash equivalents

decreased $.5 million.  Cash flows from operating activities provided

$27 million, primarily attributable to net income adjusted for

depreciation and amortization, decreases in securities held for

repurchase, decreased in securities owned, offset by increases in net

receivables from customers and decreases in accounts payable and

accrued expenses.  Investing activities used $10.9 million for the

purchase of fixed assets.  Cash flows from financing activities used

<PAGE>
$16.6 million 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 three months ended March 28, 1997,

compared with the three months ended March 29, 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 quarter ended March 28, 

  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:  May 12, 1997                         /s/  John W. Bachmann
                                             _____________________
                                             John W. Bachmann
                                             Managing Partner

Dated:  May 12, 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:  May 12, 1997
                                             _____________________
                                             John W. Bachmann
                                             Managing Partner
Dated:  May 12, 1997
                                             _____________________
                                             Steven Novik
                                             Chief Financial Officer









































<PAGE>
                            EXHIBIT INDEX

           THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP

                    For the quarter ended March 28, 1997


Exhibit No.                Description                            Page


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
















































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