<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> DEC-31-1998 <CASH> 6,045,956 <SECURITIES> 247,722,389 <RECEIVABLES> 1,540,576 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 7,586,532 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 264,668,902 <CURRENT-LIABILITIES> 193,671,757 <BONDS> 0 <COMMON> 90,551 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 70,842,206 <TOTAL-LIABILITY-AND-EQUITY> 264,668,902 <SALES> 0 <TOTAL-REVENUES> 4,608,536 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1,677,467 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 2,931,069 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,931,069 <EPS-PRIMARY> 0 <EPS-DILUTED> .32