WALL STREET: Fight for Business

Wall Streeters watched tensely last week as the biggest internal fight in many a year got hotter & hotter. The battlers: the New York Stock Exchange v. a powerful phalanx of nonmember investment bankers. The battle: Should large blocks of listed stock be sold on or off the floor of the exchange?

The scrap started when the exchange jolted its members, bluntly told them not to help nonmember firm Dillon, Read & Co. sell 50,000 shares of Standard Oil of Indiana in the over-the-counter market. Everybody saw red. Exchange members were sore because...