<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   12-MOS                   12-MOS
<FISCAL-YEAR-END>                          JUL-31-1998             JUL-31-1997
<PERIOD-START>                             JUL-31-1997             JUL-31-1996
<PERIOD-END>                               JUL-31-1998             JUL-31-1997
<CASH>                                               0                       0
<RECEIVABLES>                                2,563,945               3,654,623
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                         13,361,199              13,615,510
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              15,925,144              17,270,133
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     237,150                 295,481
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                    15,687,994              16,974,652
<OTHER-SE>                                           0                       0
<TOTAL-LIABILITY-AND-EQUITY>                15,925,144              17,270,133
<TRADING-REVENUE>                              227,175               2,428,543
<INTEREST-DIVIDENDS>                         1,041,522               1,276,425
<COMMISSIONS>                                (658,592)               (661,043)
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                (22,382)               (212,319)
<INCOME-PRETAX>                                      0                       0
<INCOME-PRE-EXTRAORDINARY>                           0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   587,723               2,831,606
<EPS-PRIMARY>                                        0                       0
<EPS-DILUTED>                                        0                       0