investment rating, would be assured. Rates, accordingly, would be low. Issue size, for liquidity purposes, would be large. Equity, in terms of major corporations, would be restored. And with the promise of a receptive institutional market for the bonds, the necessary incentive to investment bankers to assemble such issues would be fully and effectively provided.

Bank of America respectfully urges this subcommittee to take favorable action on H.R. 78.

[The charts and tables referred to follow:

TABLE 1.-PAPER AND PULP INDUSTRY: THEORETICAL POLLUTION COST CALCULATIONS

Case 11-Assuming $1.98 Billion Total Cost and a Geometrical Relationship Between Size and Cost per Unit

Total pollution

costs—$1.98

billion: Cost per employee.. $5, 530 $20,000 $18,000 $15, 000 $12, 000 $9,000 $7,000 $5, 530 $5, 056 Cost per company..7,644, 787 116, 000 583,200 1,101, 000 1, 957, 800 3,287, 700 5,079, 900 8, 589, 196 97, 120, 704

Jan.

2 Port of Bellingham, Wash
3 Conasset, Minn.

Monticello, Minn
16 Water oo, Iowa.

Jefferson Co., Ky-
17 Salix, lowa.
22 Dunkirk Ind. Dev. Agency, N.Y.
24 Fayette Co., W. Va.

Tyler Co., W. Va
26 Dade Co., Fla.
30 Mt. Vernon Ind. Dev. Bd., Ala.

Monticello, Minn
Feb. 6 Midland Co., Mich.

13 Pine Bluff, Árk.
14 Clinton, lowa
21 Lucas Co., Ohio.
22 St. Lawrence Co. Ind. Dev. Auth., N.Y.
27 Allegheny Co. Ind. Dev. Bd., Pa.

28 Conn. Dev. Commission
Mar. 1 Port of Bellingham, Wash.

2 Monticello, Minn...
15 Prince George's Co., Md.
15 Savannah Port Auth., Ga.
20 LaCygne, Kans.
27 Fremont Co., Colo.
28 Delaware Dept. of Com. Affairs.

30 Columbus, Ind..
Apr. 2 Baltimore, Md.

10 Lehigh Co. Ind. Dev. Auth., Pa.
15 Chautauqua Co. IDA, N.Y.
18 New Orleans Ind. Dev. Bd., La.
19 Mobile, Ala., Ind. Dev. Bd.

Red Wing, Minn
24 Gallatin Co., Mont.

Escambia Co., Fla
25 McPherson, Kans.
May 1 Sullivan Co., Tenn., Ind. Dev. Bd..

Rockwood, Tenn., Ind. Dev. Bd.
3 SE Okla. Ind. Auth..
8 Calcasieu Par. Ind. Deb. Bd., La.
14 Charleston Co., S.C.

Intalco Aluminum
Minnesota P. & L.

do.
lowa Public Service
Flintkote.
Iowa Public Service
Robin Industries.
Union Carbide

do..
Florida P. & L.
Stauffer Chemical
Northern States Power
Dow Chemical
International Paper
Standard Brands.
Sun Oil.
Reynolds Metals
Allegheny Ludlum
Dexter
Georgia-Pacific
Northern States Power.
Potomac Electric.
Union Camp-
Kansas P. & L.
Ideal Basics Industries.
Allied Chemical
Cummins Engine
FMc Corp.
Pa. P. & L.
Carborundum.
Lone Star Industries.
Scott Paper
Northern States Power.
Ideal Basics Industries.
St. Regis Paper
Johns-Manville
Mead..

do.
Weyerhaeuser
Cities Service
Airco

$4,600
15,000
15,000

2,000
15, 250
6,000
1, 235
22,000

7,500
66,000
1,700
5,000
15, 000

4, 370
15,000
19, 340
17,500
2,700
3,500
1,500
2, 600
25,000
35,000
30,000
6,000
9, 200
3,400
6,000
28,000
2,600
3,750
16,000
28, 750
2,500
35,000

400
2,000
4,000
8, 800
21,000
6, 600

4.625

Morgan Guaranty.
5.49 Blyth Eastman Dillon, Juran & Moody.
4.49

Do.
4.65 Blyth Eastman Dillon, Carlaton D. Beh.
5.56 Lehman Brothers, First Boston.
5.41 Blyth Eastman Dillon, Carlaten D. Beh.
6.96 Bache.
5.25 Morgan Stanley.
5.25

Do.
5.43 Goldman, Sachs.

