12/31/93     CURRENCIES

 CURRENCY CLOSE  FRIDAY    THURSDAY   THE DOLLAR ON FOREIGN EXCHANGE FRI: OPEN
 BRITISH POUND   $1.4780   $1.4765    FRANKFURT    Holiday
 CANADIAN $      $.7557    $.7524     ZURICH       1.4790 Fc +$0.0015
 DUTCH GUILDER   $.5139    $.5151     LONDON:     $1.4785    +$0.0020
 FRENCH FRANC    $.1689    $.1700     TOKYO CLOSE  Holiday
 GERMAN MARK     $.5688    $.5762     NY CLOSE        FRI      THU
 ITALIAN LIRA    $.000583  $.000585   AUSTRALIAN $  $0.6800  $0.6762
 JAPANESE YEN    $.008957  $.008941   MEXICAN PESO  $0.3219  $0.3219
 SWISS FRANC     $.6720    $.6743     N. ZEALAND $  $0.5600  $0.5591
     The U.S. dollar rose for the  third  consecutive  session  Friday  in
typically  anemic  year-end  trading against most major foreign currencies, as
professional players prepared to ride the  currency  higher  in  1994.
    Money watchers noted trading  activity  slowed  to  a  trickle  and  price
fluctuations were limited to a few year-end position-squaring.
   Analysts said a handful of traders lifted the  dollar  against  the  German
mark  but  pushed  the  currency  lower  against  the  Japanese yen as foreign
exchange trading dried up to a snals pace ahead of the New Year's weekend.
   Money watchers said the dollar, which jumped  4  1/2  pfenning  during  the
week,  continued  its  ride  on  Thursday's bullish economic reports.
   Some traders are expecting the dollar to break above its 1993 high of 1.480
German marks as European interest rates begin  to  decline.  The  market  will
watch the Bundesbank for signs about the direction of German interest rates.



                12/31/93  BOND YIELDS/INTEREST RATES

TREASURIES  DISCOUNT  CHG YIELD       AGENCIES  COUPON  PRICE      T-AUCTION
 3 MO T-BILLS  2.99  -.01  3.06       30 YR GNMA  6.00  96:15       RESULTS
 6 MO T-BILLS  3.20  0.00  3.30       30 YR GNMA  7.00 101:22   DISCOUNT/YIELD
 1 YR T-BILLS  3.45  -.01  3.59       30 YR GNMA  8.00 105:09   3 MO  3.06/ 3.12
NOTES & BONDS     PRICE CHG32 YIELD   30 YR GNMA  9.50 108:05   6 MO  3.21/ 3.31
 1 YR 4-5/8 12/94 100:29   +0  3.67  3M FFCB 3.210  3/94 100:00 1 YR  3.47/ 3.61
 2 YR 4-1/4 12/95 100:01   +0  4.24  6M FFCB 3.370  6/94 100:01 2 YR        4.28
 3 YR 4-3/8 11/96  99:19   +0  4.53  1Y FFCB 3.620 12/94 100:00 5 YR        5.19
 5 YR 5-1/8 12/98  99:22   -2  5.20  2Y FHLB 4.750 11/94 100:18
 7 YR 5-1/2 04/00 100:25   -6  5.35  3Y FHLB 5.375 11/95 101:28   NEXT TREASURY
10 YR 5-3/4 08/03  99:21   -5  5.80  5Y FHLM 5.180 11/98  98:31     AUCTIONS
30 YR 6-1/4 08/23  98:24   -4  6.34 10Y FHLM 6.550  4/03 101:15  3 MO  01/03/94
12:56  0/N  30 DAY  60    90   180   5Y FNMA 5.050 11/98  98:30  6 MO  01/03/94
CD           3.26  3.27  3.31  3.43  7Y FNMA 6.100  2/00 102:29  1 YR  01/06/94
COMM PAPER   3.28  3.25  3.26  3.33 10Y FNMA 6.200 11/03  98:26  2 YR  01/  /94
BANK ACCEP   3.22  3.23  3.26  3.36 30Y RFC  8.625  1/21 124:21  3 YR  03/  /94
LIBOR  2.88  3.25  3.31  3.38  3.50  FED FUNDS          12:56    5 YR  01/  /94
TREASURY WHEN-ISSUED          12:56        LATEST  3.000         7 YR
 3MO  3.050  6MO  3.220  1YR  3.510   HIGH  3.125 LOW   3.000   10 YR  03/  /94
                                     PRIME  6.000 DISC  3.000   30 YR  03/  /94