<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> SEP-30-1997 <CASH> 2,205,705 <SECURITIES> 2,254,606 <RECEIVABLES> 1,078,635 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 2,315,212 <DEPRECIATION> (1,450,937) <TOTAL-ASSETS> 15,710,678 <CURRENT-LIABILITIES> 0 <BONDS> 1,073,398 <PREFERRED-MANDATORY> 8,750,000 <PREFERRED> 11,400 <COMMON> 454,229 <OTHER-SE> 2,926,830 <TOTAL-LIABILITY-AND-EQUITY> 15,710,678 <SALES> 0 <TOTAL-REVENUES> 8,534,265 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 8,734,064 <LOSS-PROVISION> 100,000 <INTEREST-EXPENSE> 83,707 <INCOME-PRETAX> (383,506) <INCOME-TAX> (130,392) <INCOME-CONTINUING> (253,114) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (253,114) <EPS-PRIMARY> (.23) <EPS-DILUTED> (.23)