<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   12-MOS                   12-MOS
<FISCAL-YEAR-END>                          JUL-31-1997             JUL-31-1996
<PERIOD-START>                             JUL-31-1996             JUL-31-1995
<PERIOD-END>                               JUL-31-1997             JUL-31-1996
<CASH>                                       2,165,611               2,190,320
<RECEIVABLES>                                1,489,012                 259,097
<SECURITIES-RESALE>                         13,615,510              13,620,157
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                                  0                       0
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              17,270,133              16,069,574
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     295,481                 128,612
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                    16,974,652              15,940,962
<OTHER-SE>                                           0                       0
<TOTAL-LIABILITY-AND-EQUITY>                17,270,133              16,069,574
<TRADING-REVENUE>                            3,542,948                 571,666
<INTEREST-DIVIDENDS>                           104,045                 133,072
<COMMISSIONS>                                (661,043)               (726,631)
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                               (154,344)               (103,204)
<INCOME-PRETAX>                                      0                       0
<INCOME-PRE-EXTRAORDINARY>                           0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 2,831,606               (125,097)
<EPS-PRIMARY>                                        0                       0
<EPS-DILUTED>                                        0                       0