ENVIRONMENTAL

Senior Managers

Volume

Manager ($ mils.)

1 Goldman Sachs $1,687

2 Morgan Stanley 1,299

3 Lehman Brothers 709

4 J.P. Morgan 663

5 Merrill Lynch 521

6 Smith Barney 361

7 Bear Stearns 224

8 Citicorp Securities 194

9 Lazard Freres 152

10 Stephens 129

Private placements, short-term notes, remarketings, and taxable debt issued by private nonprofit institutions are excluded. Source: Securities Data Co. (1/13/96) ===

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