<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   9-MOS                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1995
<PERIOD-START>                             JAN-01-1997             JAN-01-1996
<PERIOD-END>                               SEP-30-1997             SEP-30-1996
<CASH>                                               0                       0
<RECEIVABLES>                               62,564,036              52,852,720
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                                  0                       0
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              62,564,036              52,852,720
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     668,261               1,268,838
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                             0                       0
<OTHER-SE>                                  61,895,775              51,583,882
<TOTAL-LIABILITY-AND-EQUITY>                62,564,036              52,852,720
<TRADING-REVENUE>                                    0               2,846,722
<INTEREST-DIVIDENDS>                                 0               1,703,650
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<INVESTMENT-BANKING-REVENUES>                5,219,594                       0
<FEE-REVENUE>                                        0                       0
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<COMPENSATION>                                       0                       0
<INCOME-PRETAX>                              5,219,594               (481,159)
<INCOME-PRE-EXTRAORDINARY>                   5,219,594               (481,159)
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 5,219,594               (481,159)
<EPS-PRIMARY>                                    17.52                  (1.44)
<EPS-DILUTED>                                    17.52                  (1.44)