-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 qcEM4wlerhSx+oc9L9ZEdw==

<SEC-DOCUMENT>0000898822-04-000004.txt : 20040102
<SEC-HEADER>0000898822-04-000004.hdr.sgml : 20040101
<ACCEPTANCE-DATETIME>20040102122707
ACCESSION NUMBER:		0000898822-04-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031230
FILED AS OF DATE:		20040102

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:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31720
		FILM NUMBER:		04500649

	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:			US BANCORP INVESTMENTS 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:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31720
		FILM NUMBER:		04500648

	BUSINESS ADDRESS:	
		STREET 1:		800 NICOLLET 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:	U S BANCORP PIPER JAFFRAY COMPANIES INC
		DATE OF NAME CHANGE:	19980505

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>december31form4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-12-30</periodOfReport>
   <notSubjectToSection16>1</notSubjectToSection16>
    <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>U.S.BANCORP</rptOwnerStreet1>
            <rptOwnerStreet2>800 NICOLLET MALL</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>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000078778</rptOwnerCik>
            <rptOwnerName>US BANCORP INVESTMENTS 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>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-30</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>19333029</value>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F1"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>19333129</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
            <footnoteId id="F1"/>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>By U.S. Bancorp Investments, Inc.</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-30</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F2"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>19333129</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
            <footnoteId id="F2"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>19333129</value>
            <footnoteId id="F2"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-12-31</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F3"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>19333129</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
            <footnoteId id="F3"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
            <footnoteId id="F4"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> On December 30, 2003, U.S. Bancorp Investments, Inc., a wholly owned subsidiary of U.S. Bancorp, merged with and into U.S. Bancorp Piper Jaffray Companies Inc., a wholly owned subsidiary of U.S. Bancorp that held all of the 100 outstanding shares of the Issuer, Piper Jaffray Companies.  U.S. Bancorp Piper Jaffray Companies Inc. was the surviving corporation in the merger and was renamed U.S. Bancorp Investments, Inc. at the time of the merger.  On December 30, 2003, after the merger, U.S. Bancorp Investments, Inc. contributed certain assets to Piper Jaffray Companies in exchange for 19,333,029 shares of Piper Jaffray Companies common stock (the &quot;Contribution&quot;).</footnote>

      <footnote id="F2"> After completion of the Contribution, U.S. Bancorp Investments, Inc. distributed on December 30, 2003, to its sole stockholder, U.S. Bancorp, all 19,333,129 shares of Piper Jaffray Companies common stock held by it by means of a special stock dividend.  At such time U.S. Bancorp Investments, Inc. ceased to beneficially own any shares of Piper Jaffray Companies common stock, and U.S. Bancorp became the direct beneficial owner of all such shares of Piper Jaffray Companies common stock.</footnote>

      <footnote id="F3"> On December 31, 2003, U.S. Bancorp made a pro rata distribution of all 19,333,129 shares of Piper Jaffray Companies common stock held by it to U.S. Bancorp stockholders by means of a special stock dividend.</footnote>

      <footnote id="F4"> U.S. Bancorp may be deemed to beneficially own shares of Piper Jaffray Companies common stock that it or its affiliates receive in the distribution in respect of U.S. Bancorp common stock held in customer accounts and funds for which it or its subsidiaries act as a trustee, asset manager or investment advisor or in another fiduciary capacity.  U.S. Bancorp and its subsidiaries disclaim all such beneficial ownership.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Lee R. Mitau (on behalf of U.S. Bancorp)</signatureName>
      <signatureDate>2003-12-31</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Steven M. Short (on behalf of U.S. Bancorp Investments, Inc.)</signatureName>
      <signatureDate>2003-12-31</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----