Securities brokerage industry

The securities brokerage industry had higher earnings in 1996 and 1997 than it did in the years 1988 through 1994, and these stocks have outperformed the market. Profits are expected to remain high in the near future, although not at the level from 1994 to 1997. The industry is timely for 1998, but the potential for appreciation over the next three to five years is not high, and investors may want to consider future developments before commitment.