Securities: Tough to Nudge Judge Budge

While investors are brooding over the deterioration in stock prices, their brokers are grappling with many longer-range problems that will importantly affect the future of the securities business. Should brokerage houses be permitted to sell their own shares to the public? What kind of commission discounts should the stock exchanges give to the big institutional investors? The answers to these and other basic questions will depend largely on the views of the Securities and Exchange Commission, Washington's watchdog over Wall Street. The times would seem to call for a tough-minded decision maker...

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