WALL STREET: Time for a Switch

In his 44 years as American Stock Exchange president, Ralph Southey Saul was the most effective and innovative leader of any major exchange. He pioneered in helping member firms over problems caused by high volume, and he oversaw the automation of exchange-floor functions. When President Nixon recently went searching for a new chairman of the Securities and Exchange Commission, the position was offered to Saul. He turned it down. Last week Saul startled just about everyone by taking another job. He will switch from the Amex presidency to the vice chairmanship of the First Boston Corp.

Why did Saul shift? There...

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