0000950142-03-000167 4 1 20030127 20030129

GRUMHAUS DAVID D 0001199055 DIRECTOR

MORGAN STANLEY DEAN WITTER 1221 AVENUE OF THE AMERICAS NEW YORK NY 10020

BKF CAPITAL GROUP INC 0000009235 6282 360767530 DE 1231

4 34 811-02144 03529456

200 W. MADISON ST. SUITE 3510 CHICAGO IL 60606 2123328400

BAKER FENTRESS & CO ET AL 19940714

BAKER FENTRESS & CO 19970829

4 1 form4_ddgrumhaus012803.txt STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP