<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Form 10-Q for the period ending March 31, 1997 and is qualified in its
entirety by reference to such 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                           9,822
<SECURITIES>                                    10,133
<RECEIVABLES>                                      117
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                22,583
<PP&E>                                               0<F1>
<DEPRECIATION>                                       0<F1>
<TOTAL-ASSETS>                                  51,823
<CURRENT-LIABILITIES>                            3,600
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            16
<OTHER-SE>                                      47,920
<TOTAL-LIABILITY-AND-EQUITY>                    51,823
<SALES>                                          4,040
<TOTAL-REVENUES>                                 4,214
<CGS>                                            4,038
<TOTAL-COSTS>                                      924
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                  44
<INCOME-PRETAX>                                  2,173
<INCOME-TAX>                                       (3)
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     2,176
<EPS-PRIMARY>                                     1.28
<EPS-DILUTED>                                        0<F2>
<FN>
<F1>Disclosure not required on interim financial statements.
<F2>Computation not applicable.
</FN>