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To: brushwud who wrote (2246)	5/20/1999 10:55:00 PM
From: Carl R.	Respond to of 3813

I suppose that you're right that broker pressure is what moves most secondaries. When I was with Morgan-Stanley the only time my broker called to ask if I wanted stock was on secondaries. I definitely agree with you that secondaries are not necessarily dilutive, assuming that the company has a good use for the funds. Nevertheless most of the time I have seen secondaries I have seen "strong buy" reports issued right before the secondary, and then the stock falls after the offering. The other advantage of a secondary is that you can buy with no commission. Carl