-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LV7rznLdNveQ+LR4qqdJvLEZeXwrLcsUeEmSSWR+TQQBiyTiO//EwT60ZzN5yMn9
 Z76juFuNnC4uH0LGM6AOUg==

<SEC-DOCUMENT>0001140361-04-002376.txt : 20040406
<SEC-HEADER>0001140361-04-002376.hdr.sgml : 20040406
<ACCEPTANCE-DATETIME>20040406170117
ACCESSION NUMBER:		0001140361-04-002376
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040406

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOWLE & CO
		CENTRAL INDEX KEY:			0001224014
		IRS NUMBER:				431238562
		FISCAL YEAR END:			0903

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		12855 FLUSHING MEADOW DR
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			62131
		BUSINESS PHONE:		3148220204

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OLYMPIC STEEL INC
		CENTRAL INDEX KEY:			0000917470
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051]
		IRS NUMBER:				341245650
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-48175
		FILM NUMBER:		04720809

	BUSINESS ADDRESS:	
		STREET 1:		5080 RICHMOND RD
		CITY:			BEDFORD HEIGHTS
		STATE:			OH
		ZIP:			44146
		BUSINESS PHONE:		2162923800

	MAIL ADDRESS:	
		STREET 1:		5096 RICHMOND RD
		CITY:			BEDFORD HEIGHTS
		STATE:			OH
		ZIP:			44146
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>doc1.htm
<TEXT>
<html><head><title>Schedule 13D</title></head><body bgcolor="#ffffff">
<center>
<table width="95%" cellspacing="0" cellpadding="5" border="0"><tr><td align="center"><font size="2">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>
   Washington, D.C. 20549<p>SCHEDULE&nbsp;13D</p>
<p>Under the Securities Exchange Act of 1934<br>(Amendment No.

&nbsp;&nbsp;

)*</p></font></td></tr></table>
<br><br><table width="95%" cellspacing="0" cellpadding="2" border="0">
<tr><td align="center">
<font size="2">Olympic Steel, Inc.<hr size="2">(Name of Issuer)</font><br><br>
</td></tr>
<tr><td align="center">
<font size="2">Common Shares<hr size="2">
   (Title of Class of Securities)</font><br><br>
</td></tr>
<tr><td align="center">
<font size="2">68162K106<hr size="2">
<center>(CUSIP Number)</center></font><br><br>
</td></tr>
<tr><td align="center">
<font size="2">J. Ellwood Towle<br>Towle & Co.<br>12855 Flushing Meadow Drive<br>St. Louis,&nbsp;MO&nbsp;63131<br>314-822-0204<hr size="2">
   (Name, Address and Telephone Number of Person Authorized to<br>Receive Notices and Communications)</font><br><br>
</td></tr>
<tr><td width="95%" align="center"><font size="2">April&nbsp;06,&nbsp;2004<hr size="2">
   (Date of Event which Requires Filling of this Statement)</font></td></tr>
</table>
<br><br><table width="95%" cellspacing="0" cellpadding="0" border="0"><tr><td><p align="justify"><font size="2">If the filing person has previously filed a
   statement on Schedule 13G to report the acquisition that is the subject of this
   Schedule 13D, and is filing this schedule because of &#183;&#183; 240.13d-1(e),
   240.13d-1 (f) or 240.13d-1(g), check the following box. &nbsp;&nbsp;(

&nbsp;&nbsp;

