Yesterday may have seemed quiet, but careful ears could detect the sound of up to $29 billion of municipal debt being siphoned off by calls and redemptions.

June 1 was the "big call date of the year," according to Robert W. Chamberlin, a senior vice president and supervisory municipal analyst at Dean Witter Reynolds Inc. The $29 billion estimate covers debt maturing or being called on that date, Chamberlin said.

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