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LOCAL STOCK EXCHANGE FIRMS LOS ANGELES Akin-Lambert Co., Room 401, 639 So. Spring St. Bankamerica Co., 650 South Spring St. GRANT, D. G. COMPANY, Room 415, 453 So. Spring St. PIERCE, E. A. & CO., 515 West 6th St. BANKS, HUNTLEY & CO., 634 South Spring Graves, Banning & Co., Room 600, 625 So. Spring St. Hay, Earl G., Room 926, 650 So. Spring St. Rath, Howard G. Co., Ground Floor. 523 W. 6th St. Robinson, B. B. Rm. 1316, 639 So. Spring St. Ruddock, A. B., 650 So. Grand Ave. Searl-Merrick Co., Room 810, 634 So. Spring St. Bayly Brothers, Inc. of California, 727 West 7t.h St. Bissinger, Frederick M. & Co., 840 So. Serrano Aye. Brashears, G. & Co., 510 So. Spring St. Burr, Geo. H., Conrad & Broom, Inc., Room 501, 621 So. Spring St. CAVALIER, WM. & CO., Ground Floor Lobby, 523 W. 6th St. CITIZENS LOS ANGELES CO., 453 So. Spring St. Crisler, L. A. & Co., Room 702, 639 So. Spring St. Crowell, Weedon & Co., Room 923, 650 So. Spring St. Dickinson, R. B., Room 507, 325 W. 8th St. Dunk-Harbison Co., 634 S. Spring St. Ellis, S. H„ Inc., Room 1119, 639 So. Spring St. Friedlander & Speth, Inc., Room 607, 650 So. Spring St. HUTTON, E. F. & CO., 623 South Spring St. Jameson, A. L. & Co., 650 South Spring St. Kerr, J. D. & Co., 621 South Spring St. Laswell & Co., Room 211, 609 So. Grand Ave. Lewis, M. H. & Co., Room 420, 453 So. Spring St. Logan & Bryan, 636 South Spring St. Los Angeles Investment Securities Co., 1033 So. Broadway. Martin, James R. & Co., 647 South Spring St. Miller, Clyde E., 1262 Third Avenue Miller, Revel & Co., Room 510, 650 So. Spring St. Morris, A. W„ Room 701, 219 W. 7th St. Pacific Company of California, 621 South Hope St. Paul, W. G., Room 701, 704 South Spring St. Phillips & Co., 412 West 6th St. SECURITY-FIRST NATIONAL CO., 215 W. 6th St. STAATS, WM. R. CO., 640 South Spring St. Sutro & Company, Room 300, 210 W. 7th. Tucker, Hunter, Dulin & Co., 621 S. Spring St. Tulk & Co.. Room 1007, 219 W. 7th St. Welch, Brian K., 623 So. Hope St. Welch, Torrance C. & Co., Room 1301, 639 So. Spring St. Wilke, Fred L., 530 W. Sixth St. Williams, Tenney & Co., Room 500, 210 W. 7th St. Witter, Dean & Co., Room 611, 210 W. 7th St. Young-Clarke & Co., Room 212, 215 W. 7th St. McClarty Harbison, Pres, Francis P. Graves, 1st V. P. W. G. Paul, 2d V. P. Los Angeles Local Stock Exchange, Officers James R. Martin, Tr. Floyd E. Sanford, Sec. and Mgr. MINIMUM RATES OF COMMISSION In Effect January 9, 1933 SCHEDULE “A” COMMISSION RULES: For the minimum commission on stocks listed on the New York Stock Exchange and/or formally listed on the New York Curb Exchange, and such stocks traded on the unlisted division of the New York Curb Exchange as are specifically approved by the Board of Governors, see Schedules “B” and “C.” * All stocks traded on the unlisted section of the New York Curb Exchange take the rates under Schedule “A” as above, excepting such stocks as are approved by the Board of Governors. On all transactions where the total amount of money involved is $10,00 or less, the commission charge shall be optional and w'here the total amount of money involved is in excess of $10.00 but less than $50.00 the commis sion charge shall be discretionary with a member subject to a minimum charge of $2.50 for each transaction. In billing less than board lots the commission shall In no case be greater than that which is designated for the transaction involving a board lot. Commission charges on orders in excess of Board Lots shall be as follows: When an order is executed for a number of shares involving a round lot of 100 shares and an odd lot of, say 30 shares, the commission to be charged is the usual rate for the round lot and pro rata for the odd lot, provided the order is executed in its entirety. However, when a customer enters on order to sell 130 shares at a limit and the broker executes the order within the limit for 100 shares and there remain 30 shares which is thereafter converted by the customer into a market order, members are required to treat the 30 shares as an odd lot and charge the odd lot commission and may not charge pro rata of the round lot rate. In any case when a customer changes his limit the unfilled balance of the order must be treated as a new order. Members shall charge customers insurance and postage in connection with ALL transaction OUTSIDE of Los Angeles. For all transactions in New York a charge must be made for insurance, postage, exchange or any other expenses. PENALTY for violation of the above rates is suspension and fine, or expulsion from the Exchange. Minimum rates of commission EXCEPTING on stocks listed on the New York Stock Exchange and/or formally listed on the New York Curb Exchange. Per 100 Odd Lots On Stocks Selling Shares (per share) Minimum Under 25c_______________ $2.00 •$ 01M 25c and under 50c________ $ 2.50 .05 2.50 50c and under $1.00______ 3.00 2.50 7.34 $ 1.00 and under $ 3.00_ . 4.00 2.50 .1234 $ 3.00 and under $ 5.00. . 7.50 2.50 • 12J4 $ 5.00 and under $ 10.00. . 10.00 2.50 .1234 $ 10.00 and under $ 25.00. . 17.50 .25 2.50 $ 25.00 and under $ 50.00. . 20.00 .25 2.50 $ 50.00 and under $ 75.00.. . 22.50 .25 2.50 $ 75.00 and under $100.00. . 25.00 .25 2.50 $100.00 and under $125.00. . 30.00 .30 3.00 $125.00 and under $150.00. . 30.00 .30 3.00 $150.00 and under $200.00. . 30.00 .30 3.00 At *200.00 and over per share, the commission shall be increased $5.00 per 100 shares additional for each $50.00 or fraction thereof increase in selling price. The minimum charge shall be one-tenth (1 /10th) the com mission charged for 100 shares. The commission on odd lots shall be on the pro rate basis. The commission on Rights shall be fixed by the Floor Trading Committee. BONDS Minimum Bonds selling up to 125..................... $22.50 per $10,000 par value Less than $10,000 Lots..................... $ 2.50 per $ 1,000 par value $2.50 At 125 and over, 100 share rates for stocks apply for $10,000 par value Less than $10,000 par value.............................................................Pro Rata NOTE: Liberty Bonds. .................................$ 1.25 per $ 1,000 par value__ $1.25 Special rates are allowed on Stock" listed on both New York and Los Angeles Exchanges. These rates may be had on application to the Los Angeles Stock Exchange. In lots of less than $1,000 par value minimum charge is optional. Further information on Arms appearing in bold face type will be found In the selected list of Investment Dealers following bank list in each city. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1851 1852 LOCAL STOCK EXCHANGE FIRMS Adams, W. W. & Co., 465 California St. Alanson Bros. & Co., 486 California St. Bacon & Co., 485 California St. Barth, J. & Co., 482 California St. Berl, Edwin D., 256 Montgomery St. Bolton, Robert C. & Co., 486 California St. Brayton, Douglass & Co., 211 Montgomery St. Bremer, Milton A., 256 Montgomery St. Grimes & Swift, 500 Financial Center Bldg. Haley, S. M. & Co., 315 Montgomery St. Hellmann-Wade & Co., 517 California St. Hendrickson, Shuman & Co., 2404 Russ Bldg. Holt & Company, 155 Sansome St. Howell & Dwyer, 485 California St. Johnson, Cyrus B., 155 Sansome St. Kahn, Sidney P., 482 California St. Keyston F. B. Co., 50 Post St. Koshland, Max I. & Co., Suite 12, Mills Bldg. Leib, Keyston & Co., 50 Post St. Lilienthal, M. P., 1204 Russ Bldg. Logan & Bryan, 401 Montgomery St. Lundborg, Irving & Co., 604 Kohl Bldg. Manheim, Dibbern & Co., 440 Montgomery St. McDonnell & Co., 633 Market St. McNear & Company, 362 Russ Bldg. Meigs, J. J. & Co., 315 Montgomery St. SAN FRANCISCO CAVALIER, WM. & CO., 121 Sutter St. Coleman, Jr., Robert L., 133 Montgomery St. Cooke, Fisher & Co., 351 Montgomery St. Curran & Hooker, 155 Sansome St. Davis, Skaggs & Co., 521 One Eleven Sutter Bldg. Ehrman, Albert L„ 519 California St. Fagan, Eastland & Co., 1 Montgomery St. Filmer, Bradford & Maxwell, 37 Montgomery St. Greenwood-Raggio & Co., 1501 Russ Bldg. San Francisco Stock Exchange Officers: (155 Sansome St.) Albert L. Ehrman, Pres. Reginald C. Jenkins, V. P. Ruth Kapelsky, A. Sec. Newell, Murdoch, Railey & Co., 232 Montgomery St. Norris, L. H. & Son, 425-429 Pine St. Norris, L. H. & Son, 425-429 Pine St. Parrish, Earl T., 315 Montgomery St. PIERCE, E. A. & CO., 301 Montgomery St. Raiss, Carl & Co., 256 Montgomery St. St. Goar, Chas. E., 1029 Russ Bldg. Shaughnessy, Frank C. & Co., 604 One Eleven Sutter Bldg. Stern, John D., 155 Sansome St. Steinhardt & Co., 429 Russ Bldg. Strassburger & Co., 133 Montgomery St. Sutro, Adolph G., 155 Sansome St. SUTRO & CO., 407 Montgomery St. Warded, Doyle & Co., 2801 Russ Bldg. Wilson, Francis A., 1312 Russ Bldg. Witter, Dean & Co., 486 California St. BONDS Up to $125.00, $10,000 lots..............$25.00 per $10,000 par value..$2.50 (Odd lots pro rata) At $125.00 and over rates for stocks apply (except that an odd lot is less than $10,000 par value) MINIMUM RATES OF COMMISSION—In Effect April 28, 1930 Minimum On Stocks Selling Charge t Under $1.00 per share........... ......................$ 3.00 per 100 shares..$2.50 (Odd lots 12J^c per share) At $ 1.00 and under $ 3.00 per share___ $ 4.00 per 100 shares. .$2.50 (Odd lots 12)^c per share) At $ 3.00 and under $ 5.00 per share___ $ 7.50 per 100 shares_.$2.50 (Odd lots 12J^c per share) At $ 5.00 and under $ 10.00 per share___ $10.00 per 100 shares..$2.50 (Odd lots 12}4c per share) At $ 10.00 and under $ 25.00 per share___ $17.50 per 100 shares..$2.50 (Odd lots 25c per share) At $ 25.00 and under $ 50.00 per share___ $20.00 per 100 shares..$2.50 (Odd lots 25c per share) At $ 50.00 and under $ 75.00 per share___ $22.50 per 100 shares..$2.50 (Odd lots 25c per share) At $ 75.00 and under $100.00 per share___ $25.00 per 100 shares..$2.50 (Odd lots 25c per share) At $100.00 and under $200.00 per share___ $30.00 per 100 shares..$3.00 (Odd lots 30c per share) At $200.00 and over per share, the commission shall be Increased $5.00 per 100 shares additional for each $50.00 or fraction thereof increase in selling price. The commission on odd lots shall be on a pro rata basis. The minimum charge shall be l/10th the commission charged for 100 shares. t In no case need the commission on rights selling under fifty cents exceed five per cent of the money involved in the trade. NOTE: Whenever the commission charge based on the odd lot rate is higher than a charge for a round lot (100 shares) of the same stock, the latter amount may be charged. On all transactions where the total amount of money involved is less than $50.00, but not less than $10.00, the commission charge shall be discretionary with the member, subject to a minimum charge of $2.50 for each transaction. When the amount involved is less than $10.00 the commission charge shall be entirely discretionary. Orders executed locally in stocks listed on the New York Stock Exchange or the New York Curb Exchange shall take the established New YorkWestern rates for such stocks which differ from the above schedule only in the round lot rates as follows: On New York Stock Exchange stocks: At $ .50 per share and under $1.00 per share........ ..$ 5.00 per 100 shares At $1.00 per share and under $5.00 per share........ ..$10.00 per 100 shares On New York Curb Exchange Stocks: At $1.00 per share and under $3.00 per share........ ..