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To: Brendan W who wrote (2896)	4/20/1998 11:39:00 PM
From: Ira Player	Read Replies (1) \| Respond to of 4969

Exactly my point. Example follows; Initial conditions. 4 Brokers each have 10000 shares in customer accounts, representing the entire 40000 share float of Really Small Company A (RSCA). There are also 4 other brokers that do not have customers with starting positions in RSCA. The following transactions occur. 1. A Broker 1 customer borrows 10000 shares and sells them short to a customer of Broker 5. 2. A Broker 2 customer borrows 10000 shares and sells them short to a customer of Broker 6. 3. A Broker 3 customer borrows 10000 shares and sells them short to a customer of Broker 7. 4. A Broker 4 customer borrows 10000 shares and sells them short to a customer of Broker 8. At the end of this string of actions, All 8 Brokers have customers that are long 10000 RSCA. Brokers 1 to 4 also have customers that are short 10000 shares each. The total float is still 40000 shares. 80000 long minus 40000 short, but the apparent float is 80000, because 8 different customers each thinks they own 1/4 of the business! Obviously, multiple combinations can arise, this one being contrived. For example, if the short seller and the new buyer are with the same broker, the shares are still available AT THAT BROKER for loan again! Ira