Can Morgan Stanley Cling to Sole Managing?
competitors of Morgan Stanley & Co are watching to see whether Morgan's refusal to serve as manager of $1 billion debt offering by IBM marks turning point for Morgan as leading investment banker; Morgan declines to comment on its policy of refusing to manage underwritings for corporate clients unless it is sole manager; competitors appear to be using IBM deal to suggest to clients that they too can do without Morgan and investment bankers are saying they doubt even Morgan can resist trend by major corporations to use more than one investment banker when they raise funds; graph (M)
