Business: WALL STREET: TROUBLE IN THE PRIVATE CLUB

LIKE all his predecessors, Robert Haack, president of the New York Stock Exchange, speaks proudly of the Big Board's "preeminent position in the securities industry." Then he utters what his predecessors would surely have deemed blasphemy—the thought that this dominance is not part of the order of nature but could be lost if the exchange does not adapt itself to "a totally new set of conditions." Largely because it has so far been highly resistant to just such a basic change, the Big Board is in trouble today.

It must resolve at least three basic problems. They concern not only market professionals...

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