Subject: File No. S7-10-04
From: Bill Merritt

July 16, 2004

July 16, 2004

In my opinion, the only way we can ever have a truly fair market, is to allow everyone to trade any stock at the same level. For example, if one person or company is allowed to trade a stock at 2.473 per share, it would not be fair force others to trade that same stock at either 2.47 or 2.48 per share.

I observe this kind of trading routinely on some stocks everyday. It certainly indicates we do not presently have a level playing field out there in the stock market.

Thank you,

Bill Merritt