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From: mazlack@ernie.BERKELEY.EDU (Lawrence J. &)
Newsgroups: net.invest
Subject: Re: Stockbroker selection, discount brokers.
Message-ID: <11102@ucbvax.BERKELEY.EDU>
Date: Wed, 27-Nov-85 20:11:22 EST
Article-I.D.: ucbvax.11102
Posted: Wed Nov 27 20:11:22 1985
Date-Received: Fri, 29-Nov-85 00:13:14 EST
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Reply-To: mazlack@ernie.UUCP (Lawrence J. Mazlack)
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>
>I am very surprised at the dissatisfaction being expressed about
>Charles Schwabb.  I use them with no problem.
>
>
>2.  They have never screwed up my accounts.
>
>4.  I am open minded.  I have never heard of "Rose".  I am interested.  
>Where do I (we) get in contact?  Do they give 24 hour free quotes?
>

Schwabb (about 2-3 years ago, I think) had massive book keeping problems which
affected quite a lot of people.  In my case, they created several different
types of accounts for me (about 4 in all), credited payments against one 
account and margined stocks held in other accounts because the payments 
were credited wrong.  At the same time, I had extra commisions because they
split orders (i.e., had more than one transaction to satisfy an order when
the transaction was to have been a single buy - to do this you specify
"all or none").  I contacted everybody possible, including the FEC to sort
out my extra charges.  Unfortunately, it wasn't completely cleared up to
my satisfaction. [I only wanted to operate a single, cash account.)

Rose is owned by the Chase Manhattan Bank.  It was taken over while an 
operating entity (just as Schwabb is owned by Bank of America).  Both
operate as independent subsidaries (different than directly using a bank
as a broker - which I don't recommend).  Rose is headquartered in Chicago,
Schwabb in San Francisco (I think). Schwabb is the largest discount broker,
Rose the second largest.

Rose's number: 800-621-3700

I don't know if Rose has a 24 hour line. They always answer when I call during
West Coast business hours tho.  I've never tried otherwise. They do have a 
program that will let you keep a list of your stocks in their machine so you
can track current value and profit/loss. (I don't use this because I am
reluctant for anyone to know all that I own.)

I certainly agree that you should only deal with sound companies.

I usually go with Rose because of the quality of their execution and book work.
However, if you are happy with someone else, why change? (Assuming you
take delivery of the certificates.)  The reasons that I use two brokers are:
(a) not having everyone know all my assets, (b) having a developed relationship
with another broker incase I get into a dispute with my current one, 
(c) when buying penny stocks, there is a substantial difference between broker
costs, even discount brokers.
...Larry Mazlack