THAT Wall Street must undergo fundamental reforms if it is to survive as the securities-trading capital is almost universally accepted. Woe to him, however, who tries to translate broad truism into specific truth. Robert Haack, president of the New York Stock Exchange, discovered the danger last week when he proposed some basic revisions in exchange rules. Though some members supported him, many reacted as if he were ordering tumbrels to convey them to the guillotine. Among the insults flung at him were "panderer," "out of his mind" and "he makes me sick." Bernard Lasker, chairman of the N.Y.S.E. board of governors,...
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