<ARTICLE>                     5
<LEGEND>
This schedule contains summary financial information extracted from the
unaudited financial statements dated February 28, 1999 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                              AUG-31-1999  
<PERIOD-END>                                   FEB-28-1999  
<CASH>                                         1,087        
<SECURITIES>                                   8,641,834    
<RECEIVABLES>                                  0            
<ALLOWANCES>                                   0            
<INVENTORY>                                    0            
<CURRENT-ASSETS>                               8,642,921    
<PP&E>                                         0            
<DEPRECIATION>                                 0            
<TOTAL-ASSETS>                                 9,244,341    
<CURRENT-LIABILITIES>                          796,998      
<BONDS>                                        0            
<PREFERRED-MANDATORY>                          0            
<PREFERRED>                                    1            
<COMMON>                                       10,560       
<OTHER-SE>                                     8,315,315    
<TOTAL-LIABILITY-AND-EQUITY>                   8,404,109    
<SALES>                                        0            
<TOTAL-REVENUES>                               232,498      
<CGS>                                          0            
<TOTAL-COSTS>                                  0            
<OTHER-EXPENSES>                               75,963       
<LOSS-PROVISION>                               0            
<INTEREST-EXPENSE>                             0            
<INCOME-PRETAX>                                156,535      
<INCOME-TAX>                                   50,000       
<INCOME-CONTINUING>                            106,535      
<DISCONTINUED>                                 0            
<EXTRAORDINARY>                                0            
<CHANGES>                                      0            
<NET-INCOME>                                   106,535      
<EPS-PRIMARY>                                  0.10         
<EPS-DILUTED>                                  0.10