<ARTICLE> BD <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> JUN-30-1997 <PERIOD-START> JUL-01-1996 <PERIOD-END> JUN-30-1997 <CASH> 641,414 <RECEIVABLES> 98,033 <SECURITIES-RESALE> 0 <SECURITIES-BORROWED> 0 <INSTRUMENTS-OWNED> 2,243,007 <PP&E> 411,322 <TOTAL-ASSETS> 3,798,587 <SHORT-TERM> 0 <PAYABLES> 1,575,129 <REPOS-SOLD> 0 <SECURITIES-LOANED> 0 <INSTRUMENTS-SOLD> 368,800 <LONG-TERM> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 225 <OTHER-SE> 1,854,433 <TOTAL-LIABILITY-AND-EQUITY> 3,798,587 <TRADING-REVENUE> 132,421 <INTEREST-DIVIDENDS> 0 <COMMISSIONS> 15,543,562 <INVESTMENT-BANKING-REVENUES> 0 <FEE-REVENUE> 0 <INTEREST-EXPENSE> 0 <COMPENSATION> 0 <INCOME-PRETAX> 1,601,941 <INCOME-PRE-EXTRAORDINARY> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 937,436 <EPS-PRIMARY> .06 <EPS-DILUTED> 0