Subject: Subject: Rules Change Request: File No. S7-24-99 
 
Date:    02/15/2000 7:27 PM
     
     
File No. S7-24-99
     
After reading the comments I see that the problem is much greater than I 
ever thought.  I am amazed to see that some people believe the public has 
a right to sell something they do not own. I challenge anyone to explain 
how marked makers or anyone was ever allowed to sell something they do 
not own.  If someone sells the Brooklyn Bridge,  they are considered to 
be criminal, yet if some sells stock they do not own, they are considered 
to be wise people who adjust the price down for overly valued stock. This 
is stupid at best.
     
A company can issue stock.  Short selling is the same as issuing more 
stock in a company.  There are regulations dealing with how a company 
can issue more stock.  Perhaps a short seller should be required to 
follow rules related to their issuing of more stock in a company.  As a 
stock holder, I have voted to allow a company to increase the numbers of 
shares.  I have never voted to allow any short seller to issue more 
shares in a company.  When you think about it,  the idea to allow the 
public or a market maker to issue more stock in a company is really 
stupid.  For some reason,  it is allowed.
     
The laws are very simple for everything except stock.  If you do not own 
it,  you can not sell it.  The stock market should stop being the only 
place in the world where you can sell it of you do not own it.
     
The real shares of stock should be held by the broker and owned by the 
seller before the trade can be made.  It is simple,  IF YOU DO NOT OWN 
IT, YOU CAN NOT SELL IT.
     
Don E. Sprague