COMMENTARY
      Stocks continued their strong upward march, with the Dow industrials surging 93 
      points for the week. The U.S. market is outpacing the major foreign bourses by 
      a wide margin. Since the beginning of the year, the Dow Jones industrial 
      average is ahead 12.1% and the Standard & Poor's 500-stock index is up 11.6%, 
      while the best showing abroad is the London market's 5.3% gain. The key to the 
      strong U.S. performance: robust earnings--especially among the computer 
      companies. Interest rates remain subdued, and that means that stocks may 
      continue to move higher.
      
      MARKET ANALYSIS
      
                                                                  % change
      U.S. STOCKS                                 Latest      Week        52-week
      DOW JONES INDUSTRIALS                       4299.8      2.2         16.2
      MIDSIZE COMPANIES (S&P MidCap Index)        184.6       1.7         7.2
      SMALL COMPANIES (Russell 2000)              264.9       1.6         5.6
      ALL COMPANIES (Russell 3000)                291.1       1.5         11.6
      
                                                      % change (local currency)
      FOREIGN STOCKS                              Latest      Week        52-week
      LONDON (FINANCIAL TIMES 100)                3226.2      1.8         2.4
      TOKYO (NIKKEI INDEX)                        16,826.5    2.8         -14.7
      TORONTO (TSE COMPOSITE)                     4282.9      0.0         -0.1
      
      FUNDAMENTALS                                Latest      Week ago    Year ago
      90-DAY TREASURY BILL YIELD                  5.82%       5.75%       3.98%
      30-YEAR TREASURY BOND YIELD                 7.32%       7.36%       7.11%
      S&P 500 DIVIDEND YIELD                      2.50%       2.55%       2.78%
      S&P 500 PRICE/EARNINGS RATIO                16.3        16.7        20.1
      
      TECHNICAL INDICATORS                        Latest      Week ago    Reading
      S&P 500 200-day moving average              471.3       469.6       Positive
      Stocks above 200-day moving average         63.0%       62.0%r      Neutral
      Speculative sentiment: Put/call ratio       0.74        0.67        Positive
      Insider sentiment: Vickers sell/buy ratio   1.21        1.14        Positive
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                               % change                          % change
                              1-    12-   Strongest stock       1-    12-
      ONE-MONTH LEADERS       month month in group              month month Price
      1 DEFENSE ELECTRONICS   19.1  31.6  E-SYSTEMS             44.3  55.8  63 1/2
      2 MACHINE TOOLS         17.6   0.6  CINCINNATI MILACRON   30.4  38.6  27 3/8
      3 AIRLINES              15.1   9.1  USAIR GROUP           41.5  11.5   7 1/4
      4 SAVINGS AND LOANS     14.4  14.4  GOLDEN WEST FINANCIAL 17.0  13.2  43 7/8
      5 OIL AND GAS DRILLING  10.0   3.2  HELMERICH & PAYNE     11.9   9.8  29 3/8
      
                               % change                          % change
                              1-    12-    Weakest stock        1-    12-
      ONE-MONTH LAGGARDS      month month  in group             month month  Price
      1 HMOs                  -27.8 -16.3  U.S. HEALTHCARE      -36.1 -33.5  28 3/4
      2 BROADCASTING          -12.0   0.4  TELE-COMMUNICATIONS  -17.5  -8.4  17  5/8
      3 DRUG CHAINS            -6.4  12.7  RITE AID             -10.0  20.7  22 5/8
      4 PAPER CONTAINERS       -4.6  14.5  BEMIS                 -6.4  19.5  27 5/8
      5 ALCOHOLIC BEVERAGES    -4.6  1.4   SEAGRAM              -15.2  -4.8  27 1/8
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                              LAGGARDS
      Four-week total return         %     Four-week total return               %
      1 WRIGHT EQUIFUND-MEXICO             AMERICAN
        NATL.FID.EQTY.             19.4    HERITAGE                           -7.7
      2 JAPAN                      14.8    STEADMAN AMERICAN INDUSTRY         -7.4
      3 DFA JAPANESE SMALL COMPANY 14.8    MFS OTC B                          -6.2
      
      52-week total return           %     52-week total return                 %
      1 SELIGMAN COMMUNICATIONS            MONITREND
        & INFORM. A                53.9    GOLD                              -36.2
      2 GOVETT SMALLER COMPANIES   44.0    STEADMAN OCEANOGRAPHIC TECHNOLOGY -34.6
      3 ALLIANCE TECHNOLOGY A      43.7    STEADMAN AMERICAN INDUSTRY        -34.1
      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
       $11,583         $11,346         $10,518             $10,436         $10,413
       +1.33%          +0.02%          +0.18%              +0.80%          -0.79%
      
      All data on this page are as of market close Wednesday, Apr. 26, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Apr. 25. Mutual fund 
      returns are as of Apr. 21. Relative portfolios are valued as of Apr. 25. A more 
      detailed explanation of this page is available on request. r=revised NA=Not 
      available
      
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