GOVERNMENT: On the Move

After nearly 3½ years as the watchdog of Wall Street, Securities & Exchange Commission Chairman Edmond M. Hanrahan, 44, decided that it was time to watch his family’s financial security and his wife’s health. Last week, “with great reluctance,” he resigned from the $10,000-a-year job to return to the Manhattan law firm of Sullivan, Donovan & Heenehan as a partner. No politico, Hanrahan considered SEC a regulatory rather than a reform agency, thus got along fine with Wall Streeters. Besides, he understood Wall Street’s problems and talked its language. During Hanrahan’s reign as chairman, the Hoover Commission praised SEC as “an outstanding example of the independent commission at its best.”

To fill Hanrahan’s term as commissioner, which runs until 1952, President Truman last week nominated Edward T. McCormick, 38, a member of the SEC staff for 15 years. Husky, able Accountant Ed McCormick has headed up many an SEC stock flotation inquiry, including that of the Tucker Corp., some of whose officers are under indictment in Chicago (TIME, June 20). Also nominated to the commission to succeed Robert K. McConnaughey, who resigned last summer, was Washington Lawyer Donald C. Cook, 40, onetime SEC staffer, longtime Department of Justice aide. Later, the five-man commission will elect as chairman one of the three Democrats — McCormick, Cook, or Commissioner Paul Rowen.