the business they wish to undertake. Hence, there will be a tendency to either drop some G. O. business for more profitable revenue business or try to handle both and stretch the capacity of their staffs and, hence, increase their costs. In the long run, bank underwriting capacity will have been increased, and the full potential of bank competition realized. TABLE 1.-COMPETITIVE BOND ISSUES FREQUENCY DISTRIBUTION-NUMBER BIDS RECEIVED TABLE III-NUMBER OF BIDS VERSUS STANDARD & POOR'S RATING CELL CONTENT IS PAR VALUE, STANDARD & POOR RATING CODE 59-068 0-71-pt. 2-19 TABLE X.-REOFFERING YIELD DIFFERENTIAL FOR REVENUES AS A FUNCTION OF NUMBER OF BIDS SUBMITTED TABLE XI.-SAXON GENERAL OBLIGATIONS, WEIGHTED AVERAGE NUMBER OF BIDS Note: Overall weighted average number of bids prior to comptroller's ruling, 2.5; overall weighted average number of bids after comptroller's ruling, 3.7. |