Date:    03/22/2000  8:52 AM

Subject: Selective Disclosure

Perfect competition, as defined in my introductory economics class in 
college, is founded on several principles.  Although I have forgotten most 
of the list, I do remember that free and immediate dissemination of 
information was crucial for the market to respond in a rational manner.  The 
issue of selective disclosure cuts against the basic fundamental ideal that 
we will have rational markets where (as regulated by the SEC who encourages 
the light of information to be the disenfectant in the market - by the way I 
appologize for butchering the comments made about the 33 act but the point 
remains) all investors will participate on an even footing.
     
A related issue is the "freezing out" of analysts that produce unfavorable 
commentary on a company in question and thus become one of the outsiders 
with respect to early warning information.
     
All of these practices must stop.  In short, I believe that all companies 
should open their conference calls up to the public.  In a nod to the 
logistical nightmare of having thousands qued up to ask questions of the 
management, I think it would be reasonable to have securities analysts be 
the only people able to participate in Q&A.  I dont think it would be too 
hard to handle analyst credentials the same way press passes are meeted out 
for other conferences.
     
In the end the issue is timely dissemination of material information to all 
investors.  Selective disclosure is only one of many issues the SEC must 
address - earnings manipulation / accounting purity, insider activity, etc. 
However, in the current bull market where so many new investors are 
participating, the old practices are no longer acceptable.
     
Dan Bevill
11 Lewis Road
Stamford,  CT  06905