COMMENTARY
      The Dow cleared 4800 on Sept. 14 but pulled back as investors started to worry 
      about third-quarter earnings reports. High-profile companies like IBM and 
      Caterpillar warned Wall Street analysts their profit forecasts were too high. 
      But on Sept. 20, AT&T's surprise announcement that it would voluntarily split 
      itself into three companies put investors in a happy mood again. AT&T shares 
      shot up $6 per share, over 10%. A strong bond market helped buoy stocks as 
      long-term yields fell below 6.5%.
      
      MARKET ANALYSIS
      
                                                           % change
      U.S. STOCKS                               Latest   Week     52-week
      DOW JONES INDUSTRIALS                     4792.7   0.6      24.4
      MIDSIZE COMPANIES (S&P MidCap Index)      218.5    0.4      25.7
      SMALL COMPANIES (Russell 2000)            314.8    -0.4     23.7
      ALL COMPANIES (Russell 3000)              338.2    1.2      27.3
      
      FUNDAMENTALS                              Latest   Week ago Year ago
      90-DAY TREASURY BILL YIELD                5.33%    5.45%    4.91%
      30-YEAR TREASURY BOND YIELD               6.47%    6.52%    7.80%
      S&P 500 DIVIDEND YIELD                    2.32%    2.34%    2.75%
      S&P 500 PRICE/EARNINGS RATIO              16.9     16.7     18.3
      
                                                  % change (local currency)
      FOREIGN STOCKS                            Latest   Week     52-week
      LONDON (FINANCIAL TIMES 100)              3561.5   -0.3     18.1
      TOKYO (NIKKEI INDEX)                      18,198.6 -2.2     -8.5
      TORONTO (TSE COMPOSITE)                   4550.5   -0.8     4.4
      
      TECHNICAL INDICATORS                      Latest   Week ago Reading
      S&P 500 200-day moving average            515.1    511.8    Positive
      Stocks above 200-day moving average       77.0%    78.0%r   Negative
      Speculative sentiment: Put/call ratio     0.61     0.53r    Neutral
      Insider sentiment: Vickers sell/buy ratio 2.54     2.30     Negative
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                             % change                     % change
                            1-    12-    Strongest stock 1-    12-
      ONE-MONTH LEADERS     month month  in group        month month Price
      
      1 LIFE INSURANCE      11.8  16.0   PROVIDIAN       14.9  27.2  41 1/2
      2 SAVINGS AND LOANS   11.5  13.5   H.F. AHMANSON   15.8  11.9  24 3/4
      3 PERSONAL LOANS      11.4  46.1   HOUSEHOLD       13.5  58.4  60
                                         INTERNATIONAL
      4 MULTI-LINE INSURERS 11.0  43.4   AETNA LIFE      12.6  46.2  70 3/8
                                         & CASUALTY
      5 MONEY CENTER BANKS  10.4  42.3   CHASE MANHATTAN 14.3  69.0  60
      
                             % change                     % change
                            1-    12-    Weakest stock   1-    12-
      ONE-MONTH LAGGARDS    month month  in group        month month Price
      1 METAL AND GLASS     -9.1   4.0   CROWN CORK      -10.1   0.3 38 3/4
        CONTAINERS                       & SEAL
      2 COMPUTER SYSTEMS    -7.5  40.1   APPLE COMPUTER  -18.1   3.5 36 3/4
      3 STEEL               -7.3 -30.0   INLAND STEEL    -13.1 -39.9 24 1/8
                                         INDUSTRIES
      4 ALUMINUM            -7.2  19.1   ALCAN ALUMINIUM  -9.1  19.4 32 3/8
      5 DIVERSIFIED         -6.5   8.2   CATERPILLAR     -13.1   4.0 58 7/8
        MACHINERY
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                          LAGGARDS
      
      Four-week total return      %    Four-week total return      %
      1 VAN ECK ASIA            10.4   EV MARATHON               -6.7
        INFRASTRUCTURE A               GREATER INDIA
      2 WEITZ HICKORY            9.8   PIONEER INDIA A           -4.4
      3 FIDELITY SELECT          9.0   BLANCHARD                 -4.3
        ENERGY SERVICE                 PRECIOUS METALS
      
      52-week total return        %    52-week total return        %
      1 FIDELITY SELECT         91.1   WRIGHT                   -47.4
        ELECTRONICS                    EQUIFUND-MEXICO
      2 GOVETT SMALLER          87.1   BT INVESTMENT            -37.6
        COMPANIES A                    LATIN AMERICAN EQUITY
      3 ALGER CAPITAL           84.7   HERCULES LATIN           -35.9
        APPRECIATION                   AMERICAN VALUE
      
      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
        $13,005    $12,442    $11,046    $10,541        $9,840
        +1.33%     -0.23%     -1.03%     +0.12%         +0.46%
      
      All data on this page are as of market close Wednesday, Sept. 20, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Sept. 19. Mutual fund 
      returns are as of Sept. 15. Relative portfolios are valued as of Sept. 19. A 
      more detailed explanation of this page is available on request. r=revised 
      NA=Not available
      
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