<ARTICLE> BD
       
                                                  
<PERIOD-TYPE>                   6-MOS                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1997             JUL-31-1996
<PERIOD-START>                             JUL-31-1996             JUL-31-1995
<PERIOD-END>                               JAN-31-1998             JAN-31-1997
<CASH>                                       2,775,644               2,165,611
<RECEIVABLES>                                  429,920               1,489,012
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                         14,052,761              13,615,510
<PP&E>                                               0                       0
<TOTAL-ASSETS>                              17,258,326              17,270,133
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     208,796                 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>                                    17,049,529              16,974,652
<OTHER-SE>                                           0                       0
<TOTAL-LIABILITY-AND-EQUITY>                17,258,325              17,270,133
<TRADING-REVENUE>                             (34,471)                 827,844
<INTEREST-DIVIDENDS>                           629,695                 682,434
<COMMISSIONS>                                (317,601)               (339,777)
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                  15,568                (35,924)
<INCOME-PRETAX>                                293,191               1,134,577
<INCOME-PRE-EXTRAORDINARY>                           0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   293,191               1,134,577
<EPS-PRIMARY>                                        0                       0
<EPS-DILUTED>                                        0                       0