Many companies allow investors to buy shares directly without a commission. Here's a list:

American Recreation Centers

Central Vermont Public Service (Initial purchase permitted in over half of the states)

Citizens First Bancorp

Exxon

R. Grace

Johnsons Controls

Kroger

Madison Gas & Electric

Mobil

Procter & Gamble

Questar

Texaco

These companies allow customers of the company -- or, in som cases, residents of company's home state -- to buy shares without a commission.

Bancorp Hawaii

Centerior Energy

Central Maine Power

Duke Power

Florida Progress

Hawaiian Electric Industries

Minnesota Power & Light

National Community Banks

Nevada Power

Philadelphia Suburban

Puget Sound Power & Light

Southwest Gas

Union Electric

SOURCE: Charles B. Carlson, editor of the Dow Theory Forecasts newsletter and the book "Buying Stocks Without a Broker" ($16.95 McGraw-Hill).