Investment-As-You-Go

To attract small investors and money that is now going into savings accounts, the New York Stock Exchange last week began selling stocks on a monthly (or quarterly) buy-on-your-budget basis. Under the plan, promoted by Exchange President Keith Funston, the investor signs up to pay his broker a definite sum (from $40 to $999) every month or every quarter. The customer is credited with as many shares and fractions of shares as his money can buy (less the regular commission of up to 6%). Stockholders will earn dividends even on their fractions of shares, but will have voting rights only on complete shares. Unlike the investment trusts, the plan allows (and encourages) the buyer to choose the stock he wants and even to buy a different stock every month if he wishes.

At the end of the first week, 4,054 shares (a total investment of $135,180) had been purchased through the plan. Brokers were enthusiastic because most of the orders came from people who had never invested in stocks before.

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