Subject: File number S7-5-99
Author:  "Bob Ferguson" <rferg@axionet.com> at Internet 
Date:    4/7/99 10:56 AM
     
     
Dear Mr. Katz,
     
As the president of a Company listed on the NASD OTC Bulletin Board I must 
protest the proposed ammendments to Rule 15c2-11. While I appreciate any attempt
to make the OTC Bulletin Board a more legitimate market place I see these 
changes placing the onus on the market makers rather than on the individual 
issuer.
     
These changes if implimented will have a disasterous effect to the liquidity and
price spreads for the issuers. 
     
The bottom line here is to make the OTC Bulletin Board a safer place for 
individual investors. I believe it has to start with the issuer and the 
disclosure rules. Steps initiated earlier to make all companies listed fully 
reporting issuers is a definate step in the right direction and one that I look 
forward to.
     
I am about to vend some very substantial assets into the Company and would be 
very disappointed should these changes take effect.
     
Please reconsider these changes.
     
Yours truly,
     
Robert R. Ferguson
President and CEO
Columbia River Resources Inc.
304 - 856 Homer Street
Vancouver, British Columbia Canada
V6B 2W5