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To: donald sew who wrote (47828)	7/15/1998 8:29:00 AM
From: tony sidhu	Respond to of 58727

ALL, does anyone know if MRK is splitting next week. Or anyone looking into for possible MF or earnings play thanks tony

To: donald sew who wrote (47828)	7/15/1998 10:29:00 AM
From: John Lacelle	Read Replies (1) \| Respond to of 58727

Donald, This market has really become tulip bulbs. Nobody seems to find it strange that you can earn 20 or 30% every year guaranteed. Nearly everyone I talk to gets angry when I point out possible bearish notes about the economy. I know everyone will tune this out but I just noticed reading the latest BARRON'S market data, that there are more bearish signs on the horizon. Most of the listed commodity prices are down from the previous year. I know everyone thinks "so what" but I tell ya it is a bad sign. I remember my dad telling me stories about the 1930's. One of the early signs of the looming world-wide depression was that commodity prices fell sharply in the late 1920's. My grandfather once told this story about how (He was an Idaho farmer before selling his farm and moving to Santa Barbara in the 30's) he trucked a load of his produce to the train depot and all around the depot were piles of potatos, onions, and stuff that farmers had dumped. Apparently, the price of produce had fallen so much that the cost of shipping had exceeded the value of the produce and farmers had simply dumped their loads and gone home. Right now, it doesn't matter if you make semi- conductors, grow oranges, pump oil, or make bagels, the price you can charge for your stuff is falling. This cannot be a good sign for corporate earnings. -John