<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> JUN-30-1997 <CASH> 859,932 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 859,932 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 859,932 <CURRENT-LIABILITIES> 24,308 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 73,755 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 854,932 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 78,500 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 663,984 <INCOME-TAX> 300,000 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 742,484 <CHANGES> 0 <NET-INCOME> 363,984 <EPS-PRIMARY> 4.94 <EPS-DILUTED> 4.94