___________________________________________________________________________
___________________________________________________________________________


               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549

                            FORM 10-Q

(Mark One)

(X)     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934

        FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001

                               OR

(  )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM          TO

                COMMISSION FILE NUMBER:  0-12926

                    DETWILER, MITCHELL & CO.
     (Exact name of registrant as specified in its charter)

            DELAWARE                                   95-2627415
  -------------------------------                ----------------------
  (State or other jurisdiction of                  (I.R.S. Employer
   incorporation or organization)                   Identification No.)

      225 FRANKLIN STREET
           BOSTON, MA                                   02110
----------------------------------------           -----------------------
(Address of principal executive offices)                (Zip Code)


  REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:  617-451-0100

     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
                                      ----------    ----------

              APPLICABLE ONLY TO CORPORATE ISSUERS:

     As of November 5, 2001, the registrant had 2,602,313 shares
of common stock, $0.01 par value, issued and outstanding.

___________________________________________________________________________
___________________________________________________________________________

<PAGE>


                    DETWILER, MITCHELL & CO.

                       INDEX TO FORM 10-Q


                                                                        Page
                                                                        ----

PART I. -  FINANCIAL INFORMATION

Item 1.    Financial Statements

             Consolidated Statement of Financial Condition at
                  September 30, 2001 and December 31, 2000................3

             Consolidated Statement of Operations for the three and
                  nine month periods ended September 30, 2001 and 2000....4

             Consolidated Statement of Cash Flows for the three and nine
                  month periods ended September 30, 2001 and 2000.........5

             Notes to Consolidated Financial Statements...................6

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


Item 3.    Quantitative and Qualitative Disclosures About Market Risk....14


PART II. - OTHER INFORMATION

Item 5.    Other Information.............................................15

Item 6.    Exhibits and Reports on Form 8-K..............................15

Signatures...............................................................16


                             2 of 16
<PAGE>

                 PART I.   FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
         --------------------

                       DETWILER, MITCHELL & CO.

            CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

<TABLE>
<CAPTION>

                                                    SEPTEMBER 30,   DECEMBER 31,
                                                         2001           2000
                                                    -------------  -------------
                                                              (UNAUDITED)
 <S>                                                <C>            <C>
      ASSETS

 Cash and cash equivalents                          $  1,373,925   $  2,737,434
 Deposits with clearing organizations                    868,804        415,194
 Receivables from brokers, dealers and clearing
  organizations                                          156,971        535,836
 Due from customers                                    4,481,816      3,598,699
 Securities borrowed                                     518,500      3,279,900
 Marketable investments, at fair value                   128,284         15,681
 Non-marketable investments, at fair value               564,545        510,000
 Fixed assets, net                                       613,086        437,850
 Intangible assets, net                                1,587,385        123,385
 Other                                                 2,124,207      1,688,817
                                                    -------------  -------------
       Total Assets                                 $ 12,417,523   $ 13,342,796
                                                    =============  =============

 LIABILITIES AND STOCKHOLDERS' EQUITY

 Liabilities:
   Notes payable                                    $  2,400,000   $          -
   Payable to brokers, dealers and clearing
    organizations                                        139,657        117,811
   Due to customers                                    1,744,102      4,035,739
   Salaries and commissions payable                      623,226      1,329,837
   Accounts payable and accrued liabilities            1,065,311      1,300,947
                                                    -------------  -------------
        Total Liabilities                              5,972,296      6,784,334
                                                    -------------  -------------

 Contingencies (Note 5)

 Stockholders' Equity:
   Preferred stock, no par value; 5,000,000 shares
    authorized, none issued                                    -              -
   Common stock, $0.01 par value; 20,000,000 shares
    authorized, 2,602,313 and 2,589,313 shares
    outstanding at September 30, 2001 and
    December 31, 2000, respectively                       26,023         25,893
   Paid-in-capital                                     4,679,487      4,655,273
       Retained earnings                               1,739,717      1,877,296
                                                    -------------  -------------
         Total Stockholders' Equity                    6,445,227      6,558,462
                                                    -------------  -------------
         Total Liabilities and Stockholders'
          Equity                                    $ 12,417,523   $ 13,342,796
                                                    =============  =============
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements.


                                     3 of 16
<PAGE>

                                               DETWILER, MITCHELL & CO.

