Morgan Stanley Competes

Like Little Lord Fauntleroy in a bullpen, Morgan Stanley & Co. last week got caught in the trend toward competitive bidding, announced it would form a group to bid forA. T. & T.'s forthcoming $94,000,000 bond issue. Since 1906 Morgan interests have underwritten some $2,000,000,000 of Bell System securities, but always on a private banking basis. This time it will have to compete with hoi polloi, including Halsey, Stuart, No. 1 plugger of competitive bidding.

A prime Morgan argument against the competitive-bidding system has always been that it would squeeze out the little dealer. Putting theory into practice, Morgan Stanley's...

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