WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  


<ARTICLE> 5
       
                                       
<PERIOD-TYPE>                             YEAR
<FISCAL-YEAR-END>                         DEC-31-1998
<PERIOD-END>                              DEC-31-1998
<CASH>                                          79511
<SECURITIES>                               43,016,243
<RECEIVABLES>                                 227,213
<ALLOWANCES>                                        0
<INVENTORY>                                         0
<CURRENT-ASSETS>                           43,590,445
<PP&E>                                      1,224,092
<DEPRECIATION>                               (796,159)
<TOTAL-ASSETS>                             44,056,349
[CURRENT-ASSETS]                            8,752,515
<BONDS>                                             0
<COMMON>                                       53,097
<PREFERRED-MANDATORY>                               0
<PREFERED>                                 35,250,737
<TOTAL-LIABILITY-AND-EQUITY>               44,056,349
<SALES>                                       324,192
<TOTAL-REVENUES>                            2,629,438
<CGS>                                               0
<TOTAL-COSTS>                                 961,031
<OTHER-EXPENSES>                            1,561,159
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                            484,563
<INCOME-PRETAX>                              (377,315)
<INCOME-TAX>                                   43,145
<INCOME-CONTINUING>                          (420,460)
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                 (420,460)
<EPS-INCOME>                                     (.09)
<EPS-DILUTED>                                    (.09)