Wall Street: The Battle About Fees

If anything is sacrosanct on Wall Street, it is the fixed minimum commissions that brokers charge their customers for stock trading. So last week, when the head men of the New York Stock Exchange appeared before the Securities and Exchange Commission during its eight-week-old inquiry into brokerage practices, it was only natural that they denounced government proposals to change the system. Big Board President Robert W. Haack warned that abolishing the minimum rates would cripple the world's largest securities market, with damaging consequences for brokerage firms and investors alike. "I have no doubt," he said, "that the securities markets...

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