<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                         816,615
<SECURITIES>                                13,491,927
<RECEIVABLES>                                1,384,955
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            16,340,729
<PP&E>                                       8,150,503
<DEPRECIATION>                               4,884,584
<TOTAL-ASSETS>                              19,666,239
<CURRENT-LIABILITIES>                        2,843,264
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                         18
<COMMON>                                       132,319
<OTHER-SE>                                  16,690,638
<TOTAL-LIABILITY-AND-EQUITY>                16,822,975
<SALES>                                              0
<TOTAL-REVENUES>                            11,180,002
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                            17,366,371
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                              4,416,891
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          4,416,891
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 4,416,891<F1>
<EPS-PRIMARY>                                      .15
<EPS-DILUTED>                                      .15
<FN>
<F1>Net income shown is before preferred dividends of $297,229 with net income
after dividends equal to $4,119,662.
</FN>