Douglas Up

As anticipated fortnight ago when tense young James McCauley Landis retired from the chairmanship of the Securities & Exchange Commission to become Dean of the Harvard Law School, tense young SECommissioner William Orville ("Bill") Douglas was last week elected to succeed him. Like his predecessor, a missionary's son, Bill Douglas was born in Minnesota 38 years ago, grew up in Yakima, Wash., since 1932 has been Sterling Professor of Law at Yale. On leave from that top-notch teaching berth since 1934 to assist the SEC, he has been a commissioner since January 1936. Upon his election to chairman by his fellow commissioners last week he hustled to Washington for a brief conference, then hustled back to his vacation home near Chatham on Cape Cod to rusticate until this week when he will actually take his new job.