1.   But higher interest rates, a weakness in technology stocks and investor trepidation about corporate earnings growth dampened underwriting volume in other areas.

2.   Fees fell more than total underwriting volume because stock sales fell more than lower-margin bond sales.

3.   Merrill Lynch continued to lead securities firms in total underwriting volume.

4.   Once again, underwriting volume in the quarter remained highly concentrated.

5.   The Board currently depends on fees based on underwriting volume, which has fallen off sharply.