<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   3-MOS                   3-MOS
<FISCAL-YEAR-END>                          JUL-31-1997             JUL-31-1996
<PERIOD-START>                             OCT-31-1996             JUL-31-1996
<PERIOD-END>                               OCT-31-1997             OCT-31-1996
<CASH>                                       2,750,100               2,165,611
<RECEIVABLES>                                  233,576               1,489,012
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                         13,802,668              13,615,510
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              16,786,344              17,270,133
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     215,064                 295,481
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                    16,571,280              16,974,652
<OTHER-SE>                                           0                       0
<TOTAL-LIABILITY-AND-EQUITY>                16,786,344              17,270,133
<TRADING-REVENUE>                            (490,321)                 481,653
<INTEREST-DIVIDENDS>                           237,329                 496,352
<COMMISSIONS>                                (154,180)               (173,233)
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                  95,215                   6,825
<INCOME-PRETAX>                              (311,956)                 811,597
<INCOME-PRE-EXTRAORDINARY>                           0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 (311,956)                 811,597
<EPS-PRIMARY>                                        0                       0
<EPS-DILUTED>                                        0                       0