                                         CONSOLIDATED STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>

                                                      FOR THE THREE MONTHS              FOR THE NINE MONTHS
                                                       ENDED SEPTEMBER 30,              ENDED SEPTEMBER 30,
                                                  ----------------------------      ----------------------------
                                                       2001            2000             2001             2000
                                                  -------------  -------------      -------------  -------------
                                                                            (unaudited)
  <S>                                             <C>            <C>                <C>            <C>

  REVENUES
    Commissions                                   $  2,838,639   $  2,740,942       $ 10,395,248   $  8,434,041
    Principal transactions                             898,813      1,389,224          4,153,888      4,556,669
    Investment banking                                  98,500         44,420            619,111        743,762
    Gain on sale of investments                              -         30,615                  -        113,665
    Interest                                            85,167        205,918            286,878        722,630
     Other                                              83,942        111,386            278,432        362,521
                                                  -------------  -------------      -------------  -------------
       Total revenues                                4,005,061      4,522,505         15,733,557     14,933,288
                                                  -------------  -------------      -------------  -------------

  EXPENSES
    Compensation and benefits                        2,254,922      2,723,358          9,432,436      8,878,436
    General and administrative                         692,935        381,069          1,963,713      1,692,996
    Execution costs                                    751,924        586,577          3,229,806      1,578,736
    Occupancy, communications and systems              415,288        290,438          1,090,635        846,116
    Interest                                             6,000         37,191             31,901        207,544
    Amortization of intangibles                         19,500          1,500             58,500          4,500
    Impairment of non-marketable securities                  -        250,000                  -        750,000
                                                  -------------  -------------      -------------  -------------
       Total expenses                                4,140,569      4,270,133         15,806,991     13,958,328
                                                  -------------  -------------      -------------  -------------

    Income (loss) before income taxes                 (135,508)       252,372            (73,434)       974,960

       Income tax expense                              (37,392)      (100,949)           (64,145)      (444,485)
                                                  -------------  -------------      -------------  -------------

             Net income (loss)                    $   (172,900)  $    151,423       $   (137,579)  $    530,475
                                                  =============  =============      =============  =============
  NET INCOME (LOSS) PER SHARE:

       Basic                                      $      (0.07)  $       0.06       $      (0.05)  $       0.18
                                                  =============  =============      =============  =============
       Diluted                                    $      (0.07)  $       0.06       $      (0.05)  $       0.17
                                                  =============  =============      =============  =============

  WEIGHTED AVERAGE SHARES OUTSTANDING:

       Basic                                         2,602,313      2,723,375          2,604,591      2,999,769
                                                  =============  =============      =============  =============
       Diluted                                       2,602,313      2,725,707          2,607,402      3,034,506
                                                  =============  =============      =============  =============

</TABLE>

                See Accompanying Notes to Consolidated Financial Statements.

                                               4 OF 16

<PAGE>

                    DETWILER, MITCHELL & CO.

              CONSOLIDATED STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>

                                                                FOR THE NINE MONTHS ENDED SEPTEMBER 30,
                                                                ---------------------------------------
                                                                      2001                   2000

                                                                ---------------         ---------------
                                                                               (UNAUDITED)
<S>                                                             <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                                                $  (137,579)            $   530,475
Adjustments to reconcile net income (loss) to net cash
 provided by (used in) operating activities:
  Depreciation and amortization                                      150,238                 167,493
  Amortization of intangibles                                         58,500                   4,500
  Amortization of purchased servicing rights                          60,987                  60,987
  Impairment of non-marketable investment                                  -                 750,000
                                                                ---------------         ---------------
    Sub-total                                                        132,146               1,513,455

