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Non-Tech : Web Street Securities (WEBS) -- Ignore unavailable to you. Want to Upgrade?

To: J.Fox-President,Web Street Sec who wrote (148)	12/16/1997 4:41:00 AM
From: specsit	Respond to of 1339

Mr Fox, would you please comment on your firms highly uncompetitive and nearly userious commissions on stocks under $1 per share ? I understand that you get paid for order flow and that on stocks under $1 you may not get as much as on higher priced stocks. What I dont understand is HOW IN THE WORLD YOU CAN JUSTIFY charging $214.95 if one was to take a flyer on 20,000 shares of a 25 cent stock ?? It takes an awful lot of free trades to make up for a $200 hosing on one cheapie trade. A friend of mine opened an account with your firm 6-7 weeks ago. With his application he enclosed a handwritten letter addressed to you regarding the commissions charged on under $1 stocks. To date he has not recieved a response. Is this typcial of your firm ? Is this what happens if a customer has a question or concern ? Since you have apparently not felt it worthy of your time to answer his request(you've had 6 weeks), I've decided that I'm not interested in your firm. I'll stick with Suretrade for $7.95. By the way, why do you imagine Suretrade can do 20,000 shares of 25 cent stock for $7.95 when it costs you $214.95 at Webstreet ? The $207 differential has lost my potential business and my friend only has a very,very small portion of his funds at Webstreet. The only thing I can possible think of as a reason for charging an additional $200 is the fact that a majority of folks who buy 25 cent stocks dont have a clue what they are doing and somehow might think its their brokers fault possibly leading to litigation when losses are incurred. We are well aware of the risks of low priced stocks and dont trade in them often. In fact we often trade in blocks of over 1000 shares of over $2 stocks which is why we found Webstreet attractive in the first place. It is a bit of a hassel to have several different accounts and we were looking for one firm that could we could do it all at. Does Webstreet want to be that firm ? Or will you stick firm to your $200 excess charge ?? My friend doubts I'll get a response. I'm not sure. The balls in your court for everyone to see. We wouldnt have taken this route but you've had 6 WEEKS to answer ! Regards Specsit (Special Situation) investor