<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JUL-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                      15,094,554
<SECURITIES>                                53,832,352
<RECEIVABLES>                                2,631,488
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                       5,340,892
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              84,905,832
<CURRENT-LIABILITIES>                        5,271,682
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                    83,496,706
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                84,905,832
<SALES>                                              0
<TOTAL-REVENUES>                             6,240,779
<CGS>                                                0
<TOTAL-COSTS>                                6,564,414
<OTHER-EXPENSES>                             (257,380)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              35,088
<INCOME-PRETAX>                                957,672
<INCOME-TAX>                                   145,161
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   812,511
<EPS-PRIMARY>                                      .04
<EPS-DILUTED>                                      .04