<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   9-MOS                   9-MOS
<FISCAL-YEAR-END>                          JUL-31-1995             JUL-31-1994
<PERIOD-START>                             JUL-31-1995             JUL-31-1994
<PERIOD-END>                               APR-30-1996             APR-30-1995
<CASH>                                       2,863,228                 151,758
<RECEIVABLES>                                 (12,008)                  92,763
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                         13,633,785              18,190,027
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              16,485,005              18,434,548
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     131,984                 161,236
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                    16,353,021              18,273,312
<OTHER-SE>                                           0                       0
<TOTAL-LIABILITY-AND-EQUITY>                16,485,005              18,434,548
<TRADING-REVENUE>                               10,967             (1,003,821)
<INTEREST-DIVIDENDS>                           538,968               1,532,914
<COMMISSIONS>                                (598,283)               (971,399)
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                  73,825                 254,944
<INCOME-PRETAX>                                 25,477               (187,362)
<INCOME-PRE-EXTRAORDINARY>                           0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                    25,477               (187,362)
<EPS-PRIMARY>                                        0                       0
<EPS-DILUTED>                                        0                       0