The mood of stock-market professionals, those money managers for brokerage houses and investment firms who handle billions of other people's assets, is so pessimistic these days that they are talking like mourners at a wake. Their business is in turmoil and trouble: the profits and numbers of brokerage firms are both falling, and brokers are tense about the effect of changes that the Securities and Exchange Commission intends to force concerning the rules they operate under.
But however enthusiastically they may denounce the SEC, securities men know where the real trouble lies. Says Donald Marron, president of Paine, Webber, Jackson & Curtis,...
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