However, by late in the day, bond dealers said the issue was not selling well.

Such a plan could cut into the profits of bond dealers.

Still, there is talk of big losses among major bond dealers.

"These rate levels are very attractive," a government bond dealer said.

Bond dealers have been caught bribing government officials to win business.

Individual bond dealers will still be allowed to donate up to $250 to candidates for whom they can vote.

Most of Wall Street's stock and bond dealers want the process stopped.

The offering, divided into three parts, had higher yields than some bond dealers expected.

A proposal to stop political contributions from bond dealers to state and local officials was modified.

"People are concerned about asset sales," said one junk bond dealer.

"The market smells substantial trouble from several directions," said one government bond dealer.

The increase drew criticism from some Wall Street bond dealers.

Greenspan does not like to offend bankers and bond dealers.

Municipal bond dealers said prices in their market moved higher by three-eighths to half a point.

And many bond dealers are refusing to handle junk bonds because of the risk.

Yet even leading municipal bond dealers, like Dreyfus, report limited impact from the tax bill.

A bond dealer may simply want to unload money-losing positions.

Bond dealers can sell off the individual payments to different holders, a process known as stripping.

While the October figure was somewhat higher than had been expected, bond dealers said it had no material impact on the market.

But commercial bankers and Wall Street bond dealers were pleased with the end result.

But a bond dealer said yesterday, "A tremendous amount of money was made and lost in May."

In most cases, there is no separate commission on bonds, which are usually sold to customers from a bond dealer's inventory.

Typically the major bond dealers drive prices lower to raise investor interest in the auctions.

But one government bond dealer said, "The nervousness of the times suggests that it is almost impossible for interest rates to rise right now."

"These deals will be the first real test of the new-issue market this year," one municipal bond dealer said.