A FEW MONTHS AGO, WALL STREET SEEMED TO BE FALLING APART. NOW, IN SPITE OF THE DAMAGE DONE TO STOCK PRICES BY THE MIDDLE EAST WAR AND THE NIXON TAPES, THINGS ARE LOOKING VERY MUCH BETTER. OCTOBER TRADING VOLUME RAN AROUNG 18.4 MILLION SHARES A DAY, 55% ABOVE THE DISMAL LEVELS OF AUGUST. BEST OF ALL IS THAT SINCE LATE SEPTEMBER THE SEC HAS PERMITTED THE STREET TO RAISE FIXED COMMISSIONS BY 10 TO 15 PERCENT. THIS BETTER-THAN-EXPECTED SHOWING IS PARTLY THE RESULT OF COST-CUTTING AND FURTHER REDUCTION IN THE NUMBER OF FIRMS. AT PRESENT LEGISLATION IS BEING CONSIDERED IN BOTH THE HOUSE AND THE SENATE WHICH WOULD LAY THE GROUNDWORK FOR THE DEVELOPMENT OF A TRULY CENTRAL NATIONAL MARKET. HIGHER COMMISSIONS AND A HEALTHIER STOCK-MARKET HAVE TEMPORARILY SAVED WHAT IS LEFT OF WALL STREET. BUT NO SOLUTION IS YET IN SIGHT FOR THE TWIN ILLS OF EXCESSIVELY HIGH COSTS AND FREQUENT INSTABILITY.
Full text: Forbes, NOV 15, 1973
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