)</font></p></td></tr></table>
<br><br><table width="95%" cellspacing="0" cellpadding="2" border="0">
<tr><td><p align="justify"><font size="2">Note:
   Schedules filed in paper format shall include a signed original and five copies of the schedule,
   including all exhibits. See &#183; 240.13d-7 for other parties to whom copies are to be sent.</font></p></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td><p align="justify"><font size="2"> * The remainder of this
   cover page shall be filled out for a reporting person's initial filing on
   this form with respect to the subject class of securities, and for any subsequent
   amendment containing information which would alter disclosures provided
   in a prior cover page.</font></p></td></tr>
<tr><td>&nbsp;</td></tr>
<tr><td><p align="justify"><font size="2">The information required on the remainder of this cover
   page shall not be deemed to be "filed" for the purpose of Section 18 of the
   Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities
   of that section of the Act but shall be subject to all other provisions of the
   Act (however, see the Notes).</font></p></td></tr>
<tr><td width="95%" align="left">
<br><br><p align="center"><font size="2">&nbsp;</font></p>
<hr size="3">
</td></tr>
</table>
<!-- PAGE BREAK --><br><br><table width="95%" cellspacing="0" cellpadding="2" border="0">
<tr><td colspan="5" width="95%" align="center"><font size="2">SCHEDULE 13D</font></td></tr>
<tr><td colspan="5" align="center"><font size="2">CUSIP No. 68162K106</font></td></tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">1.</font></td>
<td colspan="2"><font size="2">Names of Reporting Persons.<br>Towle & Co.<br>I.R.S. Identification No. 43-1238562</font></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">2.</font></td>
<td width="86%" colspan="2"><font size="2">Check the Appropriate Box if a Member of a Group*
   <br>(a.)&nbsp;&nbsp;(

&nbsp;&nbsp;

)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b.)&nbsp;&nbsp;(

X

)
   </font></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">3.</font></td>
<td width="86%" colspan="2"><font size="2">SEC USE ONLY</font></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">4.</font></td>
<td width="86%" colspan="2"><font size="2">Source of Funds*<br><center>OO</center></font></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">5.</font></td>
<td width="86%" colspan="2"><font size="2">Check if Disclosure of Legal Proceedings Is
   Required Pursuant to items 2(d) or 2(e)&nbsp; (

X

) </font></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">6.</font></td>
<td width="86%" colspan="2"><font size="2">
   Citizenship or Place of Organization<br><center>Missouri</center></font></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td colspan="3" rowspan="7"><font size="2">Number of<br>Shares<br>Beneficially<br>Owned by<br>Each Reporting<br>Person With</font></td>
<td width="5%" valign="top"><font size="2">7.</font></td>
<td width="77%"><font size="2">Sole Voting Power<br>116,196</font></td>
</tr>
<tr><td colspan="2" width="89%"><hr size="2"></td></tr>
<tr>
<td width="5%" valign="top"><font size="2">8.</font></td>
<td width="77%"><font size="2">Shared Voting Power<br></font></td>
</tr>
<tr><td colspan="2" width="89%"><hr size="2"></td></tr>
<tr>
<td width="5%" valign="top"><font size="2">9.</font></td>
<td width="77%"><font size="2">Sole Dispositive Power<br>116,196</font></td>
</tr>
<tr><td colspan="2" width="89%"><hr size="2"></td></tr>
<tr>
<td width="5%" valign="top"><font size="2">10.</font></td>
<td width="77%"><font size="2">Shared Dispositive Power<br>250,287</font></td>
</tr>
<tr><td colspan="5" width="95%"><hr size="2"></td></tr>
<tr>
<td colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">11.</font></td>
<td width="86%" colspan="2"><font size="2">Aggregate Amount Beneficially Owned by Each Reporting Person<br>366,483</font></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">12.</font></td>
<td width="86%" colspan="2"><font size="2">Check if the Aggregate Amount Represented by
  Amount in Row (11) Excludes Certain Shares <br>(See Instructions)&nbsp;&nbsp; (

&nbsp;&nbsp;

