January 1, 1998 Mr. Arthur Levitt Securities and Exchange Commission 450 5th Street, NW Washington, DC 20549 Dear Mr. Levitt, RE: Opposition to Rule S7-25-97 (Stockholder Gag Rule) This letter, written in my capacity as Kansas National Organization for Women State Coordinator, is in behalf of women whose voices are largely unheard. It is also a highly personal issue for me as you will see by the enclosed three letters written by me to former Senator Nancy Kassebaum, Representative Edward Markey and the board of the Kansas City Securities Association. The intent of the letters was to make a difference in the future for women in the securities industry. Aware that you will not have time to read them, I am only submitting them as evidence of my tenacity and attempt to bring positive change to an industry dominated by white males. Because of my time with A.G. Edwards & Sons Inc., I joined the National Organization for Women, a feminist group working toward creating positive change for women. As an officer of NOW, one of the responsibilities is to handle the callers who are seeking NOW's assistance in gender based issues. A majority of the calls deal with workplace issues such as pay equity, sexual harassment, hostile workplace environment and retaliation after complaints are made to supervisors or management. Attorneys representing women in discrimination cases report women are losing in the courts. In cases where awards are made, they are often overturned on appeal. Of course, you and I both know, justice goes most readily to those with the deepest pockets and caps on awards made in discrimination cases allow companies who fall under EEO guidelines to continue discrimination practices at what may be considered a minor cost of doing business. My first question to a caller distressed by her situation is - how many are employed by the company. It is appalling that businesses, large or small, can incorporate and operate without conscience. Recently, I was appointed to the board of the Kansas City Securities Association. A 'no brainer' since I simply said, "I notice there is no female industry representation on your board" and voila, I was a board member. At the December meeting, during a discussion of cancellation of a program titled Diversity is Not a Four Letter Word, (arising from my request to address hostility toward women in securities industry) the attitude of many males was inadvertently stated by a comment intended to be humorous substituting the word adversity for the diversity. The word adverse defined, to act against or opposed to one's interest. Adversity is defined as a calamitous or disastrous experience, a synonym is misfortune. Summed up, with diversity lacking, companies will be allowed to continue business practices as usual. White males will be saved from adversity, misfortune and the disastrous experience of competing with approximately 75% of the population, those who are neither white nor male. Passage of Rule S7-25-97 to stop shareholder initiatives from bringing unfair employment practices to the attention of the public at shareholder meetings will allow companies to maintain the status quo and be harmful to the workers. Please do not allow passage of the Shareholder Gag Rule. Sincerely, Sharon Anne Lockhart Kansas NOW State Coordinator