We investigate stability of Toomre-Hayashi model for a self-gravitating, rotating gas disk. The rotation velocity, vφ, and sound speed, cs, are spatially constant in the model. We show that the model is unstable against an axisymmetric perturbation irrespectively of the values of vφ and cs. When the ratio, vφ/cs, is large, the model disk is geometrically thin and unstable against an axisymmetri...