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To: bill who wrote (99)	5/25/1998 1:06:00 PM
From: Hiram Walker	Read Replies (1) \| Respond to of 335

Bill, I was just thinking today,about all these telecom companies,with staggering losses. There are many,and these stocks have rallied substantially. Well, what happens to them,if we have the same competition,and price erosion as in the cellular markets. Most cities have at least 5 major cellular providers,discounting themselves into oblivion. All these business models,of the recent players,take into account stable prices well into the next millenium. What happens when the competitive pressures heat up,on companies already deep into debt? Hiram