Form 4
1. Name and Address of Reporting Person -S.G.I. Partners,
L.P.
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) 112972100
4. Statement for Month/Year -January, 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. -January 11, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =105,000.
(A) or (D) = D.
Price 20.69.
2. Transaction Date. -January 12, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =59,100.
(A) or (D) = D.
Price 22.91.
2. Transaction Date. -January 12, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =310,000.
(A) or (D) = D.
Price 22.51.
2. Transaction Date. -January 13, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =28,200.
(A) or (D) = D.
Price 19.78.
2. Transaction Date. -January 13, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =56,500.
(A) or (D) = D.
Price 21.15.
2. Transaction Date. -January 14, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =34,500.
(A) or (D) = D.
Price 19.90.
2. Transaction Date. -January 15, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =22,600.
(A) or (D) = D.
Price 18.87.
2. Transaction Date. -January 19, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =26,000.
(A) or (D) = D.
Price 18.27.
2. Transaction Date. -January 20, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =59,000.
(A) or (D) = D.
Price 18.82.
2. Transaction Date. -January 26, 1999.
3. Transaction Code -- J.
4. Securities Acquired (A) or Disposed of (D)
Amount =362,141.
(A) or (D) = D.
Distribution to partner.
2. Transaction Date. -January 29, 1999.
3. Transaction Code -- S.
4. Securities Acquired (A) or Disposed of (D)
Amount =108,800.
(A) or (D) = D.
Price 18.92.
5. Amount of Securities Beneficially Owned at End of Month
= 2,828,159.
6. Ownership Form -- (D).
7. Nature of Indirect Beneficial Ownership -- N/A.
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.
