<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   3-MOS                   3-MOS
<FISCAL-YEAR-END>                          JUL-31-1998             JUL-31-1997
<PERIOD-START>                             JUL-31-1998             JUL-31-1997
<PERIOD-END>                               OCT-31-1998             OCT-31-1997
<CASH>                                       2,326,740               2,591,526
<RECEIVABLES>                                  561,354                (27,581)
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                         13,647,948              13,361,199
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              16,536,041              15,925,144
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     272,045                 237,150
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                    16,263,996              15,687,994
<OTHER-SE>                                           0                       0
<TOTAL-LIABILITY-AND-EQUITY>                16,536,041              15,925,144
<TRADING-REVENUE>                              592,926               (490,321)
<INTEREST-DIVIDENDS>                           504,985                 273,491
<COMMISSIONS>                                (150,093)               (154,180)
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                (52,930)                  59,054
<INCOME-PRETAX>                                894,887               (311,956)
<INCOME-PRE-EXTRAORDINARY>                           0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   894,887               (311,956)
<EPS-PRIMARY>                                        0                       0
<EPS-DILUTED>                                        0                       0