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Announces the selection and appointment of Leopold `Lee' Korins as president, and chief executive officer of the Philadelphia Stock Exchange. Announcement of Korins' selection made on August 20, 1997; Background information on Korins; Personnel and management changes made at the stock exchange.

States that a committee looking for a chief executive officer of the Philadelphia Stock Exchange was expected to nominate Leopold `Lee' Korins. Who Korins would succeed if accepted; Background information on Korins; Career history of Korins; Other person considered for the position; Details on the exchange.

Reports that the Philadelphia Stock Exchange settled a lawsuit with the United States Securities and Exchange Commission. Details on the case involving the stock exchange; How the charges against the stock exchange were settled.

Reports that the Philadelphia Stock Exchange has announced plans to reorganize its board of governors in an effort to end the chronic infighting that has battered its image and hampered its growth. Outline of the reorganization plan; Comments from Nicholas Giordano, the board's chief executive officer.

Reports on the possible idea of combining up to four of the United States' five regional stock exchanges into one exchange. Advantages of this idea; Joining of the Cincinnati Stock Exchange, the Boston Stock Exchange, the Philadelphia Stock Exchange, and the Pacific Exchange; Reaction to the idea.

Reports that the Philadelphia Stock Exchange will remain in Philadelphia under preliminary terms of a merger hammered out with the American Stock Exchange and the parent of the Nasdaq Stock Market. Details on the proposed term sheet; Information on the Philadelphia Stock Exchange; Comments from Meyer S. Frucher, chairman and chief executive officer of the Philadelphia Stock Exchange.

Focuses on the offer of the Chicago Board Options Exchange (CBOE) to acquire the options trading program of the Philadelphia Stock Exchange. Terms of the proposal; Impact of those terms on the Philadelphia Stock Exchanges; Comments from CBOE Chairman William J. Brodsky.

Focuses on the resignation of Leopold `Lee' Korins, the chairman and chief executive officer of the Philadelphia Stock Exchange. Information on Korins' tenure with the exchange; Insight on the exchange; Circumstances surrounding the resignation.

Reports on the preparations being made by the American Stock Exchange (AMEX) to merge with the Philadelphia Stock Exchange. Reasons why the Philadelphia Stock Exchange seems ready to merge in the 1998; Details of the potential merger; Where approval of the deal has to come from.

Examines the plans of the Philadelphia Stock Exchange to join in the merger of the American Stock Exchange (Amex) and the National Association of Securities Dealers (NASD), the parent of the Nasdaq Stock Market. When the Amex-NASD merger is expected to be approved; What the Philadelphia exchange will receive for its seats; How regulatory agencies like the Securities and Exchange Commission view the merger; Time line for the merger.

Discusses the possibility that the Philadelphia Stock Exchange will decide to merger with another exchange in March of 1998. The resignation of its chairman and CEO, Leopold Korins on March 9; Exchanges which have made offers; Why the Philadelphia Stock Exchange is opposed to any mergers; The difficulty in merging exchanges, as compared to publicly held companies.

Analyses the effect of the collapse of the telecommunications industry in the United States. Scanton, Pennsylvania as a microcosm of the nation-wide effect; How layoffs effected morale; Forecasting of recovery; How the outsized effect of the industry on the economy makes recovery difficult.