Subject: Attn Jonathan Katz re file # S7-25-97 
Date:    11/24/97 2:35 PM
     
     
To:  Commissioners
Securities and Exchange Commission
c/o Jonathan Katz
450 5th Street N.W.
Washington DC 20549
     
Dear Commissioners:
        Please consider the this to be public comment on the new S.E.C.
rules with the public comment period end-date of November 25, 1997.
        Please do not require newly increased support for minority
shareholder's to be able to bring an initiative forward.  An amazing thing 
strikes me:
        With one percent of the families in this nation owning over 40% of
the stock in its corporations, and so on in the extreme imbalance of wealth 
in the U.S. today, the majority of ordinary citizens in this democracy own 
from none to only the smallest fractions of stock through retirement type 
plans, THE PROPOSED RULES WILL HAVE THE EFFECT OF SHUTTING DOWN DISCOURSE ON 
CORPORATE POLICY ENTIRELY.  A doubling of the percent of stock required in 
order to bring an initiative forward is clearly a blatant attempt on the 
part of corporate managers to eliminate from debate the already tiny window 
persons of conscience have to influence corporate policies.  You have access 
to the statistics on ownership of wealth in the United States.  You know 
that it will be nearly impossible for any minority stockholder group to 
bring an initiative forward for vote under your proposed rules, for the 
poorest stockholders would have to bear an extreme burden of contacting 
tremendous numbers -- sometimes millions -- of persons in order to be 
allowed to bring their proposal forward.  Wealthy stockholders need contact 
only a few of their like-minded friends.
        When the subject is brought to their attention, the majority of U.S.
citizens today will express regret that corporations are considered 
"persons" at law when their obvious only concern is bottom-line 
profitability.  Has the S.E.C. a conscience?  At least, it must recognize 
the legality of Congressional intent for creation of corporations.  Then, 
hopefully, the S.E.C. will not forget (as have the nation's large 
corporations which it regulates) that the original purpose for creation of 
corporations was to serve the public trust.  They were created to as 
subordinate to the soverign public -- i.e., subordinate to the MAJORITY of 
all citizens -- and for a first purpose of "the public good."  Only after 
that were they created to make a profit.
        Will the public good be served through your proposed rules?  The
annoyance to elite majority stockholders of the voice of conscience from 
minority stockholding masses might be eliminated, but the good to the vast 
public citizenry is nowhere apparent from these proposed rules.  Though 
minority in wealth and stock, the vast public citizen majority is who the 
S.E.C. must serve by law.  
        Anyone would have to be kidding themselves to think that corporate
America had the interest of the majority at heart these days, for they are 
even disloyal to the national interest of the U.S. in their pursuit of 
profits -- eliminating jobs, benefits, safety and health regulations, while 
exploiting the global poor through policies of neo-Colonialism.  NAFTA and 
GATT have enabled an international lottery system of investment throughout 
the world, with our American corporations leading the charge as they jump 
from one third-world country to another to capture the lowest worker wages, 
occupational health laws, and environmental regulations.  The guesses of 
elitists are followed by herds of stock portfolio managers, all competing 
for the most profit.  Nowhere is anyone looking out for the American public 
if the S.E.C. does not claim its responsibility.   The S.E.C. is supposed to 
be beholding to the nation at large -- not to those it regulates.  I can 
just see the next edition of my college text book if you allow these new 
rules to go forward.  You action would no doubt find its place in the 
chapter on "the iron triangle," telling how the regulators, the regulated, 
and lawmakers beholden to corporate campaign contributions cozily set policy 
that ignores the best interests of the public.      
        Please advise me of the action you take.  I thank you for the
opportunity to comment.
                                                          Yours very truly,
     
                                                           Mary Kay Craig
                                                           518 West Granite Street
                                                           Butte, MT 59701
                                                           email:  georgemk@in-tch.com
     
11/24/97mkc