COMMENTARY
      A desultory week for U.S. blue-chip stocks. After generally treading water most 
      of the week, the Dow Jones industrial average fell 36 points, to 4585, on Aug. 
      23. The losers included Microsoft Corp., which fell due to concerns about 
      Windows 95. But strength among most technology stocks sustained the NASDAQ 
      index. Bonds declined, largely because of weak demand at the auction of 
      five-year notes. The dollar declined from its recent highs, partly because of 
      an expectation that Germany would cut rates.
      
      MARKET ANALYSIS
      
                                                            % change
      U.S. STOCKS                               Latest    Week      52-week
      DOW JONES INDUSTRIALS                     4584.9    -1.2      19.2
      MIDSIZE COMPANIES (S&P MidCap Index)      210.4     0.5       19.7
      SMALL COMPANIES (Russell 2000)            304.5     0.7       20.5
      ALL COMPANIES (Russell 3000)              321.5     -0.3      19.3
      
                                                  % change (local currency)
      FOREIGN STOCKS                            Latest    Week      52-week
      LONDON (FINANCIAL TIMES 100)              3515.9    1.5       9.7
      TOKYO (NIKKEI INDEX)                      17,732.0  -2.4      -13.6
      TORONTO (TSE COMPOSITE)                   4608.0    0.0       8.1
      
      FUNDAMENTALS                              Latest    Week ago  Year ago
      90-DAY TREASURY BILL YIELD                5.59%     5.57%     4.63%
      30-YEAR TREASURY BOND YIELD               6.91%     6.88%     7.46%
      S&P 500 DIVIDEND YIELD                    2.42%     2.39%     2.71%
      S&P 500 PRICE/EARNINGS RATIO              16.0      16.2      18.7
      
      TECHNICAL INDICATORS                      Latest    Week ago  Reading
      S&P 500 200-day moving average            504.3     502.0     Positive
      Stocks above 200-day moving average       75.0%     74.0%     Negative
      Speculative sentiment: Put/call ratio     0.54      0.60r     Negative
      Insider sentiment: Vickers sell/buy ratio 2.31      2.29      Neutral
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                          % change                        % change
      ONE-MONTH LEADERS  1-    12-    Strongest stock    1-    12-
                         month month  in group           month month Price
      1 HEALTH-CARE      14.9  32.0   AMGEN              20.6  75.5  48 1/4
        SERVICES
      2 LEISURE TIME     10.0   5.1   BRUNSWICK          14.1  -1.2  21 1/4
      3 BROADCASTING      9.9  26.5   CAPITAL CITIES/ABC 14.9  47.6 116 3/4
      4 COMMUNICATIONS    9.8  73.6   CISCO SYSTEMS      23.9 187.0  66
        EQUIPMENT
      5 TRANSPORTATION 8.9     0.3     FEDERAL EXPRESS 14.9    7.6   74 1/8
        SERVICES
      
                             % change                     % change
      ONE-MONTH LAGGARDS    1-    12-    Weakest stock   1-    12-
                            month month  in group        month month Price
      1 SPECIALTY APPAREL   -11.6 -17.2  THE LIMITED     -13.8  -3.9 18 3/4
        RETAILERS
      2 METAL AND GLASS      -7.2  22.8  CROWN CORK       -7.5  21.8 43 1/4
        CONTAINERS                       & SEAL
      3 GENERAL MERCHANDISE  -5.9   9.2  WAL-MART STORES  -7.7   5.7 25 3/8
        CHAINS
      4 DRUG CHAINS          -4.4  27.9  WALGREEN         -4.9  29.4 24 1/2
      5 INTERNATIONAL OIL    -4.1  12.6  EXXON            -6.3  15.8 68 5/8
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                              LAGGARDS
      
      Four-week total return          %    Four-week total return     %
      1 ALGER CAPITAL APPRECIATION  12.9   COLONIAL NEWPORT TIGER Z -5.2
      2 T. ROWE PRICE               12.8   VAN ECK ASIA DYNASTY B   -5.1
        SCIENCE & TECHNOLOGY
      3 PIMCO ADVISORS INNOVATION A 12.3   WRIGHT EQUIFUND          -5.0
                                           -BELGIUM/LUXEMBOURG
      
      52-week total return            %    52-week total return       %
      1 SELIGMAN COMMUNICATIONS    109.4   WRIGHT EQUIFUND-MEXICO  -48.7
        & INFORM. A
      2 ALGER CAPITAL APPRECIATION  98.9   BT INVESTMENT LATIN     -35.1
                                           AMERICAN EQUITY
      3 GOVETT SMALLER COMPANIES A  95.5   TCW/DW LATIN            -34.5
                                           AMERICAN GROWTH
      
      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
        stocks     bonds       stocks     market fund    Gold
        $12,255    $11,647     $10,828    $10,532        $10,194
       +0.17%      +0.48%      +0.25%     +0.12%         +0.12%
      
      All data on this page are as of market close Wednesday, Aug. 23, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Aug. 22. Mutual fund 
      returns are as of Aug. 18. Relative portfolios are valued as of Aug. 22. A more 
      detailed explanation of this page is available on request. r=revised NA=Not 
      available
      
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