WALL STREET: Midwest Victory

Two months ago the Erie Railroad signed a private bond-selling deal with the potent Wall Street underwriters, Morgan, Stanley & Co. (TIME, Feb. 15). Last week the Interstate Commerce Commission forced Erie to cancel the contract, and to open bidding to all comers. Thus the ICC joined hands with the SEC and the Fed eral Power Commission, both of which four years ago ordered competitive bidding on the sale of utility bonds. But the Commission's action meant more: it set tled for a time Wall Street's old fight over private v. public bond sales.

The immediate result: Morgan, Stanley sulked on...

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