COMMENTARY
      
      The sickly dollar continued to dominate the financial markets. However, 
      speculation that the Japanese central bank may cut that country's discount rate 
      buoyed the greenback on Apr. 12. U.S. stocks pretty much treaded water during 
      the week, and bonds were also lackluster, despite favorable inflation news. 
      Traders were unimpressed by word that the consumer price index rose 0.2% in 
      March, the smallest gain in three months. The bond market also shrugged off 
      news that U.S. manufacturing may be slowing.
      MARKET ANALYSIS
      
                                                              % change
      U.S. STOCKS                             Latest      Week        52-week
      DOW JONES INDUSTRIALS                   4197.8      -0.1        14.6
      MIDSIZE COMPANIES (S&P MidCap Index)    184.6        0.8         8.5
      SMALL COMPANIES (Russell 2000)          263.0        0.7         5.3
      ALL COMPANIES (Russell 3000)            289.0        0.5        12.1
      
                                                        % change (local currency)
      FOREIGN STOCKS                          Latest      Week        52-week
      LONDON (FINANCIAL TIMES 100)            3209.8       0.6          2.0
      TOKYO (NIKKEI INDEX)                    16,344.9     2.9        -18.5
      TORONTO (TSE COMPOSITE)                 4296.5       0.3          1.1
      
      FUNDAMENTALS                            Latest      Week ago    Year ago
      90-DAY TREASURY BILL YIELD               5.78%       5.83%       3.64%
      30-YEAR TREASURY BOND YIELD              7.36%       7.37%       7.26%
      S&P 500 DIVIDEND YIELD                   2.60%       2.60%       2.92%
      S&P 500 PRICE/EARNINGS RATIO            16.6        16.6        20.4
      
      TECHNICAL INDICATORS                    Latest      Week ago    Reading
      S&P 500 200-day moving average          468.5       467.0       Positive
      Stocks above 200-day moving average      61.0%       62.0%r     Neutral
      Speculative sentiment: Put/call ratio     0.76        0.81r     Positive
      Insider sentiment: Vickers
       sell/buy ratio                           1.10        1.09      Positive
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                                     % change                    % change
      FOUR-WEEK LEADERS             1-    12-   Strongest stock 1-     12-
                                    month month in group        month  month  Price
      1 DEFENSE ELECTRONICS         15.3  16.7  E-SYSTEMS       45.0   47.5   63 5/8
      2 SPECIALTY APPAREL RETAILERS 12.9 -19.1  THE LIMITED     21.1    6.6   22 1/4
      3 SAVINGS AND LOANS           11.4  11.4  H.F. AHMANSON   12.0   16.1   19 7/8
      4 AIRLINES                    11.3   3.9  DELTA AIR LINES 12.5   42.7   63 1/8
      5 ALUMINUM                    11.1  19.7  ALCAN ALUMINIUM 13.6   26.4   28 1/8
      
                             % change                           % change
      FOUR-WEEK LAGGARDS    1-    12-    Weakest stock         1-     12-
                            month month  in group              month  month  Price
      1 BROADCASTING        -6.4   6.8   TELE-COMMUNICATIONS   -12.6  -2.8   19 7/16
      2 HOMEBUILDING        -4.2  -28.2  KAUFMAN & BROAD HOME   -8.0 -37.2   12 7/8
      3 ALCOHOLIC BEVERAGES -3.1    3.0  SEAGRAM               -11.2  -6.5   26 7/8
      4 ENTERTAINMENT       -1.9   14.9  TIME WARNER            -3.3  -3.3   37
      5 SHOES               -1.6   12.6  STRIDE RITE            -7.8 -16.1   11 3/4
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                              LAGGARDS
      Four-week total return           %   Four-week total return         %
      1 INVESCO LATIN                      WARBURG PINCUS
        AMERICAN GROWTH              19.8  JAPAN OTC SERIES 2           -9.8
      2 MORGAN STANLEY                     AMERICAN
        LATIN AMERICAN A             17.7  HERITAGE                     -5.1
      3 UST MASTER EMERGING AMERICAS 17.2  MERRILL LYNCH TECHNOLOGY B   -4.7
      
      52-week total return             %   52-week total return           %
      1 FIDELITY SELECT                    MONITREND
        HEALTH CARE                  45.6  GOLD                        -42.3
      2 SELIGMAN COMMUNICATIONS            STEADMAN OCEANOGRAPHIC
        & INFORM. A                  41.8  TECHNOLOGY                  -37.4
      3 GOVETT SMALLER                     BT INVESTMENT LATIN
        COMPANIES                    37.7  AMERICAN EQUITY             -36.3
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
      
      Dollar amounts represent the present value of $10,000 invested one year ago in 
      each portfolio
      
      Percentages indicate five-day total returns
      
      U.S. stocks     Foreign stocks  Money market fund   Treasury bonds  Gold
       $11,657         $11,279         $10,515             $10,505         $10,334
       +0.06%          +2.56%          +0.19%              -0.07%          -0.37%
      
      All data on this page are as of market close Wednesday, Apr. 12, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies cnly; 
      performance and share prices are as of market close Apr. 11. Mutual fund 
      returns are as of Apr. 7. Relative portfolios are valued as of Apr. 11. A more 
      detailed explanation of this page is available on request. r=revised NA=Not 
      available
      
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