Changes in:
  Deposits with clearing organizations                              (453,610)                (59,466)
  Receivables from brokers, dealers and clearing organizations       378,865                 994,760
  Due from customers                                                (883,117)              5,173,765
  Securities borrowed                                              2,761,400              (4,766,600)
  Other assets                                                      (456,377)                524,917
  Payables to brokers, dealers and clearing organizations             21,846                 671,890
  Due to customers                                                (2,291,637)              3,604,849
  Salaries and commissions payable                                  (706,611)                      -
  Accounts payable and accrued liabilities                          (235,636)               (482,742)
                                                                ---------------         ---------------
    Net cash provided by (used in) operating activities           (1,732,731)              7,174,828
                                                                ---------------         ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of K&S, net of cash acquired                          (1,200,000)                      -
Purchase of marketable investments                                  (112,603)                      -
Purchase of non-marketable investments                               (54,545)               (357,135)
Capital expenditures                                                (325,474)               (154,844)
                                                                ---------------         ---------------
    Net cash used in investing activities                         (1,692,622)               (511,979)
                                                                ---------------         ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in notes payable                               2,100,000              (3,000,000)
Proceeds from exercise of common stock options                             -                  22,500
Purchase and retirement of common stock                              (38,156)             (2,416,062)
                                                                ---------------         ---------------
    Net cash provided by (used in) financing activities            2,061,844              (5,393,562)
                                                                ---------------         ---------------
    Net increase (decrease) in cash                               (1,363,509)              1,269,287

Cash and cash equivalents at beginning of period                   2,737,434               1,272,826
                                                                ---------------         ---------------
Cash and cash equivalents at end of period                       $ 1,373,925             $ 2,542,113
                                                                ===============         ===============
CASH PAYMENTS:
  Interest expense                                               $    24,613             $   126,778
                                                                ===============         ===============
  Income taxes                                                   $   574,130             $    14,333
                                                                ===============         ===============

SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS:
  Increase in other assets                                       $    40,000             $         -
                                                                ===============         ===============
  Increase in intangible assets                                  $    22,500             $         -
                                                                ===============         ===============
  Increase in notes payable                                      $   300,000             $         -
                                                                ===============         ===============
  Increase in common stock                                       $       250             $         -
                                                                ===============         ===============
  Increase in paid-in-capital                                    $    62,250             $         -
                                                                ===============         ===============


</TABLE>

                  See Accompanying Notes to Consolidated Financial Statements

                                                   5 of 16

<PAGE>

                    DETWILER, MITCHELL & CO.

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1. ORGANIZATION

     Detwiler, Mitchell & Co. is the holding company for its four
principal operating subsidiaries, Fechtor, Detwiler & Co., Inc.,
an investment banking, merchant banking and brokerage company
headquartered in Boston, MA; K. & S., Inc. ("K&S"), a specialist
firm with operations on the Boston Stock Exchange; James Mitchell
& Co., a financial services company located in San Diego, CA; and
Detwiler, Mitchell & Co. (UK) Limited ("DMC UK") headquartered in
London, England.  On March 26, 2001, the Company's stockholders
approved the change of the name of the Company to Detwiler,
Mitchell & Co. from Fechtor, Detwiler, Mitchell & Co.

     The Company acquired K&S effective January 1, 2001.  K&S is
one of the largest independently owned specialist operations on
the Boston Stock Exchange and was formed 23 years ago.

     DMC UK commenced operations on July 30, 2001 and conducts
institutional sales and investment banking  operations throughout
the UK and Europe.  Employees of DMC UK have significant
international investment experience and specialize in providing
research on fuel cell technology companies.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Basis of Presentation - The consolidated financial
statements of Detwiler, Mitchell & Co. have been prepared in
accordance with the rules and regulations of the Securities and
Exchange Commission and generally accepted accounting principles.
In the opinion of management, all adjustments, consisting only of
normal recurring accruals, have been made to present fairly the
financial statements of the Company.

     Principles of Consolidation - The consolidated financial
statements of Detwiler, Mitchell & Co. include the accounts of
its wholly owned subsidiaries. All material intercompany
transactions have been eliminated in consolidation.

     Marketable and Non-Marketable Investments - The Company may
receive, as additional consideration for the performance of
investment banking services, warrants to acquire an equity
interest in firms or may lend to or make direct equity
investments in companies through its merchant banking activities.
Marketable and non-marketable investments are recorded at fair
value and result in the recognition of future unrealized gains or
losses due to changes in their fair value.  Realized gains and
losses are recognized when the investment is sold.

     Fair Value of Other Financial Instruments - The carrying
amount of receivables, payables, and securities owned and
securities sold, not yet purchased are reported in the statement
of financial condition at fair value.

     Securities Transactions - Proprietary securities
transactions in regular way trades are recorded on the settlement
date (normally the third business day following the trade date)
which is not materially different from the trade date. Securities
transactions for customers are reported on the settlement date.
Commission revenues and expenses are recorded on the trade date.