$ 7.50 per 100 shares The MINIMUM CHARGE for business transacted on the New York Stock Exchange or the New York Curb Exchange shall be $5.00, except that when the total amount involved is less than $50.00, the minimum charge is $2.50; and except that when the amount of money involved is less than $10.00, the commission charge shall be optional. For all transactions in New York (and all out of town transactions) a charge must be made for insurance, postage, exchange, or any other expenses. The minimum rate for insurance and postage on New York shipments shall be 15c per $1,000 involved. DENVER Trevor Currie, 1566 Pearl St. Coe & Co., W. L., 1026 Patterson Bldg. Downs & Co., 707 United States Nat’l Bk. Bldg. W. R. Given & Co., Suite 804 Interstate Trust Bldg. H. H. Hurd & Company, 631 U. S. Nat’l Bank Bldg. Ralph G. McFann & Co., 421 U. S. Nat’l Bank Bldg. Meyer-Martin & Co., Suite 436 U. S. Nat’l Bank Bldg. Denver Stock Exchange Officers: R. G. McFann, Pres. Harry Stern, V. P. R. H. Martin, Dir. Nation Wide Investment Co., 2239 E. Colfax Ave. Palmer & Co., Elihu, 300-28 E. & C. Bldg. Stern-Stovall Co., 404 Patterson Bldg. R. E. Young & Company, 1706 Stout St. Units of Trading (Board Lots) A. Downs, Tr. Ralph M. Davis, Sec. RATES OF COMMISSION Commissions Charged Stocks selling under 5 cents—Five per cent on money. Stocks selling at 5 cents and under 10 cents—$2.50 per 1,000 shares. Stocks selling at 10 cents and under 25 cents—cent per share. Stocks selling at 25 cents and under 50 cents—$1.50 per 100 shares. Stocks selling at 50 cents and under $1.00—$2.50 per 100 shares. Stocks selling at $1.00 and under $2.50—$3.00 per 100 shares. Stocks selling at $2.50 and under $5.00—$5.00 per 100 shares. Stocks selling at $5.00 and under $10.00—$7.50 per 100 shares. Stocks selling at $10.00 and under $25.00—$12.50 per 100 shares. Stocks selling at $25.00 and over—M of 1% on money. Minimum commission on stocks selling under $10.00 per share—$2.50. Minimum commission on stocks selling at $10.00 and above—$3.50. The unit of trading (board lots) shall be as follows: Stocks selling at 1 cent per share or under—5,000 shares. Stocks selling above 1 cent per share and under 10 cents per share—1,000 shares. Stocks selling at 10 cents per share and under 25 cents per share—500 shares. Stocks selling at 25 cents per share and under $3.00 per share—100 shares. Stocks selling at $3.00 per share and under $10.00 per share—50 shares. Stocks selling at $10.00 per share and under $25.00 per share—25 shares. Stocks selling at $25.00 per share and over—10 shares. Offers to buy or sell shall be taken to mean a board lot unless otherwise specified. Board lots shall at all times take precedence over special lots. Offers to buy or sell special lots greater than board lots shall be held to include board lots for the whole or any portion thereof. Further Information on firms appearing in bold face type will be found In the selected list of Investment Dealers following bank list In each city. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LOCAL STOCK EXCHANGE FIRMS 1853 HARTFORD Adams, Merrill & Co., 36 Pearl Street Austin & Co., G. L., 17 Lewis Street Ballard & Company, 43 Pearl Street Barnes & Co., Roy T. H., 125 Trumbull Street Bissell & Co., C. S„ 36 Pearl St. Conning & Company, 50 Lewis Street FRANCIS R. COOLEY & CO., 135 Pearl St. Easland & Company, 49 Pearl Street. Eddy Brothers & Co., 33 Lewis Street Goodwin, Beach & Riley, 94 Pearl Street Paine, Webber & Co., 49 Pearl Street. Hartford Stock Exchange Officers: Kenneth S. Adams, President Goodwin B. Beach, Vice-President Thomas C. Perkins, Secretary M. L. Stevens, Asst. Secretary William D. Holman, Treasurer All bonds Stocks selling: Below $ 25 8 25.__49% 50___ 99% 100___199% 200___299% 300___ 499% 500___ 699% 700 up Perkins, Thomas C„ 36 Pearl Street. Putnam & Company, 6 Central Row. Shaw, Aldrich & Co., 75 Pearl Street STEVENSON, GREGORY & CO., 56 Pearl St. Whaples, Viering & Co., 129 Trumbull Street COMMISSION CHARGES % Of 1% .12% .25 .50 1.00 2.00 3.00 4.00 5.00 Commission Commission Commission Commission Commission Commission Commission Commission Commission WASHINGTON, D. C. Auchincloss, Parker & Redpatch, 719 15th St. N. W. Booker, Y. E. & Company, 730 15th St., N. W. Glover & Flather, 1508 H St., N. W. Hibbs, W. B. & Co., Hibbs Bldg. Johnston, James M. & Company, Shoreham Bldg. Washington Stock Exchange Officers: Edward L. Hillyer, Pres. C. J. Gockeler, V. P. James M. Johnston, TV. Y. E. Booker, Sec. COMMISSIONS CHARGES BONDS Government______ ________ ____________ ____ All other bonds...... .................... ............. ...................... 12%c. per $100 25c. per $100 Murphy, G. M. P. & Company, 1510 H St., N. W. Waggaman, Brawner & Company, Inc., 1700 Eye St., N. W. Westheimer & Company, Woodward Bldg. STOCKS Under 50c a share.........................._...................................... l%c. per share At 50c a share and above, but under $1_________ 3c. pershare At $1 a share and above, but under $5_________________ 5c. pershare At $5 a share and above, but under $10......... 10c. pershare At $10 a share and above, but under $50________ 15c. pershare At $50 a share and above, but under $100______________ 25c. pershare At $100 a share and above, but under $200_____________ 50c. pershare At $200 a share and above----------------------- %% of amount of transaction Commissions on Rights shall be the same as those fixed for stocks. Fractional shares: Less than % share—--------- ---------------------------- 25c. each transaction % share and over----------- ------------ ------------------50c. each transaction Minimum charge of $1.50 on any single transaction except fractional shares. CHICAGO Abbott, Hoppin & Co., 208 S. La Salle St. Aldrich, F. C. & Co., 120 S. LaSalle St. Apgar, Daniels & Co.. 120 S. LaSalle St. Gerwig, Frank L. & Co.. 39 S. LaSalle St. BABCOCK, RUSHTON & CO., 112 W. Adams St. Harris, Burrows & Hicks, 208 S. La Salle St. BACHE, J. 8. & CO., 316 S. LaSalle St. BACON, WHIPPLE & CO., 112 W. Adams St. Baker. Alfred L. & Co.. Ill S. LaSalle St. Barney & Co., Chas. D„ 135 S. La Salle St. Bennett, James E. & Co., 332 S. LaSalle St. Blumenthal, E. M. & Co., 120 S. LaSalle St. Boettcher-Newton & Co., 231 W. La Salle St. Brown Brothers, Harriman & Co., 231 S. La Salle St. Cahn, Morton D„ 120 S. LaSalle St. Chapin, S. B. & Co., 209 S. LaSalle St. Clark, Jno. F. & Co., 112 N. Franklin St. CLARK, CHILDS & KEECH, 208 S. LaSalle St. Cleary & Co., 120 S. LaSalle St. Clement, Curtis & Co., 231 S. LaSalle St. DAVIS, PAUL H. & CO., 37 S. LaSalle St. Ditt, Paul C. & Co., 120 S. LaSalle St. EASTMAN, DILLON & CO., 104 S. LaSalle St. Ettinger & Brand, 208 S. La Salle St. Fairman, Perry & Co., 208 S. LaSalle St. Faroll Bros., 141 W. Jackson Blvd. Fenner, Beane & Ungerleider, Chicago Board of Trade Bldg. FIELD, GLORE & CO., 123 S. LaSalle St. Fisher (Vories) Marr & Co., 105 S. LaSalle St. Frank, A. R. & Co., 120 S. LaSalle St. Fuller, Cruttenden & Co., 120 S. LaSalle St. HALLGARTEN & CO., 120 S. LaSalle St. HARRIS, UPHAM & CO., 112 W. Adams St. Harrison, A. H. & Co., 120 S. LaSalle St. Hitchcock & Company, 39 S. LaSalle St. HORNBLOWER & WEEKS, 39 S. LaSalle St. Hulburd, Warren & Chandler, 208 S. LaSalle St. JACKSON BROS., BOESEL & CO., 316 S. LaSalle St. Jackson & Curtis, 231 S. LaSalle St. LAMBORN, HUTCHINGS & CO., 231 S. LaSalle St. LAMSON BROS. & CO., 141 W. Jackson Blvd. Lester. Carter & Co., 209 S. LaSalle St. Logan & Bryan, 105 W. Adams St. Marlow & Blum, 141 W. Jackson Blvd. McDonald, Frank E. & Co., 120 S. LaSalle St. Mills, W. S. & Co., 120 S. LaSalle St. MITCHELL, HUTCHINS & CO., 231S. LaSalle St. MOSELEY, F. S. & CO., 112 W. Adams St. Munds, Winslow & Potter, 141 W. Jackson Blvd. Norris & Kenly, 208 S. LaSalle St. Noyes, David A. & Co., 208 S. LaSalle St. OLIPHANT, JAS. H. & CO., 209 S. LaSalle St. Paine, Webber & Co., 209 S. LaSalle St. Patton, Joseph R. & Co., 120 S. LaSalle St. PERRILL, ALGER & CO., 231 S. LaSalle St. PIERCE, E. A. & CO., 105 W. Adams St. Reinhardt, Daly & Co., 208 S. La Salle St. Rothschild & Co., 105 W. Adams St. Russell, Brewster & Co., 112 W. Adams St. Sadler, Fred D. & Co., 208 S. LaSalle St. Schuberth, Wm. A. & Co., 120 S. LaSalle St. Shearson, Hammill & Co., 208 S. LaSalle St. Shields & Company, 105 W. Adams St. Shimmin, Robert P. & Co., 120 S. LaSalle St. Sincere, Charles & Co., 231 S. LaSalle St. Slaughter, A. 0., Anderson & Fox, 120 S. LaSalle St. Smart, R. H. & Co., 141 W. Jackson Blvd. Smith Bros., Rogers & Co., 105 S. LaSalle St. Smith, Graham & Rockwell, 141 W. Jackson Blvd. Stein, Alstrln & Co., 219 S. LaSalle St. Stoddard & Boyden, 120 S. LaSalle St. SUTRO BROS. & CO., 200 S. LaSalle St. SWIFT, LANGILL & HENKE, 168 W. Monroe St. Templeton’s Sons, J. S., 141 W. Jackson Blvd. Thomson & McKinnon, 316 S. LaSalle St. Trask, Spencer & Co., 208 S. LaSalle St. Turner & Billings. 141 W. Jackson Blvd. Wayne Hummer & Co., 105 W. Adams St. Webster, Marsh & Co., 209 S. LaSalle St. Weinress, (Morton) & Co., 231 S. LaSalle St. White, Edward J. & Co., 120 S. LaSalle St. WINTHROP, MITCHELL & CO., 141 W. Jackson Blvd. ZEILER, F. M. & CO., 209 S. LaSalle St. Further information on firms appearing In bold face type will be found In the selected list of Investment Dealers following bank list In eachJitr https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1854 LOCAL STOCK EXCHANGE FIRMS CHICAGO—Continued Chicago Stock Exchange Officers: Paul H. Davis, Pres. , M. J. O'Brien, V. P. Harvey T. Hill, Exec. V. P. Jess Halsted, Sec. Paul B. Skinner, Tr. Charles T. Atkinson, Sec. Emeritus Kenneth L. Smith, A. Sec. Martin E. Nelson, A. Tr. BATES OF COMMISSION Commissions: Section 1. Commissions shall be charged and paid under all circum stances, upon all purchases or sales of securities dealt in upon the Exchange (except as provided in Subdivision [h], Section 2 of this Article) and shall be absolutely net and free from all or any rebatement, return, discount or allowance in any shape or manner whatsoever, or by any method or arrange ment direct or indirect; and no bonus or any percentage or portion of the commission shall be given, paid or allowed, directly or indirectly, or as a salary or portion of a salary, to any clerk or person for business sought or procured for any member of the Exchange. Sec. 2. Commissions shall be calculated on the basis hereinafter specified: (a) On railroad, public utility and industrial bonds, having more than five years to run: *(al) On business for parties not members of the Exchange, including joint account transactions in which a nonmember is interested; transactions for partners not members of the Exchange; and for firms of which the Exchange member or members are special partners only, the commission shall be not less than the following: Selling at less than 1 per cent of face value of principal— As may be mutually agreed upon. Selling at 1 per cent or above but under 10 per cent of face value of principal— Not less than $1.25 per $1,000 face value of principal. Selling at 10 per cent of face value of principal and above— Not less than $2.50 per $1,000 face value of principal. *(a2) On business for members of the Exchange when a principal is given up, the commission shall be not less than the following: Selling at less than 1 per cent of face value of principal— As may be mutually agreed upon. Selling at 1 per cent or above but under 10 per cent of face value of principal— Not less than 37Hc per $1,000 face value of principal. Selling at 10 per cent of face value of principal and above— Not less than 75c per $1,000 face value of principal. *(a3) On business for members of the Exchange when a principal is not given up, the commission shall be not less than the following: Selling at less than 1 per cent of face value of principal— As may be mutually agreed upon. Selling at 1 per cent or above but under 10 per cent of face value of principal— Not less than 62Hc per $1,000 face value of principal. Selling at 10 per cent of face value of principal and above. Not less than $1.25 per $1,000 face value of principal. (b) On securities of the United States, Porto Rico and the Philippine Islands, and of states, territories and municipalities therein, on business for members of the Exchange as well as nonmembers, the restrictions as to minimum commissions contained in this article shall not be applicable, but the rates to be charged shall be such as may be mutually agreed upon. (c) On Stocks: (cl) On business for parties not members of the Exchange, including joint account transactions in which a non-member is interested; transac tions for partners not members of the Exchange; and for firms of which the Exchange member or members are special partners only, the commission shall be not less than the following: On stocks selling below $10 per share, 7Hc per share. On stocks selling at $10 per share and above, but under $25 per share, 12He per share. On stocks selling at $25 per share and above, but under $50 per share, 15c per share. On stock selling at $50 per share and above, but under $75 per share, 17Hc per share. On stocks selling at $75 per share and above, but under $100 per share, 20c per share. On stocks selling at $100 per share and above, but under $200 per share, 25c per share. On stocks selling at $200 per share and over, 25c per share for the first $200 in price and 5c per share additional for each $50 increase in price, or fraction thereof. The minimum commission on an individual transaction in stock shall be not less than as provided in subdivision (h) of Section 2, and Section 3 of this Article. (c2) On business for members of the Exchange when a principal is given up, the commission shall be not less than the following: On stocks selling below $10 per share but not less than $1 per share, lHc per share. On stocks selling at $10 per share and above, but under $125 per share, 2He per share. On stocks selling at $125 per share and over, 3c per share, except that the minimum commission shall be not less than as provided in Section 3 of this Article. (c3) On business for members of the Exchange when a principal is not given up, the commission shall be-not less than the following: On stocks selling below $10 per share but not less than $1 per share, lHc per share. On stocks selling at $10 per share and above, but under $125 per share, 3He per share. On stocks selling at $125 per share and over, 5c per share, provided, however, that the minimum commissions on individual transactions shall be not less than as provided in Section 3 of this Article. (d) In transactions where orders are received from a non-member, where in the broker filling the order is directed to give up another broker or clearing house, the responsibility of collecting the full commission, as specified in Subdivisions (al), (b) and (cl), hereof, shall rest with the broker or clearing house settling the transaction. (e) In transactions where orders are received from a member, on which the clearing firm is given up by said member or by his order, the responsibility of collecting the full commission, as specified in Subdivisions (a3), (b) and (c3), hereof, shall rest with said clearing firm; and it shall be the duty of the broker who executes such orders to report such transactions to the clearing firm and render to them and collect his bill therefor at the rate specified in Subdivisions (a2), (b) and (c2), hereof; and also that where a broker executes an order for a member and clears the security himself, he must charge the rates specified in Subdivisions (a3), (b) and (c3), hereof. (f) Whenever a nonmember of this Exchange shall cause to be executed in any market outside of the United States any order or orders, for the purchase or sale of securities listed on this Exchange, (except as provided in Subdivision [h] hereof), and said purchase or sale shall be accepted by a memoer or firm who are members of this Exchange, for the account of said non-members, the commission as specified in Subdivisions (al), (b) and (cl), hereof, shall be charged said nonmember in addition to any commission charged by the party or parties making the transaction. (g) When securities are received or delivered on a privilege for a non member, the commission as specified in Subdivisions (al), (b) and (cl), hereof, must be charged whether said securities are received or delivered upon the day of expiration of said privilege or prior thereto. (h) On Subscription Rights, Stocks selling for less than $1 per share; Bonds or Notes of Foreign Countries having five years or less to run; Notes of Corporations having five years or iess to run; Bonds having five years or less to run; such rates to members or non-members as may be mutually agreed upon; provided, however, that the Committee on Commissions, with the approval of the Governing Committee, may hereafter determine special rates on any or all of the above mentioned securities. (i) When a member merely receives and delivers securities for another member, the clearing charge for said service may be a matter of mutual agreement, and the restrictions as to minimum commissions contained in this Article shall not be applicable. Such clearing charges shall be based upon a stipulated sum of money for each one hundred shares of stock or one thousand dollars of bonds received or delivered. The payment for said service of a certain sum of money for any period of time, irrespective of the number of shares or amount of bonds cleared, is forbidden. Sec. 3. The minimum commission on transactions in stocks for non members (except in stocks selling for less than $1.00 per share) shall (a) Where the transaction involves $200.00 or more, be not less than $5.00; (b) Where the transaction involves less than $200.00 but $15.00 or more, be not less than $3.00; and (c) Where the transaction involves less than $15.00, be as may be mutually agreed upon. Upon transactions between members, the minimum commission shall be $1.00 upon stocks selling at $10.00 and above per share, and 50c upon stocks selling below $10.00 per share but not less than $1.00 per share; Provided, that where any transaction involves less than $15.00, the com mission to be charged may be mutually agreed upon, and Provided Further, that there shall be no minimum commission fixed upon transactions in odd lots executed by members for and on behalf of odd lot dealers who have been approved as such by the Exchange, but the commissions to be charged to odd lot dealers upon the execution of transactions in odd lots shall be calculated in accordance with Section 2 of this Article, without any minimum. Sec. 4. Members suspended by the Governing Committee shall not, during the time of suspension, be entitled to have their business transacted at member rates. A member who is in suspension by reason of insolvency, may have his business transacted at members’ rates Sec. 5. No agreement or arrangement shall be entered into between a member of his firm, and his or their customer, whereby special and unusual rates of interest are stipulated for, or money advances upon unusual terms are made a condition in connection with the conducting of an account, with intent thereby to give special or unusual advantages to such customer for the purpose of securing his business. Sec. 6. No payment shall be made to customers of the proceeds from the sale of securities on the day of the sale and before the money is received by the broker, unless interest is charged. When securities purchased for a customer are not paid for by him on the day they are received and paid for by the broker, interest must be charged from that date to the date of payment. Where a material or more than nominal loss is sustained, either through bank exchange charges or interest, the same must be charged to the customer. Sec. 7. Any member violating this Article, directly or indirectly, of which the Governing Committee shall be the judge, shall, upon conviction, for the first offense, be fined five hundred dollars, and shall be suspended for a period of not less than three months; and for the second offense shall be expelled, and his membership disposed of by the Committee on Admis sions. COMMISSIONS ON RIGHTS AND STOCK Reference is made to the By-Laws, Article XVI, Section 2, paragraph (h). The Committee on Commissions, with the approval of the Governing Committee, hereby rules that until further notice the commissions on sub scription rights accruing on one share of stock and upon stock selling for less than $1.00 per share shall be not less than the following: Under 50c per right or share of stock: May be mutually agreed upon. 50c per right or share of stock, but under $1.00: To non-members, not less than 3c; minimum 50c. To members, give-ups, not less than He. To members, clearance, not less than He. $1.00 per right and above, but under $5.00: To non-members, not less than 5c; minimum $1.00. To members, give-ups, not less than He. To members, clearance, not less than lMc. $5.00 per right and above, but under $10.00: To non-members, not less than 7Hc; minimum $1.00. To members, give-ups, not less than lHc. To members, clearance, not less than lHc. $10.00 per right and above: The rates shall conform to the rates on stocks of the same price; provided that the minimum on one transaction to non-members shall be $2.00. The above rates to be effective as of December 30, 1930, and to continue in force until further notice. Compensation: The payment of any commission or bonus for the adjustment of salaries is held a violation of Article XVI, Section 1 of the By-Laws. Any plans for additional or adjusting compensation should be submitted to the Committee on Commissions for its approval. Discretionary Accounts: Customers’ men and all other employees are prohibited from handling discretionary accounts. Discretionary power in the handling of an account may be vested only in partners. A partner may delegate such discretionary power to a customers’ man to a reasonable extent, provided the consent of the customer in writing is first obtained. Such delegation of discretionary power by a partner to a customers’ man does not relieve the partner of responsibility for improper transactions. Further information on Arms appearing in bold face type will be found In the selected list of Investment Dealers following bank list in each city. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LOCAL STOCK EXCHANGE FIRMS 1855 LOUISVILLE Almstedt Brothers, 425 W. Market Street Culbertson, S. A., Inter Southern Bldg. HILLIARD & SON, J. J. B.,419 W. Jefferson St. STEIN BROTHERS & BOYCE, 427 W. Jefferson St. HENNING CHAMBERS & CO., 431 W. Jeffer son St. LYONS & COMPANY, W. L., Kenyon Bldg. Wakefield & Co., Dunlap, 413 W. Jefferson St. McHenry & Co., L. H., United States Trust Bldg. WILLSON & CO., JAMES C., 130 S. Fifth St. COMMISSION RATES Commission on stocks selling at less than $150 per share _ $ 25 Commission on stocks selling over $150 and less than $250 . 50 Commission on stocks selling over $250 and less than $500 1 00 2 00 Commission on stocks selling over $500______________ _ Minimum Commission ..................... _......... .......................... ................ l.oo Commission on bonds $2.50 per $1,000 Louisville Stock Exchange Officers: S. Clay Lyons, President W. N. Clarke, Vice-President A. J. Howard, Treasurer F. L. Almstedt, Secretary NEW ORLEANS Airey & Richardson, 816 Union St. Beer & Co., 817 Gravier St. Jones & Co., Larz E., 734 Gravier St. Lehman, Stern & Co., 840 Union St. DANE & WEIL, Inc., 1530 Canal Bk. Bldg. MOORE & HYAMS, 610 Commons St. Fenner, Beane & Ungerleider, 818 Gravier St. Glenny & Company, 718 Whitney Bldg. HIBERNIA SECURITIES CO., Inc., 226 Hi bernia Bank Bldg. Pierce & Co., E. A., Maritime Bldg. SAUNDERS, SON & CO., Inc., 2104 American Bk. Bldg. Smith & Co., Mason, 843 Union St. A. B. Wheeler, Jr., Pres. C. H. Hyams, 2nd Vice-Pres. George J. Krummel, Sec. New Orleans Stock Exchange Officers. Tessier & Son, C. A., 134 Carondelet St. Villere & Co., St. Denis J., 552 Canal Bk. Bldg. Weil & Co., Inc., 1019 Union Indemnity Bldg. Wells & Stanton, 202 New Orleans Bk. Bldg. WHEELER & WOOLFOLK, 720 Common St. WOOLFOLK, HUGGINS & SHOBER & CO., 1406 Canal Bk. Bldg. John Dane, 1st Vice-Pres. A. W. Mysing, Treas. Erwin R. Schweikhardt, A. Sec. RATES OF COMMISSIONS. Established by the New Orleans Stock Exchange. To be charged on all Transactions. On U. S. Bonds____________________ $2.50 per $1,000.00 On State, City, Levee and all other Bonds.___________ $5.00 per $1,000 00 On all bonds maturing within 1 year................. $1.25 per $1,000 00 On all bonds maturing from 1 to 3 yrs______________________ $2.50 per$1,000.00 ON ALL STOCKS SELLING: Under fifty cents.------------------------------------------As mutually agreed__ At fifty cents and above, but under $1.00___Not less than 3 cts per share At $1.00 and up to $10.Oo----------------------------------------------7}^ cts. per share From $10.00 up to $25.00 per share_________________ 12M cts. per share From $25.00 up to $50.00 per share___________________ 15 cts. per share From $50.00 up to $75.00 per share________________ 17 cts. per share From $75.00 up to $100.00 per share_________________ 2§ cts. per share From $100.00 up to $200.00 per share________________ 50 cts. per share On stocks selling at $200.00 per share and over, 50 cts. for the first $200.00 in price and 5 cts. per share additional for each $50.00 increase in price or fraction thereof. *By resolution of the Governing Committee it is permissible for members to charge on these issues the minimum commission prevailing thereon on the other exchange on which these bonds are listed. ON BANK STOCKS SELLING: a sllare-----------------------------------------------25 cts. per share At $1.00 and up to $75.00, exclusive,____ ____________ 50 cts. per share At $75.00 and up to $100.00, exclusive,_______________75 cts. per share At $100.00 and up to $200.00, exclusive____________ $1 00 per share At $200.00 and over----------------------------------- 14 of 1 % of Market Value On Exchange, Theatre and Club Stocks selling: At or below $100.00._______________________________ §5.00 per share anc* $1.000-00----------------------------- 5% of market value At $1,000.00 and up to $5,000.00, exclusive____________$50.00 per share At $5,000.00 and up to $10,000.00, exclusive_________ $100.00 per share At $10,000.00 and up to $15,000, exclusive___________ $150.00 per share At $15,000.00 and up to $20,000.00____ $200.00 per share Commissions on rental of Exchange stocks shall be $25.00 as a minimum charge. On rentals for periods less than one year the commission shall be pro-rated, provided no commission less than $10.00 shall be charged. THE MINIMUM CHARGE ON ANY ONE TRANSACTION SH4LL BE $2.00 BALTIMORE BAKER, WATTS & CO., Calvert and Redwood Sts. A. P. Barrett & Co., 3 E. Lexington St. ALEXANDER BROWN & SONS, Calvert and Baltimore Sts. Frank B. Cahn & Co., Equitable