Like most major corporate underwriters of national public television programs, it probably never will, Mr. Spina said.

Stephens Inc. has long been the major underwriter and seller of municipal bonds in Arkansas.

Royal Securities was also a major underwriter and agent for numerous government bond issues.

And the company still has a place among major underwriters and investment bankers, although neither area is booming right now.

Indeed, major underwriters do have some control over their market share, by aggressively pursuing certain niches and using timing considerations.

So the net possible losses by all underwriters is closer to $1.7 billion, one major underwriter said.

Haas Securities acted as the market maker or major underwriter for the stocks.

The mental health institute was trailing behind when, as the nation's major underwriter of research on mental illness, it should have been leading the way.

An executive at a major underwriter, who spoke on condition of anonymity, added, "There is a large universe of accounts waiting to buy."

In Minnesota, rates for a major underwriter dropped 15 percent on July 1.