To such financial cynics as Pundit John T. Flynn, securities speculation is the moral and practical equivalent of a crap game. By more moderate theorists it is conceded the useful function of keeping markets liquid. Last week after President Roosevelt's fatherly warning to Government employes to stay out of the market (see p. 15), New York Stock Exchange President Charles R. Gay found occasion in Chicago to repeat the old argument for speculative liquidity, observing that "calculating, measured speculation has been a constructive force. . . .'' Right back at Mr. Gay...
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