<TABLE> <S> <C>


<ARTICLE> BD
       
<S>                             <C>                     <C>                     <C>
   
<PERIOD-TYPE>                   3-MOS                   6-MOS                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1996             SEP-30-1996             SEP-30-1996
<PERIOD-START>                             APR-01-1996             OCT-01-1995             OCT-01-1995
<PERIOD-END>                               JUN-30-1996             MAR-31-1996             JUN-30-1996
<CASH>                                           6,241                   6,241                   6,241
<RECEIVABLES>                                  240,122                 240,122                 240,122
<SECURITIES-RESALE>                            137,690                 137,690                 137,690
<SECURITIES-BORROWED>                           10,201                  10,201                  10,201
<INSTRUMENTS-OWNED>                            103,202                 103,202                 103,202
<PP&E>                                          15,216                  15,216                  15,216
<TOTAL-ASSETS>                                 644,017                 644,017                 644,017
<SHORT-TERM>                                    15,292                  15,292                  15,292
<PAYABLES>                                     296,504                 296,504                 296,504
<REPOS-SOLD>                                   111,329                 111,329                 111,329
<SECURITIES-LOANED>                                  0                       0                       0
<INSTRUMENTS-SOLD>                              83,154                  83,154                  83,154
<LONG-TERM>                                     27,462                  27,462                  27,462
<PREFERRED-MANDATORY>                                0                       0                       0
<PREFERRED>                                          0                       0                       0
<COMMON>                                         1,377                   1,377                   1,377
<OTHER-SE>                                      73,971                  73,971                  73,971
<TOTAL-LIABILITY-AND-EQUITY>                   644,017                 644,017                 644,017
<TRADING-REVENUE>                                1,800                   3,909                   5,709
<INTEREST-DIVIDENDS>                             8,353                  16,809                  25,162
<COMMISSIONS>                                   37,176                  74,043                 111,219
<INVESTMENT-BANKING-REVENUES>                      782                   2,936                   3,718
<FEE-REVENUE>                                    2,433                   4,390                   6,823
<INTEREST-EXPENSE>                               5,305                  10,762                  16,067
<COMPENSATION>                                  31,038                  61,700                  92,738
<INCOME-PRETAX>                                  3,756                   8,264                  12,020
<INCOME-PRE-EXTRAORDINARY>                       3,756                   8,264                  12,020
<EXTRAORDINARY>                                      0                       0                       0
<CHANGES>                                            0                       0                       0
<NET-INCOME>                                     2,293                   4,877                   7,170
<EPS-PRIMARY>                                     0.38                    0.80                    1.18
<EPS-DILUTED>                                     0.34                    0.70                    1.04
    
        


</TABLE>