APPENDIX 
651 
Odd lots Except that when the amount dealt in is less than 100 shares 
of stock To. 
rot cleared. Of stock the commission shall be not less than 1¢ per share on 
stocks selling below $10 per share and 2¢ per share on stocks 
selling at $10 per share and over. 
Inactive *t ON INACTIVE STOCKS: 
Stocks not . “ 
cleared. (as designated by the Committee of Arrangements): 
Not less than 4¢ per share. 
+ ON Bonbs: 
Not less than 758 cents per $1,000 par value. 
ON SusscripTION RIGHTS: 
PRICE 
Bonds not 
~leared. 
Rights not 
cleared. 
RATE PER RIGHT 
Selling under s50¢ As mutually agreed 
Selling at so¢ and above, but under $1 Not less than I4¢ 
Selling at $1 and above, but under $5 Not less than 34¢ 
Selling at $5 and above, but under $16 Not less than 114¢ 
Selling at $10 and above Not less than 215¢ 
1(d) On Obligations of the United States, Porto Rico, 
Philippine Islands, and States, Territories and Municipalities 
therein; Bonds or Notes having five years or less to run; Se- 
~urities which, pursuant to call or otherwise, are to be redeemed 
within twelve months: 
Exceptions 
to above 
rates. 
Such rates to members or non-members as may be mutually 
agreed upon; provided, however, that the Committee on Quota- 
dons and Commissions may determine special rates on any or 
all of the above-mentioned securities, reporting the same to the 
soverning Committee ** 
Original 
issues. 
Proposed 
violation. 
Sec. 3. If a member of the Exchange, or firm registered 
thereon engages in transactions in which the member or firm 
is acting as a dealer in securities of original issue, the rates 
of commission prescribed in this Article shall not apply to 
such transactions if not made on the Exchange; provided, 
however, that such transactions shall be subject to such regula- 
tions as the Committee on Quotations and Commissions may 
irom time to time prescribe. 
SEC. 4. No member shall make a proposition for the trans- 
action of business at less than the minimum rates of commis- 
sion prescribed in this Article. 
* As amended June 10, 1926. 
t See also Paragraph (d). 
"As amended October 29, 1925, June 28, 1928, and January 17, 
As amended December 16, 1926. 
t* See note 1 on page 124 
(XVe) “There is a tendency on the part of the public to consider 
Wall Street and the New York Stock Exchange as one and the same 
thing. This is an error arising from their location. We have taken