SEC'S CRITICS DRAW THAT BODY'S REPLY; Commissioner Douglas Answers Gay and Other Defenders of Speculation, Liquidity. WILL PROTECT INVESTORS Higher Standards of Fiduciary Relationships Demanded in Speech in Virginia. SEC'S CRITICS DRAW THAT BODY'S REPLY
W O Douglas of SEC disagrees on desirability of speculative activity to maintain liquidity; says market will be kept primarily investor's market
