<ARTICLE>         5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM REGISTRANTS
ANNUAL REPORT ON FORM 10K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
THE FINANCIAL STATEMENTS IN SUCH REPORT.
</LEGEND>

       
                                         
<PERIOD-TYPE>                               12-MOS
<FISCAL-YEAR-END>                           DEC-31-1996
<PERIOD-START>                              JAN-01-1996
<PERIOD-END>                                DEC-31-1996
<CASH>                                      5,586
<SECURITIES>                                51,362
<RECEIVABLES>                               6,220
<ALLOWANCES>                                0
<INVENTORY>                                 0
<CURRENT-ASSETS>                            63,168
<PP&E>                                      698
<DEPRECIATION>                              (88)
<TOTAL-ASSETS>                              64,696
<CURRENT-LIABILITIES>                       3,068
<BONDS>                                     0
<PREFERRED-MANDATORY>                       0
<PREFERRED>                                 0
<COMMON>                                    88
<OTHER-SE>                                  61,540
<TOTAL-LIABILITY-AND-EQUITY>                64,696
<SALES>                                     20,759
<TOTAL-REVENUES>                            27,401
<CGS>                                       0
<TOTAL-COSTS>                               12,022
<OTHER-EXPENSES>                            0
<LOSS-PROVISION>                            0
<INTEREST-EXPENSE>                          16
<INCOME-PRETAX>                             15,363
<INCOME-TAX>                                6,561
<INCOME-CONTINUING>                         8,802
<DISCONTINUED>                              0
<EXTRAORDINARY>                             0
<CHANGES>                                   0
<NET-INCOME>                                8,802
<EPS-PRIMARY>                               1.00
<EPS-DILUTED>                               1.00