Date:    02/01/2000  10:49 PM


Subject: Respectfully,  NO on Rule 432
February 1, 2000
     
2545 West 69th Court
Anchorage, Alaska 99503
     
Secretary, Securities and Exchange Commission 
450 Fifth Street, N.W.
Washington, D.C. 20549-0609
     
Re: File Number SR-NYSE-99-47   NYSE Rule 432
     
Dear Secretary:
     
I am a 53 year-old man close to retirement after working essentially since I 
have been 14 years old.  I am against NYSE Rule 431 which purports to reduce 
risk to all parties involved in the activity generalized as "day trading." 
Have I seen risk with finances?  Yes, which one of us at my age can say we 
have lived a completely safe and secure life financially?  If one has, my 
guess is financial success is not included in with that life.
     
Our constitution does not speak of safety, it speaks of freedom.  Why should 
one be in a $25,000 club to participate.  Is this a rich man's club where 
the little man is not allowed? Surely, your intentions are good.  I am not 
writing to malign your intent, but to challenge your reasoning.
     
The daring individual will mortgage his house to try to rise up to meet a 
requirement which encumbers much more risk than a mere $2000.  Which one of 
us has taken a chance to be returned to a sober reality when a lot less than 
$2000 was at stake.  Please, let me fail with $2000 instead of $25,000. 
Margin accounts should not be restricted either.  Allow me to margin my 
funds.  I do not want to have to mortgage my house to have enough funds to 
successfully trade.  I would rather risk my account equity as I learn to 
trade responsibly.
     
Ah yes, the liability to others.  Although I feel I have the responsibility 
for my own funds in managing risk, our litigious population can be a bother. 
Therefore, I would support an educational requirement such as a reasonable 
test based on a simple course.  No, I would not support experience 
requirement with a firm for that merely excludes those who should have the 
opportunity to trade.
     
One can go so far in the protection of others before it oppresses the right 
to life, liberty and the pursuit of happiness.  Please maintain the gate, 
and yes, you have done a good job.  However,  have the wisdom to reject rule 
431 and keep the gate open for us, the little people.
     
State-wide supervisor for Adult Protective Services for the State of Alaska. 
Day phone 1-907-269-3667.
     
Thank you,
     
John C. Burke
7500 Chalet Court
Anchorage, Alaska 99516-1155
1-907-346-2841 Hm