Subject: File No. S7-38-04
From: Kenneth Arnot, Mr.
Affiliation: Accounts Manager/Investment club

January 5, 2005

The loosening of your rules on IPOs is way over due and from what I have read You can go a lot farther than planned Rid us of the hush hush quiet period also.Companies need cash WE small investors have as a whole a lot of cash but when information is scarce our wallets get tight..Why are we not considered as a prominant player??? You seem to have no problem taking our money when its needed and then you treat us as if we are the red headed step child in your jokes.WE are asking for the same respect you recieve.I may be a small investor but i am not alone in asking. THANK YOU Ken Arnot