Conservative Wall Street brokers last week were flabbergasted by a spirited defense of stock trading which, to many, signified a major sociological shift. Bishop James Cannon Jr. of the Methodist Episcopal Church, South, who could speak for a vast rural constituency, had declared stock trading on thin margin was not gambling, was therefore not immoral. One reason for his vigorous declaration in behalf of Wall Street stock business was that he himself had been caught playing the market through a bucket-shop firm, now closed.
Declared Bishop Cannon: "I had been brought up...
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