From: Payton Crossley
Sent: March 31, 2005
Subject: File No. S7-06-04

Dear Mr. Katz,

In the 18 years as a Registered Representative, I have seen enormous change come about in many areas of this business. Most of it has been well thought out and has served to provide a safer and more transparent environment for all to participate in.

As for the current point of sale and confirmation disclosure issue that is being considered, I feel that it will only confuse the client and by giving him/her the impression of getting information "piece meal".

If the prospectus were to include this information and a signed prospectus receipt is given upon delivery this issue will be covered in a concise all-in-one fashion.

Again, I am all for any measure that will "arm" the investor to make an informed decision but, going forward with the point of sale approach as proposed will only confusion and make the process more cumbersome than it has to be.

Thank you for accepting my comments.

Payton Crossley
Register Representative
Linsco/Private Ledger