Date:    4/27/98 8:06 AM
     
Ref: File No: S7-3-8
     
Jonathan G. Katz, Secretary,
Securities and Exchange Commission,
Mail Stop 6-9,
450 fifth Street,  N.W.,
Washington,
D.C.  20549
     
Re; Release # 34-39670 - Reject this proposal please
     
Dear Sir,
     
While I do not yet fully understand all the complexities of what is being 
proposed, I do wish to advise you that what I have reviewed in the above 
mentioned release is extremely damaging to and would request that it be 
rejected completely.
     
It is tough enough for a small developing company to survive the bandits in 
the securities business,  but it is even tougher to build the American dream 
without the support of investors at all levels.
     
What I see from 34-39670 is the elimination of small developing businesses and 
the creation of a benefits only for the Rich and for Big Companies, people who 
will only deal with small developing companies if they can take them over.  A 
dream for the rich to get richer and the small hard working business man to 
suffer.
     
I believe that there are a lot of issues that need to be changed in the 
securities industry and am in favor of change, but not at the cost of the 
small business man.
     
Yours truly,
     
Basil J. Meecham