Saul Urges Fixed Rates For Stocks: Fixed Commission Rates Asked; Surcharge
NEW YORK, May 18ÛÓThe outgoing president of the American Stock Exchange today called for a return to fixed commission rates on all stock market transactions.</br></br>York Slock Exchange reported that a sampling of 70 retail brokerage firms showed they made a profit of $18 million in åÈ March, all of it due to the $15 surcharge.</br></br>Ralph S. Saul, who is expected to leave the Araex in the middle of June to become ^ vice chairman of First Boston Corp., speaking to a meeting % of financial analysts in Cleve- Ûª% land, said,ÛÏIt is the fixed com- -ÛÏC mission which binds members Jk to the exchanges.Û	'ÐÊjjj</br></br>In SaulÛªs speech, which was released here, he said that J | those urging a reduction in Û÷ i the break point have not ex- Û÷ amined the effects of freely negotiated rates. ÛÏWill mem- -J bers, lose their incentive to participate in an agency-type market?Û he asked.</br></br>RATES, From Cl the NYSE report said. If it h id been eliminated, as urged Û÷Û÷Will the smaller firmgr some members of the in-throughout the country fingl astry as well as on Capitol it difficult or impossible tH ill, the brokers would have compete with the large, wellt st more than $6 million, the capitalized firms? Will firmeuchange said.