From: James Noel [jnoel@mscmail.biz]
Sent: Wednesday, May 05, 2004 4:33 PM
To: rule-comments@sec.gov
Subject: S7-09-04

It is very important to continue 12bl charges for me to be able to service small 
accounts (under $100,000)  and many over this amount.  I can't provide 
continuous service without compensation.  

 James W. Noel