Business: THE STOCK MARKET'S ODD MAN OUT

Nothing on the New York Stock Exchange has sold quite so briskly as its slogan, "Own Your Share of American Business." The number of in vestors who do has risen from 6,000,000 to 24 million since 1953. One in eight Americans—more than half of them in the under $10,000 income bracket—participate in "people's capitalism."

Having sold the people on capitalism, the Big Board may now have to sell the capitalists on people. The surge in trading volume has swelled brokerage-house commissions, which many brokers have been more eager to pocket than to plow into...