Date:    12/17/1999  12:54 PM

Subject: Fair Disclosure

Dear Mr. Levitt,
     
        My wife and I manage our own retirement fund. We perform our research, 
select the investments and live with the results. We are not the rare 
instance, but I believe the growing majority of investors in this country. 
The reason for the change from using the full service brokers was the 
clearly self-serving attitude and performance of the brokers and analysts.
        The performance obtained by following the advice of brokers and analysts
     
was less than a portfolio of index stocks. The investing public rightly 
concluded that managing our own money was not all that difficult and we 
could do not worse than the "professionals". Time and results has proved 
the investing public correct.
        The only real remaining advantage the full service houses retained was
the 
conduit of information given to the large fund managers and brokerage 
houses not available to the general investing public. This "closely 
guarded" information was given to the major clients of the brokerage houses 
to gain a material investing advantage not shared by the investing public. 
When I see  a stock has moved up or down by a significant amount over the 
course of a day or a few days I cannot help but wonder "who knew before 
us"?
        Most people realize that no one will have their best interest at heart 
except themselves. We all work hard to accumulate the funds to invest for 
retirement. We make our decisions and accept the results. People own most 
of the stock in the country. We should have the same access to the same 
information at the same time as the people in the financial centers and 
brokerages around the world.  Company information should be fully disclosed 
on the company web site, SEC filings, press releases and other public 
access facilities.
        The public investing resources of the country like the stock exchanges 
should reflect the actions of an informed public not the actions of the 
"informed privileged" few.
        Risk will always be present in any investment. I will accept the risk 
associated with an investment, but I want to be fully informed about the 
company, it's operations, performance and to receive equal access to facts 
which affect the risk associated with the company.
     
Sincerely,
     
     
Paul R. Marsh