NA Thornton, Farrish & Gauntt.
5.38 Blyth Eastman Dillon, Juran & Moody.
5.53 Smith, Barney.
5.47 Lehman Brothers.
5.47

Do.
5.355 Dillon Read, Reynolds Securities.
5.87 Goldman, Sachs.
6.04 Smith, Barney.
5.696 Goldman, Sachs.
5.00

Morgan Guaranty.
5. 60 Blyth Eastman Dillon, Juran & Moody.
5.671 Alex. Brown & Sons, Goldman, Sachs.
5.79 Blyth Eastman Dillon.
5.789 Blyth Eastman Dillon, George K. Baum.
5.09 Boettcher.
5. 82 Lehman Brothers, Loeb, Rhodes, Lazard Freres.

NA Chase Manhattan.
5.78 Lehman Brothers, Kidder, Peabody.
5.6319 First Boston, Drexel Burnham.

NA Chase Manhattan.
5.78 Howard, Weil, Labouisse, Freidrichs.
5.737 Smith, Barney, Blyth Eastman Dillon.
5.689 Blyth Eastman Dillon; Juran & Moody.
5.595 Boettcher.
5.6837 White, Weld.
5.67 Goldman, Sachs.
5.82

Do.
5.82

Do.
5.6657 Do.
5. 68 First Boston.
5. 84 Blyth Eastman Dillon; Baker, Watts.

5.643 Goldman, Sachs. 5.6405 Do. 5.711

Do.
6. 208 Dillon Read Munci., Reynolds Securities.
5.72 Morgan Stanley, Blyth Eastman Dillon, Lehman

Brothers.
6.08 First Boston, Howard, Weil, Labcuisse, Friedrichs.
5.976 Do.
5. 02 Boettcher.
5.36 First Boston,
6. 692 Blyth Eastman Dillon, Goldman, Sachs.
5.97 Thornton, Farish & Gauntt; Hattier, Sanford &

Renoir; Howard, Weil, Labouisse, Friedrichs;

Kohlmeyer, Scharff & Jones.
5.954 Blyth Eastman Dillon, Kidder, Peabody.
5.7733 Kidder Peabody, Blyth Eastman Dillon.
5.7704 Loeb, Rhodes, Lazard Freres, Lehman Brothers.

NA Hubbard, Westervelt & Mottelay.
5. 755 Blyth Eastman Dillon.
5.64 Lehman Brothers.

NA Blyth Eastman Dillon.
5.678 Blyth Eastman Dillon; Carleton D. Beh.

NA Chase Manhattan.
6.07 Blyth Eastman Dillo...
6.08

Do.
5. 79 Morgan Stanley.

NA First National City Bank; Bankers Trust.
5.80 Goldman, Sachs.
5.90 Goldman, Sachs; Wheat, First Securities.

NA Chase Manhattan.
NA Bankers Trust; National Bank of Commerce;

Peoples Nat'l Bank; Pacific Nat'l Bank of

Washington.
5.097 Blyth Eastman Dillon.
5.90 Morgan Stanley.
5.97

Lehman Brothers; Kidder Peabody.
5.74 Morgan Stanley.
5.97 Lehman.
5. 74

Lehman Brothers; Kidder Peabody.
5.83 Blyth Eastman Dillon.
5.94

Do. 5.682 First Boston; Alex. Brown & Sons; Baker, Watts;

Robert Garrett & Sons; Legg, Mason. 5.99 Kidder, Peabody; Furman Securities; Frost,

Johnson, Reed & Smith. 5.99

Do.

