Considering that he is a New Dealer, SEC Chairman William O. Douglas now has fairly good repute in Wall Street. Year and a half ago, however, he could justly claim to be the Street's pet aversion—invited to speak before the Bond Club of New York, he produced a caustic tirade which suggested the entire reshaping of investment banking and left his hearers speechless with fury. Among tart Bill Douglas' minor suggestions was that investment trusts take a larger role in underwriting.

Last week such was Wall Street's mollification toward Chairman Douglas...

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