     Principal Transactions - Principal transactions revenues
primarily represent amounts earned from executing transactions on
behalf of customers in securities for which the Company acts as a
market maker.


                           6 of 16

<PAGE>


                    DETWILER, MITCHELL & CO.

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     Income Taxes - Income tax liabilities or assets are recorded
through charges or credits to the current tax provision for the
estimated taxes payable or refundable for the current year.
Deferred tax assets and liabilities are recorded for future tax
consequences attributable to differences between the financial
statement carrying amounts of assets and liabilities and their
respective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates. A deferred tax valuation
allowance is established if it is more likely than not that all
or a portion of the deferred tax assets will not be realized.

     Cash Equivalents - Cash equivalents include instruments with
an original maturity of three months or less.

     Net Capital Requirements - Certain subsidiaries of the
Company are subject to broker-dealer net capital requirements. At
September 30, 2001, each broker-dealer subsidiary was in
compliance with its net capital requirement.

     Use of Estimates - The preparation of the Company's
financial statements in conformity with accounting principles
generally accepted in the United States of America requires
management to make estimates and assumptions that affect amounts
reported in the accompanying financial statements. Actual results
could vary from the estimates that were used.

NOTE 3. EARNINGS PER SHARE

     Basic and diluted net income (loss) per share and weighted
average shares outstanding follows:

<TABLE>
<CAPTION>

                                             FOR THE THREE MONTHS       FOR THE NINE MONTHS
                                             ENDED SEPTEMBER 30,        ENDED SEPTEMBER 30,
                                          -------------------------   ------------------------
                                             2001          2000           2001        2000
                                          -----------   -----------   -----------  -----------
<S>                                       <C>           <C>           <C>          <C>

Net income (loss)                         $ (172,900)   $  151,423    $ (137,579)  $  530,475
                                          ===========   ===========   ===========  ===========

Net income (loss) per share:
  Basic                                   $    (0.07)   $     0.06    $    (0.05)  $     0.18
                                          ===========   ===========   ===========  ===========
  Diluted                                 $    (0.07)   $     0.06    $    (0.05)  $     0.17
                                          ===========   ===========   ===========  ===========

Weighted average shares outstanding:

  Basic                                    2,602,313     2,723,375     2,604,591    2,999,769

   Incremental shares assumed outstanding
    from exercise of stock options                 -         2,332         2,811       34,737
                                          -----------   -----------   -----------  -----------

  Diluted                                  2,602,313     2,725,707     2,607,402    3,034,506
                                          ===========   ===========   ===========  ===========

</TABLE>

                                   7 of 16
<PAGE>


                    DETWILER, MITCHELL & CO.

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


NOTE 4. NON-MARKETABLE INVESTMENTS

     The Company wrote-down its investment in OptiMark
by $500,000, $250,000 and $250,000 in the first, third and fourth
quarters of 2000, respectively, based upon information received in
the respective quarters indicating impairment of the investment.

NOTE 5. CONTINGENCIES

     The Company, from time to time, is subject to legal
proceedings and claims which arise in the ordinary course of its
business.  Management believes that resolution of these matters
will not have a material adverse effect on the Company's results
of operations or financial condition.

NOTE 6. STOCKHOLDERS' EQUITY

     On March 26, 2001, the Company's stockholders approved a one-
for-four reverse split of its outstanding common shares reducing
the number of shares outstanding to approximately 2,602,313
shares.  Accordingly, common shares outstanding and per share
data have been retroactively adjusted to reflect the reverse
split.

NOTE 7. ACQUISITION OF K. & S., INC.

     The Company acquired K&S effective January 1, 2001.  K&S is
one of the largest independently owned specialist operations on
the Boston Stock Exchange and was formed 23 years ago.   Revenues
of Detwiler, Mitchell & Co. for the three and nine month periods
ended September 30, 2001 include $569,000 and $1,965,000,
respectively, of principal transactions from the operations of
K&S.  If the acquisition had been in effect at January 1, 2000,
pro forma revenues for the three and nine month periods ended
September 30, 2000 would have increased by $895,000 and
$3,103,000, respectively.

