Stock Market Bears Are on the March

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Maurice Larrain and Maureen Allyn could be described as stock market party poopers.

Both economists forecast a tumble in share prices. Mr. Larrain, proprietor of International Capital Management Corp. in New York, foresees a 20 percent drop in prices in October. Mrs. Allyn, chief economist of Scudder, Stevens & Clark Inc., an investment management firm in New York, is less precise on timing, but talks of a 10 to 11 percent dip.

"There is some room for disappointment," she says mildly.

Both also forecast recession. Larrain, a Pace University economist who set up a sideline of offering financial and economic advice to major financial institutions, says the …