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To: dennis michael patterson who wrote (36442)	1/24/1999 8:16:00 PM
From: KeepItSimple	Read Replies (1) \| Respond to of 164684

> Glenn, is there a way to get this research for free? TIA Read the beginning of that volley of 20 messages, it gives you an email address where you can subscribe to and get it for free..

To: dennis michael patterson who wrote (36442)	1/24/1999 9:22:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

Glenn, is there a way to get this research for free? TIA dennis, The Internet Capitalist should be free at: sgcowen.com Some of the other information is not but I believe The Capitalist is to which you were referring. Glenn

To: dennis michael patterson who wrote (36442)	1/24/1999 10:57:00 PM
From: Glenn D. Rudolph	Read Replies (2) \| Respond to of 164684

Schwab: Net-Stock Volatility Is Hurting Investors The online broker's co-CEO wants the NASD to institute trading halts in overly volatile issues Charles Schwab, founder of the world's largest online brokerage firm, is concerned about what he calls the "fast market" -- and he wants the NASDAQ to do something about it. "I'm a little ticked that the NASD [the National Association of Securities Dealers] has not taken a role in smoothing things out," Schwab told Business Week Online in an exclusive interview. Schwab, who is now one of two chief executives of San Franciso-based Charles Schwab & Co., sees trouble brewing in the extreme price fluctuations and heavy trading of a small number of Internet-related stocks -- especially Internet IPOs. His concern: Price movements in some stocks are so extreme and so fast that retail investors are getting hurt. As Schwab says in a letter to investors that will be posted on the company's Web site on Jan. 22, "you could place a trade at a projected price of $10 and end up paying $40. It can and does happen." The NASD, says Schwab, should halt trading just like the New York Stock Exchange does, when price movements get so volatile. Without such trading halts, customers suffer inaccurate price quotes, get orders executed at prices different from the ones that have been quoted, and experience delays in trade execution, Schwab says. "In some ways, these are not fair or orderly markets," Schwab told Business Week Online. Much like circuit breakers on the New York Stock Exchange, "the NASDAQ should adopt circuit breakers on an individual issue basis," says Schwab. "When there is a huge imbalance of orders, the market should be shut down." Schwab's letter to customers explains the difference between a "limit order" and a "market order," and encourages customers to place limit orders in fast markets. A limit order "establishes a buy price at the maximum you are willing to pay, or a sell price at the minimum you are willing to receive," Schwab says in his letter. A market order is an order "to buy or sell as stock at the best price available at the time the order is executed...these orders typically assure a fill, but not a specific price." Such an open-ended order in fast moving markets can mean big losses for investors. By Leah Nathans Spiro in San Francisco EDITED BY DOUGLAS HARBRECHT _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _