Business: Little Markets

Assembled in Cleveland last week for a two-day annual convention was that exclusive little trade organization, the Associated Stock Exchanges. It has only 22 members, though the full roster of U. S. stockmarkets including the Honolulu Stock Exchange and the Manila Stock Exchange numbers 30.* Out of that total 21 are registered with the Securities & Exchange Commission as "national securities exchanges." The rest, largely local in character, enjoy temporary exemption pending SEC investigation. Even among registered markets only two are really national institutions—the New York Stock Exchange, which accounts for about 86%...

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