<ARTICLE>                                      5
<MULTIPLIER>                                   1
       
                                                      
<PERIOD-TYPE>                                          9-mos
<FISCAL-YEAR-END>                                DEC-31-1997
<PERIOD-END>                                     SEP-30-1997
<CASH>                                               871,283
<SECURITIES>                                       7,999,895
<RECEIVABLES>                                              0
<ALLOWANCES>                                               0
<INVENTORY>                                                0
<CURRENT-ASSETS>                                     102,022
<PP&E>                                                     0
<DEPRECIATION>                                             0
<TOTAL-ASSETS>                                     8,973,200
<CURRENT-LIABILITIES>                                119,050
<BONDS>                                                    0
<COMMON>                                               8,900
<PREFERRED-MANDATORY>                                      0
<PREFERRED>                                                1
<OTHER-SE>                                         8,845,249
<TOTAL-LIABILITY-AND-EQUITY>                       8,973,200
<SALES>                                                    0
<TOTAL-REVENUES>                                     354,749
<CGS>                                                      0
<TOTAL-COSTS>                                              0
<OTHER-EXPENSES>                                     240,237
<LOSS-PROVISION>                                           0
<INTEREST-EXPENSE>                                         0
<INCOME-PRETAX>                                      114,512
<INCOME-TAX>                                          44,417
<INCOME-CONTINUING>                                   70,095
<DISCONTINUED>                                             0
<EXTRAORDINARY>                                            0
<CHANGES>                                                  0
<NET-INCOME>                                          70,095
<EPS-PRIMARY>                                           0.08
<EPS-DILUTED>                                           0.08