Bldg. Douglas G. Carroll & Co., 4 Stock Exchange Bldg. J. C. Cooper & Co., 7 Stock Exchange Bldg. Owen Daly & Co., 23 South St. D. Fahnestock & Co., 14 Stock Exchange Bldg. J. Harmanus Fisher & Sons, 7 South St. ROBERT GARRETT & SONS, Garrett Bldg. E. W. R. Grieves & Co., 408 Balto. Life Bldg John D. Howard & Co., South and Redwood Sts. Jenkins, Whedbee & Poe, 10 South St. W. W. Lanahan & Co., Calvert Bldg. W. G. Leimbach & Co., 7 St. Paul St. Lockwood, Peck & Co., Keyser Bldg. MACKUBIN, GOODRICH & CO. South and Redwood Sts. Murphy & Co., G. M. P., Calvert Bldg. Alex. C. Nelson & Co., 20 Stock Exchange Bldg. Riggs & McLane, 32 South St. John J. Riordan, Jr. & Co., Fidelity Bldg. Baltimore Stock Exchange Officers: Harry Fahnestock, Pres. Chas. W. L. Johnson, V. P. John Redwood, Sec, and Tr. J. H. Kummer, Exec, Sec. RATES OF COMMISSION Minimum Commissions on Stocks Selling at Prices Below Under 50c a share............................._. At 50c a share and above, but under $1 At $1 a share and above, but under $5 At $5 a share and above, but under $ 10 At $10 a share and above, but under $50___________________ ______ At $50 a share and above, but under $100_____________________________ At $100 a share and above, but under $150_________________________ At $150 a share and above, but under 6Mc Strother, Brogden & Co., Calvert and Redwood Sts. Howard R. Taylor & Co., 4 Stock Exchange Bldg. Weilepp-Bruton & Co., Munsey Bldg. Westheimer & Co., 213 E. Redwood St. J. H. Wheeler & Co., 1 Stock Exchange Bldg Henry White & Co., 1414 Fidelity Bldg. Whitely & Co., T. Evans., 3 Stock Exchange Bldg RATES OF COMMISSION 4 c 40c 10 c 7 c 50c 13 c 8 c At $200 a share and above_________ %% .06% .04% M% 4 of amount of amount of amount of of of transaction transaction transaction $200_____________________________ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STEIN BROS. & BOYCE, 6 S. Calvert St. Minimum Commissions on Stocks Selling at Prices Below TO BE CHARGED TO NonMembers Members Members when no when name name is is given up given up IMc Me Me 3 c Me Me 5 c IMc 1 c 10c 2 c lMc 15c 4 c 2Mc 25c Frank Rosenburg & Co., Ill E. Redwood St. J. H. Rowland & Co., 7 South St. Schwarz, Morton & Schwarz, 202 Keyser Bldg. Harry B. Soper & Co., 401 Vickers Bldg. taring in bold face type will be fou TO BE CHARGED To NonMembers Members Members when no when name name is is given up given up $2.50 75c 50c D , Bonds-------... --------- -------- Bonds running three years or less— selling at not below 90 nor above 110 $1.00 30c 20c The above rates apply to all transactions made on this Exchange in stocks listed on the New York Stock Exchange. Special Rates: Commercial Credit Co. common—N. Y. Stock Exchange rate Cons. Gas Electric Light & Power Co. common—N. Y. Curb Exchange rate Pennsylvania Water and Power Company—N. Y. Curb Exchange rate. Silica Gel Corporation—N. Y. Curb Exchange rate. Stocks selling under 10c—By agreement, no minimum. Commissions on rights shall be the same as those fixed for stocks. The minimum commission charged on any completed individual trans action in stocks shall be not less than $2.50, provided that the commission charge on any such transaction involving a total amount of less than $50 00 nmy be by mutual arrangement. [ in the selected list of Investment Dealers following bank list in each city. LOCAL STOCK EXCHANGE FIRMS 1856 BOSTON Adams, L. Sherman, 10 Post Office Square. Baldwin & Co., 30 Federal Street. Blake Bros. & Company, 111 Devonshire Street. Bolles, M. & Co., 35 Congress Street, Room 803. Bowen, J. W. & Co., 53 State Street, Rooms 27, 28. Bright, Elmer H. & Co., 84 State Street. Bright, Sears & Co., 53 State Street, Room 203. Brown Brothers, Harriman & Co., 10 P. O. Square. BURK, GANNETT & CO., 53 State Street, Room 29. Gallagher, R. A. & Co., 50 Congress Street, Rm. 515 Goodwin, Homer & Co., 53 State Street. Gray & Wilmerding, 84 State Street. Griffin, James F. & Co., 53 State Street, Room 36A. Griffith, Norman, 60 Congress Street, Rooms 411-412. PIERCE, E. A. & CO., 45 Milk Street. KIDDER, PEABODY & CO., 115 Devonshire Street. Southgate, Stevenson & Co., 10 Post Office Square. Thorndike & Allen, 53 State Street, Room 309. Thornquist, Carl J., 53 State Street, Room 36B. Tifft Brothers, 50 Congress Street. Townsend, Anthony & Tyson, 15 State Street. Tucker, Anthony & Co., 74 State Street. Wainwright, H. C. & Co., 60 State Street, Room Tfnnmo 40R-DR DAT, R. L. & CO., 45 Milk Street. Hitching, E. J. & Co., 75 Federal Street. Laidlaw & Co., 24 Federal Street. Lee, Higginson & Co., 70 Federal Street. Long & Nash, 10 Post Office Square. Lutz, Roger A. & Co., 60 State St. Moors & Cabot, 111 Devonshire Street. Fales, T. C. & Co., 140 Federal Street. Gagen, T. F. & Co., 53 State Street, Rooms 36A. Mott, Louis P. & Co., 80 Federal Street, Room308 Newton & Co., 31 Milk Street. Paine, Webber & Co., 82 Devonshire Street. HORNBLOWER & WEEKS, 60 Congress Street Hines, Robertson & Co., 60 Congress Street, Hovey, Chandler & Co., 82 Devonshire Street, Room 326. Hutchins & Parkinson, 53 State Street. Jackson & Curtis, 10 Post Office Square. Jacobs, Williams & Co., 50 Congress Street. ESTABROOK & CO., 15 State Street. MOSELEY, F. S. & CO., 50 Congress Street. Prince, F. H. & Co., Ames Building, Room 1. Proctor, Cook & Co., 50 Congress Street. Schirmer, Atherton & Co., 79 Milk Street. Scudder, Stevens & Clark, 10 Post Office Square. Sears & Co., 68 Devonshire St. HAYDEN, STONE & CO., 75 Federal Street Clark, Childs & Keech, 10 P. O. Square. Clark, Dodge & Co., 70 Federal Street. Collins, Breed & Co., 82 Devonshire Street. Colwell & Co., 209 Washington Street. Crocker, Percy G. & Co., 35 Congress Street. Dabney, F. L. & Co., 10 Post Office Sq. Downer & Co., 53 State St., Room 36A Moran, John J. & Co., 53 State Street, Room 636- SMITH. EDWARD B. & CO., 1 Federal Street. 101. Whitney, Byam & Co., 53 State Street, Room 633. Whitney & Elwell, 30 State Street. Williston, J. R. & Co., 53 State Street, Rooms 209, 210. Wrenn Bros. & Co., 30 Federal Street. STOCKS PER SHARE Boston Stock Exchange, Officers James Dean, Pres. Charles A. Collins, Vice-Pres. George A. Rich, TV. George A. Rich, Sec. RATES OF COMMISSION In Effect July 7, 1933 BONDS Railroad, public utility and industrial bonds, having more than five years to run— Selling at less than $10, on a par value of $1,000----------------------Optional Selling at $10 and less than $100 on a per value of $1,000--------------$1.25 Selling at and above $100 on a par value of $1,000----------------------- 2.50 (Government Bonds are exempt from the regular rate) Selling below 50c.-...........................................-...............................Optional Selling at 50c or above, but under $1............................................. \Yi cents Selling at $1 or above, but under $5....................... -.................. - 5 cents Selling at $5 or above, but under $10............................................cents Selling at $10 or above, but under $25........... ......... ................ ---J2J4 cen!s Selling at $25 or above, but under $50........................ ................. 15 cents Selling at $50 or above, but under $75..........................................17H cents Selling at $75 or above, but under $100-------------------------------20 cents Selling at $100 or above, but under $200........ .......................... -.25 cents Selling at $200 or above, but under $250.......... ........................... 30 cents For each additional $50 or part thereof above $250.-.---5 cents additional The minimum commission on each completed individual transaction snail not be less than one dollar, except that on transaction involving less than fifteen dollars the charge may be optional. , On subscription Rights; Bonds or Notes of Foreign Countries having five years or less to run; Notes of Corporations having five years or less to run; Bonds having five years or less to run; such rates to members or non members as may be mutually, agreed upon; provided, however, that the Committee on Commissions with the approval of the Governing Committee, may hereafter determine special rates on any or all of the above mentioned securities. DETROIT Alison & Co., 244 Buhl Bldg. BACHE, J. S. & CO., 119 Penobscot Bldg. Baker, Simonds & Co., 1134 Buhl Bldg. Bennett, Smith & Co., 640 Griswold Street. BRAND, DRESSER & CO., 982 Penobscot Bldg. Brown, John L. & Co., 625 Penobscot Bldg. Butler & Co., J. M., 224 Penobscot Bldg. Collin & Co., Frederick, 1442 Griswold Street. Crouse & Co., 1817 Penobscot Bldg. Cullen, Ferriss & Colquhoun, 884 Penobscot Bldg. DOMINICK & DOMINICK, 314 Ford Bldg. Ettinger & Brand, 216 Penobscot Bldg. Farrand, Newcomb & Hatch, 2006 Penobscot Bldg. Fenner, Beane, & Ungerleider, 639 Penobscot Bldg. Ferriss, Wagner & Miller, 1444 Buhl Bldg. HARRIS, SMALL & CO., 1400 Penobscot Bldg. PARCELLS, CHARLES A. & CO., 539 Penob scot Bldg. Hentz, H. & Co., 1 Buhl Bldg. Pardee, M. L. & Co., 224 Ford Bldg. HORNBLOWER & WEEKS, 244 Penobscot Bldg. HUTTON, W. B. & CO., Fisher Bldg. PIERCE, E. A. & CO., 1 Ford Bldg. Jennings & Busby, 500 Fidelity Bank & Tr. Bldg. Livingstone, Dennis & Renfrew, 409 Griswold St. MacCrone, E. E. & Co., 2664 Penobscot Bldg. McLean & Co., John F., 1806 Penobscot Bldg. MOSS, W. E. & CO., 2316 Union Guardian Bldg. Rathbun & Co., 2656 Penobscot Bldg. Reilly, W. E. & Co., 1446 Penobscot Bldg. Roney, Wm. C. & Co., 2232 Union Guardian Bldg. Rose, Wm. H. & Co., 966 Penobscot Bldg. Schlachman, Max & Co., 866 Penobscot Bldg. Shader, Winckler Co., 204 Penobscot Bldg. Walker, William T. & Co., 1304 Penobscot Bldg. Wallace & Co., 4450 Penobscot Bldg. Watling, Lerchen & Hayes, 344 Buhl Bldg. Woodruff, D. M. & Co., 1546 Penobscot Bldg. O’Donnell, Humphries & Fuehrer, 517 Penobscot Bldg. O’Hara, Weber & Co., 238 Buhl Bldg. Paine, Webber & Co., 100 Penobscot Bldg. Stocks selling at $75.00 per share and above, but under $100.00, not less than 20c per share. Detroit Stock Exchange Officers: Stocks selling at $100.00 per share and above, but under $200.00, not Laurence P. Smith, Pres. Charles B. Crouse, Vice-Pres. less than 25c per share. Raymond W. Reilly, Tr. Clark C. Wickey, Asst, to Pres. Stocks selling at $200.00 per share and above, but under $250.00, not Clark J. W. Colby, Sec. less than 30c per share. COMMISSION RATES For each additional $50.00 in price, 5c additional, Except That Commission on bank, trust and insurance company stocks are: Stocks selling under 50c per share, 2% of amount involved. Stocks selling under $50.00, not less than 30c per share. Stocks selling at 50c per share and above, but under $1.00, not less than Stocks selling at $50.00 per share and above, but under $100.00, not less 3c per share. than 50c per share. Stocks selling at $1.00 per share and above, but under $10.00, not less Stocks selling at $100.00 per share and above, but under $150.00, not than 7J^c per share. , less than 75c per share. , _____ Stocks selling at $10.00 per share and above, but under $25.00, not less Stocks selling at $150.00 per share and above, but under $200.00, not than 12J^c per share. , ____ less than $1.00 per share. , , Stocks selling at $25.00 per share and above, but under $50.00, not less Stocks selling at $200.00 per share and above, but under $2o0.00, not than 15c per share. less than $1.50 per share. Stocks selling at $50.00 per share and above, but under $75.00, not less Stocks selling at $250.00 per share and above, $2.00 per share, than 17Mc per share. MINNEAPOLIS —ST. PAUL STOCK EXCHANGE BANCNORTHWEST COMPANY, 620 Mar quette Ave., Minneapolis. Barney & Co., Minneapolis. Guaranteed Mortage Co., 1240 Baker Bldg., Minneapolis. Kalman & Company, 144 Endicott Bldg., St. Paul. Lewis & Co., 601 Second Ave. Minneapolis. Marquette Trust Co., Minneapolis N. W. Discount & Acceptance Corporation, 708 Thorpe Bldg., Minneapolis. Paine, Webber & Co., Rand Tower, Minneapolis. Smith & Co., Wharton C„ 262 Bremer Arcade, St. Paul. Wells-Dickey Company, 5th St. and 2nd Ave., Minneapolis. FIRST SECURITIES CORPORATION COM METROPOLITAN NATIONAL CO., 219 Met PANY, 1100 Builders Exchange Bldg., ropolitan Bk. Bldg., Minneapolis. Minneapolis. Mlnneapolis-St. Paul Stock Exchange Officers: Wharton C. Smith, Pres. Robert G. Hopwood, V. P. SPECIAL RATES ON BANK STOCKS Howard R. Selover, V. P. Robert M. Bell, Sec. and Tr. $1.00 to less than $10.00.................................................. 10 COMMISSION RATES $10.00 to less than $25.00........... 12^ Effective March 15, 1932 $25.00 to less than $50.00______________ 15 Stocks selling under 50 cts. per share........................ 2 cts. per share $50.00 to less than $75.00............... YlYi From 50 cts. to less than $1.00................... 