Date:    09/20/2000  11:25 AM

Subject: File No. S7-16-00

SEC:
 The concept of paying for order flow is similar to the 
 1950's "PAYOLA" in the record business; I am sure Mr. Levitt remembers 
 the days of Alan Freed on his radio in Brooklyn. 
 Defending this practice should be very interesting in a class action 
 case ; there will be enough perceived dirt to cover everybody.
     
 Sincerely;
 Terence Hayden 
 3170 N. Sheridan Rd. apt 1121
 Chicago , IL 60657