<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> AUG-31-1998 <PERIOD-END> FEB-28-1998 <CASH> 190,809 <SECURITIES> 8,213,300 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 8,404,109 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 8,404,109 <CURRENT-LIABILITIES> 166,094 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 93 <COMMON> 10,560 <OTHER-SE> 8,227,362 <TOTAL-LIABILITY-AND-EQUITY> 8,404,109 <SALES> 0 <TOTAL-REVENUES> 213,624 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 103,013 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 110,611 <INCOME-TAX> 0 <INCOME-CONTINUING> 110,611 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 110,611 <EPS-PRIMARY> .12 <EPS-DILUTED> .12