Evening star., 1934-07-11
Press Approves Appointments
To New Exchange Commission

Joseph P Kennedy, financier, and
Ferdinand Pecora, lawyer and director
of congressional investigations, are
given most Of the attention in news
paper discussion of the five men ap-
pointed by President Roosevelt to con-
stitute the new Securities and Ex-
change Commission. Each inspires
doubts in certain quarters, but on the
whole the press seems to agree with
the view of the Buffalo News that
''the appointments meet the require
ments of the situation"
"Pecora knows his way about in
Wall Street." says the Hartford
Times, with the belief, that is what
the Roosevelt administration wants"
The Times adds: "It has been evi-
dent all along that President Roose-
velt was deeply persuaded that the
securities market should be under
leash. That conviction was emphat-
ically expressed during the presidential
campaign and was voiced in more
than one public declaration since the
Presidents inaugural. When legisla-
ton was pending in Congress for curb
ing speculative activity and effort was
made to tone 1t down, each time the
White House let it be known that the
law must have teeth in it.. When
finally the legislation was passed it
was far less drastic than in its earlier
forms"
"The President has named capable
group of men," thinks the Oklahoma
News, declaring, however, that Mr..
Kennedy has a Stock-market back
ground The Oklahoma paper con-
cedes that Mr.. Kennedy has a desire
to serve the President, and concludes:
"A commission four-f1fths composed
of MesSrs. Lands, Matthews, Healy
and Pecora is one in which the people
can rest their faith. These are four
men each with a record of expert
and diSinterested public service. And
when Mr.. Kennedy proves his case
then there will be five"
Obviously" suggests the Chatta-
nooga Times, the fears which Senator
Fletcher, Ferdinand Pecora and DOS
sibly others entertained regarding Mr..
kennedys attitude were without foun-
dation. 1t does not appear that he
Is a crusader, and the country does
not need one in his position. More
over, his experience would seem to
indicate that he knows the market
and this knowledge should be set
down as an important qualification
for the work which lies ahead of
him"
The Nation needs Mr.. Pecora's ex-
pert service and his profound knowl-
edge Of the tricks of the trade, which
he supplements with an independent
attachment to high ideals" according
to the Jersey City Journal. The San
Francisco Chronicle declares that las
the Senate's investigator, Mr.. Pecora
exhibited anything but a judicial at
titude," but adds that he "is reputed
to be professionally clean, and it is
probable he does know something
about the subject he would have TO
deal with on the Securities Board. d"
The Danbury NeWs-Times thinks
Pecora knows at first hand what has
been done, how it has been done, and
how its being done again is to be pre-
vented" OF Mr.. Kennedy. the
Youngstown Vindicator voices the
judgment: His appointment will be
pleasing to Wall Street and the public
both, for he knows what reforms are
needed and has both the ability and
the desire to put them into effect"
'It may be expected" according to
the Kansas City Times, that secur-
tiles exchange regulation will be Civ