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.

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

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

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

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

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

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

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

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