New-issue volume continued to roll downhill in May, dropping the year-to-date total by 38% from a year ago, to $72.91 billion from $118.15 billion, according to information from Securities Data Co.'s database.

The plunge accelarated during the month, as new-issue volume dropped 59%, to $11.76 billion from $28.65 billion in May 1993. After running more than $16 billion a month in January, February, and March, sales dropped sharply in April and May to between $11 billion and $12 billion.

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