Subject: File Number S7-18-00

Date:    10/19/2000 4:49 PM
     
     
Thank you for inviting comments on the proposed rule regarding destruction of 
cancelled certificates. 
     
Footnote 4 specifically invites comment on whether the Commission should mandate
the destruction of cancelled certificates.  Mandatory destruction would be a 
mistake.  As the footnote mentions, courts and investors sometimes look to 
cancelled certificates for important information. 
     
In addition, old stock certificates also have significant value to collectors as
well.  A quick look at E-bay shows literally hundreds of auctions for old stock 
certificates. 
     
Many old stocks and bonds are artistically very beautiful. They make great 
decorations.  Many others have very high historical value, and provide vivid 
evidence of great and not so great historical events.  Many certificates contain
the valuable signatures of famous people. 
     
Please don't force transfer agents to destroy our history by forcing the 
destruction of cancelled securities.  Stamping or perforating cancelled 
certificates with the word "cancelled" is sufficient to keep the certificates 
from being used for fraudulent purposes.  
     
     
     
Sincerely,
     
James J. Angel, Ph.D. 
Associate Professor of Finance
Georgetown University
Room G4 Old North
Washington DC 20057
     
angelj@georgetown.edu