THE WELCH COMPANY

440 Davis Court #1602

San Francisco, CA 94111-2496

415 781 5700






November 10, 1998                                                                    03 00050 61 98111001



Mr. Donald G. Harms
Vice President
Transamerica Realty Services, Inc.
600 Montgomery Street
San Francisco, CA  94111

Subject:  Communication Metrics

References:





    
         
  1.  Telecon Don/Rod Nov 10, 1998
         
  2.  Letter from U.S. Army Corps of Engineers on Nov 4, 1998
         

 
 

Dear Don,
 

In

our discussion
this morning, the benefit of improving earnings by adding an
intelligence role to support Transamerica management, can be seen from the
letter issued by the

U.S. Army Corps of Engineers
on Nov 4.  It illustrates new
capability and explains the benefits of investing in new methods.  Who is
thinking about these objectives at Transamerica?




Sincerely,


THE WELCH COMPANY






Rod Welch