<ARTICLE> BD <PERIOD-TYPE> 3-MOS 3-MOS <FISCAL-YEAR-END> DEC-31-1998 DEC-31-1997 <PERIOD-START> JAN-01-1998 JAN-01-1997 <PERIOD-END> MAR-31-1998 MAR-31-1997 <CASH> 0 0 <RECEIVABLES> 59,322,940 63,659,714 <SECURITIES-RESALE> 0 0 <SECURITIES-BORROWED> 0 0 <INSTRUMENTS-OWNED> 0 0 <PP&E> 0 0 <TOTAL-ASSETS> 59,322,940 63,659,714 <SHORT-TERM> 0 0 <PAYABLES> 648,773 460,935 <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> 58,674,167 63,198,779 <TOTAL-LIABILITY-AND-EQUITY> 59,322,940 63,659,714 <TRADING-REVENUE> 0 0 <INTEREST-DIVIDENDS> 0 0 <COMMISSIONS> 0 0 <INVESTMENT-BANKING-REVENUES> 3,078,837 3,723,108 <FEE-REVENUE> 0 0 <INTEREST-EXPENSE> 0 0 <COMPENSATION> 0 0 <INCOME-PRETAX> 3,078,837 3,723,108 <INCOME-PRE-EXTRAORDINARY> 3,078,837 3,723,108 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> 3,078,837 3,723,108 <EPS-PRIMARY> 11.00 12.27 <EPS-DILUTED> 11.00 12.27