<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Statement of Financial Condition at June 30, 1997 (Unaudited) and the
Statement of Income for the nine months ended June 30, 1997 (Unaudited)
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                       1,123,602
<SECURITIES>                                    70,000
<RECEIVABLES>                                  105,958
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,234,713
<PP&E>                                         148,719
<DEPRECIATION>                                   6,610
<TOTAL-ASSETS>                               6,174,102
<CURRENT-LIABILITIES>                           33,342
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       133,751
<OTHER-SE>                                   6,007,009
<TOTAL-LIABILITY-AND-EQUITY>                 6,174,760
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             1,463,455
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               2,257
<INCOME-PRETAX>                            (1,447,291)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (1,447,291)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,447,291)
<EPS-PRIMARY>                                   (0.12)
<EPS-DILUTED>                                   (0.12)