ATTACHMENT A--Continued

TAX-EXEMPT POLLUTION CONTROL FINANCING (1973)--Continued

Date
sold

Issuer

Company

Amount (in thousands)

NIC
(percent) Underwriter or lender

7.60 Kidder, Peabody.
5. 78 Goldman, Sachs; Smith, Barney.
6. 259 Goldman, Sachs.
6.26 Merrill Lynch.

NA First National Bank of Chicago.
6.032

Kuhn, Loeb; Smith, Barney.
5. 125 Morgan Guaranty; Melton National; Seattle-1st

National.
5. 125 Do.
NA Wheat, First Securities; Craigie-Mason, Hagan;

Investment Corp. of Va.; Anderson & Strud-
wick, Davenport & Co., of Va.; Horner, Barks-
dale; Strader; Branch Dabeil; Cecil-Waller;

Mason & Lee; W. A., Stevens; Shorer Ware.
5. 70 First Boston.
5.954 Blyth Eastman Dillon.
6.032

Do.
5.947 First Boston.
4.95

Do.
5. 724 Blyth Eastman Dillon.
5.850 Blyth Eastman Dillon; Loewi.
6.094 Blyth Eastman Dillon.
5.850 Blyth Eastman Dillon; Loewi.

Oct. 2 Allegheny Co. Ind. Dev. Auth., Pa.

4 Michigan City, Ind. 9 Taylor Co., Fla. 10 East Chicago, Ind.

Ohio AQDA.

Ohio Water DA
11 Nueces Co. Navig. Dist., Tex.

Okla. Env. Fin. Auth
18 III. Ind. Poll. Cont. Financing Auth-
24 Jackson Co., Miss.
25 Bay Co., Fla.

Boonville, Ind.
30 Ohio AQDA.
31 Conn. Dev. Auth.

..do.

Napoleon Tp., Mich.
Nov. 5 Bartow Co. DA, Ga.

16, 000
23, 500
27,500
12,500
13,500
5,000
4,560
9,725
6,540
17, 250
4,500
5, 646

800
11, 650
9, 000

865
41,000

Olin
Mississippi Power
International Paper.
So. Ind. G. & E.
Mead.
Conn. L. & P.; Hartford Electric; West Mass. Electric.
Conn. Yankee Atomic Power-
Michigan Seamless Tube.
Georgia Power

Do.
Do.

5. 755 First Boston.
5. 737 Goldman, Sachs; Blyth Eastman Dillon.
5. 682 Goldman, Sachs.
5. 62 Smith, Barney; Bear Stearns.
6.62 Do.
6.62

Do.
5.64 Blyth Eastman Dillon.
5. 64
6.066
15.925 E. F. Hutton; Leob Rhoades.

NA Kidder, Peabody; Lehman.
5.625 Goldman, Sachs.
4.95 Bankers Trust.
6.05 Morgan Stanley.

NA Do.

NA Morgan Guaranty.
5.98 Blyth Eastman Dillon; First Boston; Robinson-

Humphrey.
5. 81 First Boston.
5.69 Blyth Eastman Dillon, Carleton D. Beh.
5.70 First Boston.
6.625 Seattle-First Nat'l. Bk. Group.

NA Chase Manhattan Group.
6.00 Goldman, Sachs.
5. 764 Blyth Eastman Dillon.

NA Manufacturers Hanover Trust.
5.81 Morgan Stanley; Dean Witter.
15. 7428 Smith, Barney; George K. Baum.

5. 92 Morgan Stanley.
5.97 Blyth Eastman Dillon; Carleton D. Beh.
5. 862 Do.
5. 8679

Do.
6.30 Blyth Eastman Dillon; First Boston.