The steering committee that promoted that which it expected to call “Society of Municipal Securities Underwriters” offered as an inducement to promote acceptance of its invitation to join the group the designation of the first 50 joiners as Charter Member. Fifty certificates of membership were printed carrying this distinctive identification. These were issued to the firms identified with an asterisk in the list below.

Times were hard, and the initial order of furniture and equipment (a typewriter) was bought on credit. Membership fees were established at $450 for members with more than six registered representatives, $300 for those with three to five, and $150 for those with one or two. To provide maximum initial capital, branch offices were allowed membership upon payment of the regular membership fee. This accounts for the listing of Rauscher, Pierce & Company’s Houston office and First Southwest Company’s Abilene office as individual members.

W.Travis Sykes, Chairman	Dewar, Robertson & Pancoast
Wilbur H. Frederking	Fridley, Hess & Frederking
John M. Hamilton	C.N. Burt & Company
W. C. Jackson, Jr.	First Southwest Company
W. A. Jeffers	Dittmar & Company
W.E. Knickerbocker	McClung & Knickerbocker
Arnold J. Kocurek	Rauscher, Pierce & Co., Inc.
R.R. Rowles	Rowles, Winston & Co.
Louis W. Stayart	Hudson, Stayart & Co., Inc.
Eugene D. Vinyard	Central Investment Company of Texas
D.E. Walton	The Fort Worth National Bank
R.E. Whitlock	James C. Tucker & Co., Inc.

Lovett Abercrombie & Co.
*M. E. Allison & Co., Inc.
*Austin, Hart & Parvin
*E. Kelly Brown Investment Company
*C. N. Burt & Company
*Central Investment Company of Texas
*Columbian Securities Corporation of Texas
*Dallas Union Securities Company
*Dewar, Robertson & Pancoast
*Dittmar & Company
*R. K. Dunbar & Co., Ltd.
*Dunn & Wills
East Texas Investment Co.
*Eddleman-Pollok Co.
*R. J. Edwards, Inc.
*Williams N. Edwards & Company
*Emerson and Company
Eppler, Guerin & Turner
Equitable Securities Corporation
*Charles J. Eubank Company
*First National Bank in Dallas
*First Southwest Company, Dallas
First Southwest Company, Abilene
*First of Texas Corporation
*The Fort Worth National Bank
*Fridley & Hess
*M. A. Hagberg & Company, Inc.
J. Wylie Harris & Co.
*Henry-Seay & Company
*Hudson, Stayart & Co., Inc.
E. F. Hutton & Company
*S. W. Jackson & Company
*Judson S. James & Co.
*Keller & Ratliff
LaMaster & Co.
*Lentz, Newton & Co.
*McClung & Knickerbocker
McRoberts & Company
*Mercantile National Bank at Dallas
Merrill Lynch, Pierce, Fenner & Beane
*Murray W. Moore & Company
*J. Marvin Moreland & Company
*Moroney, Beissner & Co.
*Muir Investment Corp.
Louis Pauls & Co.
*J. R. Phillips Investment Company
*The Ranson-Davidson Company
*Rauscher, Pierce & Co., Dallas
Rauscher, Pierce & Co., Houston
*Rauscher, Pierce & Co., San Antonio
Keith Reed & Company, Inc.
*Republic National Bank of Dallas
*Roe and Company
*Rotan, Mosle & Co.
*Rowles, Winston & Co.
*Dallas Rupe & Son
*Russ & Company, Inc.
Shawell & Company
Shearson, Hammill & Co.
Southwestern Securities Co.
*Harold S. Stewart & Company
*Texas Bank and Trust Company
*James C. Tucker & Co., Inc.
*R. A. Underwood & Company, Inc.
*Underwood, Neuhaus & Co.
*Chas. B. White & Co.