) </font></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">13.</font></td>
<td width="86%" colspan="2"><font size="2">
   Percent of Class Represented by Amount in Row (11)<br><center>3.77% at 4/6/04 based on 9,709,115 common shares</center></font></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><hr size="2"></td></tr>
<tr>
<td Valign="top" colspan="2" width="8%">&nbsp;</td>
<td width="6%" valign="top"><font size="2">14.</font></td>
<td Valign="top" width="86%" colspan="2"><font size="2">Type of Reporting Person<br><center>IA</center></font></td>
</tr>
<tr><td colspan="5" width="95%" align="left">
<br><br><p align="center"><font size="2">2</font></p>
<hr size="3">
</td></tr>
</table>
<!-- PAGE BREAK --><br><br><table width="95%" cellspacing="2" cellpadding="0" border="0">
<tr><td colspan="2" width="95%" align="left"><p align="justify"><font size="2">Item 1. Security and Issuer<br><br>
   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympic Steel, Inc.
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5096 Richmond Road
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bedford Heights, OH 44146
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Common Shares</font></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p align="justify"><font size="2">Item 2. Identity and Background.</font></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(a)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Name:&nbsp;&nbsp;Towle & Co.</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(b)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Residence or business address:&nbsp;&nbsp;12855 Flushing Meadow Drive
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;St. Louis, MO 63131</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(c)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Present Principal Occupation or Employment:&nbsp;&nbsp;Investment Advisors</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(d)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Criminal Conviction:&nbsp;&nbsp;Not applicable</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(e)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Court or Administrative Proceedings:&nbsp;&nbsp;Not applicable</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(f)</font></p></td>
<td width="97%" valign="top" align="justify" colspan="4"><font size="2">Citizenship:&nbsp;&nbsp;Missouri Corporation</font></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p align="justify"><font size="2">
   Item 3. Source and Amount of Funds or Other Consideration:<br><br>
   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds under management.</font></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
</table>
<table border="0" cellPadding="2" cellSpacing="2" width="95%">
<tr><td colspan="2" width="95%" align="left"><p align="justify"><font size="2">Item 4. Purpose of Transaction<br><br>
   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
   State the purpose or purposes of the acquisition of securities of the issuer. Describe any plans or proposals
   which the reporting persons may have which relate to or would result in:<br><br></font></p></td></tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seeking capital appreciation of acquired stock.</font></p>
<br>
</td></tr>
<tr><td colspan="2" width="95%" align="left">
<br><br><p align="center"><font size="2">3</font></p>
<hr size="3">
</td></tr>
</table>
<!-- PAGE BREAK --><table border="0" cellPadding="2" cellSpacing="2" width="95%">
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(a)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">
   The acquisition by any person of additional securities of the issuer,
   or the disposition of securities of the issuer; </font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(b)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">
   An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the issuer or any of its subsidiaries;</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(c)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">A sale or transfer of a material amount of assets of the issuer or any of its subsidiaries;</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(d)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Any change in the present board of directors or management of the issuer,
   including any plans or proposals to change the number or term of directors
   or to fill any existing vacancies on the board; </font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(e)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Any material change in the present capitalization or dividend policy of the issuer;</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(f)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">
   Any other material change in the issuer's business or corporate structure including but not
   limited to, if the issuer is a registered closed-end investment company, any plans or
   proposals to make any changes in its investment policy for which a vote is required by
   section 13 of the Investment Company Act of 1940; </font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(g)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">
   Changes in the issuer's charter, bylaws or instruments corresponding thereto or other actions
   which may impede the acquisition of control of the issuer by any person; </font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(h)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">
   Causing a class of securities of the issuer to be delisted from a national securities
