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From: brett@ucla-cs.UUCP
Newsgroups: net.invest
Subject: Re: Discount Brokers
Message-ID: <3467@ucla-cs.ARPA>
Date: Sun, 27-Jan-85 15:42:40 EST
Article-I.D.: ucla-cs.3467
Posted: Sun Jan 27 15:42:40 1985
Date-Received: Thu, 31-Jan-85 01:18:26 EST
References: <1892@inmet.UUCP> <3465@ucla-cs.ARPA>
Organization: UCLA Computer Science Department
Lines: 34

Charles Schwab is one of the most expensive of the discount brokers.
Some smaller firms where you can save more than at Schwab include:
Ovest Securities, Rose Securities  (owned by Chase-Manhattan now),
and Brown and Company.

I've dealt with Ovest for some time now.  I switched 
to Ovest after having had bad experiences with 
an account rep. at Merill who moved to Bache.  I was
inexperienced and wanted to trade with a high frequency following
a popular market letter (Zweig).   Merill Lynch is probably not
appropriate for traders who follow a market letter.

When I opened my account Ovest's minimum commission was 30.00.  
Now the minimum is 35.00 and I typically pay it or 42.50
for trading 200 shares.  OVEST HAS A FLAT RATE COMMISSION
SCHEDULE.   Even for high priced issues such as IBM,
Ovest charges 40.00 for 100 shares.  I think Schwab, if I recall
correctly, has a percentage of gross amount.  So you couldnt get 100
shares of IBM at 40.00 commission.  (They may have changed this
policy - but I doubt it).

Schwab does provide 24-hour calling, which Ovest doesnt.  Both
will pay interest on outstanding balances.

-- 
Brett Fleisch
University of California Los Angeles
3804 Boelter Hall
Los Angeles, CA 90024
Phone: (213) 825-2756, (213) 474-5317 

brett@ucla-cs.ARPA or
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