Mr. Ruder added that so far there are no indications of significant problems among major brokers and dealers.

This performance was achieved by keeping a tight lid on costs and by charting a course quite different from any other major retail broker.

The resistance of the major brokers will make it more difficult for the units to catch on.

Still, highly publicized computer glitches at most of the major on-line brokers have discouraged some people from trying on-line trading.

Instead of relying on a major broker to handle leasing and management, Winthrop took on the job itself.

"We have all the listings from the newspaper as well as the direct feeds of the inventory available from most of the major brokers."

"This is a fearful concern for major brokers who have their net worth tied up in their businesses," he added.

Jones's recommended list gained 39.5 percent last year, outperforming the Standard & Poor's 500-stock index and the recommended selections of every other major broker.

A major on-line broker is also bidding to acquire a day-trading firm, industry executives said.

He is a primary dealer in the Treasury market and can get the prices from the other four major brokers in the business.