<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Condensed Consolidated Statement of Financial Condition at June 30,
1996(Unaudited) and the Condensed Consolidated Statement of Income for the
Six Months Ended June 30, 1996 unauditied and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> USD
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               JUN-30-1996
<EXCHANGE-RATE>                                     1.
<CASH>                                           11228
<SECURITIES>                                     45473
<RECEIVABLES>                                     1978
<ALLOWANCES>                                         0
<INVENTORY>                                        101
<CURRENT-ASSETS>                                 59463
<PP&E>                                           20952
<DEPRECIATION>                                    9030
<TOTAL-ASSETS>                                   76673
<CURRENT-LIABILITIES>                            12626
<BONDS>                                          51330
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            28
<OTHER-SE>                                       17701
<TOTAL-LIABILITY-AND-EQUITY>                     76673
<SALES>                                            118
<TOTAL-REVENUES>                                 17140
<CGS>                                               91
<TOTAL-COSTS>                                    17118
<OTHER-EXPENSES>                                  9963
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              (2787)
<INCOME-PRETAX>                                (17120)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (17120)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (17120)
<EPS-PRIMARY>                                    (.61)
<EPS-DILUTED>                                    (.61)