The big underwriting volume at a time of dropping interest rates brought slightly increased fees to Wall Street.

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

The average fee as a percentage of underwriting volume decreased to 1.59 percent, compared with 1.71 percent in 1988.

That emphasis served the firm well last year, when underwriting volume soared.

At $189.9 billion, underwriting volume was up 36.7 percent from the first quarter.

Together, they comprised nearly 44 percent of the total underwriting volume and enabled the year as a whole to virtually match that of 1987.

At $189.9 billion, underwriting volume was up a strong 36.7 percent from the first quarter, 16.4 percent over the second quarter of 1994.

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

Merrill Lynch again led all securities firms in total underwriting volume.

The plunge in underwriting volume shows how swiftly Wall Street's fortunes can decline.