Subject: letter about stockholder rights & resolutions
Date:    11/10/97 3:40 PM
     
     
Chairman Arthur Levitt, 
Securities Exchange Commission, 
450 5th Street NW, Washington DC 20549
     
Dear Chairman Levitt:
     
My investment clients and I believe that stockholders should continue to be 
allowed to make shareholder resolutions on almost any issue at almost any 
time.
     
We would be very disappointed and would likely make quite a stink with our 
local senators / representatives if our rights as stockholders were 
restricted in favor of a corporations management executives, who might not 
even own any of the corporation's stock themselves!  If anything, as we move 
into a more open society, we must encourage shareholder participation, not 
discourage it.  
     
These proposed changes of yours appear to be the single greatest threat yet 
to shareholder responsibility and the proxy process.
     
Jim Horlacher, MBA
Registered Investment Advisor Representative 
Registered Securities Representative
     
CC: Kathy Sutherland, FAFN Client Correspondence Compliance Officer
(current interpretations of regulations indicate that most electronic client 
communication is to be reviewed by a compliance officer)
     
CC: Investment clients of James C. Horlacher with e-mail capability.
     
     
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                        James C. Horlacher, MBA
                     Independent Financial Advisor
   5960 Dearborn, Suite 107      Shawnee Mission, KS  66202
(800) 341 - 0528          (913) 432 - 4958          (fax) 432 - 8951
     
  Specializing in Values-Based, Socially Responsible Investing
     
First Affirmative Financial Network (FAFN), a division of Walnut Street 
Advisers, Inc.(WSA), specializes in socially reponsible investments. 
Securities offered through a registered representative of Walnut Street 
Securities, Inc.(WSS), member NASD and SIPC. WSA, a subsidiary of WSS, is a 
registered investment advisor with the SEC. Securities activities are 
supervised from 1040 S. 8th Street, Ste. 200, Colorado Springs, CO  80906
 (800) 422 - 7284,  (719) 636 - 1045.
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