WALL STREET: Competitors for A. T. & T.

In an American Telephone & Telegraph anteroom on lower Broadway, the competitive bidding fight drew to a close early this week. Anti-competitors won all the arguments, but lost the prize.

Three weeks ago (TIME, Sept. 15) A.T. & T. got in step with the trend SEC had set for utility holding companies, announced it would ask for competitive bids on $90,000,000 of new 2¾% debentures. The three bidders that grabbed for this gold-plated bait: 1) No. 1 proponent of competition, Halsey, Stuart (in association with Mellon Securities); 2) No. 1 opponent (and A.T. & T.'s longtime banker) Morgan Stanley;...

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