Date: 02/01/2000 10:08 AM Subject: File Number SR-NYSE-99-47 Dear Secretary, I am writing to you in regards to File Number SR-NYSE-99-47 for the NYSE Rule 431. I am concerned about the new rule proposal. I am a small investor who enjoys trading with a small portfolio. It seems hard to believe that if I did have a portfolio of 25K that the amount of money would make me any better or worse as a trader than having the size portfolio I do now. I understand the risks involved with trading and have set limits on myself so I do not get carried away. I have taken the time to educate myself and have signed up with a company that actually provides support while you learn to trade. This company even takes the time to offer classes on trading. A recommendation instead of the current proposal might be to require a certain number of course hours before people are allowed to begin trading or allowed to open a margin account. Another idea might be to allow people with small portfolio's to trade without margin. I appreciate the SEC taking the time to read my comments on this subject. Thanks, from a concerned investor, Cheryl Bagster