Truman's Choice

The five Securities & Exchange Commissioners last week sat down in their Philadelphia office to pick a new chairman. The choice soon narrowed down to brand-new Commissioner Edward M. Hanrahan and oldtime Commissioner James J. Caffrey.

Hanrahan had plenty of potent political backing, including Postmaster-General Bob Hannegan's. So did Jim Caffrey; he had Senate Majority Leader Alben Barkley in his corner. After hours of wrangling, the commissioners put in a call to the White House. President Truman made up their minds for them. He wanted Caffrey.

In Jim Caffrey, 48, the SEC had...

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