Business: Secondary Distribution

After many weeks of cogitation and cautious explanation, the New York Stock Exchange last week raised a phrase of Wall Street's vocabulary from obscurity to national import and significance. The phrase: Secondary Distribution. Basic in the Exchange's structure has been the principle that members receive commissions, but pay no commissions to their employes, for business in Big Board stocks and bonds. Also basic has been the general rule that no member has a listed security ''for sale." A member might advise a stock, might buy it in the open market for a customer,...

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