Date:    01/30/2000  10:38 PM


Subject: File Number SR-NYSE-99-47
Dear Sir or Madam,
     
I have been trading securities for nearly 35 years, since I was 13, and am am 
writing to express my opposition to the rule (re file number referenced above) 
which would disallow margin accounts for account sizes < $25,000.
     
I feel that this is ill-advised for two reasons:
     
1> People will be prevented from "learning small" when using margin. It is more 
cost-effective to learn from mistakes on a $5,000 account than on a $25,000 
account. 
     
2> People with more money do not necessarily make better decisions than people 
with less money. For example, I have a $10,000 margin account at the moment and 
never use the margin. It is there to use only should I feel substantial 
opportunity presents itself.
     
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Thank you for your consideration.
     
Regards,
     
Andy Reames
Cambria, CA