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To: joshi who wrote (1258)	1/19/1998 2:11:00 PM
From: Schmedley	Read Replies (1) \| Respond to of 8545

Hi Joshi While I don't have access to a level II screen today, I'm told that what you witnessed is quite common in large block transactions. It seems that they often occur well off the current bid-ask and when considered alone,appear to have significance but in reality have no impact on supply and demand(price) whatsoever. This is the response I got when I asked the same question to an exchange representative. He explained that these transactions are known as "crosses" and occur when separate entities exchange stock within the same overall institution. "Crosses", he told me, can take place at any pre-arrainged price that both parties agree to and can be offset by other "crosses" of equal disparity. Anyone that can offer further clarification as to the meaning of "crosses" please correct me if I am wrong. Thanks Schmedley