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^C^1THE STOCK EXCHANGE BB$
^C319-236-0834
^C1200 AND 2400 BAUD

^Cby  David G. Sparks

   As nearly as anyone can tell, the nation's first bulletin board specializing 
in the investment field now operates amid the cornfields of Iowa. The Stock 
Exchange BB$ (yes, that's a dollar sign) specializes in "business people who 
are investors", says SYSOP Curtis D. Kyhl, C.F.A. 

   Curt is an institutional money manager who became interested in personal 
computers almost at the beginning. He developed a bond swap program on a Radio 
Shack TRS-80 back in 1979, and credits it with helping him raise the performance
on the $100 million bank portfolio he runs to be consistently in the top 10% 
nationally among peer group banks.  His department now includes several IBM PC-
AT systems running a number of specialized, analytical programs of his design. 

   During the summer of 1986, Curt agreed with John McGinley, assistant editor 
 of "Technical Trends," that a bulletin board for investment people would be
useful. Just a few months later it was up and running at his home in Waterloo,
Iowa.  Available around the clock, it is probably the first of its kind. Better
yet, at the date of this writing, it remains a free board.

   There are over 700 program files available on the Stock Exchange BB$. These 
include financial programs, Lotus templates, specialized databases, word 
processing, Turbo Pascal programs, communications programs, utilities, certain 
miscellaneous files, and a special directory for recently up-loaded (not yet 
tested) items. 

   Perhaps the most significant benefit of the Board is the number of free 
demonstration packages provided for some of the major financial software 
packages.  The Stock Exchange BB$ may be the best, one-stop source to obtain 
trial-size samples of important, commercial programs for investment analysis. 

   Anyone may join the board, subject to verification by the SYSOP.  Callers to 
(319) 236-0834 may come in at either 1200 or 2400 baud.  The first call allows 
you 20 minutes of time.  After you supply the requested registration 
information (name, password of your choice, home and business phone numbers, 
and file transfer protocol desired), you will be allowed to peruse the entire 
system. 

   On your first visit, you can read the messages, and download two specific 
files:  ARCX.COM and STOKEXCH.ARC. You should get them both.  The first is a 
utility for "unpacking" the special, compact file storage format, and the 
second is a list of all the files in the system. 

   You can expect a call from Curt Kyhl soon afterwards, confirming your 
registration and participation status. Presently, full participants are allowed 
up to an hour of time per call with no restrictions on use of the system. 

   The Board uses a proven, standard software package: PCBoard, version 11.6. It
runs in a Multitech 900 clone, AT-compatible, with 1 meg of RAM, one 360K 
floppy, one 1.2-meg drive, and a 30-meg winchester. The host modem is a U.S. 
Robotics Courier 2400. 

   The system is never off.  Curt performs his SYSOP duties during real time 
through the use of the Double-DOS operating system.  If he is in the system, he 
sets the phone line to busy.  The durability of his equipment is evident in the 
fact that he turned it on December 13, 1986, and it has run continuously ever 
since. 

   Most of the common file transfer protocols are supported.  They include: 
XMODEM, CRC XMODEM, YMODEM, and ASCII.  At the present time, all files are in 
the main directory, with no special-interest "conferences." SYSOP Curt wants to 
get traffic up, then see what special conferences may be useful. 

   The files are stored in a well-known, public domain "archive" format to save 
both disk space and download time. The programs already mentioned, which can be 
downloaded from the Board, will convert the program files into executable code 
for IBM-compatible microcomputers.  At the present, only IBM-compatible 
programs are available on the system. Of course, some of the data files that 
are in text form could be used by anyone. 

   Turbo Pascal files are available in source format, but not in compiled 
versions.  This is partly to save space on the system hard disk; the source 
files have to be there anyway, so the compiled version is redundant.  Files 
uploaded in compiled form only will not be retained, for security purposes. 

   The Board's software includes a "chat" mode, allowing the SYSOP to talk to 
you, and a "pager" alert to let Curt know you need his attention online.  Color 
graphics are supported, at the user's option.  Until you become expert in the 
use of the system, it supplies you a full menu of the available commands. 

   You can turn off the menu (and save valuable time) by selecting "expert" 
mode.  The system will remember your preferred setup, though you can change 
your settings, even your password, at any time.  

   Spreading largely by word-of-mouth, the BB$ has already attracted the 
attention of some "names".  For example, John Bollinger of Financial News 
Network is a regular user of the Board.  Other participants include a number of 
individual investors, several newsletter publishers, and institutional money 
managers.  The Board has the help and support of the Market Technician's 
Association, which has over 1000 members and subscribers.  At (319) 236-0834 
the Stock Exchange BB$ welcomes new callers any hour of the day or night. 

   Curt Kyhl says the Board gives him a lot of satisfaction.  "Being unique is 
fun," he grins, adding that he enjoys his dialog with others interested in 
investing. Anyone interested in stocks, bonds, options, futures, or other 
financial assets may participate, says Curt, "You need not be technically-
minded." 

   The SYSOP really makes this bulletin board special. Curt holds an MBA from 
the University of Chicago, and is a Chartered Financial Analyst.  He is Senior 
VP and Investment Officer for the National Bank of Waterloo, Iowa.  In addition 
to running the bank's bond portfolio, he is responsible for several hundred 
million more in stocks and bonds for its Trust department.  He also provides a 
bond advisory service for almost 100 correspondent banks in northeast Iowa. 

   Now he is chugging along to make the Stock Exchange BB$ not only the first of 
its kind, but the standard.  "I've wanted to do something like this for a 
couple of years," he explains.  Somehow, in the midst of an extraordinary 
investment climate, he has found the time to make it happen. 
