GOVERNMENT: Speculation Defended

With Government bonds near record lows, bond speculators have been taking much of the blame from the Government for their part in the debacle. Last week one of the biggest Wall Street dealers in Government bonds hit back with some plain talk about speculation and Government bond policies. The U.S. Treasury, said Aubrey G. Lanston, president of Aubrey G. Lanston Inc., not only encouraged speculators to come into the market by tailoring its offerings to attract them, but would have been unable to sell $26.5 billion of recent middle and long-term securities without "a good dose of speculation."

The theory...

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