From:         Brennan, Michael
  Sent:         Thursday, September 24, 1998 5:58 PM 
  To:           'rule-comments@sec.gpv'
  Subject:      Reference File S7-25-98 
  
  Mr. Jonathan Katz
  Secretary
  Securities & Exchange Commission
  450 Fifth Street N. W.
  Mail Stop 6-9
  Washington, DC  20549
  
  Dear Mr. Katz:
  
  We have reviewed the SEC's proposed amendments to Rule 17Ad-14.  We 
  believe that the amendments are important steps toward full
  certificate
  immobilization.  They also reduce the risk associated with certain 
  types
  of corporate actions we now face in our current processing 
  environment.
  
  We urge the Commission to approve the proposed amendments to Rule 
  17Ad-14.
  
  Very truly yours,
  
  
  Michael Brennan
  Advanced Clearing, Inc.
  Vice President
  & Director of Operations