There are five berths on the Securities & Exchange Commission, each with one vote. Ever since Commissioners J. M. Landis and J. D. Ross resigned few months ago (TIME, Sept. 27 & Oct. 25), there have been two liberals, William O. Douglas and
Robert E. Healy, and one conservative, George C. Matthews, holding down the SEC fort. It was, therefore, a foregone conclusion that whenever President Roosevelt got around to filling the two vacancies, he would appoint at least one out & out liberal. It was also pretty obvious after the present depression appeared...
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