On the wall of Chicago Stock Exchange President James Day's office hangs a two-inch perch mounted on a tarpon-sized plank, the gift of friends lampooning a luckless fishing trip. But last week ardent Fisherman Day landed a tarpon of sorts. After three years of angling, he hooked it with representatives of the Cleveland, St. Louis and Minneapolis-St. Paul Stock Exchanges. They agreed to merge their exchanges into one big Midwest Stock Exchange, which will be exceeded in size only by the New York Stock Exchange and the Curb Exchange.

Said bustling Homer Hargrave, chairman of the Chicago Exchange: "We haven't...

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