3 cts. per share $1 00 to less than $5.00.................. ............................ ........ - 5 cts. per share $5.00 to less than $10.00.................... 10 cts. per share $10.00 to less than $25.00___________ 15 cts. per share $25.00 to less than $100.00.__________ 25 cts. per share $100.00 to less than $150.00______ 30 cts. per share $150.00 to less than $200.00............. .50 cts. per share $200.00 and over_____________________ M of 1 % of amount involved Minimum $1.00 for stocks selling under $10.00 per share Minimum $2.00 for stocks selling at $10.00 and over Rights—same as stocks. Bonds per $1,000.00 and less---------------------------------------------------$2.50 cts .per share cts. per share cts. per share cts per share. $75.00 to less than $100.00.............. 20 cts. per share $100.00 to less than $200.00_______________ _______ 25 cts. per share $200.00 and above______ ________________________ 25 cts. per share plus 5 cts. per share additional for each $50.00 increase in price or fraction thereof. Minimum—as above. SPECIAL RATES ON T.C.R.T.C. NOTES AND SCRIP Notes 25 cts. per $100.00..................................................................Minimum$1.50 Scrip 2'A cts per 1/100 Scrip...... .................................. Minimum$1.50 Further Information on Arms appearing in bold face type will be found In the selected list of Investment Dealers following bank list in each city. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1857 LOCAL STOCK EXCHANGE FIRMS ST. LOUIS Aid & Company, Security Bldg. Gessler, E. A. & Son, Merchants-Laclede Bldg. Barklage, Louis, 317 N. 4th Street. Hawes & Company, Landreth Bldg. Hill Bros. & Company, Security Bldg. Bauer Bros. Brokerage Co., 312 North 4th Street. Bennett, Jas. E. & Co., 705 Olive Street. Brown, Paul & Company, Paul Brown Bldg. Daly & Co., Bank of Commerce Bldg. JONES, EDW. D.&CO., Boatmen’sBank Bldg. D’Oench, Duhme & Co., Franklin-Am.Tr.Bldg. Louderman, W. M., Bank of Commerce Bldg. Nickerson & Company, Boatmen’s Bank Bldg. Rassieur, Sweeney & Co., 506 Olive Street. Reinholdt & Gardner, Security Building. H. L. Ruppert & Co., 402 Pine Street. Seddon, Morfit, & Harvey, Inc., Landreth Bldg. Semple, Jacobs & Co., Rialto Building. EDWARDS, A. G. & SONS, 409 North 8th St. FRANCIS BROS. & CO., 4th & Olive Streets. Friedman & Co., Wm. Stix, 513 Olive Street. Gatch Bros., Jordan & McKinney, 411 Olive St. Knight & Co., Harry H„ 401 Olive St. LITTLE & HAYS INV. CO., LaSalle Bldg. St. Louis Stock Exchange Officers: John A. Aid, Pres. Wm. H. Burg, V. P. W. M. Louderman, Sec. and Tr. Chas. A. Huebner, A. Sec. and A. Tr. RATES OF COMMISSION STOCKS Stocks selling at $1.00 per share or less, $2.00 per 100 shares. Stocks selling at $1.12J^ per share and less than $3.00 per share, $3.00 per 100 shares. Stocks selling at $3.00 per share and less than $5.00 per share, $5.00 per 100 shares. Stocks selling at $5.00 per share and less than $10.00 per share, $7.50 per 100 shares. ___________________ ____ SIMON, I. M. & COMPANY, 315 North 4th St. Smith, Moore & Co., LaSalle Bldg. STIFEL, NICOLAUS & CO., Boatmen’s Bank Bldg. Stix & Company, LaSalle Bldg. Taussig, Day, Fairbank & Co., Boatmen’s Bank Bldg. Timmerman, F. C., & Co., Cotton Belt Bldg. Wade, Festus J. & Co., Columbia Bldg. WALDHEIM, PLATT & CO., 513 Olive Street. WALKER, G. H. & CO., Broadway & Locust Streets. Whitaker & Company, 300 North 4th Street. Stocks selling at $10.00 per share and less than $25.00 per share, $0.12H per share. Stocks selling at $25.00 per share and less than $100.00 per share, $0.25 per share. Stocks selling at $100.00 per share and less than $300.00 per share, $0.50 per share. Stocks selling at $300.00 per share and less than $500.00 per share, $0.75 per share. Stocks selling at $500.00 per share and over, $1.00 per share. BONDS On bonds, $2.50 per $1,000 par value. U. S. Bonds, $0.62J^ per $1,000 par value. The minimum commission to be charged shall be $1.00. NEW YORK Abbott, Hoppin & Co., 120 Broadway Abraham & Co., 120 Broadway Adler, Coleman & Co., 15 Broad Street Ames Brothers, 39 Broadway Anderson, Block & Co., 50 Broadway Andrews, Posner & Rothschild, 26 Broadway Appenzellar, Allen & Hill, 55 Broadway Arnold & Company, 32 Broadway Ash & Co., Mervin, 1 Wall Street ASIEL & CO., 11 Wall Street Auchincloss, Mills & Bergen, 1 Wall Street Auerbach, Poliak & Richardson, 30 Pine Street Baar, Cohen & Company, 120 Broad Street BABCOCK, RUSHTON & CO., 50 Broadway Bach, White & Company, 120 Broadway BACHE & CO., J. S., 42 Broadway Baker & Co., Alfred L., 115 Broadway Baker, Weeks & Harden, 52 Wall Street Bamberger Bros., 39 Broadway Barbee & Co., 40 Wall Street Barnet, Fuerst & Co., 29 Broadway Barney & Co.,Chas. D„ 65 Broadway Barnwell, Arthur & Co., 24 Broad Street Barrett & Company, 30 Broad Street Baylis & Co., 25 Broadway Bear, Stearns & Company, 1 Wall Street Beekman, Wm. B. & Co., 20 Broad Street Beer & Company, 60 Broad Street Belden & Co., 1 Wall Street Bell & Beckwith, 42 Broadway Benedict, E. C. & Co., 71 Broadway Benjamin & Ferguson, 61 Broadway Benjamin, Hill & Company, 39 Broadway Bennett, James E. & Co., 23-25 Beaver Street Berdell Bros., 1 Wall Street Berg. Eyre & Kerr, 50 Broadway Bernard, Winkler & Co., 52 Wall Street Biggs, Mohrman & Co., 1 Wall Street BROWN BROTHERS HARRIMAN & CO. 59 Wall Street. Brown & Gruner, 39 Broadway Brown & Co., Paul, 61 Broadway. Brown & Co., Vernon C., 71 Broadway. Brumley & Anderson, 120 Broadway Bryan, Penington & Colket, 111 Broadway BULL & ELDREDGE, 20 Broad Street BURNET (W. E.) & CO., 11 Wall Street Burnham, Herman & Co., 44 Wall Street Burnside & Co., 61 Broadway Burton, Cluett & Dana, 120 Broadway Butler, Herrick & Marshall, 24 Broad Street Butler, Wick & Co., 40 Wall Street Byck & Lowenfels, 50 Broad Street Bywater & Leary, 50 Broadway Cahn & Co., Frank B., 120 Broadway. Callaway, Fish & Co., 15 Broad Street Campbell & Co., H. G„ 149 Broadway. Carey, H. T. & Co., 50 Broadway CARLETON & MOTT, 170 Broadway Carlisle, Mellick & Co., 50 Broadway Carreau & Snedeker, 63 Wall Street Carter & Co., 48 Wall Street. CASSATT & CO., 1 Wall Street CASSEL, H. & CO., 52 Wall Street DOMINICK & DOMINICK, 115 Broadway Douglas & Company, F. H., 61 Broadway. Doyle & Company, Frank, 50 Broadway. Drake & Co., Wilcox, 49 Broad Street. DRYSDALE & CO., 71 Broadway Du Bosque, George & Farrington, 52 Wall Street Duff & Co., J. Robinson, 1 Wall Street. Dunne & Co., John V„ 19 Rector Street. Dunscombe & Co., 60 Broad Street du Pont, Francis I. & Co., 1 Wall Street Dyer, Hudson & Co., 61 Broadway EASTMAN, DILLON & CO., 120 Broadway Edge & Co., C. N., 20 Exchange Place. Edmonds & Pentz, 1 Wall Street. Edwards & Sons, A. G„ 49 Broad. Einstein & Co., H. G., 42 Broadway. Eliott & Co., Gilbert, 11 Broadway. Elmer & Nettleton, 49 Wall Street Ely & Son, 65 Broadway Emanuel & Co., 32 Broadway Engel & Kent, 120 Broadway Erdman & Co., 25 Broadway Eric & Drevers, 40 Wall Street. Ernst & Company, 120 Broadway Estabrook & Co., 40 Wall Street Ettinger & Brand, 40 Wall Street Evans, Stillman & Co., 14 Wall Street Fahnestock & Co., 1 Wall Street Fahy & Co., Walter J., 29 Broadway Faroll Brothers, 50 Broadway Farr & Co., 90 Wall Street Feitner & Co., Q. F., 49 Wall Street. Fenner, Beane & Ungerleider, 60 Beaver Street. Chapin, S. B. & Co., Ill Broadway Chapman, Carman & Co., 100 Broadway Chauncey & Co., 61 Broadway FIELD, GLOBE & CO., 38 Wall Street Chisholm & Chapman, 52 Broadway Clark & Co., Jno. F„ 27 William Street. Filer & Co., 39 Broadway Clark, Childs & Co., 11 Broadway Filor, Bullard & Smyth, 39 Broadway Clark, Dodge & Co., 61 Wall Street Finch, Wilson & Co., 120 Broadway Clews & Co., Henry, 7-9-11 Broadway. Florentino & Co., 120 Broadway Clucas & Company, E. W., 70 Pine Street. Foster & Adams, 120 Broadway Coggeshall & Hicks, 111 Broadway Foster (F. V.) & Co., 11 Wall Street. Cohen, Simonson & Co., 60 Broad Street Foster, Marvin & Co., 14 Wall Street Colgate, Jas. B. & Co., 44 Wall Street BILLINGS, OLCOTT & COMPANY, 52 Fox, O’Hara & Co., 60 Broad Street Collins, D. M. & Co., 40 Wall Street Broadway Frankel & Co., J. D., 50 Broad Street. Connelly & Co., F. J., 37 Wall St. Fransioli & Wilson, 120 Broadway Content & Co., H., Ill Broadway. Blagden & Simonds, 120 Broadway. Fried & Company, Albert, 120 Broadway. Corlies & Booker, 90 Broad Street Blake Brothers & Co., 40 Wall Street Fuller, Rodney & Co., 14 Wall Street Coulon & Co., E. J., 39 Broadway. Blumenthal Bros., 71 Broadway Gaines & Company, 1 Wall Street Cowen & Co., 120 Broadway Gallic & Co., 40 Wall Street Cronin & Co., J. P., Ill Broadway BLYTH, BONNER & KIMBLEY, 52 Wall St. Gammack & Co., 39 Broadway Curtis & Co., 25 Broadway George & Farrington, 52 Wall Street Curtiss, House & Company, 61 Wall Street BOETTCHER, NEWTON & CO., 52 Wall St. Gilbert & Co., Clinton, 120 Broadway Dabney & Co., F. L., 61 Wall Street. Gilchrist, Bliss & Co., 120 Broadway Dann & Company, J. C., 65 Broadway. Gimbel & Co., Louis, 120 Broadway Davis & Co., Fellowes, 52 Broadway. Bogert & Co., Beverly, 120 Broadway. Goadby & Co., W. H., 120 Broadway Davis & Co., J. W„ 111 Broadway. Bonbright & Co., George D. B„ 115 Broadway Goldman, Sachs & Co., 30 Pine Street Davis & McIntosh, 61 Broadway Bond, McEnany & Co., 60 Beaver Street Goodbody & Co., 115 Broadway Davis & Co., Morgan, 15 Broad St. Boody, McLellan & Co., Ill Broadway Goodhart & Co., P. J., 24 Broad Street Davis & Co., Paul H., 42 Broadway. Bouvier & Co., M. C., 20 Broad Street Gordon & Whitney, 115 Broadway Day & Co., R. L„ 14 Wall Street. Bradford & Co., J. C„ 40 Wall Street. Granberry & Co., 65 Broadway De Coppet & Doremus, 42 Broadway Bradley, Boyle & Wilson, 1 Wall Street Graves, Banning & Co., 71 Broadway de Cordova & Bro., Cyril, 25 Broad Street. Bramley & Smith, 52 Broadway De Haven & Townsend, 52 Broadway Brand, Grumet & Co., 149 Broadway GRAY & WILMERDING, 44 Wall Street Dewey, Bacon & Co., 50 Broadway Brandenburg & Co., 40 Wall Street De Witt, Fleitmann & Co., 43 Exchange Place Brayton, Douglass & Company, 52 Wall Street Green, Ellis & Anderson, 100 Broadway Dietrich & Company, F„ 1 Wall Street. Breining & Co., 17 Battery Place Greene & Brock, 40 Wall Street Disbrow, Dixon & Potts, 120 Broadway Bridgman & Company, 26 Broadway Greer, Crane & Webb, 37 Wall Street_________ Dobbs & Company, 1 William St. Brooks & Co., J. H., 1 Wall Street.____________ Farther information on firms appearing in bold face type will be found in the selected list of Investment Dealers following bank list In eacb city. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1858 LOCAL STOCK EXCHANGE FIRMS Gruntal & Co., 60 Broadway Gude, Winmill & Co., 1 Wall Street Gutenstein & Markoe, 25 Broadway Hall, Cohu Bros. & Co., 90 Broad Street Halladay & Co., 14 Wall Street Lindley & Co., 52 Broadway Lipper & Co., Arthur, 50 Broad Street Livingston & Company, 111 Broadway. Livingstone, Dennis & Renfrew, 40 Wall Street Lloyd & Co., 39 Broadway. Lober Brothers & Co., 37 Wall Street. Lockwood, Peck & Co., 52 Broadway. Loeb & Co., Carl M„ 48 Wall Street. Loeb, Alsberg & Co., 60 Broadway. Loew & Co., 52 Wall Street. Loewi & Co., Mortimer W., 24 Broad Street Logan & Bryan, 42 Broadway. Lowell & Son, 30 Broad Street Lowitz, E. & Co., 29 Broadway. Ludwig, Robertson & Company, 11 Broadway. Luke, Banks & Weeks, 1 Wall Street. Lyon & Co., W. Wallace, 40 Wall Street Mahon & Co., 45 Wall Street. Mackay & Co., 14 Wall Street. MacQuoid & Coad.v, 120 Broadway Maloney & Co., Peter J., 50 Broadway Manson & Co. .Thos L., 120 Broadway Marquis & Co., L. J., 39 Broadway Marshall, Campbell & Company, J. G., 61 Broad way Marston & Co., 120 Broadway. Mayer & Company, Jos. G., 74 Trinity Place. Maynard, Oakley & Lawrence, 24 Broad Street McCaffray & Co., Walter P., 25 Broad Street McClave & Co., 67 Exchange Place. McClure, Jones & Co., 115 Broadway. McConnell & Co., H. F„ 60 Wall Tower McDermott & Co., Peter P., 39 Broadway. McDonnell & Co., 120 Broadway. McGough & Schuman, 1 Wall Street. McWilliam, Wainwright & Luce, 49 Wall Street. Meehan & Co., M. J., 30 Broad St. Melady & Co., John, 141 Broadway Miller & Dodge, 30 Broadway. Miller & McVickar, 50 Broadway Millett, Roe & Co., 120 Broadway. Minton & Co., D. M., Ill Broadway Mitchell & Watts, 65 Broadway Montgomery, Scott & Co., 120 Broadway. Moore & Co., D. T., 50 Broad Street Moore & Fitzgerald, 66 Beaver St. Moore, Leonard & Lynch, 111 Broadway. Moore & Schley, 100 Broadway. NEW YORK- Continued HALLE & STIEGLITZ, 25 Broad Street BALLGARTEN & CO., 44 Pine Street HALSEY & CO., C. D., 90 Broad Street Halsted & Harrison, 1 Wall Street Hamershlag, Borg & Co., 39 Broadway Hano & Co., 120 Broadway Harde & Ellis, 1 Wall Street Hardy & Company, 11 Broadway Harp, Tierney & Co., 39 Broadway HARRIMAN & CO., Ill Broadway Harris, Burrows & Hicks, 111 Broadway