Business & Finance: Little Board

The Washington Stock Exchange, less than two blocks from the White House, afforded a fine view of this week's Inaugural parade (see p. 11). Although the exchange was closed for the day, its members showed up anyway, simply transferred their attention from board to windows.

Such clubby use of the Washington exchange was nothing new: it is one of the nation's most informal financial institutions. Its office is a single 20-by-40-ft. room on the sixth floor of the Washington Building (which also houses a nightclub, a liquor store, a nut shop, a division of...

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