<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 <PREFERRED-MANDATORY> 0 0 <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)