SEC CURBS IMPAIR STOCKS' LIQUIDITY, C. R. GAY REPORTS; Exchange's Head Fears Market May Cease to Function in Time of Stress INCREASE IN RISKS SEEN Restrictions in Credit Are Driving Trading Activity Abroad, He Charges Risks Seen Increased GAY HITS AT CURBS PUT ON TRADING Important Changes Cited On the Credit Restrictions
C R Gay cites bad effect of gains levy on stock trading