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, 1995,  MARCH  31,1996,  JUNE
30,1996, AND SEPTEMBER 30, 1996 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-30-1996         SEP-30-1996        SEP-30-1996         SEP-30-1996        
<PERIOD-END>                DEC-31-1995         MAR-31-1996        JUN-30-1996         SEP-30-1996        
<CASH>                           25,665              23,162             27,409              23,406        
<RECEIVABLES>                   550,247             572,127            574,153             620,175            
<SECURITIES-RESALE>                   0                   0                  0                   0                  
<SECURITIES-BORROWED>                 0                   0                  0                   0                 
<INSTRUMENTS-OWNED>             127,561             134,611            150,049             149,604          
<PP&E>                           26,609              27,484             28,977              30,185           
<TOTAL-ASSETS>                  823,048             898,386            919,757             923,740           
<SHORT-TERM>                    194,082             203,885            224,075             183,320           
<PAYABLES>                      398,990             314,576            228,667             341,334           
<REPOS-SOLD>                          0                   0                  0                   0               
<SECURITIES-LOANED>                   0                   0                  0                   0                
<INSTRUMENTS-SOLD>               14,971              47,727             54,686              27,472           
<LONG-TERM>                      52,889              48,874             46,352              45,333      
<PREFERRED-MANDATORY>                 0                   0                  0                   0            
<PREFERRED>                           0                   0                  0                   0               
<COMMON>                         17,569              18,128             18,142              18,198              
<OTHER-SE>                      144,547             147,705            144,934             148,627         
<TOTAL-LIABILITY-AND-EQUITY>    823,048             898,386            919,757             923,740        
<TRADING-REVENUE>                40,915              83,529            125,555             165,284           
<INTEREST-DIVIDENDS>              9,463              19,539             29,920              41,130           
<COMMISSIONS>                    42,646              91,390            141,974             185,301        
<INVESTMENT-BANKING-REVENUES>    25,023              44,952             72,782              98,812          
<FEE-REVENUE>                    14,479              30,708             28,422              37,442          
<INTEREST-EXPENSE>                3,043               7,429             11,917              16,866        
<COMPENSATION>                   81,486             166,444            260,044             343,518    
<INCOME-PRETAX>                  10,908               6,921              4,665              11,961      
<INCOME-PRE-EXTRAORDINARY>       10,908               6,921              4,665              11,961
<EXTRAORDINARY>                       0                   0                  0                   0              
<CHANGES>                             0                   0                  0                   0               
<NET-INCOME>                      6,654               4,360              2,846               7,296         
<EPS-PRIMARY>                      0.38                0.25               0.16                0.41 <F1>
<EPS-DILUTED>                      0.37                0.24               0.16                0.40 <F2>
<FN>
<F1> BASIC EARNINGS PER SHARE - COMPUTED UNDER SFAS 128
<F2> DILUTED EARNINGS PER SHARE - COMPUTED UNDER SFAS 128
</FN>
        

</TABLE>