PRODUCTION INDICATORS



                                                    LATEST     WEEK   YEARLY

                                                      WEEK      AGO    % CHG

STEEL              7/23 thous. of net tons           1,899    1,830#    -3.3

AUTOS              7/23 units                       67,847   42,460r#   13.6

TRUCKS             7/23 units                      132,508   49,688r#   17.6

ELECTRIC POWER     7/23 millions of kilowatt-hrs.   95,259   89,719#     9.3

CRUDE-OIL REFINING 7/23 thous. of bbl./day          15,486   15,277#    -2.9

COAL               7/16 thous. of net tons          20,946#  19,377     -0.2

LUMBER             7/16 millions of ft.              369.0#   296.4      4.2

RAIL FREIGHT       7/16 billions of ton-miles         31.6#    27.9      1.9



Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison

Electric Institute, American Petroleum Institute, Energy Dept., WWPA, SFPA,

Association of American Railroads





LEADING INDICATORS



                                                  LATEST       WEEK   YEARLY

                                                    WEEK        AGO    % CHG

ECRI LEADING INDEX               7/15 1992=100     134.7      133.5      3.1

STOCK PRICES                     7/22 S&P 500     1233.7     1227.9     13.6

CORPORATE BOND YIELD, Aaa        7/22                5.1%       5.1%   -12.1

MONEY SUPPLY, M2                 7/11 billions  $6,493.7   $6,515.2r     3.4

INITIAL CLAIMS, UNEMPLOYMENT     7/23 thous.         310        305r    -8.8

MORTGAGE APPLICATIONS, PURCHASE  7/23              485.1      488.7      9.1

MORTGAGE APPLICATIONS, REFINANCE 7/23             2320.3     2618.2     40.7



Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's, Fed-

eral Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)





PRICES



                                                 LATEST      WEEK   YEARLY

                                                   WEEK       AGO    % CHG

GOLD                7/27 $/troy oz.             424.000   422.150      9.5

STEEL SCRAP         7/27 #1 heavy, $/ton         137.67    137.67    -14.5

COPPER              7/22 cents/lb.               169.7     167.1      27.3

ALUMINUM            7/22 cents/lb.                86.5      86.3       2.8

COTTON              7/22 strict low middling          

                         1-1/16 in., cents/lb.    50.23     51.78     -2.0

OIL                 7/27 $/bbl.                   59.31     57.01     38.5

CRB FOODSTUFFS      7/26 1967=100                250.17    251.02     -7.8

CRB RAW INDUSTRIALS 7/26 1967=100                324.22    323.09      5.5



Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin,

Platt's Metals Week, Memphis market, NYMEX, Commodity Research Bureau





FOREIGN EXCHANGE



                                             LATEST         WEEK        YEAR

                                               WEEK          AGO         AGO

BRAZILIAN REAL                   7/27        2.4405       2.3394      3.0427

BRITISH POUND                    7/27          1.74         1.74        1.82

CANADIAN DOLLAR                  7/27          1.24         1.22        1.33

EUROPEAN EURO                    7/27        1.2068       1.2139      1.2055

JAPANESE YEN                     7/27        112.46       112.90      111.65

KOREAN WON                       7/27        1030.9       1044.5      1167.3

MEXICAN PESO                     7/27        10.658       10.627      11.431

TRADE-WEIGHTED DOLLAR INDEX      7/27          91.6         91.9        94.7



Sources: Major New York banks. Currencies expressed in units per U.S. dollar,

except for British Pound and European Euro in dollars. Trade-weighted dollar

via J.P. Morgan.





INTEREST RATES



                                              LATEST      WEEK      YEAR

                                                WEEK       AGO       AGO

FEDERAL FUNDS               7/26                3.25%     3.13%     1.27%

COMMERCIAL PAPER            7/25  3-month       NA        NA        1.54

CERTIFICATES OF DEPOSIT     7/26  3-month       3.62      3.59      1.61

FIXED MORTGAGE              7/22  30-year       5.90      5.84      6.13

ADJUSTABLE MORTGAGE         7/22  one-year      4.77      4.72      4.22

PRIME                       7/26                6.25      6.25      4.25



Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets



#Raw data in the production indicators are seasonally adjusted in computing

the BW index (chart); other components (estimated and not listed) include

machinery and defense equipment. 1=Western Wood Products Assn.  2=Southern

Forest Products Assn. no longer included. Historical data has been adjusted.

3=Free market value  NA=Not available  r=revised  NM=Not meaningful