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There are still plenty of buyers for the right corporation bonds. A Morgan Stanley syndicate proved it last week by selling at par $100,000,000 American Tobacco Co. 3% debentures so fast they jumped to a 1⅜ point premium.

To set this record Morgan Stanley hurdled the worst possible underwriting hazard: a sorry stockmarket. Same day as the American Tobacco offering, the Dow Jones Industrial average slumped to an eight-year low.


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