Monthly Expenses for Offices in Each State             1

             Observation    Month    State      Expenses
                Number                                  
             ===========    =====    =====      ========

                  1         JAN95     GA           2,000
                  2         FEB95     GA           1,200
                  3         FEB95     FL           8,500
                  4         FEB95     NY           3,000
                  5         MAR95     NY           6,000
                  6         MAR95     FL           9,800
                  7         MAR95     MA           1,500

                                N = 7