Date:    02/02/2000  11:46 AM


SECSubject: SR-NYSE-99-47
     
 Please take into consideration that we here in America are supposedly given the
right to choose our own paths and making a career choice is one of them. I have 
seen others take the step toward self-employment by building a business plan, 
secure start-up capitol and launch a retail business only to see the doors close
after 12 months and creditors left holding the worthless notes. I can not see 
how this differs from that of a margined trader/investor. If anything, a 
participant in the market is more likely to still be engaged in his prior form 
of employment allowing for a safety net while testing the feasibility of making 
money in the market. It seems much more likely that the allowance of getting 
into a margined account at a minimum price of $2,000 - $5,000 makes it a good 
bit less likely that someone could put themselves into a situation from which 
they have "no" ability to recover. Also, the raising of the margin rate from 2-1
to 4-1 is just baiting the market player into sure financial destruction.
     
This proposal (SR-NYSE-99-47) would also create hardships upon those that have 
already invested many dollars in education and associated start-up costs if it 
were to have a retroactivity placed upon it. My investment is over half of my 
portfolio and this portfolios balance is less than the proposed minimum. If I 
had to trade this account without the ability to use margin it would cause me to
trade the riskier type of stocks/securities therefore exposing me to the 
likelihood of failure. 
     
Please do not put restraints as to what we as a members of a free democracy are 
allowed to achieve. The little guy should have the right to rise just as much as
the big fella next door.  
     
     
Thank you,
     
Everett J. Alphonse