THOUGH scholarly Chairman William L. Gary, 53, hardly seems the reformer type, the Securities and Exchange Commission has not been so active since its founding days in the turbulent early 1930s. Since taking leave from his post as a Columbia University law professor in 1961, Gary has prodded the American Stock Exchange into overdue reforms, presided over the most sweeping investigation of Wall Street in 30 years. His judicious handling of the inquiry has made the SEC Washington's most respected regulatory agency--a reputation that does not hurt in Gary's current effort to shepherd through Congress the SEC's 3,000-page report calling for a thorough overhaul of the nation's securities markets. Publicity-shunning Gary's modest manner belies an inner toughness. A Marine major with the OSS in Yugoslavia during World War II, Gary once produced only a few wilted flowers for decorations at a dinner that his commanding officer was giving for Tito. Dressed down by his C.O., Gary snapped: "I'm no damned posy picker." He still isn't.

HIS physician father never really wanted to run the family drug firm, but John G. Searle, 62, the third-generation president of G. D. Searle & Co., enjoys the job. Searle started at twelve as a summertime tablet mixer, became the $35-a-week treasurer of the small firm after graduating in pharmacy from the University of Michigan. When he took over as president in 1936, he prescribed a strong tonic to make the Skokie, III., company grow. He trimmed its product line from 800 to 16 quality items. The list has since grown to 30, and now includes Enovid, a contraceptive pill whose booming international sales have also boosted the sale of other Searle products. Last year the company earned $13.8 million on sales of $56 million; it now sells in 100 countries. Last week stockholders approved the third stock split in 13 years, making a share that sold for $38 in 1950 worth $1,080 today. President Searle still likes to be called "Jack" by his employees; lunchtime finds him in shirtsleeves taking his place in the company's cafeteria line.

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