<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S CONSOLIDATED STATEMENTS OF EARNINGS AND CONSOLIDATED BALANCE SHEETS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                          626867
<SECURITIES>                                  13445481
<RECEIVABLES>                                     9945
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<INVENTORY>                                          0
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<PP&E>                                               0
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<CURRENT-LIABILITIES>                          4555215
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       6254547
<OTHER-SE>                                    (997772)
<TOTAL-LIABILITY-AND-EQUITY>                  29170737
<SALES>                                              0
<TOTAL-REVENUES>                               1592900
<CGS>                                                0
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<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
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<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (208265)
<EPS-PRIMARY>                                    (.07)
<EPS-DILUTED>                                        0