<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   3-MOS                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999             DEC-31-1998
<PERIOD-START>                             JAN-01-1999             JAN-01-1998
<PERIOD-END>                               MAR-31-1999             MAR-31-1998
<CASH>                                         126,351                  72,334
<RECEIVABLES>                               20,423,857               5,266,765
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                         54,181,826             102,211,574
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              74,732,034             107,550,673
<SHORT-TERM>                                         0                       0
<PAYABLES>                                   3,936,920               6,496,225
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
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<PREFERRED>                                          0                       0
<COMMON>                                             0                       0
<OTHER-SE>                                  70,795,114             101,054,448
<TOTAL-LIABILITY-AND-EQUITY>                74,732,034             107,550,673
<TRADING-REVENUE>                            (324,748)                 105,587
<INTEREST-DIVIDENDS>                           960,281               1,487,049
<COMMISSIONS>                                1,278,096               2,012,844
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                       0                       0
<INCOME-PRETAX>                              (642,563)               (420,208)
<INCOME-PRE-EXTRAORDINARY>                   (642,563)               (420,208)
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 (642,563)               (420,208)
<EPS-PRIMARY>                                    (.92)                   (.42)
<EPS-DILUTED>                                    (.92)                   (.42)