No rebate- 
ment or 
allowance 
for business 
nsrocured. 
To non- 
members. 
Joint 
accounts 
and non- 
member 
partners. 
Stocks. 
$1.00 
minimum. 
[nactive 
Stocks. 
Bonds. 
APPENDIX 
649 
n this Article prescribed; and shall be net and free from any 
-ebate, return, discount or allowance made in any shape or 
nanner, or by any method or arrangement direct or indirect. 
No bonus or percentage or portion of a commission, whether 
such commission be at or above the rates herein established, 
or any portion of a profit except as may be specifically per- 
nitted by the Constitution or a Rule adopted by the Governing 
Committee, shall be given, paid or allowed, directly or in- 
directly, or as a salary or portion of a salary, to a clerk or 
person for business sought or procured for any member of the 
Exchange or firm registered thereon, 
¢ Sec. 2. Commissions shall be as follows: 
(a) On business for partics not members of the Exchange, 
mcluding joint account transactions in which a non-member is 
imterested; and on transactions for partners not members of 
the Exchange: 
* On STOCKS, 
(except as to Inactive Stocks, 
as stated below): 
PRICE 
Selling under s50¢ 
Selling at so¢ and above, but under $1 
Selling at $1 and above, but under $10 
Selling at $10 and above, but under $25 
Selling at $25 and above, but under $50 
Selling at $50 and above, but under $75 
Selling at $75 and above, but under $100 
Selling at $100 and above, but under $200 
Selling at $200 and above, but under $250 
For each additional $50 in price 
RATE PER SHARE 
\s mutually agreed 
Not less than 3¢ 
Not less than 7l4¢ 
Not less than 1215¢ 
Not less than 15¢ 
Not less than 1714¢ 
Not less than 2o0¢ 
Not less than 25¢ 
Not less than 3o¢ 
e¢ additional 
provided, however, that on every transaction which involves an 
amount of $15 or more, the minimum commission shall be not 
less than $1.00. 
*+ ON INACTIVE STOCKS: 
(as designated by the Committee of Arrangements): 
PRICE 
Selling at less than $100 
RATE PER SHARE 
Not less than 20¢ 
i The same rates as 
* provided for other 
stocks 
Selling at $100 and above 
{ ON Boxnbs: 
Not less than $2.508 per $1,000 par value. 
\ 
* Effective June 10, 1926. 
F See also Toraganh (d). 
} As amended October 29. 
1925, and Tanuary 17. 1930