UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 15)
First of Michigan Capital Corporation
_____________________________________
(Name of Issuer)
Common Stock, Par Value $.10 Per Share
______________________________________
(Title of Class of Securities)
233326 10 7
___________
(CUSIP Number)
Robert C. Canfield, Esq. Copy to:
DST Systems, Inc. John F. Marvin, Esq.
1055 Broadway, 9th Floor Watson & Marshall
L.C.
Kansas City, MO 64105 1010 Grand Avenue,
Suite 500
816-435-1000 Kansas City,MO 64106
Fax: 816-435-8630 816-842-3132
Fax: 816-842-1247
(Name, Address and Telephone Number of Person Authorized
to receive Notices and Communications)
October 31, 1995
________________
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule 13d-
1(b)(3) or (4), check the following box .
<PAGE>
SCHEDULE 13D
1. Name Of Reporting Person S.S. or I.R.S. Identification No.
Of Above Person:
DST Systems, Inc.
2. Check The Appropriate Box If A Member Of A Group: (a)
(b)
3. SEC Use Only
4. Source of Funds: N/A
5. Check Box If Disclosure Of Legal Proceedings Is Required
Pursuant To Items 2(d) or 2(e)
6. Citizenship Or Place Of Organization: Delaware
7. Sole Voting Power: 609,956
8. Shared Voting Power: None
9. Sole Dispositive Power: 609,956
10. Shared Dispositive Power: None.
11. Aggregate Amount Beneficially Owned By Each Reporting
Person: 609,956
12. Check Box If The Aggregate Amount In Row (11) Excludes
Certain Shares
13. Percent Of Class Represented By Amount In Row (11): 21.8
14. Type Of Reporting Person: Co.
<PAGE>
AMENDMENT NO. 15 TO SCHEDULE 13D
Under the Securities Exchange Act of 1934
This Amendment No. 15 to Schedule 13D is filed on behalf of
DST Systems, Inc. ("DST") to reflect recent developments in
connection with the initial public offering of DST's common
stock. Reference is made to the initial statement on Schedule
13D dated as of April 23, 1982 (the "DST Statement") as amended
by Amendments No. 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and
14 thereto, dated May 26, 1982, August 6, 1982, August 30, 1983,
October 27, 1983, June 26, 1984, January 22, 1985, July 9, 1985,
August 5, 1985, September 17, 1985, November 19, 1985, March 11,
1986, December 30, 1986, January 7, 1993 and August 26, 1993,
respectively. The DST Statement is hereby further amended,
restated and supplemented as follows.
Item 1. Security and Issuer.
___________________
The class of equity securities to which this Schedule
relates is the common stock, $0.10 par value per share ("Common
Stock"), of First of Michigan Capital Corporation, a Delaware
corporation (the "Issuer"). The principal executive office of
the Issuer is 100 Renaissance Center, 26th Floor, Detroit,
Michigan 48243.
Item 2. Identity and Background.
_______________________
This statement is being filed by DST Systems, Inc., a
Delaware corporation ("DST"). The address of the principal
business and principal office of DST is 1055 Broadway, Kansas
City, Missouri 64105. DST Systems, Inc., a Missouri corporation,
was reorganized into DST in August, 1995.
DST is a financial services corporation engaged directly, or
through its subsidiaries and joint ventures, in providing
information processing and computer software services and
products primarily to mutual fund, insurance providers, banks and
other financial services organizations.
Kansas City Southern Industries, Inc., a Delaware
corporation ("KCSI"), reduced its ownership in DST through a
primary and secondary public offering of 25,300,000 shares of
DST's common stock. DST is no longer a wholly-owned subsidiary
of KCSI, and KCSI currently owns approximately 41 percent of DST.
In addition, Messrs. A. Edward Allinson and Michael G. Fitt, who
are directors of DST, are also directors of KCSI. DST has not
entered into any agreements with respect to its management or
corporate policies with KCSI. The existence of cumulative voting
and the exemption of KCSI from DST's Stockholders' Rights Plan
provide KCSI with the potential to effectively control the
corporate governance of DST. However, KCSI disclaims control of
DST and beneficial ownership of the Issuer's Common Stock as a
result of its stock ownership in DST.
Neither DST nor any of its respective executive officers or
directors hereinafter listed has during the last five years been
convicted in any criminal proceeding (excluding traffic
violations or similar misdemeanors), nor been a party to any
civil proceeding of a judicial or administrative body resulting
in a judgment, decree or final order enjoining future violations
of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to
such laws.
Each of the officers and directors whose names and business
addresses appear below is a U.S. citizen and is principally
employed by DST or its affiliates in the capacities shown, except
as indicated otherwise. Where no other address is shown below,
the business address of the officers and directors of DST is 1055
Broadway, Kansas City, Missouri 64105.
DST Executive Officers
______________________
Name Office
____ ______
Thomas A. McDonnell President/Chief Executive Officer
Thomas A. McCullough Executive Vice President
Morton B. Comer Senior Vice President
Robert C. Canfield Senior Vice President/General
Counsel/Secretary
James P. Horan Chief Information Officer
Kenneth V. Hager Vice President/Chief Financial
Officer/Treasurer
Charles W. Schellhorn President, Output
Technologies, Inc.
Michael A. Waterford Group Vice President
Robert L. Tritt Group Vice President
John W. McBride Group Vice President
J. Philip Kirk, Jr. Vice President
Joan J. Horan Vice President
John T. O'Neal Vice President
James H. Reinert Vice President
John J. Faucett Controller
Michael Winn DST International Limited, United
Kingdom - Manager
DST Directors
_____________
Name Office
____ ______
Thomas A. McDonnell President/Chief Executive Officer DST
Systems, Inc.
Thomas A. McCullough Executive Vice President of DST
Systems, Inc.
A. Edward Allinson Chairman of the Board of Boston
Financial Data Services
Executive Vice President of State Street
Bank and Trust Company
Michael G. Fitt Retired
Item 3. Source and Amount of Funds or Other Consideration.
_________________________________________________
The total purchase price for the shares of the Issuer's
Common Stock acquired by DST and reported below under Item 5 were
financed from the working capital of DST.
Item 4. Purpose of Transaction.
______________________
DST continues to hold the Common Stock for investment
purposes, but reserves the right to exercise any and all rights
and privileges as a stockholder of the Issuer in a manner
consistent with its own best interests, to purchase or sell the
Common Stock or other securities of the Issuer, and to
communicate with management, stockholders of the Issuer or others
and/or to participate, alone or with others, in various plans,
proposals or transactions respecting the Issuer or its
securities.
Except as set forth in this schedule, DST has no present
plans or intentions which relate to or would result in any of the
events described in paragraphs (a) through (j) of Item 4 of the
instructions to Schedule 13D. However, as previously noted, DST
reserves the right to change its intentions with respect to such
matters.
Item 5. Interest in Securities of the Issuer.
____________________________________
Items 7, 8, 9, 10, 11 and 13 of the inside cover page of
Schedule 13D are hereby incorporated by reference in response to
this Item 5.
Item 6. Contracts, Arrangements, Understandings or Relationships
________________________________________________________
with respect to Securities of the Issuer.
________________________________________
DST currently has no contracts, arrangements, understandings
or relationships (legal or otherwise) with any person with
respect to any securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
________________________________
None.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in the statement
is true, complete and correct.
Dated as of November 21, 1995.
DST SYSTEMS, INC.
By /s/ Robert C. Canfield
Senior Vice-President, General
Counsel
and Secretary
