Subject: File No. 4-500
From: Thom Stephens

June 4, 2005

In re: SEC File No. 4-500. Request for Rulemaking Regarding Member Records of "Short" Positions and Reporting and Public Dissemination of Aggregate Positions by Security

Dear Sir or Madam:

I am writing to you as a shareholder of various companies listed on the Pink Sheets. I strongly support amendment of NASD Rule 3360 and a requirement NASD broker dealers maintain a record of total "short" positions in all customer and proprietary firm accounts in all publicly traded equity securities as well as report this information to the NASD for public dissemination of the short positions by security.

Very truly yours,

Thom Stephens