<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> JUN-30-1996 <CASH> 62,306,478 <SECURITIES> 8,920,078 <RECEIVABLES> 413,410 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 71,639,966 <PP&E> 4,350,701 <DEPRECIATION> 2,081,551 <TOTAL-ASSETS> 73,951,270 <CURRENT-LIABILITIES> 2,023,778 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 11,720 <OTHER-SE> 71,347,043 <TOTAL-LIABILITY-AND-EQUITY> 73,951,270 <SALES> 0 <TOTAL-REVENUES> 15,865,937 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 8,496,158 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 78,432 <INCOME-PRETAX> 8,088,598 <INCOME-TAX> 200,000 <INCOME-CONTINUING> 7,888,598 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 7,888,598 <EPS-PRIMARY> 0.79 <EPS-DILUTED> 0