1921

Citation: Competing With the NYSE, William O. Brown, Jr., J. Harold Mulherin, Marc D. Weidenmier, NBER Working Paper No. 12343, Issued in June 2006

Ott (2004) shows that odd-lot trading accounted for as much as 40% of the business of NYSE members by 1921. She also provides historical evidence that NYSE member firms often sold odd lots to retail customers at stale prices and that such trading was a highly profitable business for NYSE members.






Citation: A Century of Stock Market Liquidity and Trading Costs, Charles M. Jones, Columbia Business School - Finance and Economics: May 23, 2002 (Appendix 2)

May 8, 1919 to October 30, 1924
Share price                             Minimum commission per 100 shares
$1 to $9.875                           $7.50
$10 to $124.875                    $15
$125 and over                        $20