diff -ru libtool-1.5.20.orig/ltmain.sh libtool-1.5.20/ltmain.sh
--- libtool-1.5.20.orig/ltmain.sh	2006-01-10 17:06:50.000000000 +0100
+++ libtool-1.5.20/ltmain.sh	2006-01-10 17:16:21.000000000 +0100
@@ -2086,11 +2086,12 @@
 	  case $linkmode in
 	  lib)
 	    deplibs="$deplib $deplibs"
+	    newlib_search_path="$newlib_search_path "`$echo "X$deplib" | $Xsed -e 's/^-L//'`
 	    test "$pass" = conv && continue
 	    newdependency_libs="$deplib $newdependency_libs"
-	    newlib_search_path="$newlib_search_path "`$echo "X$deplib" | $Xsed -e 's/^-L//'`
 	    ;;
 	  prog)
+	    newlib_search_path="$newlib_search_path "`$echo "X$deplib" | $Xsed -e 's/^-L//'`
 	    if test "$pass" = conv; then
 	      deplibs="$deplib $deplibs"
 	      continue
@@ -2101,7 +2102,6 @@
 	      compile_deplibs="$deplib $compile_deplibs"
 	      finalize_deplibs="$deplib $finalize_deplibs"
 	    fi
-	    newlib_search_path="$newlib_search_path "`$echo "X$deplib" | $Xsed -e 's/^-L//'`
 	    ;;
 	  *)
 	    $echo "$modename: warning: \`-L' is ignored for archives/objects" 1>&2