<ARTICLE> 5

<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM REGISTRANTS
QUARTERLY REPORT ON FORM 10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
THE FINANCIAL STATEMENTS IN SUCH REPORT.
</LEGEND>

       
                           
<PERIOD-TYPE>                 9-MOS
<FISCAL-YEAR-END>             DEC-31-1996
<PERIOD-START>                JAN-01-1996
<PERIOD-END>                  SEP-30-1996
<CASH>                        9,978
<SECURITIES>                  52,159
<RECEIVABLES>                 4,066
<ALLOWANCES>                  0
<INVENTORY>                   0
<CURRENT-ASSETS>              66,203
<PP&E>                        1,616
<DEPRECIATION>                (1,118)
<TOTAL-ASSETS>                67,391
<CURRENT-LIABILITIES>         6,959
<BONDS>                       0
<PREFERRED-MANDATORY>         0
<PREFERRED>                   0
<COMMON>                      88
<OTHER-SE>                    60,344
<TOTAL-LIABILITY-AND-EQUITY>  67,391
<SALES>                       15,836
<TOTAL-REVENUES>              20,416
<CGS>                         0
<TOTAL-COSTS>                 9,192
<OTHER-EXPENSES>              0
<LOSS-PROVISION>              0
<INTEREST-EXPENSE>            10
<INCOME-PRETAX>               11,214
<INCOME-TAX>                  4,795
<INCOME-CONTINUING>           6,419
<DISCONTINUED>                0
<EXTRAORDINARY>               0
<CHANGES>                     0
<NET-INCOME>                  6,419
<EPS-PRIMARY>                 0.73
<EPS-DILUTED>                 0.73