Form 4
X Check this box if Filer is no longer subject to Section
16. Form 4 or Form 5 obligations may continue.
1. Name and Address of Reporting Person -- Hewitt, Carl H.
C/O Spear, Leeds & Kellogg, 120 Broadway, New York, New York
10271.
2. Issuer Name and Ticker or Trading Symbol -- National
Discount Brokers Group, Inc. (NDB)
3. IRS or Social Security Number of Reporting Person
(Voluntary)
4. Statement for Month/Year -- February, 1999
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer -- 10% Owner
Table I - Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
1. Title of Security -- Common Stock $.01 Par Value
2. Transaction Date. -- February 1, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 291,300.
(A) or (D) = D.
Price 23.31.
2. Transaction Date. -- February 1, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 113,800.
(A) or (D) = D.
Price 25.99.
2. Transaction Date. -- February 2, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 300,000.
(A) or (D) = D.
Price 25.49.
2. Transaction Date. -- February 3, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 440,000.
(A) or (D) = D.
Price 30.00.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 200,000.
(A) or (D) = D.
Price 40.32.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 25,000.
(A) or (D) = D.
Price 4.73.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 5,000.
(A) or (D) = D.
Price 29.51.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 5,000.
(A) or (D) = D.
Price 30.00.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 3,000.
(A) or (D) = D.
Price 30.25.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 10,000.
(A) or (D) = D.
Price 30.25.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 1,300.
(A) or (D) = D.
Price 30.38.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 5,400.
(A) or (D) = D.
Price 30.50.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 10,000.
(A) or (D) = D.
Price 30.50.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 10,000.
(A) or (D) = D.
Price 30.50.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 5,000.
(A) or (D) = D.
Price 30.50.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 300.
(A) or (D) = D.
Price 30.75.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 10,000.
(A) or (D) = D.
Price 31.00.
2. Transaction Date. -- February 4, 1999.
3. Transaction Code -- s.
4. Securities Acquired (A) or Disposed of (D)
Amount = 10,000.
(A) or (D) = D.
Price 31.00.
5 Amount of Securities Beneficially Owned at End of
February 4, 1999 = 1,383,059.
6 Ownership Form -- (I).
7 Nature of Indirect Beneficial Ownership -- S.G.I.
Partners, L.P., a Delaware limited partnership of which Mr.
Hewitt is the owner of its general partner. Mr. Hewitt
disclaim beneficial ownership of these shares.
Table II - Derivative Securities Acquired, Disposed of, or
Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
1. Title of Derivative Security. N/A.
2. Conversion or Exercise Price of Derivative Security. N/A.
3. Transaction Date. N/A.
4. Transaction Code. N/A.
5. Number of Derivative Securities Acquired or Disposed N/A.
6. Date Exercisable and Expiration Date N/A.
7. Title and Amount of Underlying Securities N/A.
8. Price of Derivative Securities N/A.
9. Number of Derivative Securities Beneficially Owned at End
of Month N/A.
10.Ownership Form of Derivative Security
N/A.
11.Nature of Indirect Beneficial Ownership N/A.
