Date: 1/5/98 3:12 PM Subject: s7-25-97 To: Arthur Levitt Securities and Exchange Commission 450 5th Street, NW Washington, DC 20549 Phone: 202 942-0020/ Fax 202 942-9654/202-942-9646 Dear Mr. Levitt, I understand that the Securities and Exchange Commission is considering a rule that would outlaw certain stockholder initiatives from being deliberated and voted upon at open stockholder meetings. Key among them are motions that affect fair employment practices (such as sex and race discrimination and harassment) from being brought to stockholders' attention. The rule would also prevent questions on gender balancing boards, the use of child labor, and other ways that employees, investors and customers force corporations to clean up their acts when they have refused to act on their own. Frankly I am shocked that the SEC would even consider such a gag rule! We live in a time when reactionary elements in our country are trying to roll back civil rights advances that have been made, and are otherwise attempting to prevent public scrutiny of abuses...on grounds that correcting the abuses costs too much money. What could the SEC possibly be thinking of, in this apparent attempt to help companies avoid their social and moral responsibilities to the American people -- especially to women and children? I am the co-owner and co-founder of a book publishing company, and an investor client of Merrill Lynch. You can find us profiled in the current issue of Independent Publishing Magazine. Rest assured that I will not invest in companies that apply this gag rule if it is passed by SEC. Nor am I alone in this feeling. Socially conscious investing is also a fact of our time, as you surely must be aware. I ask you and the SEC to discard any thought of passing this gag rule. It will only serve to exacerbate an already exacerbated society. Sincerely yours, Patricia Nell Warren Wildcat Press 8306 Wilshire Blvd. Box 8306 Beverly Hills, CA 90211 213/966-2466 213/966-2467 fax