Subject: File No. S7-25-99
From: David Condit

July 23, 2004

Reference: File No. S7-25-99, Certain Broker-Dealers Deemed Not To Be Investment Advisers

I believe that anybody who, incidentally or not, gives advice about securities should be covered by the Advisers Act. This will insure that ALL investors will know that those giving them advice are on the up and up. Anyone giving advice should have the clients best interests uppermost, not their own.

David Condit
Warrenton, VA