A few weeks ago I wrote a column about this year's volume (Nov. 1: "Pondering a Mystery in the Municipal Market: Are Dealers Selling More, But Enjoying It Less?"), specifically questioning why new-money competitive sales were down, and in general talking about competitive versus negotiated methods of sale.

I asked for some responses, and was pleased to find the following by George Friedlander, managing director of fixed-income portfolio strategy at Smith Barney Shearson, in the firm's Credit Market Comment for Nov. 5.

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