<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Form 10Q for the period ending March 31, 1996 and is qualified in its
entirety by reference to such 10Q.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                           9,139
<SECURITIES>                                    70,597
<RECEIVABLES>                                        0<F1>
<ALLOWANCES>                                         0<F1>
<INVENTORY>                                          0
<CURRENT-ASSETS>                               123,454
<PP&E>                                               0<F1>
<DEPRECIATION>                                       0<F1>
<TOTAL-ASSETS>                                 233,359
<CURRENT-LIABILITIES>                           18,512
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         7,500
<OTHER-SE>                                     177,372
<TOTAL-LIABILITY-AND-EQUITY>                   233,359
<SALES>                                              0
<TOTAL-REVENUES>                                26,635
<CGS>                                                0
<TOTAL-COSTS>                                   27,225
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0<F1>
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                    415
<INCOME-TAX>                                       155
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (114)
<EPS-PRIMARY>                                    (.02)
<EPS-DILUTED>                                        0<F2>
<FN>
<F1>Disclosure not required on interim financial statements.
<F2>Computation not applicable.
</FN>