   exchange or to cease to be authorized to be quoted in an inter-dealer quotation
   system of a registered national securities association; </font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(i)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">
   A class of equity securities of the issuer becoming eligible for termination
   of registration pursuant to Section 12(g)(4) of the Act; or </font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(j)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2"> Any action similar to any of those enumerated above.</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left">
<p align="justify"><font size="2">Not applicable</font></p>
<br>
</td></tr>
</table>
<table border="0" cellPadding="0" cellSpacing="2" width="95%">
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p align="justify"><font size="2">Item 5. Interest in Securities of the Issuer.</font></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(a)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Not applicable</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(b)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Not applicable</font></p></td>
</tr>
<tr><td colspan="5" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td width="3%" valign="top"><p align="justify"><font size="2">(c)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Not applicable</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
</table>
<table border="0" cellPadding="0" cellSpacing="2" width="95%">
<tr>
<td valign="top" width="19%"><p align="justify"><font size="2">&nbsp;</font></p></td>
<td valign="top" width="16%"><p align="center"><font size="2">Transaction<br>Date</font></p></td>
<td valign="top" width="23%" colspan="2"><p align="center"><font size="2">Shares or Units<br>Purchased (Sold)</font></p></td>
<td valign="top" width="23%" colspan="2"><p align="center"><font size="2">Price per<br>Share or Unit</font></p></td>
<td valign="top" width="19%"><p align="justify"><font size="2">&nbsp;</font></p></td>
</tr>
<tr>
<td valign="top" width="19%"><p align="justify"><font size="2">&nbsp;</font></p></td>
<td valign="top" width="16%"><p align="justify"><font size="2"><br>
<br>
</font></p></td>
<td valign="top"><p align="right"><font size="2"><br>
<br>
</font></p></td>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top"><p align="right"><font size="2"><br>
<br>
</font></p></td>
<td valign="top"><font size="2">&nbsp;</font></td>
<td valign="top" width="19%"><p align="justify"><font size="2">&nbsp;</font></p></td>
</tr>
<tr>
<td valign="top" width="16%"><p align="justify"><font size="2">&nbsp;</font></p></td>
<td valign="top" width="84%" colspan="6"><p align="justify"><font size="2">&nbsp;</font></p></td>
</tr>
</table>
<table border="0" cellPadding="0" cellSpacing="2" width="95%">
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(d)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Not applicable</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr>
<td valign="top" width="3%"><p align="justify"><font size="2">(e)</font></p></td>
<td width="97%" valign="top"><p align="justify"><font size="2">Not applicable</font></p></td>
</tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p align="justify"><font size="2">Item 6. Contracts, Arrangements, Understandings or Relationships with
   Respect to Securities of the Issuer.<br><br><br>
   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.</font></p></td></tr>
<tr><td colspan="2" width="95%" align="left">
<br><br><p align="center"><font size="2">4</font></p>
<hr size="3">
</td></tr>
</table>
<!-- PAGE BREAK --><table border="0" cellPadding="2" cellSpacing="2" width="95%">
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p align="justify"><font size="2">Item 7. Material to be Filed as Exhibits.<br><br><br>
   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.</font></p></td></tr>
<tr><td colspan="2" width="95%" align="left"><p><br></p></td></tr>
</table>
<p></p>
<table border="0" cellPadding="0" cellSpacing="2" width="95%">
<tr><td width="95%" colspan="5"><p align="justify"><font size="2">
   Signature<br><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to the best of my
   knowledge and belief, I certify that the information set forth in this statement is true,
   complete and correct.</font></p></td></tr>
<tr><td width="95%" colspan="5">&nbsp;</td></tr>
<tr><td width="95%" colspan="5" valign="top"><font size="2">Date:&nbsp;&nbsp;
April&nbsp;06,&nbsp;2004</font></td></tr>
<tr>
<td width="50%" colspan="1"><font size="2">&nbsp;</font></td>
<td width="50%" colspan="4"><font size="2">J. Ellwood Towle<br><br></font></td>
</tr>
<tr>
<td width="50%" colspan="1" align="right" valign="top"><font size="2">&nbsp;</font></td>
<td width="5%" colspan="1" align="right" valign="top"><font size="2">By:</font></td>
<td width="45%" align="left" valign="top" colspan="3"><font size="2">/s/&nbsp;J. Ellwood Towle<hr size="1" width="240" align="left" valign="top">
   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Ellwood Towle</font></td>
</tr>
<tr>
<td width="50%" colspan="1" align="right" valign="top"><font size="2">&nbsp;</font></td>
<td width="6%" colspan="2" align="right" valign="bottom"><font size="2">Title:</font></td>
<td width="43%" colspan="2" align="left" valign="top"><font size="2">
   &nbsp;&nbsp;&nbsp;President&nbsp;</font></td>
</tr>
</table>
<table border="0" cellPadding="0" cellSpacing="2" width="95%">
<tr><td colspan="2">&nbsp;</td></tr>
<tr><td colspan="2" width="95%" align="left">
<br><br><p align="center"><font size="2">5</font></p>
<hr size="3">
</td></tr>
</table>
</center>

</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
