Date:    01/31/2000  4:30 PM


Subject: File Number SR-NYSE-99-47

Gentlemen:
     
Regarding the proposals contained in File Number SR-NYSE-99-47 affecting margin 
requirements and day traders, I request your consideration to extend the time 
for comments.  The impact of this proposal is potentially far reaching for many 
small investors who have become profitable day traders and others who are in the
process of learning.  Unfortunately, the proposed rules are not easy to judge in
terms of their impact and additional time would allow more people to responsibly
respond and comment.
     
Briefly, at this point it would appear that some brokerage houses influential on
the boards of the two exchanges are not happy with the impact of day traders. 
In the guise of protecting these people from losing money the new rules have 
been proposed.  However, time has adequately demonstrated that we Americans are 
an inventive lot and if we are determined to go broke, we will find a way to do 
so; by investing in securities (trading or otherwise), the lottery or other 
gambling, investing in a business or simply buying irresponsibility on credit. 
Legislating morality has never worked and it appears that this is a large part 
of the proposed change in rules.  Investing and the markets are in a state of 
significant change which will come.  However, such change should be well thought
through and well planned - not done in haste.
     
Thank you for your time and consideration.
     
James M. Harkey
1300 East Valley Rd.
Adrian, MI 49221
(517) 264-1430