in 1963, charles r. schwab and three other partners launched "investment indicator", an investment newsletter. at its height, the newsletter had 3,000 subscribers, each paying $84 a year to subscribe. in april 1971, the firm incorporated in california as first commander corporation, a wholly owned subsidiary of commander industries, inc., to offer traditional brokerage services and publish the schwab investment newsletter. in november of that year, schwab and four others purchased all the stock from commander industries, inc. in 1972, schwab bought all the stock from what was once commander industries.