Category : Financial and Statistics
Archive   : SCHWAB24.ZIP
Filename : SCHWAB.DOC
Charles Schwab Commission Calc Version 2.4
May 21, 1991
Written in Turbo Pascal 6.0 by Don Rosenberger
I wrote Schwab.EXE as a commission calculator for my own
use. I have received some good response on the program so I
updated this version 2.4 from the previous 2.2, 2.01, 2.0 & 1.5.
The new program has some additional features listed below.
USING THE PROGRAM
To use the program pick from the main menu Commissions,
Calculations, Utilities, Help or Quit. Under the Commissions and
Calculations Section enter the asked for information and the
program does the rest. The input routines will allow users to
correct data if a mistake is make, nothing is final until you hit
return at the last input.
The Stock Commissions allows you to request a commission
discount of 10 Percent. This is available to Schwab customers who
trade on line (by computer) or use the Telebroker service.
The Options Section works a little different. One contract
is equivalent to 100 shares. The Contract price is the premium over
the cost of the stock. A typical input would be as follows
Enter Contract Price ............ $ 2.375
Enter Number of Contracts ....... $ 2 ( Same as 200 Shares )
Under the Utilities menu you may Shell to DOS, Read this
Documentation File or Choose New Colors.
SETTING THE COLORS
A new feature of this program is the ability to choose your
colors. To do this pick the "Choose Colors" Menu. At this point
you may set the colors to two built in defaults or you may pick
your own. To pick your own colors choose "Customize Colors" at
the secondary menu. Pick the section or sections you wish to
change. The program will display the current settings. After
changing you colors be sure to pick "Save Changes" from the menu.
At this point you will have to reload the program to see the
changes.
WHATS NEW
Ver 2.4 1. Updated Commission Schedule.
05/21/91 2. Put Setup Part of program into Overlay
File.
3. Minor changes to Source Code.
Ver 2.2 1. Fixed Errors in commission calculations
11/30/90 for Stock and options. Previous versions did not
take advantage of Schwabs Minimum and Maximum
Commissions.
Ver 2.01 1. Fixed Color Grid Display Mistake.
11/04/90 Background color 0 (black) Labeled as 8.
ver 2.0 1. Added 10 Percent discount option to Stock
Commissions
2. Online Calculator.
3. Stock Profit / Loss Calculator.
4. Read Documentation Online.
5. DOS Shell.
6. Custom Color Setup.
7. Improved Error Reporting.
8. CRC Check on Startup
9. Elapsed Time Display.
Ver 1.5 1. Improved Input handling routines.
Ver 1.1 1. First Release
HELP THE AUTHOR.
I ask anyone who uses this program to write me and let me
know how you like it and what you would like to see added or
changed about the program. To do this just fill out the form
REGISTER.DOC.
As of this date I have only had 3 users contact me about the
program. If the program is to continue I need to hear from users.
I would also like to add the commission schedules of other
brokers, Full Service and Discount. If anyone is interested in this
or can help me with this please contact me.
Also Does anyone use MicroSoft Windows 3.0 ??. I would be
interested in developing a version of this program for Windows
but would like to know if there is any interest before doing so.
I may be contacted by mail or on the Market BBS (301)
299-8667 in the main message base, I check my mail every 2 weeks
or so. To Contact me by mail send letters to:
Donald T. Rosenberger
Rosenberger Systems
P.O. Box 10774
Alexandria, VA 22310
DISCLAIMER
Users of this program understand it is supplied as is with no
warranty either expressed or implied. Users of this program
release the author of any form of liability.
The following is a comment from the SYSOP of the Computer
Connection BBS, It's most interesting.
Date: 10-05-89 (22:10) Number: 11810
To: DON ROSENBERGER Refer#: NONE
From: SYSOP Read: 10-17-89 (19:21)
Subj: SCHWAB12.ZIP Status: PUBLIC MESSAGE
Conf: MAIN BOARD (0) Read Type: GENERAL
I wish you had made your msg about Merrill Lynch's commission
schedule public as the practice of "full service" brokerage firms
in this area is of interest to me and I'd like to air it here on
the BBS. There are few other services that don't tell you in
advance what they are going to charge for a transaction unless
you specifically ask. And, even if you do ask, you have no
published price list to check to make sure the price you've been
quoted is correct.
When I was a customer of Merrill Lynch, I told my broker at that
time (who shall remain nameless to protect his identity) that he
either mailed me a complete commission schedule or lost the
account. He sent a photocopy of the schedule in a plain brown
envelope which he mailed from home at his own expense, *only*
after I swore to him that I would *never* reveal from where I
obtained that schedule.
I recently went through that exact same exercise with a broker at
Shearson Lehman Hutton but the twist now is that he claims SLH
doesn't even have a hard copy of their current commission
schedule (the commission is, of course, generated by their
computer automatically as each trade is entered, thus, he claims,
no need for a hard copy). So, he sent me a two year old copy
instead -- again, treating this as if he were talking to Woodward
& Bernstein in an underground garage -- and then verbally gave me
the corrections for certain categories of trades.
It is my personal view that this ain't no way to run a railroad.
I've never gotten around to looking at the various federal &
state laws & regulations that might be invoked to force a change
in how the brokerage firms behave on revealing their commission
schedules. But, the free market doesn't work when pricing info
isn't available (hence, for example, the various FTC rules
requiring pharmacies to provide pricing info on prescription
drugs). This is a dismal holdover from the old days of regulated
commission schedules and should have self-corrected by now. It
hasn't.
I wonder how many people know that you can negotiate a discount
on the commissions charged by "full service" brokerage firms if
you're a good customer? You don't even have to be *that* good a
customer. Just tell your broker what it's gonna cost you to do
the same transaction at Schwab, for example, (run SCHWAB12!) and
then talk him down. Needless to say, I don't pay full commission
at Shearson nor at any other full-service house with which I do
business. But, that's because I know the prices first!
Anyway, a long-winded answer in response to your msg, but it's
been a long day in a related area of consumer rip-offs so I
appreciate the opportunity to let off some steam!
END OF DOCUMENTATION
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