WALL STREET: The Hatfields & the McCoys

In the normally polite business of investment banking, two firms have long been known as the Hatfields and the McCoys. One is Chicago's Halsey, Stuart & Co., which staunchly fights for competitive bidding for security issues; the other is Manhattan's Morgan Stanley & Co., which just as staunchly believes that the best way to float securities is to negotiate a price with the issuer.

Halsey, Stuart's President Harold Stuart has seldom missed a chance to take a potshot at Morgan Stanley; in fact, he was an important Government witness in the antitrust case* against 17 investment bankers (TIME, March 31). With...

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