Outlining its on-line trading plans to the press Thursday, PaineWebber Group Inc. said it would not try to be a discount brokerage.

The statement that the group would proceed as planned in the on-line arena came on the heels of Merrill Lynch and Co.'s announcement Tuesday that it would offer discount brokerage services charging $29.95 per trade. That news sent brokerage stocks plummeting on fears that profits would fall.

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