Business: Change Seats

Members of the New York Stock Exchange last week approved, 782 to 133, their Board of Governors' plan to increase the Exchange membership from 1,100 to 1,375 (TIME, Feb. 4). Since the increase adds 25% to the membership, each present member has a one-fourth interest in a new seat, or, in other words, each present member now owns five-fourths of a membership. The prospective purchaser of an Exchange seat may therefore acquire membership in one of the following three ways:

1) He may arrange with four members to purchase one-fourth of a seat from...

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