COMMENTARY
      All hell broke loose on July 19. The U.S. stock market was roiled by concern 
      about technology stocks. Meanwhile, the bond market was upset by comments by 
      Federal Reserve Chairman Alan Greenspan indicating the Fed won't cut short-term 
      rates any time soon. News of disappointing earnings at Intel set stock prices 
      plummeting, at one point sending the Dow Jones industrial average falling 134 
      points. The market ended the day down 57 points, closing at 4629. The dollar 
      fell to a nine-day low against the yen. 
      
      MARKET ANALYSIS
      
                                                         % change
      U.S. STOCKS                             Latest  Week     52-week
      
      DOW JONES INDUSTRIALS                   4628.9  -2.1     24.2
      MIDSIZE COMPANIES (S&P MidCap Index)     198.9  -3.1     17.8
      SMALL COMPANIES (Russell 2000)           287.1  -2.3     17.8
      ALL COMPANIES (Russell 3000)             313.8  -2.0     21.0
      
                                               % change (local currency)
      FOREIGN STOCKS                          Latest  Week     52-week
      
      LONDON (FINANCIAL TIMES 100)            3405.3  -1.3     10.7
      TOKYO (NIKKEI INDEX)                  16,422.4  -1.1    -21.0
      TORONTO (TSE COMPOSITE)                 4607.5  -2.2     10.2
      
      FUNDAMENTALS                            Latest  Week ago Year ago
      
      90-DAY TREASURY BILL YIELD              5.55%    5.53%    4.39%       
      30-YEAR TREASURY BOND YIELD             6.86%    6.55%    7.54%       
      S&P 500 DIVIDEND YIELD                  2.42%    2.39%    2.79%       
      S&P 500 PRICE/EARNINGS RATIO            16.6    17.2     19.5            
      
      TECHNICAL INDICATORS                    Latest  Week ago Reading
      
      S&P 500 200-day moving average          492.5   490.1    Positive        
      Stocks above 200-day moving average      76.0%   77.0%   Negative        
      Speculative sentiment: Put/call ratio     0.55    0.58r  Negative        
      Insider sentiment: Vickers sell/buy ratio 1.70    1.51   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 ALUMINUM            24.4  34.6  REYNOLDS METALS 30.7   16.5  61 3/4
      2 SEMICONDUCTORS      20.8  98.1  INTEL           26.2  149.9  73 1/4
      3 METALS              20.4  11.4  INCO            36.3   25.8  34 3/4
      4 PAPER CONTAINERS    13.3  11.8  STONE CONTAINER 22.1   22.1  21 3/8
      5 ENGINEERING AND                 MORRISON 
        CONSTRUCTION        12.7  -3.8  KNUDSEN         46.7  -60.2   8 1/4
      
                             % change                      % change
                            1-    12-   Weakest stock     1-    12-
      ONE-MONTH LAGGARDS    month month in group          month month Price
      1 OIL AND GAS         -7.1 -8.3   HELMERICH          -7.7  4.1  28 5/8
        DRILLING                        & PAYNE
      2 PHOTOGRAPHY/IMAGING -4.7 19.4   POLAROID           -5.4 17.0  39 1/2
      3 HOUSEHOLD PRODUCTS  -3.9 28.0   COLGATE-PALMOLIVE -12.0 27.2  67 3/4
      4 OIL WELL EQUIPMENT  -3.9  1.4   McDERMOTT          -9.7 -8.3  23 3/8
        AND SERVICES                    INTERNATIONAL
      5 OIL EXPLORATION     -3.3 -5.0   SANTA FE           -8.3  2.7   9 5/8
        AND PRODUCTION                  ENERGY RESOURCES
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                            LAGGARDS
      Four-week total return          %  Four-week total return           %
      1 WRIGHT EQUIFUND-MEXICO      24.0 FIDELITY SELECT ENERGY SERVICE -4.6
      2 ALGER CAPITAL APPRECIATION  21.0 FIDELITY SELECT NATURAL GAS    -4.0
      3 FIDELITY SELECT ELECTRONICS 20.4 PIONEER INDIA B                -3.7
      
      52-week total return            %  52-week total return             %
      1 SELIGMAN COMMUNICATIONS    114.4 AMERICAN                      -32.4
        & INFORM. A                      HERITAGE
      2 FIDELITY SELECT             99.0 STEADMAN OCEANOGRAPHIC        -26.0
        ELECTRONICS                      TECHNOLOGY 
      3 ALLIANCE TECHNOLOGY A       98.0 JAPAN                         -23.3
      
      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.      Treasury   Foreign    Money market
       stocks    bonds      stocks     fund          Gold
       $12,622   $12,054    $11,131    $10,530       $10,049
       +0.66%    +0.13%     -0.41%     +0.14%        +0.67%
      
      All data on this page are as of market close Wednesday, July 19, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close July 18. Mutual fund 
      returns are as of July 14. Relative portfolios are valued as of July 18. A more 
      detailed explanation of this page is available on request. r=revised NA=Not 
      available
      
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