Harris, Upham & Co., 11 Wall Street Harriss & Co., 115 Broadway Hart & Co., Neville G„ 111 Broadway. Hartshorne, Fales & Co., 71 Broadway Haupt & Company, Ira, 39 Broadway HAYDEN, STONE & CO., 25 Broad Street Hedberg & Koppisch, 50 Broadway Hedge & Price, 40 Wall Street HEIDELBACH, ICKELHEIMER & CO., 49 Wall Street Hemphill, Noyes & Co., 15 Broad Street Henderson & Company, 40 Wall Street Henderson, Charles F. & Sons, 71 Broadway Hendrickson & Co., 61 Broadway Hentz, H. & Co., 60 Beaver Street Herrick, Berg & Co., 40 Wall Street Herzfeld & Stern, 40 Exchange Place Hewitt, Lauderdale & Co., 61 Broadway Hill, Alfred & Co., 40 Wall Street Hill, Charles W. & Co., 1 Wall Street Hirsch, Lilienthal & Co., 165 Broadway Hiscoe & Company, R. V., Ill Broadway Hitt, Farwell & Co., 1 Wall Street Hoge, Underhill & Co., 11 Broadway Holmes & Co., J. H., Ill Broadway Holsapple, Safford & Co., 59 Cedar Street Homans & Co.. 120 Broadway HORNBLOWER & WEEKS, 42 Broadway Horton, H. L. & Co., 1 Wall Street Hoyt & Co., (Colgate,) 14 Wall Street Hubbard Bros. & Co., 66 Beaver Street Hume & Benedict, 49 Wall Street Hume & Thompson, 60 Broadway Hutchins & Parkinson, 40 Wall Street HUTTON & CO., E. F., 61 Broadway Hutton & Co., W. E„ 52 Wall Street Hyde & Bach, 15 Broad Street Hyman & Co., 61 Broadway Ingalls & Snyder, 100 Broadway ISELIN & CO., A., 40 Wall Street Jackson Bros., Boesel & Company, 26 Broadway Jackson & Company, 74 Trinity Place JACKSON & CURTIS, 115 Broadway Jacobson & Co., Benjamin, 120 Broadway Jacquelin & De Coppet, 43-47 Broad Street Jelke & Co., (Frazier) 40 Wall Street Jenks, Gwynne & Co., 65 Broadway Jesup & Lamont, 26 Broadway Jewett, Newman & Co., 25 Broad Street Johnson & Wood, 120 Broadway Joost, Patrick & Company, 90 Broad Street Joseph & Co., Morris, 25 Beaver Street Josephthal & Co., 120 Broadway Kaiser & Company, Louis, 150 Broadway. Kean, Taylor & Co., 20 Exchange Place Kennedy & Co., 39 Broadway Kerr & Armstrong, 42 Broadway Kidder & Co., A. M„ 1 Wall Street KIDDER, PEABODY & CO., 17 Wall Street Koch & Co., Spencer B., 29 Broadway Kohler, Sheerin & Co., 48 Wall Street KUHN, LOEB & CO., 52-54 William Street La Branche & Company, 50 Broadway Ladenburg, Thalmann & Co., 25 Broad Street LAIDLAW & CO., 26 Broadway Laird, Bissell & Meeds, 120 Broadway Lamborn, Hutchings & Co., 37 Wall Street Langley & Co., W. C., 115 Broadway Lansburgh Brothers, 50 Broad Street Lapham, Potter & Holden, 44 Pine Street Lauer & Co., William E., 50 Broadway Lawrence & Sons, Cyrus J., 115 Broadway LAZARD, FRERES, 19 Nassau Street Lee, Higginson & Co., 37 Broad Street Lehman Bros., 1 William Street Leopold & Co., James M., 70 Wall Street Levy & Co., Robert J., 165 Broadway Lewinson & Co., Sydney, 40 Wall Street Lewisohn & Sons, Adolph, 61 Broadway Libaire & Company, 37 Wall Street Liberman & Stone, 25 Broad Street Further information on firms appearing in bold https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MORGAN & CO., J. P., 23 Wall Street. Morgan, Howland & Company, 120 Broadway. Morrill, Clarke & Rich, 65 Broadway. Morris & Co., 120 Broadway. Morris & Smith, 52 Broadway. MOSELEY & CO., F. S., 39 Broadway. Moss, Ferguson & Kerngood, 60 Beaver Street. Muir & Co., John, 39 Broadway. Munds, Winslow & Potter, 25 Broad Street. Munn & Norris, 49 Wall Street. Murfey, Blossom & Co., 120 Broadway. Murphy, C. H. & Co., 25 Broadway Murphy & Company, G. M.-P., 52 Broadway. Nash & Co., Ill Broadway. Neilson & O’Sullivan, 20 Broad Street. Neuhut, Mansbach & Plohn, 60 Broad Street Newborg & Co., 60 Broadway. Newburger, Loeb & Co., 40 Wall Street. Newman Bros. & Worms, 25 Broad Street. Noel, Berman & Langley, 51 Broadway. Norris & Kenly, 111 Broadway. Norton & Gwathmey, 1 Wall Street. Oliphant & Co., Jas. H., 61 Broadway. O'Neill & Co., Grover, 20 Exchange Place Orvis Brothers & Co., 60 Broadway. Orvis & Co., Schuyler A., 25 Broadway Paige, Smith & Remick, 39 Broadway. Paine, Webber & Co., 25 Broad Street. Parker, McElroy & Company, 120 Broadway. Parrish & Co., 40 Wall Street. Pask & Walbridge, 1 Wall Street. Pearl & Co., 120 Broadway. Pell, Peake & Co., 24 Broad Street. Pelzer, B. H. & F. W„ 42 Broadway. Perkins & Benton, 50 Broadway. Pforzheimer & Co., Carl H., 25 Broad Street. Phelps & McKee, 120 Broadway. PIERCE & CO., E. A., 40 Wall Street. Popper, Snyder & Co., 39 Broadway Post & Flagg, 49 Broad Street. Pouch & Co., 1 Wall Street. Prentice & Slepack, 25 Broadway. Prentiss & Co., Geo. H., 44 Wall Street. PRESSPRICH & CO., R. W„ 68 William Street. Prince & Company, Theodore, 120 Broadway. Proctor, Cook & Co.. 120 Broadway. Pyne, Kendall & Hollister, 60 Wall Street. Quincey & Co., Chas. E., 24 Broad Street. Redmond & Co., 48 Wall Street. Reiner & Co., Milton E., 74 Trinity Place. Reinhardt, Daly & Co., 120 Broadway Reinholdt & Gardner, 120 Broadway. Reynolds & Co., 120 Broadway. Reynolds, Fish & Co., 120 Broadway. Rhoades, Williams & Co., 25 Broad Street. Rich & Clark, 15 William Street. Richard, C. B. & Co., 44 Beaver Street. Richards & Heffernan, 49 Wall Street. Ristine & Co., F. P., 15 Broad Street. Rollins & Co., 52 Broadway. Rose & Co., Luke H., 120 Wall Street. Rose, Cammann & Co., 120 Broadway. Rose, Townsend & Carey, 1 Wall Street. Roth & Co., B. H., 25 Broad Street. Rothschild & Co., 11 Wall Street. Rothschild & Co., L. F., 120 Broadway. Russell, Miller & Company, 11 Wall Street. RUTTER & COMPANY, 20 Exchange Place. SALOMON BROS. & HUTZLER, 60 Wall St. Salomon & Co., F. L., 60 Broadway. Salomon & Landay, 60 Broadway. Sargeant, Malo & Co., 65 Broadway. Sartorius & Smith, 61 Broadway. Schafer Bros., 1 Wall Street. Schatzkin & Co., 60 Broad Street. Schirmer, Atherton & Co., 26 Broadway Schmeltzer, Clifford & Co., 1 Wall Street. Schoellkoif & Co., 61 Wall Street. Scholl & Company, T. F., 37 Wall Street. Scholle Brothers, 20 Pine Street. Schwabacher & Co., 120 Broadway. Seasongood & Haas, 63 Wall Street. SELIGMAN & CO., J. & W., 54 Wall Street. Seligman, G. & A., 120 Broadway. Seligsberg & Co., 50 Broad Street. Shaskan, E. F. & G., 39 Broadway. Shea & McMannus, 67 Exchange Place. Shearson, Haminill & Co., 71 Broadway. Shields & Company, 52 Wall Street. Shippee & Rawson, 111 Broadway. Shuman & Co., 25 Broad Street. Siegel & Company, 52 Wall Street. Silberberg, D. H. & Company, 63 Wall Street. Simmons & Co., E. H. H., 52 Broadway. Simon & Co., I. M., 115 Broadway. Simons, Blauner & Co., 70 Wall Street. Sisto & Co., J. A., 68 Wall Street. SLAUGHTER, A. O., ANDERSON & FOX, 120 Wall Street. SMITH & CO., EDWARD B., 15 Broad St. Smith, Frank & Co., 25 Broad Street. Smith & Gallatin, 115 Broadway. Smith, Graham & Rockwell, 50 Broadway. SMITIIERS & CO., F. S., 15 Broad Street. Sneckner & Heath, 20 Broad Street. Spaulding, Tucker & Co., 65 Broadway. Sparks, J. W. & Co., 50 Broadway. Spear & Leeds, 39 Broadway. Spero & Co., 50 Broad Street. SPEYER & CO., 24-26 Pine Street. Speyer, Alexander & Co., 24 Broad Street. Spingarn & Co., Leopold, 52 Broadway. Springs & Co., 60 Beaver Street. Stackpole & Buchanan, 120 Broadway. Stafford & Co., 20 Exchange Place. Stanton & Co., 52 Wall Street. Stein, Alstrin & Co., 27 William Street. STEIN BROS. & BOYCE, 120 Broadway. Steiner, Rouse & Company, 25 Broad Street. Stern & Co., Allison, 1 Wall Street. STERN, KEMPNER & CO., 50 Broadway. Stevens & Legg, 25 Broad Street. Stewart & Co., 61 Broadway. Stokes, Hoyt & Co., 1 Wall Street. Stout & Co., 25 Broad Street. Strassburger & Co., 25 Broad Street. Straus & Company, 25 Broadway. Strauss, Phillips & Co., Ill Broadway Struthers & Dean, 49 Wall Street. Struys & Jones, 52 Broadway. Sulzbacher, Granger & Co., Ill Broadway. SUTRO BROS., & CO., 120 Broadway. Sutro & Co., 44 Wall Street. Sydeman Bros., 50 Broad Street. Tailer & Robinson, 39 Broadway. Talcott, Potter & Co., 25 Broad Street. Tameling, Lehmann & Co., 120 Broadway. Tate & Hays, 71 Broadway Taylor, Bates & Co., 48 Wall Street Taylor & Co., W. R. K„ 49 Wall Street. Tefft & Company, 24 Broad Street Thomas & Torrey, 11 Broadway Thomson & McKinnon, 11 Wall Street Tifft Brothers, 40 Wall Street TIMMINS & COMPANY, J. R., 61 Broadway. Tobey & Co., 25 Broadway. Tobey & Kirk, 25 Broad Street Toerge & Schiffer, 15 Broad Street Toolin & Co., 39 Broadway Townsend, Anthony & Tyson, 115 Broadway. Townsend, Graff & Co., 29 Broadway Trask & Co., Spencer, 25 Broad Street. Travers & Clark, 11 Wall Street TROUNSTINE & CO., J. F., 50 Broadway. Tucker, Anthony & Co., 120 Broadway Turnure & Co., Lawrence, 64 Wall Street. Van Wyck & Sterling, 71 Broadway Vaughan & Company, 52 Broadway Vercoe & Co., 11 Wall Street Vilas & Hickey, 49 Wall Street Wachsman & Wassail, 29 Broadway Wadsworth & Wright, 1 Wall Street ROOSEVELT & SON, 30 Pine Street. Wagner, Stott & Co., 74 Trinity Place face type will be found in the selected list of Investment Dealers following bank list in each city. LOCAL STOCK EXCHANGE FIRMS 1859 NEW YORK—Continued Wainwright & Co., H. C., 44 Wall Street Waldheim, Platt & Co., 40 Wall Street. Walker Brothers, 71 Broadway Walker & Co., G. H., 1 Wall Street Walker & Sons, Joseph, 61 Broadway Wallace & Co., J. K„ 149 Broadway Wallace & Co., Lew, 1 Wall Street Waller & Co., 44 Wall Street Ward, Gruver & Company, 30 Broad Street Ware & Keelips, 11 Wall Street Warner & Co., 141 Broadway Watling, Lerchen & Hayes, 111 Broadway Watson, Armstrong & Co., 24 Broad Street Watson & Co., T. L., 40 Wall Street WATSON & WHITE, 149 Broadway Weicker & Co., 1 Wall Street Weingarten, Eisemann & Co., 120 Broadway Welsl & Co., Edwin, 70 Pine Street Welles. C. E. & Co., 39 Broadway. WELLINGTON & CO., 120 Broadway Wertheim & Co., 57 William Street Whitehouse & Co., Ill Broadway White & Stanley, 52 Broadway White, Weld & Co., 40 Wall Street Whitney & Sons, H. N., 49 Wall Street Whitney & Co., Richard, 15 Broad Street Wightman, Williams & Co., 39 Broadway Wilcox & Co., 40 Wall Street New York Stock Exchange Officers: Richard Whitney, Pres. Allen L. Lindley, V. P. Warren B. Nash, TV. Edward T. H. Talmage, Jr., A. Tr. John P. Ryan, Asst, to the Pres. Ashbel Green, Sec. J. M. B. Hoxsey, Executive Asst, to Francis T. Boyd, 1st Asst. Sec. the Committee on Stock List COMMISSION RATES Rates to Non-members, etc. On business for parties not members of the Exchange, including joint account transactions in which a non-member is interested; transactions for partners not members of the Exchange; the commission shall be not less than the rates given below: Sec. 2 provides that commissions shall be calculated on the basis stated below: ON STOCKS (except as to Ten-Share-Unit Stocks) See also Called Securities below: Under 50c per share____________________ May be mutually agreed upon 50c per share and above, but under $1.00__ Not less than 3c per share $1.00 per share and above, but under $10.00.Not less than 71^c per share $10.00 per share and above, but under $25.00______________________________Not less than 12J^c per share $25.00 per share and above, but under $50.00______________________________Not less than 15c per share $50.00 per share and above, but under $75.00_____________________ _____ __ Not less tha-n 17)^c per share $75.00 per share and above, but under $100.00____________________________ Not less than 20c per share $100.00 per share and above, but under $200.00_________________ _____ _____ Not less than 25c per share $200.00 per share and over______________ Not less than 30c per share plus 5c per share for each $50.00 or fraction thereof be ginning at $250.00 The minimum commission (on stocks selling at 50c and above) on an individual transaction shall be not less than $1.00. This provision shall not apply on transactions where the amount involved is less than $15.00 Willard & Co., F. A., 40 Wall Street Williams & Co., Clark, 160 Broadway Williston & Co., J. R., 11 Wall Street WINTHROP, ROBERT & CO., 48 Wall Street WLNTHROP, MITCHELL & CO., 26 Broadway Witter & Co., Dean, 52 Wall Street Wollman & Co., W. J., 120 Broadway Wood, Low & Company, 63 Wall Street Wood, Struthers & Co., 20 Pine Street Wrenn Bros. & Co., 30 Broad Street Wright & Sexton, 1 Wall Street Young, Kolbe & Co., 120 Broadway Zeltner & Company, C. F., 61 Broadway Zuckerman, Henry & Co., 52 Broadway ON TEN-SHARE-UNIT STOCKS (as designated by the Committee of Arrangements) See also Called Securities below: Under $1.00 per share........... .......................... May be mutually agreed upon $1.00 per share and above, but under $5.00..Not less than 5c per share $5.00 per share and above, but under$10.OO.Not less than 10c per share $10.00 per share and above, but under $100.00__________________ ____ _____ Not less than 20c per share $100.00 per share and above, but under $200.00........... Not less than 25c per share $200.00 per share and over_______________ Not less than 30c per share plus 5c per share for each $50.00 or fraction thereof be ginning at $250.00 ON SUBSCRIPTION RIGHTS Under 50c per Right____________________May be mutually agreed upon 50c per Right and above, but under $1.00. .Not less than 3c per Right $1.00 per Right and above, but under $5.00.Not less than 5c per Right $5.00 per Right and above, but under $10.OO.Not less than 7^c per Right $10.00 per Right and above______________Not less than 15c per Right ON BONDS: per $1,000 of principal (except as stated below) See also Called Securities below: Selling at less than $10.00_______________ May be mutually agreed upon Selling at $10.00 and above but under $100.00______ Not less than $1.25 Selling at $100.00 and above______________________Not less than $2.50 On Obligations of the United States, Porto Rico, Philippine Islands, and States, Territories and Municipalities therein: Bonds and Notes having five years or less to run: Such rates to members or non-members as may be mutually agreed upon, unless special rates are determined upon by the Committee on Quotations and Commissions. Note: Said Committee has determined that on said Bonds and Notes having five years or less to run to maturity, when selling below 90 or above 110, the rates specified for Bonds, generally, shall apply. CALLED SECURITIES On Securities which, pursuant to call or otherwise, are to be redeemed within twelve months: The Committee on Quotations and Commissions has determined that the above rates do not apply to securities called for redemption within twelve months. On such securities the rates of commission may be mutually agreed upon. ____ CINCINNATI ASSEL, GOETZ & MOERLEIN, INC., 218 Provident Bank Bldg. Bartlett, Benj. D. & Co., 313 Vine Street. BREED AND HARRISON, INC., 504 First National Bank Bldg. Central Trust Co., 4th & Vine Streets COHLE & TYREE CO., 711 Union Trust Bldg. DOMINICK & DOMINICK, Mercantile Li brary Bldg. Dunlap, T. Oliver, 407 Mercantile Library Bldg. Eustis, Geo. & Co., 810 Fourth National Bank Bldg. Field, R. E. & Co., 1124 Union Central Bldg. FIFTH-THIRD SECURITIES CO., 14 W. Fourth Street. FIRST INVESTMENT & SECURITIES CORP. First National Bank Bldg. Fox, W. E. & Co., 600 Fourth National Bank Bldg. Gradison, W. D. & Co., 408 Dixie Terminal Bldg. Grau & Co., 1024 Union Central Bldg. Hill, Alfred & Co., 207 Traction Bldg. HUTTON, W. E. & CO., First National Bank Bldg. Cincinnati Stock Exchange Officers: W. D. Gradison, Pres. Charles H. Tobias, V. P. Guy D. Ballmann, Tr. Richard Seving, Sec. SCHEDULE OF RATES OF COMMISSION There shall be charged the following commissions: ON STOCKS Price Rate Per Share Selling under $1.00 per share______________________ Not less than 3c Selling at $1.00 per share and below $5.00 per share__ Not less than 7}^c Selling at $5.00 per share and below $10.00 per share..Not less than 15c Selling at $10.00 per share and below $150.00 per share.Not less than 25c Selling at $150.00 per share and below $200.00 per share.Not less than 50c Selling at $200.00 per share and below $300.00 pershare.Not less than $1.00 Selling at $300.00 per share and below $400.00 pershare.Not less than $1.50 Selling at $400.00 per share and over_______________ Not less than $2.00 MINIMUM COMMISSION ON STOCKS Provided, however, that on every transaction which involves an amount of $15.00 or more, the minimum commission shall be not less than $2.50. A transaction which involves under $15.00, the minimum commission shall be as determined by the broker. There shall be charged the following Commission: ON RIGHTS AND WARRANTS Price Rate Per Right or Warrant Selling under 50c.................. .................................. (as mutually agreed upon) Selling at 50c but under $1.00____________ ..Not less than 3c Selling at $1.00 but under $5.00______________ ..Not less than 5c Selling at $5.00 but under $10.00___________________ Not less than 7Hc Selling at $10.00 and above........... ............. Not less than 15c MINIMUM COMMISSION ON RIGHTS AND WARRANTS Provided, however, that on every transaction which involves an amount of $5.00 or more, the minimum Commission shall be not less than $1.00. A transaction which involves under $5.00, the minimum Commission shall be as determined by the broker. IRWIN BALLMAN CO., THE, First National Bank Bldg. Lepper, A. & Co., 309 First National Bank Bldg. MURRAY, C. C. & CO., 706 Union Trust Bldg. Reiter & Co., C. H., Union Trust Bldg. Stephenson & Potter, 704 Union Central Bldg. Van Lahr, Doll & Isphording, Inc., 420 Provident Bank Bldg. WEIL, ROTH & IRVING CO., 217 Dixie Terminal Bldg. Westerfield & Co., 1003 Union Trust Bldg. Westheimer & Co., First National Bank Bldg. FRACTIONAL SHARES There shall be charged a Commission not less than 50 cents on fractiona shares. As to stocks and rights which are listed on the New York Stock Exchange, the Commission shall not be less than are provided by the rules of the New York Stock Exchange. Whenever the Board of Trustees, however, deems it advisable to do so, they may designate any security listed on the Cincinnati Stock Exchange and any other principal exchange, in which the Commission shall not be less than are provided by the rules of such other Exchanges. RATES TO MEMBERS—GIVE-UPS. On business for members of the Exchange when the principal is given up the Commission shall not be less than the rates given below: ON STOCKS Price Rate Per Share Selling under $5.00 per share_____________________ Not less than lc Selling at $5.00 but under $10.00 per share____________ Not less than 3c Selling at $10.00 and above_________________________ Not less than 4c RATES TO MEMBERS—CLEARANCE BUSINESS. On business for members of the Exchange when the principal is not given up, the com mission shall be not less than on the above give-up basis, plus 5 cents per share additional, but in no event over the total commission. ON RIGHTS AND WARRANTS On business for members of the Exchange, the Commission on Rights and Warrants, regardless of whether the principal is given up, or is not given up, the Commission shall not be less than y2 cent per Right or Warrant. ON BONDS On business for members the Commission on Bonds shall not be less than 40 cents per $1,000 par value of Bonds. BONDS. The Commission charge on all bonds, except that of U. S. Bonds, is one-quarter of one per cent on the par value. The Commission charge on U. S. bonds is one-eighth of one per cent. Further information on firms appearing in bold face type will be found in the selected list of Investment Dealers following bank list In each city. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1860 LOCAL STOCK EXCHANGE FIRMS CLEVELAND Borton & Borton, 810 Hanna Bldg. Jackson & Curtis, 1737 Union Trust Bldg. Clark & Company, 2032 Union Trust Bldg. Livingston & Co., 1289 Union Trust Bldg. Curtiss, House & Co., 1201 Union Trust Bldg. Merrill, Hawley & Co., 1483 Union Trust Bldg. Ettinger & Brand, 200 National City Bldg. Fenner, Beane & Ungerleider, Leader Bldg. Will S. Halle & Co., 511 Swetland Bldg. Hayden, Miller & Co., 1250 Union Trust Bldg. HORNBLOWER & WEEKS, 1040 Union Trust Bldg. David G. Skall & Co., 2031 Union Trust Bldg. Murfey, Blossom & Co., 901 Guardian Bldg. W. S. Snyder & Co., 2027 Union Trust Bldg. Otis & Co., 216 Superior Ave. Schultz & Co., L. J., 736 Union Tr. Bldg. PAINE, WEBBER & CO., 1111 Terminal Tower Bldg. Witt, Kraus & Co., 1338 Union Trust Bldg. P. W. Brown, V. P. C. B. Whitcomb, Sec. SCHEDULE OF COMMISSION RATES Prices Stocks Selling $1 and under PULLIAM, EMERY & CO., 1305 Swetland Bldg. Maynard H. Murch & Co., 1186 Union Trust Bldg. Cleveland Stock Exchange Officers: J. P. Drach, Pres. Fred H. Emery, Tr. Robert J. Glick, A. Sec. E. A. Pierce & Co., 215 Cuyahoga. Commission per Share 3c Wellsted, Macklin & Co., 1280 Union Trust Bldg Minimum commission $1.00 Above $1 but under $10 7^o $ 10 but under $ 25 15c 25 but under 50 25c 50 but under 125 30c 125 but under 300 50c 300 but under 500 75c 500 and over $1.00 Minimum commission $2.00 Commission on bonds, $2.50 per $1,000, except on bonds with two years or less to maturity—$1.25 per $1,000.00. In regard to stocks listed on both the Cleveland and New York Stock Exchanges, the rate of commission of the respective exchanges whichever is lowest shall apply on sales of such stocks on the Cleveland Exchange. COLUMBUS Archer, Hugh M., 9 E. Long St. BANCOHIO SECURITIES CORP., Gay and High Sts. BROWER, INC., RAYMOND T., Huntington Bank Bldg. Fenner, Beane & Ungerleider, Chamber of Com merce Bldg. MEEKER, CLAUDE, 8 E. Broad St. O’Brien & Laning, Huntington Bank Bldg. STEVENSON, VERCOE, FULLER & LORENZ, Huntington Bank Bldg. VERCOE & CO., Huntington Bank Bldg. FREEMAN, FREDERICK W., 16 E. Broad St. Gray & Co., Eugene, 16 E. Broad St Columbus Stock Exchange Officers: Herman J. Engler, Pres. Luke Green, Sec. and Treas. Frederick W. Freeman, V. P. COMMISSION RATES Bank stocks—$1.00 per share 25c per share PORTLAND, OREGON Atkinson, Jones & Co. Inc., 87 Sixth St. Barneson & Co., H. J., 320 Stark St. Blankenship, Gould & Keeler, Inc., Wilcox Bldg. Commonwealth Securities Corporation, 105 Sixth St. Holt, Robbins & Werschkul, National Bank Bldg. Dean Witter & Co., Porter Bldg. Johnson, Roy A., U. S. Bank Bldg. Federal Securities C’o., American Bank Bldg. Blythe & Co., Pacific Bldg. Burr, G. H., Conrad & Broom, Inc., 86 Sixth St. FERRIS & HARDGROVE, American Bank Bldg. United States Marshall Wright & Co., Pacific Bldg. Smith, Camp & Riley, Porter Bldg. COMMISSION SCHEDULE Effective March 38, 1930 Portland Stock and Bond Exchange Officers: Colin Livingstone, Pres. W. H. Hemphill, Tr. Richard Martin, V. Pres. Fred Bergesch, Sec. BONDS $2.50 per $1,000------------------------------------------- $2.50 Minimum Charge Liberty Bonds------------------------------- $1.25 per $1,000 par value. ..$2.50 NOTE: Whenever the commission charge based on the odd lot rate is higher than a charge for a trading unit of the same stock, the latter amount may be charged. On all transactions where the amount of money involved is less than $10.00, the commission charge shall be optional, and when the amount is over $10.00 but not more than $50.00, the commission charge shall be 5% of the sum involved. Commissions are "not less than” rates indicated above, Chapter XX, Sec. 2, By-laws. The commission on stocks listed on this and other exchanges shall be not less than the commission on such other exchange or exchanges. Further Information on firms appearing in bold face type will be found https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis On Stocks Selling Under $1.00 _ Per 100 Shares ____$3.00 Odd Lots Minimum (per share) $.12^ $2.50 At $1.00 and under $3.00. ____4.00 ■ 12'A 2.50 At $3.00 and under $5.00 ____7.50 ■ 12A 2.50 At $5.00 and under $10_____ ____10.00 ■ 12A 2.50 At $10 and under $25____ ____17.50 .25 2.50 At $25 and under $50____ ____20.00 .25 2.50 At $50 and under $75- . ____22.50 .25 2.50 At $75 and under $100__ ____25.00 .25 2.50 At $100 and under $200. ____30.00 .30 3.00 At $200 and over per share, the commission shall be increased $5 per IOq shares additional for each $50 or fraction thereof increase in selling price. The commission on odd lots shall be on pro rata basis. The minimum charge shall be one-tenth the commission charged for 100 shares. the selected list of Investment Dealers following bank list In each city. LOCAL STOCK EXCHANGE FIRMS 1861 PHILADELPHIA BACHE, J. S., & CO., Pennsylvania Bldg. BIOREN & CO., 1508 Walnut Street. French, E. W., & Co., 123 S. Broad Street. Fuller, W. A. M., & Co., 1510 Chestnut Street. Garber, F. W., & Co., 115-117 S. 5th Street. Gayley, McCreary & Co., 817 Packard Bldg. Glendinning, Robt., & Co., Packard Bldg. Goodbody & Co., 1424 Walnut Street. Graham, Parsons & Co., 1422 Walnut St. Greene & Co., 612 Phila. Stock Exchange Bldg. Haines, Collier & Company, 1520 Locust Street. Hammitt & Co., 602 Phila. Stock Exchange Bldg. Hamstrom & Co., 202 Real Estate Trust Bldg. Baker, Weeks & Harden, Commercial Trust Bldg. Barclay, Moore & Co., 123 S. Broad Street. Barney, Chas. D., & Co., 1428 Walnut Street. Bayuk Brothers, Packard Bldg. Bean, Chas. H., & Co., 1528 Walnut Street. Belzer & Co., Land Title Bldg. Biddle & Co., Moncure, 1520 Locust Street. Biddle, Whelen & Co., 1606 Walnut St. Boenning & Co., 1606 Walnut Street. HARRISON & CO., 133 S. Broad Street. BROWN BROTHERS HARRIMAN & CO., 1531 Walnut Street. Hecker & Co., S. W. Cor. 6th and Chestnut Sts. Buckley Brothers, 1528 Walnut St. Bryan, Pennington & Colket, 123 S. Broad St. Butcher & Sherrerd, 220 Real Estate Trust Bldg. Carstairs & Co., 1510 Walnut Street. HOPPER, SOLIDAY & CO., 1430 Walnut St. CASSATT & CO., Commercial Trust Bldg. CLARK, E. W., & CO., 16th and Locust St. DeHaven & Townsend, 1415 Walnut Street. Diffenderffer & Co., 1611 Walnut