On the Curb

One evening last week, President Francis Adams Truslow* of the New York Curb Exchange called an old friend in Washington and offered him a big job. The friend: 40-year-old Securities & Exchange Commissioner Edward T. McCormick. The job: the $40,000-a-year presidency of the Curb.

Truslow explained that he was resigning to join a two-man State Department commission to look into Brazil's opportunities for self-liquidating projects in power, transportation and agriculture and had recommended McCormick as his successor. Was McCormick interested? He was. Next day, the Curb's board of directors named him president.

A Phi Beta Kappa economist from the University of Arizona, McCormick joined the fledgling SEC in 1934 as a $1,900 analyst. He moved up in the New Deal hierarchy and set his heart on becoming a commissioner. In 1949, President Truman gave him what he wanted (TIME, Oct 24, 1949).

Ed McCormick, who will take over his new Curb duties in April, already has plenty of fans in Wall Street. His knowledgeable book, Understanding the Securities Act and the SEC, is a bestseller in its field.

*First cousin of the late historian James Truslow Adams.

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