New Face for SEC

A month ago President Truman nominated Edmund M. Hanrahan, a 40-year-old lawyer, to the Securities & Exchange Commission. There was just one hitch. There were no vacancies on SEC. Last week the President tried again. This time he was careful first to get in writing the resignation of the SEC chairman, Ganson Purcell, who wanted to go into private business.

Ed Hanrahan, no politico, is a partner in a Manhattan law firm (Sullivan, Donovan & Heenehan). Though he professes to have no Wall Street clients (except one Government bond house) the downtown location of his office was enough to arouse some congressional opposition to putting a "Wall Streeter" on SEC.

But Hanrahan will probably be confirmed by the Senate after a fight in committee. It will then be up to the five-man SEC to elect a chairman. Wall Streeters guessed that the job would go to James J. Caffrey, who has been with the SEC since 1936, has been a commissioner for 14 months.

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