                         8 of 16
<PAGE>

ITEM 2.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               CONDITION AND RESULTS OF OPERATIONS

GENERAL

     Detwiler, Mitchell & Co. is the holding company for its four
principal operating subsidiaries, Fechtor, Detwiler & Co., Inc.,
an investment banking, merchant banking and brokerage company
headquartered in Boston, MA; K. & S., Inc. ("K&S"), a specialist
firm with operations on the Boston Stock Exchange; James Mitchell
& Co., a financial services company located in San Diego, CA; and
Detwiler, Mitchell & Co. (UK) Limited ("DMC UK") headquartered in
London, England.

     The Company acquired K&S effective January 1, 2001.  K&S is
one of the largest independently owned specialist operations on
the Boston Stock Exchange and was formed 23 years ago.

     DMC UK commenced operations on July 30, 2001 and conducts
institutional sales and investment banking  operations throughout
the UK and Europe.  Employees of DMC UK have significant
international investment experience and specialize in providing
research on fuel cell technology companies.

     On March 26, 2001, the Company's stockholders approved the
change of the Company's name to Detwiler, Mitchell & Co. from
Fechtor, Detwiler, Mitchell & Co. and a one-for-four reverse
split of the Company's common stock reducing the outstanding
shares to approximately 2,602,313 shares from 10,409,251 shares.
The outstanding shares and earning per share data previously
reported have been retroactively adjusted.

STATEMENT OF OPERATIONS FOR THE THREE MONTH PERIOD ENDED
SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTH PERIOD ENDED
SEPTEMBER 30, 2000

     Net loss of $173,000 or $0.07 per share - basic and diluted,
on 2.6 million diluted weighted average shares outstanding, for
the three months ended September 30, 2001 compared to net income
of $151,000 or $0.06 per share - basic and diluted, on 2.7
million basic and diluted weighted average shares outstanding,
for the quarter ended September 30, 2000.

     Total revenues for the quarter ended September 30, 2001 were
$4,005,000, a decrease of $518,000 or 11%, compared to $4,523,000
for the same period in 2000.  The decrease primarily results from
market conditions; principally lower volumes, market instability
and a reduced number of trading days, partially offset by the revenues
associated with the acquisition of K&S beginning January 1, 2001.

     Commission revenues for the quarter ended September 30, 2001
were $2,839,000, an increase of $98,000 compared to the same
period last year primarily due to higher institutional
commissions partially offset by lower retail commissions due to
market conditions.

     Principal transaction revenues for the quarter ended
September 30, 2001 were $899,000, a decrease of $490,000 compared
to the same period last year.  The decrease results from sharply
lower principal transaction revenues at Fechtor Detwiler from
reduced client trading activities partially offset by revenues
from the K&S acquisition.

     Investment banking revenues for the quarter ended September
30, 2001 were $99,000, an increase of $55,000 compared to the same
period last year due to revenues earned on several investment banking
consulting engagements during the third quarter of 2001.

     Interest income for the quarter ended September 30, 2001 was $85,000,
a decrease of $121,000 compared to the same period last year due to
significantly reduced customer margin account balances and lower interest
rates.

     Compensation and benefits expense of $2,255,000 for the
quarter ended September 30, 2001 decreased $468,000 compared to
the same period last year due primarily to reduced commissions on
lower transaction revenues and to a lesser degree, fewer
operating employees.

                           9 of 16
<PAGE>



ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

STATEMENT OF OPERATIONS FOR THE THREE MONTH PERIOD ENDED
SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTH PERIOD ENDED
SEPTEMBER 30, 2000 (CONTINUED)

     General and administrative expense of $693,000 for the
quarter ended September 30, 2001 increased $312,000 compared to
the same period last year due primarily to the start-up costs
associated with the establishment of DMC UK and expenses of K&S.

     Execution costs of $752,000 for the quarter ended September
30, 2001 increased $165,000 compared to the same period last year
primarily due to execution costs at K&S.

     Occupancy, communications and systems expense of $415,000 increased
$125,000 compared to the same period last year due primarily to costs at
DMC UK and K&S as well as trading system enhancements at Fechtor Detwiler.

     Interest expense of $6,000 for the quarter ended September
30, 2001 decreased $31,000 compared to the same period last year
due to lower average notes payable balances from significantly
reduced customer margin accounts as well as lower interest rates.

     Income tax expense of $37,000 for the three months ended
September 30, 2001 represents combined federal and state income
tax benefit on loss before income taxes adjusted for non-deductible
amortization of intangibles and certain general and
administrative expenses. Offsetting the current period income tax benefit
is a reserve of $60,000 established for a deferred income tax asset.

     The investment in OptiMark was written down by
$250,000, or 25%, in the third quarter of 2000, representing a
net adjustment of $150,000 after income tax benefit, based upon
information received indicating impairment of the investment.

STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2001 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2000

     Net loss of $138,000, $0.05 per share - basic and diluted on
2.6 million weighted average shares outstanding, for the nine
months ended September 30, 2001 compared to net income of
$530,000, $0.18 per share - basic and $0.17 per share diluted on 2.9 million
basic and 3.0 million diluted weighted average shares
outstanding, for the nine months ended September 30, 2000.

     Earnings before interest, taxes, depreciation and
amortization ("EBITDA") were $228,000 for the nine months
ended September 30, 2001 compared to EBITDA of $1,415,000 for the
same period last year.

     Total revenues for the nine months ended September 30, 2001
were $15,734,000, an increase of $800,000 or 5%, compared to
$14,933,000 for the same period last year.  The increase
primarily results from the acquisition of K&S, partially offset
by lower volumes and market instability and a reduced number of
trading days.

     Principal transaction revenues for the nine months ended
September 30, 2001 were $4,154,000, a decrease of $403,000
compared to the same period last year.  The decrease results from
sharply lower principal transaction revenues at Fechtor Detwiler
and partially offset by $2.0 million of revenues attributable to
K&S.

     Investment banking revenues for the nine months ended
September 30, 2001 were $619,000, a decrease of $125,000 compared
to the same period last year due to lower investment banking activities
during 2001 reflective of current market conditions.

     Interest income of $287,000 decreased $436,000 compared to
the same period last year due to significantly reduced customer
margin account balances and lower interest rates.


                        10 of 16

<PAGE>


ITEM  2.    MANAGEMENT'S  DISCUSSION AND  ANALYSIS  OF  FINANCIAL
            CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

STATEMENT OF OPERATIONS FOR THE NINE MONTH PERIOD ENDED SEPTEMBER
30, 2001 COMPARED TO THE NINE MONTH PERIOD ENDED
SEPTEMBER 30, 2000 (CONTINUED)

     Compensation and benefits expense of $9,432,000 for the nine
months ended September 30, 2001 increased $554,000 compared to
the same period last year primarily due to compensation and
benefits expense at DMC UK and K&S.  Such increases were partially
offset by lower commissions on reduced principal transaction and retail
commission revenues.

     General and administrative expense of $1,964,000 for the
nine month period ended September 30, 2001 increased $271,000
compared to the same period last year due primarily to the start-
up costs associated with the establishment of DMC UK and expenses
of K&S, partially offset by higher general and administrative
expenses last year for Fechtor Detwiler operations.

     Execution costs of $3,230,000 for the nine month period
ended September 30, 2001 increased $1,651,000 compared to the
same period last year primarily due to execution costs at K&S.

     Occupancy, communications and systems expense of $1,091,000
increased $245,000 compared to the same period last year due primarily
to costs at DMC UK and K&S as well as trading system enhancements at
Fechtor Detwiler.

     Interest expense of $32,000 for the nine months ended
September 30, 2001 decreased $176,000 from the same period last
year primarily due to lower average notes payable balances and
interest rates.

     Income tax expense of $64,000 for the nine months ended
September 30, 2001 represents combined federal and state income
tax benefit on loss before income taxes adjusted for non-deductible
amortization of intangibles and certain general and
administrative expenses.  Offsetting the current period income tax
benefit is a reserve of $60,000 established for a deferred income
tax asset.

     The investment in OptiMark was written down by
$750,000, or 75%, during 2000, representing a net adjustment of
$450,000 after income tax benefit, based upon information
received in the respective quarters indicating impairment of the
investment.

CAPITAL RESOURCES AND LIQUIDITY

     The Company finances its activities primarily from cash
generated by operations, borrowings from its lines of credit and
stockholders' equity.

     Cash and cash equivalents at September 30, 2001 of
$1,374,000 decreased $1,364,000 from December 31, 2000 primarily
the result of the $1.2 million cash payment for the K&S
acquisition.  The acquisition of K&S also included 25,000 shares
of common stock valued at $62,500 and a note payable of $300,000.

     Fechtor Detwiler has two revolving line of credit
facilities.  Maximum borrowings under the combined credit
facilities is $15,000,000 and each facility is due on demand.
Total borrowings under these lines of credit facilities totaled
$1,600,000 at September 30, 2001.

     DMC UK received approval to operate in the UK on July 30,
2001.  Accordingly, its investment banking and research
production activities have commenced.  Results for the nine month
period ended September 30, 2001 includes $578,000 in total
expenses, which includes the seven month regulatory approval and
the startup phase of the UK operations and nominal commission
revenues.

                          11 of 16

<PAGE>

ITEM  2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
            CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

STRATEGIC OUTLOOK

     During 2001, the Company continued its efforts to identify
revenue enhancement opportunities and cost reductions, while
ensuring clients continue to receive the quality service and
research information they expect.  Market conditions, however,
were difficult.  As a result, revenues from principal transactions
decreased sharply due to a lack of client volume and decimalization
reduced the level of trading profits at the brokerage firm and at K&S, the
Company's specialist operation, from levels experienced prior to
April 1, 2001.  With respect to DMC UK, the regulatory approval
process was significantly longer than anticipated resulting in
the occurrence of greater than expected startup and operating
costs.  Additionally, when licensing was approved by the UK
regulatory authority, the significantly weakened global financial
market greatly diminished revenue generation opportunities for this
startup venture.  At Fechtor Detwiler, retail commissions and
associated interest revenue on customer margin accounts were lower due
to diminished transaction volumes.  Finally, demand for investment banking
products and services was almost non-existent.  Increases in
institutional sales, however, were achieved from the strength of
the Company's "Channel Notes" research information on the
semiconductor equipment manufacturing, semiconductor
microprocessor and memory, and networking industries.

     For some period of time, the Compensation Committee of the Board
of Directors and an industry consultant have been addressing
the compensation plan of each revenue production department to
ensure the interests of employees and stockholders are aligned.
A new compensation plan will soon be implemented which aligns total
compensation with the interests of stockholders and is consistent
with industry standards.

     On or about October 12, 2001, Andrew Detwiler, Director and President of
the Company and Director and CEO of Fechtor Detwiler, and several members
of the institutional sales, research and trading departments
resigned.  While there will be an initial, adverse impact on revenues and
earnings, steps have been initiated to build and expand the institutional
sales and research departments.  These personnel changes, will allow Fechtor
Detwiler to recruit highly skilled research analysts and expand and enhance
industry coverage.  Additionally, the weaknesses in the financial
service and technology industries have made available competent candidates,
which the Company believes will facilitate hiring skilled professionals.

     Management continues to identify revenue enhancement and
cost reduction opportunities.  On October 9, 2001, an independent
brokerage initiative was begun with the addition of twenty six
(26) non-salaried financial planners, all independent
contractors, who are paid approximately 90% of their commission
revenues.  Fechtor Detwiler receives approximately 10% of
commission revenues to process and clear equity trades, mutual
fund trades and annuity sales.  In May 2001, the Company
established a floor brokerage operation at the Boston Stock
Exchange, which has already had a substantive impact in reducing
both execution and clearing costs.  DMC UK is now generating agency
commission revenues from its alternative energy industry research
information and the "Channel Research" notes.  Finally, K&S is expected to
begin trading approximately forty (40) NASD stocks in the next
few weeks upon completion of the regulatory approval process.

RECENT ACCOUNTING DEVELOPMENTS

     In July 2001, the Financial Accounting Standards Board
issued SFAS No. 141, "Business Combinations" and SFAS No. 142,
"Goodwill and Intangible Assets."  SFAS No. 141 requires that all
business combinations initiated after September 30, 2001 be
accounted for using the purchase method of accounting, and
prohibits the use of the pooling-of-interests method for such
transactions.  The new standard also requires identified
intangible assets acquired in a business combination to be
recognized as an asset apart from goodwill if they meet certain
criteria.


                            12 of 16


<PAGE>


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

RECENT ACCOUNTING DEVELOPMENTS (CONTINUED)

     SFAS No. 142 applies to all goodwill and identified
intangible assets acquired in a business combination.  Under the
new standard, all goodwill, including that acquired before
initial application of the standard, should not be amortized but
should be tested for impairment at least annually.  Identified
intangible assets should be amortized over their useful lives and
reviewed for impairment in accordance with SFAS No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to be Disposed Of."  Within six months of initial
application of the new standard, a transitional impairment test
must be performed on all goodwill.  Any impairment loss
recognized as a result of the transitional impairment test should
be reported as a change in accounting principle.  In addition to
the transitional impairment test, the required annual impairment
test should be performed in the year of adoption of the standard.

     The new standard is effective for fiscal years beginning
after December 15, 2001, and must be adopted as of the beginning
of a fiscal year.  Retroactive application is not permitted.  The
Company will adopt the new standard on January 1, 2002, and is
currently evaluating the potential impact of the standard on its
financial position and results of operations.

      SFAS No. 143 "Accounting for Asset Retirement Obligations"
(SFAS No. 143) was issued in June 2001 and requires the fair
value of a liability for an asset retirement obligation to be
recorded in the period in which it is incurred.  The associated
asset retirement costs must be capitalized as part of the
carrying amount of the long-lived asset.  The standard is
effective for fiscal years beginning after June 15, 2002.  SFAS
No. 144 "Accounting for the Impairment or Disposal of Long-Lived
Assets" (SFAS No. 144) was issued in August 2001 and addresses
financial accounting and reporting for the impairment or disposal
of long-lived assets.  SFAS No. 144 is effective for financial
statements issued for fiscal years beginning after December 15,
2001. The Company is currently evaluating the impact SFAS No. 143
and SFAS No. 144, if any, have on its financial position and
results of operations

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR"
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT

     Any statements in this report that are not historical facts
are intended to fall within the safe harbor for forward-looking
statements provided by the Private Securities Litigation Reform
Act of 1995. These statements may be identified by such forward-
looking terminology as "expect", "look", "believe",
"anticipate", "may", "will" or similar statements or
variations of such terms. Any forward-looking statements should
be considered in light of the risks and uncertainties associated
with the Company and its businesses, economic and market
conditions prevailing from time to time, and the application and
interpretation of Federal and state tax laws and regulations, all
of which are subject to material changes and which may cause
actual results to vary materially from what had been anticipated.
Certain factors that affect the Company and include conditions
affecting revenues, reliance on key personnel, competition, and
regulatory and legal matters.

     Conditions Affecting Revenues. Revenues, cash flows and
earnings of the Company may be adversely affected by volatility
in the financial markets and fluctuating economic and political
conditions which could produce lower commissions, and lower
trading or investment banking revenues, or by a decline in client
account balances resulting from changing industry or economic
conditions or the performance of the capital markets.

     Reliance on Key Personnel. The departure of key personnel,
such as skilled institutional and retail brokers, traders,
research analysts or employees responsible for significant client
relationships, could have a material adverse effect on the
results of operations of the Company.

                        13 of 16

<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR"
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT (CONTINUED)


     Competition. The Company may experience losses in client
account balances due to the highly competitive nature of its
business, the performance of client accounts compared to the
performance of the market generally, the abilities and
reputations of the Company and its ability to attract new client
accounts and retain existing client relationships and changes in
the brokerage business such as the growth of internet security
trading and information availability.

     Regulatory and Legal Factors. The Company's business may be
affected by developments or changes in the regulation, legal
proceedings and claims arising from the conduct of its
businesses.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

                                 14 of 16

<PAGE>

PART II.  OTHER INFORMATION


ITEM 5.   OTHER INFORMATION.
          -----------------

     On October 17, 2001, the Company filed a report on Form 8-K
regarding the resignation of Andrew Detwiler, President and
Director of the Company and CEO and director of the Company's
principal, broker-dealer subsidiary, Fechtor, Detwiler & Co.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.

     a.)  Exhibits.

          The following Exhibits are filed herewith:

          99.1 On November 6, 2001, the Company issued a press
               release containing its financial results for the
               third quarter ended September 30, 2001.




                          15 of 16

<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.

                                        /s/ Detwiler, Mitchell & Co.
                                        ----------------------------
                                                Registrant


Date: November 7, 2001                   /s/ JAMES K. MITCHELL
                                       -------------------------------------
                                        James K. Mitchell
                                        Chairman and Chief Executive Officer


Date: November 7, 2001                   /s/ STEPHEN D. MARTINO
                                       -------------------------------------
                                        Stephen D. Martino
                                        Chief Financial Officer and
                                        Principal Accounting Officer





                             16 of 16