-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 H99AJicmtMLJM9ktw3rDUJYYktuc2Zxyg0qAW46lfT7emJ6usKyyE6owSxKdgseO
 CwkIO53IWtBLtaH51CH6Xw==

<SEC-DOCUMENT>0000036104-03-000136.txt : 20031219
<SEC-HEADER>0000036104-03-000136.hdr.sgml : 20031219
<ACCEPTANCE-DATETIME>20031219105446
ACCESSION NUMBER:		0000036104-03-000136
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031219
FILED AS OF DATE:		20031219

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIPER JAFFRAY COMPANIES
		CENTRAL INDEX KEY:			0001230245
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]

	BUSINESS ADDRESS:	
		STREET 1:		C/O JIM CHOSY
		STREET 2:		800 NICOLLET MALL SUITE 800
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		612 303 0582

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			US BANCORP \DE\
		CENTRAL INDEX KEY:			0000036104
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31720
		FILM NUMBER:		031063951

	BUSINESS ADDRESS:	
		STREET 1:		U.S.BANCORP
		STREET 2:		800 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		(612)973-1111

	MAIL ADDRESS:	
		STREET 1:		U.S.BANCORP
		STREET 2:		800 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402

	FORMER NAME:	
		FORMER CONFORMED NAME:	FIRST BANK SYSTEM INC
		DATE OF NAME CHANGE:	19920703

	FORMER NAME:	
		FORMER CONFORMED NAME:	FIRST BANK STOCK CORP
		DATE OF NAME CHANGE:	19720317

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			U S BANCORP PIPER JAFFRAY COMPANIES INC
		CENTRAL INDEX KEY:			0000078778
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31720
		FILM NUMBER:		031063950

	BUSINESS ADDRESS:	
		STREET 1:		800 NICOLECT MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		612 303 7857

	MAIL ADDRESS:	
		STREET 1:		222 SOUTH 9TH STREET
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402

	FORMER NAME:	
		FORMER CONFORMED NAME:	PIPER JAFFRAY COMPANIES INC
		DATE OF NAME CHANGE:	19930301

	FORMER NAME:	
		FORMER CONFORMED NAME:	PIPER JAFFRAY INC /DE/
		DATE OF NAME CHANGE:	19930301

	FORMER NAME:	
		FORMER CONFORMED NAME:	PIPER JAFFRAY INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType><periodOfReport>2003-12-19</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001230245</issuerCik>
        <issuerName>PIPER JAFFRAY COMPANIES</issuerName>
        <issuerTradingSymbol>PJC</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000036104</rptOwnerCik>
            <rptOwnerName>US BANCORP \DE\</rptOwnerName>
        </reportingOwnerId>
<reportingOwnerAddress><rptOwnerStreet1>800 Nicollet Mall</rptOwnerStreet1><rptOwnerStreet2/><rptOwnerCity>Minneapolis</rptOwnerCity><rptOwnerState>MN</rptOwnerState><rptOwnerZipCode>55402</rptOwnerZipCode></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000078778</rptOwnerCik>
            <rptOwnerName>U S BANCORP PIPER JAFFRAY COMPANIES INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>800 NICOLLET MALL</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55402</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeHolding><securityTitle><value>Common Stock</value><footnoteId id="F1"/><footnoteId id="F2"/></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>100</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value><footnoteId id="F1"/><footnoteId id="F2"/></directOrIndirectOwnership><natureOfOwnership><value>See Footnotes</value><footnoteId id="F1"/><footnoteId id="F2"/></natureOfOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><footnotes><footnote id="F1">U.S. Bancorp Piper Jaffray Companies Inc., a wholly owned subsidiary of U.S. Bancorp (NYSE: USB), has direct beneficial ownership of 100 shares of common stock of Piper Jaffray Companies, comprising all of the issued and outstanding securities of Piper Jaffray 
Companies as of the date hereof.  As U.S. Bancorp Piper Jaffray Companies, Inc. is a wholly owned subsidiary of U.S. Bancorp, U.S. Bancorp is deemed to have indirect beneficial ownership of such shares of common stock of Piper Jaffray Companies, and accordingly is filing this Form 3 Statement of Beneficial Ownership with U.S. Bancorp Piper Jaffray Companies, Inc. as a group.  </footnote><footnote id="F2">In connection with the proposed distribution (the &quot;Distribution&quot;) by U.S. Bancorp to its stockholders of all of the outstanding shares of common stock of Piper Jaffray Companies it then holds, Piper Jaffray Companies has registered its common stock under the Securities Exchange Act of 1934, as amended, pursuant to a Registration Statement on Form 10 previously filed with Securities and Exchange Commission.  It is expected that the Distribution will be completed in the fourth quarter of 2003, after which U.S. Bancorp will own no shares of capital stock of Piper Jaffray Companies, either directly or 
indirectly.</footnote></footnotes><remarks/><ownerSignature><signatureName>Lee R. Mitau, Executive Vice President and Secretary</signatureName><signatureDate>2003-12-19</signatureDate></ownerSignature><ownerSignature><signatureName>James L. Chosy, Secretary</signatureName><signatureDate>2003-12-19</signatureDate></ownerSignature></ownershipDocument>

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</SEC-DOCUMENT>
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