WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>


<ARTICLE>                   BD
<RESTATED>
[LEGEND]
THE FINANCIAL DATA SCHEDULE  CONTAINS SUMMARY  FINANCIAL  INFORMATION  EXTRACTED
FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF PIPER JAFFRAY COMPANIES INC. AS OF
AND AS RESTATED FOR THE PERIODS ENDED  DECEMBER 31, 1996,  MARCH  31,1997,  JUNE
30,1997, AND SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH CONSOLIDATED FINANCIAL STATEMENTS.
[/LEGEND]
       
<S>                         <C>                 <C>                <C>                 <C>
<PERIOD-TYPE>               3-MOS               6-MOS              9-MOS               12-MOS
<FISCAL-YEAR-END>           SEP-30-1997         SEP-30-1997        SEP-30-1997         SEP-30-1997
<PERIOD-END>                DEC-31-1996         MAR-31-1997        JUN-30-1997         SEP-30-1997
<CASH>                           28,374              45,896             29,165              30,862
<RECEIVABLES>                   615,692             621,519            747,282             709,488
<SECURITIES-RESALE>              27,441              50,781             43,327              34,113
<SECURITIES-BORROWED>                 0                   0                  0                   0
<INSTRUMENTS-OWNED>             184,233             219,183            189,935             196,650
<PP&E>                           30,263              30,534             30,338              32,756
<TOTAL-ASSETS>                  988,535           1,119,165          1,181,782           1,131,869
<SHORT-TERM>                    218,841             295,828            223,950             210,805
<PAYABLES>                      328,855             329,561            459,530             446,675
<REPOS-SOLD>                     21,137              31,984             36,142              14,810
<SECURITIES-LOANED>                   0                   0                  0                   0
<INSTRUMENTS-SOLD>               48,643              69,592             70,022              49,370
<LONG-TERM>                      44,855              43,482             42,004              40,709
<PREFERRED-MANDATORY>                 0                   0                  0                   0
<PREFERRED>                           0                   0                  0                   0
<COMMON>                         18,661              18,676             18,676              18,754
<OTHER-SE>                      156,372             162,978            168,228             152,809
<TOTAL-LIABILITY-AND-EQUITY>    988,535           1,119,165          1,181,782           1,131,869
<TRADING-REVENUE>                43,994              84,429            124,614             162,340
<INTEREST-DIVIDENDS>             12,290              24,818             38,754              53,107
<COMMISSIONS>                    46,415             100,029            154,632             218,139
<INVESTMENT-BANKING-REVENUES>    20,937              49,927             70,233              98,335
<FEE-REVENUE>                     8,905              17,951             27,130              37,517
<INTEREST-EXPENSE>                6,155              12,299             19,446              26,964
<COMPENSATION>                   86,036             179,745            268,447             372,703
<INCOME-PRETAX>                   2,983              14,744             25,210               1,514
<INCOME-PRE-EXTRAORDINARY>        2,983              14,744             25,210               1,514
<EXTRAORDINARY>                       0                   0                  0                   0
<CHANGES>                             0                   0                  0                   0
<NET-INCOME>                      1,820               9,289             15,882                 954
<EPS-PRIMARY>                      0.10                0.50               0.86                0.05 <F1>
<EPS-DILUTED>                      0.10                0.49               0.83                0.05 <F2>
<FN>
<F1>  BASIC EARNINGS PER SHARE - COMPUTED UNDER SFAS 128
<F2>  DILUTED EARNINGS PER SHARE - COMPUTED UNDER SFAS 128
</FN>
        

</TABLE>