Street. Dixon & Co., 1411 Chestnut Street. DREXEL & CO., 15th and Walnut Streets. EASTMAN, DILLON & CO., 1506 Walnut St. Elkins, Morris & Co., 305 Land Title Bldg. Emory, Freed & Co., 109 S. 3rd Street. Fox, Geo. S., & Sons, 1600 Girard Trust Bldg. HORNBLOWER & WEEKS, 1439 Walnut St. Jenks, Gwynne & Co., 1516 Locust Street. Jones, Miller & Co., Commercial Trust Bldg. Kennedy & Co., 1200-01 Land Title Bldg. Laird, fiissell & Meeds, 1528 Walnut Street. LILLEY, & CO., 1530 Packard Bldg. MacDonald & Co., 234 Real Estate Trust Bldg. MacMeekin & Co., 123 S. Broad Street. McCormack, J. L„ & Co., 800 Phila. Stock Exchange Bldg. McCreery, Samuel, & Co., 1518 Walnut Street. McLaughlin W. J. & Co., 508 Stock Exchange Bldg. Monges, Davis & Lang, 314 Otis Bldg. Montgomery, Scott & Co., 123 S. Broad Street. Moore, E. J., & Co., 141 South Fourth Street Morgan, Reed A., & Co., 123 South Broad Street. Moyer & Co., 1500 Walnut Street. Newbold’s Son, W. H., & Co., 1517 Locust Street. Newburger, Loeb & Co., 1423-25 Walnut Street Palmer & Co., E. W„ 334 Commercial Trust Bldg. Parrish & Co., 212 South 15th Street. Phillips, Samuel K„ & Co., 1317 Packard Bldg. Ristine, F. P., & Co., 123 S. Broad Street Sailer, A. J. & Co., 113 S. 5th Street. Seeler & Co., 110 S. 3rd Street. Sloane & Co., Phila. Stock Exchange Bldg. Smith, Charles, & Sons, 610 Commercial Trust Bldg. SMITH, EDWARD B., & CO., 1411 Chestnut Street. Snyder, George E., & Co., 600-601 Phila. Stock Exchange Bldg. Snyder, R. M. & Co., 1520 Locust Street. Sparks, J. W., & Co., 1510 Chestnut Street. Starr & Co., 123 S. Broad Street. Stetson & Blackman, 1818 Packard Bldg Trimble & Co., 1326 Walnut Street. Turner, Gill & Crouter, 611 Packard Bldg. Wheeler & Co., 1100 Girard Trust Bldg Wilmer & Co., 123 S. Broad St. Wolf Bros. & Co., 213-215 S. Broad Street. WOOD, A. C., JR., & CO., 511 Chestnut St. Wurts, C. S. & Co., 1327 Walnut Street. Wurts, Dulles & Co., Philadelphia Bank Bldg Wyckoff & Co., Edward G„ 1528 Walnut Street Yarnall & Co., 1528 Walnut Street. STOCKS *>r*ce Rate Per Share Selling under 50c ...... ............................. ...................-As mutually agreed Selling at 50c and above, but under $1.00_________ Not less than 3c Selling at $1.00 and above, but under $10.00________ Not less than 7Uc Selling at $10.00 and above, but under $25.00_______ Not less than 1214c Selling at $25.00 and above, but under $50.00_______ Not less than 15c Selling at $50.00 and above, but under $75.00_______ Not less than 1714c Selling at $75.00 and above, but under $100.00____ Not less than 20c Selling at $100.00 and above, but under $200.00____ Not less than 25c Selling at $200.00 and above, but under $250.00_____ Not less than 30c For each $50.00 increase in price 5c per share additional. Philadelphia Stock Exchange Officers: Frank L. Newburger, Pres. Howard Butcher, Jr., V. P. Frank C. Matthews, Sec. Frederick P. Ristine, Tr. John R. Huhn, Jr., A. Sec. and A. Tr. Thomas B. Gravatt, Aud. COMMISSION RATES Price BONDS Bonds and notes having over one year to run, not less than $2.50 for each 81,000 par value. Bonds and notes having one year or less to run, and obligations of the United States, Porto Rico, Philippine Islands and States, Territories and Municipalities therein, and Bonds or Notes of Foreign Countries having five years or less to run, such rates of commission to members and non-members as may be mutually agreed upon. STOCK SUBSCRIPTION RIGHTS Rate Per Right Selling under 50c. ----— .......... ...........As mutually agreed Selling at 50c and above, but under $1.00____________ Not less than 3c Selling at $1.00 and above, but under $5.00________ Not less than 5c Selling at $5.00 and above, but under $10.00___ Not less than 7 Selling at $10.00 and above______________________ _ Not less than 15c The minimum commission on any transaction for nonmembers shall be Exception to Commission Rates, effective February 4, 1933: Members are permitted to charge a commission equal to that in force in any dual market in which a stock is traded. All Special Commissions in force prior to February 4, 1932, have been rescinded. PITTSBURGH Askin, George K., Union Trust Bldg. Askin & Company, J. M., Columbia Bk. Bldg. Ballard, W. E., Keystone Bank Bldg. Barbour & Company, John B„ Magee Bldg. Brinker, Bell & Co., Union Trust Bldg. Carothers & Company, James, Union Bank Bldg. Dornberger & Co., C. S., 229 4th Ave. Duckham & Co., W. A., Union Trust Bldg. Edmundson, Jr., Eli, Columbia Bank Bldg. EDWARDS & COMPANY, H. S. Union Bank Bldg. Foster & Company, Bayard, 244 Oliver Bldg. Gammack & Company, Union Trust Bldg. Giles & Co., R. C., Columbia Bank Bldg. Goldsborough & Company, W. W„ Union Bank Bldg. Hemphill, Noyes & Co., 446 Wood St. Hetzel & Company, Henry G., Benedum-Trees Bldg. Holmes & Company, J. H„ 419 Wood St. McLaughlin, McAfee & Company, Clark Bldg Moore, Leonard & Lynch, Union Trust Bldg. MORRIS, BROWN & COMPANY, 316 Fourth Ave. minuui oc company, it. v., ranc »lag. Kane, John A., Columbia Bank Bldg. Kay, Richards & Company, Union Trust Bldg. Parrish & Company, Investment Bldg Post & Flagg, Oliver Bldg. Preston, Watt & Schoyer, Union Bank Bldg. Reynolds & Company, Grant Bldg. Robinson & Orr, 248 Fourth Ave. Stout & Company, Investment Bldg. MASTEN & COMPANY, A. E., 333 Fourth Ave. WELLINGTON & CO., Union Trust Bldg. HORNBLOWER & WEEKS, First National Bank Bldg. McJunkin, Patton & Company, 414 Union Bank Bldg. Wettach & Company, 218 Fourth Ave. Wettengel & Company, A. C„ Peoples Bank Bldg. Zacharias & Company, Union Trust Bldg. RATES OF COMMISSION Pittsburgh Stock Exchange Officers: R. S. Richards, Pres. Wm. J. Bauer, Treas. Samuel Carothers, Vice-Pres. Paul W. Leitch, Asst, to the Pres. A. L. Brinham, Sec. The minimum rates of commission charged to nonmembers of the Exchange for buying or selling each $1,000 bond shall be not less than $2.50 (these commissions shall not apply to government, state or municipal bonds or bonds and notes having five (5) years or less to run); for buying or selling each share of stock, shall be not less than as follows: Stocks selling under 20c a share............ .............. $0 005 Stocks selling at $0.20 and under $1.00____ ' 03 Stocks selling at $1.00 and under $3.00___ * ................... 04 Stocks selling at $3.00 and under $10.00 ' ....................... 075 Stocks selling at $10.00 and under $25.00. .. . *” 125 Stocks selling at $25.00 and under $50.00.. '15 Stocks selling at $50.00 and under $75.00.. ........... 175 Stocks selling at $75.00 and under $100.00........ . ........... 20 Stocks selling at $100.00 and under $200.00........................................I .25 Stocks selling at $200.00, $0.15 per share additional, and for each advance of $100.00 in the selling price, an additional $0.15 per share. A minimum commission of not less than $1.00 shall be charged on all transactions. Commission for buying or selling memberships in the Exchange shall be 1% of the price. Further Information on firms appearing in bold face type will be found In the selected list of Investment Dealers following bank list in each city https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1862 LOCAL STOCK EXCHANGE FIRMS Branch, Cabell & Co., Law Bldg. Davenport & Company, 113 E. Main Street. Richmond Corp. 809 E. Main Street Branch, Thomas & Co., 1101 E. Main Street. Mason-Hagan, Inc., 916 E. Main Street. Scott & Stringfellow, Mutual Bldg. Bryan, Kemp & Company, 911 E. Main Street. Murphy, G. M.-P. & Company, 923 E. Main Street Wheat, Galleher & Company, American Nat’l Bk. Bldg. Burch, Caskie G. &Company, 1118 E. Main Street. Nolting, Fred’k E., Inc., 907 E. Mam St. Williams, John C. & Company, 1107 E. Main St‘ RICHMOND Richmond Stock Exchange Officers: Walter S. Robertson, Pres., Scott & Stringfellow E. Addison Rennolds, Vice-Pres., Thomas Branch & Co. Henry C. S. Patterson, Secretary & Treasurer, Mason-Hagan, Inc. COMMISSIONS Stocks Selling under 50c_________ _____ ____ ________ _______ 3% of amount Selling at 50c and under $1.00 per share------------------------ 5c per share Selling at $1.00 and under $5.00 per share--------------------- 7J^c Selling at $5.00 and under $10.00 pershare-------------------- 10c Selling at $10 and under $15 per share.............. 12J^c per share Selling at $15 and under $50........................................... 25c Selling at $50 and under $150........ .................................... 50c Selling at $150 and over............ .......................................... 100 BONDS Municipals, public utilities, and rails------All others............ ..................................... . 25c per hundred 50c “ SALT LAKE CITY Nebeker, W. D., Exchange Bldg. Dixon, B. W. Co., 407 Scott Bldg. Conrad, W. K„ Walker Bank Bldg. Baglin, George, Newhouse Bldg. Ballif, Jr., S. F., 119 So. Main Street. Bemis, G. L., Newhouse Bldg. Pratt, Snow & Co., Walker Bank Bldg. Doming, J. H., Felt Bldg. Rankin, Lester, Felt Bldg. Doscher, H. W., Walker Bank Bldg. Havenor, Pett & Co., Newhouse Bldg. Thomas, Arthur Inc., Newhouse Bldg. CHILD, BARCLAY CO., Stock Exchange Bldg. HOGLE, J. A. & CO., 132 So. Main Street. Watson, Geo. H. & Co., 25 East So. Temple Street Clark, W. H.f Boston Bldg. Cole Allen Co., Atlas Bldg. Davies, Badger & Co., 23 W. 2nd So. St. Lynch, J. C. & Co., Kearns Bldg. Larson, A. R„ Elks Club. Mandell, J. J., Beason Bldg. Weiler, W. S., Exchange Bldg. Badger, R. A. & Co.,36 West 2nd So. Street. Barclay, Featherstone & Co., Newhouse Bldg. Ure, Pett & Morriss Inc., Beason Bldg. Whitney, C. L„ Exchange Bldg. Woolley, F. R., Walker Bank Bldg. Salt Lake City Stock Exchange Officers: I. D. Lowe, President W. H. Child, lsf Vice-Pres, B. W. Dixon, 2nd Vice-Pres. Blake Thomas, 3rd Vice-Pres. J. H. Deming, Sec. and Treas. SEATTLE Blackford, John C., Hoge Bldg. Blyth & Co., 1411 Fourth Ave. Bramhall & Stein, Hoge Bldg. Brown-Jeklin Co., Exchange Bldg. George H. Burr, Conrad & Broom, 707 Second Ave. Hawkins & Co., R. M„ Exchange Bldg. Puget Mortgage Securities, Inc., 1329 Third Ave Herrin & Co., H. M., Exchange Bldg. Pratt & Co.. H. P., Hoge Bldg. Kutz & Co., John A., Exchange Bldg. Price & Co., John E , National Bk. of Commerce Bldg. DRUMHELLER, ERLICHMAN & WHITE, Second and Columbia. Lockett & Co., G., Railway Exchange Bldg. Easter & Co., F. K., 717 Second Ave. Eberting & Co., C.' H., Exchange Bldg. FERRIS & HARDGROYE, Exchange Bldg. First National Co., Second and Columbia. Fix & Co , William H., Dexter Horton Bldg. Greening & Co., Thos. B., Exchange Bldg. Harper & Son, Wm. P., Hoge Bldg. Lanser & Co., J. F., 812 Second Ave. Latimer & Co., A. G., Dexter Horton Bldg. Logan & Bryan, Exchange Bldg. Marine National Co., Second and Spring. McConahy, C. D., American Bank Bldg. Meiklejohn & Brown, 1321 Smith Tower. North Pacific Finance Corp., 1520 First Ave. The Quinn Smith Co., Dexter Horton Bldg. Riker & Co., Inc., Joseph M., Hoge Bldg. The Seattle Co., Second and Columbia. Smith & Strout, Inc., Leary Bldg. Speckert, Frank J., 105 Cherry St. Thels & Co., A. J., Empire Bldg. Underwriters Finance Corp., Colman Bldg. Oaks, Prescott, 607-1411 Fourth Ave., Bldg. United National Corporation, Second and Colum bia. Pacific National Co., Second and Madison. Witter & Co., Dean, 1301 Fourth Ave. Seattle Stock Exchange Officers: F. K. Easter, Vice-Pres. Charles G. Mullen, Pres. J. F. Lanser, Treas. Harry J. Markey, Sec. Charles T Donworth, Counsel J. G. Rake, Exec. Sec. RATES OF COMMISSION Per Minimum Share Charge On Stocks Selling: Under $1.00 per share........... .......... ................................ - 5^ $2.50 At $1.00 and under $2.50 per share................ ................... 2.50 At $2.50 and under $5.00 per share.................. 15^ 5.00 At $5.00 and under $25 00 per share............................... 25^ 5.00 At $25.00 and under $50.00 per share.......................... 50fi 5.00 At $50.00 and under $75.00 per share................................. 75^ 5.00 At $75.00 and under $100.00 per share________ $1.00 5.00 At $100.00 and under $150.00 per share............................. $1.50 5.00 At $150.00 and over per share, the commission shall be increased 50^ for each $50.00 or fraction thereof increase in selling price. The minimum charge shall be $5.00. On all transactions where the total amount of money Involved is less than $25.00, the commission charge shall be discretionary with the member. In no case need the commission on warrants and/or rights selling under fifty cents exceed 5% of the money involved in the trade. BONDS $5.00 per $1,000 par value or fraction thereof. Further Information on firms appearing in bold face type will be found in the selected list of Investment Dealers following bank list in each city. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis