[milind]

Like in-line graphics behave, you add text in earlier paras, the picture
moves ahead, whenever I insert a watermark, it appears on the 2nd blank page.
If I put text on the 2nd page also, it moves to third page. If the first page
has 3-4 lines blank at the bottom, the watermark's small portion gets visible
and rest I don't know where it hides. [I have a picture of the word
"Confidential"]. I tried using horizontal version also, but same result. What
is happening? Any ideas?