Date:    07/20/2000  9:54 PM

Subject: Proposed Regulation FD: File No. S7-31-99

Dear Sir:
     
    I am a small investor yet try to do as much research as possible. 
However, I am still not privy to the private communications that certain 
brokerage houses have with companies. From my vantage point, there is no 
difference in this and insider trading.
Thank you for your time.
     
Sincerely,
Allen Werner