Business & Finance: Dead Clock

One morning last week a group of Manhattan underwriters met in a light, breezy room of Morgan Stanley & Co. at No. 2 Wall Street. That afternoon a Morgan Stanley syndicate was to begin selling the biggest foreign bond issue since April 1937—$25,000,000 in 4 ½%, ten-year Argentine bonds. Having already spent a rumored $50,000 to prepare the issue, the underwriters expected by noon to fix the price, parcel out the shares. At 11:45 tne telephone rang. The Argentine Government, said a spokesman calling from Buenos Aires, wished to call off the deal; "market conditions" were deemed unsatisfactory. Beyond that...

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