<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> JUN-30-1996 <CASH> 49,365,073 <SECURITIES> 45,056,524 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 97,120,280 <PP&E> 14,686,463 <DEPRECIATION> 2,570,991 <TOTAL-ASSETS> 109,662,395 <CURRENT-LIABILITIES> 5,292,943 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 354,410 <OTHER-SE> (172,298) <TOTAL-LIABILITY-AND-EQUITY> 109,662,395 <SALES> 0 <TOTAL-REVENUES> 10,089,333 <CGS> 0 <TOTAL-COSTS> 7,823,034 <OTHER-EXPENSES> (2,461,512) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 26,220 <INCOME-PRETAX> 4,827,811 <INCOME-TAX> 100,000 <INCOME-CONTINUING> 4,727,811 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 4,727,811 <EPS-PRIMARY> .30 <EPS-DILUTED> .30