Business & Finance: Exchange Politics

Each year on the second Monday in April the nominating committee of the New York Stock Exchange posts a hand-picked slate of officers and governors for the May elections. During the preceding month it holds three open meetings at which brokers suggest candidates, make stump speeches. In the end, however, the nominating committee from the depth of its own wisdom names whom it pleases. Throughout the 143 years since organized trading began under the old buttonwood tree on Wall Street, official nominations have been, almost without exception, tantamount to election.

By last week,...

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