When the five Securities & Exchange Commissioners picked a chairman last week, they surprised and cheered Wall Street. Their choice: Harry A. McDonald, 55, the first Republican boss of SEC since it was set up in 1934. SEC's three Democratic commissioners voted for McDonald to succeed Edmond Hanrahan, who resigned as SEC chairman last month (TIME, Oct. 24). Although the White House was mum, President Truman apparently approved also.

An SECommissioner since 1947, burly, good-natured Harry McDonald has plugged hard & long for a wider understanding of the securities markets by the public, has a wide understanding himself. He worked his...

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