Evening star., 1937-10-10

I don't see why 1t isn't possible to
have q completely honest relationship
between finance, industry and the in
vestors."
Plain words, these, and hard to dis
pute.
He continues briefly:
II think that the standards that
should guide Government in operat-
ing under these statutes are those
standards that the best elements in
business and finance adopt for them
selves without the Intervention OF
Government. think that the S. E. c.
IN the role Of the investors advocate
can do a great deal to preserve and
revitalize the capitalistic system upon
truly conservative standards, and with
that point in view should think that
the best elements in finance, the
brokers, the underwriters, the issuers,
the exhanges. would find here the
fullest cooperation"
An invitation, seemingly, which
those named might do we'll to &C.
cept
Gives Impression Of Reliability.
Most reaSsuring circumstances OF
all, perhaps, is the very appearance
and manner of the new chairman
Deliberate in speech, he gives the i'm
preston Of steadiness and reliability
with none Of the air of the crusader
or reformer. His associates say he
works hard, but always calmly. In
his contact with people. he discloses
the reserved air so typical of those
Of his. family background, but with a
friendliness that is not far below the
surface.
Born in Minnesota in 1898, son Of a
Nova Scotia father and a Vermont
mother, Douglas grew up in the State
Of Washington. His father was q
Presbyterian missionary and the fam
lily finances were far short of some
of the fabulous sums with which
Douglas now concerns himself in con-
nection with the Nations security
trading.
Working his way along. he va,
newsboy. farmland. junk dealer ane
janitor before graduating from Whit
man College at Walla Walla, Wash.
in 1920. BY that time he had also
served as a private in the United
States Army during the years of inter.
national hysteria known as the Worlc
War.
After couple of years as higf
school instructor in Yakima. Wash.
Douglas applied his own version O.
hitch-hiking to the problem of cross
ing the continent. and landed il
New York with few pennies and tn,
intention of enrolling in Columbi;
School Of Law. He did so and re-
ceived his law degree in 1922.
Remained at Yale.
His next years we're full ones, dur
ing which he relinouished remunera
tive law connection In New York 4
concentrate on teaching. first at Co
lumbia and later at Yale. At tn
| latter institution. Douglas served un
der Dean Robert Hutchins and whel
the latter became president of tn
University of Chicago he publicly de
scribed Douglas as the Nations "out
| standing professor of law" and ofiere'
| him . record professional salary t
move to Chicago. Douglas declined
however, and remained at Yale.
While still connected with the Ne,
| Haven institution. he collaborated witt
the United States Department Q
Commerce in studies of the laws an
| practices in bankruptcy.
During the past seven years he hs
written or collaborated in the writin
Of several books and numerous arti
cles on corporate law. including tn
section in the Encyclopedia Brittanic
on bankruptcy.
Despite his propensity for a lot Q
work, he takes time for some golf an
fishing and some sociable bridge an
| poker. He also found time to jor
the Masons, several legal association
in New York and New Haven and tn
Cosmos Club and Manor Country Clu
Of Washington.
A boyhood sweetheart, Mildred Rid
die, Of LeGrande, Oreg., became Mr..
Douglas in 1923 and the couple ha
two children, Mildred, Z. and VIII
liam, S.