Batten the hatches. Some people are expecting a flood of interest in Maryland-based stocks next week. Of course, they're the same people who came up with a novel idea to win publicity for their little-known stock brokerage firm.
Peremel & Co., a discount broker in Pikesville, has declared next week "Take Stock in Maryland Week," which means that from July 20 through July 24, the company will cut its commissions in half for purchases of stock in some Maryland-based companies. To make the event official, the family-owned and run company persuaded Gov. William Donald Schaefer to issue a proclamation yesterday recognizing "Take Stock" week.
"The economy is slow. Here's a chance to offer a bargain," said Harold Peremel, 57, president of Peremel & Co., which has about $1.2 million in annual revenue.
The idea came from his son Ronald, the company's vice president for marketing, who has taken it upon himself to raise the firm's profile. "We're the best-kept secret in town," said the younger Mr. Peremel, 27, who joined the company in 1989. He came aboard six years after his 29-year-old brother, Mitchell, the vice president for sales and operations. The idea, said Ronald Peremel, is "to get people who know what they want, to call in, open an account and start trading right away."
Here are the rules: 50 percent off on commissions for purchases -- not sales -- of the Maryland-based companies; $20 minimum on commissions; purchases at market price only; and one trade per family.
Ronald Peremel said he has no illusion "one week will fuel investing millions of dollars in Maryland. . . . But if you can look at a McCormick or a Baltimore Gas & Electric, you don't have to find an Ohio Edison. . . . Why not invest here?"
A break on commissions
Peremel & Co., a Baltimore discount brokerage, is offering 50% off commissions on the purchase of common stock of Maryland companies. The offer, which runs July 20-24, applies to the following companies:
Black & Decker
Duty Free International
McCormick & Co.
Procter & Gamble
T. Rowe Price
W. R. Grace
Brokerage commissions for the purchase of 200 shares at $35 each
Peremel (with new discount)... $20
Peremel...... ..... ...... ... $40
Cardy & Co. ....... ...... .... 56
Olde Discount...... ...... .... 60
Atlantic..... ..... ...... .... 72
Quick & Reilly..... ...... .... 77
Schwab ...... ..... ...... ... 100