Show BONDS HEADED FOR THE MARKET Demand Applies Apples Largely to the Highest Grade Orade Obligations B By Ily JOHN L. L COOLEY Associated Press Pres Financial Writer Wrier NEW YORK May 11 1 P IP-A IP A A number number number num num- ber of cities and states are arc planning to top tap the municipal bond market maket for or more in the next few weeks week Wall Wl street bankers incline to the view that the recent improvement for highest grade bonds coincident with wih the federal reserve systems system's vigorous credit expansion program through its is purchases of federal government sc se- se augurs augus well wel for the new mu financing With Wih some large commercial banks especially those having excess re reserves reserves re re- serves with wih central banking institutions institutions tons evincing a willingness to expand cx- cx investments investment there appear to be beair fair air grounds for bele belief that term long-term borrowing planned by state and city governments will wi find market conditions condi- condi ions tons favorable Demand at present Is largely for highest grade obligations such as the recent New York state stale securities which attracted a subscription subscription sub sub- for a Issues but bul bankers jankers point out that inquiry should broaden provided con confidence ence escapes further jolts jolt A huge volume of or municipal fi financing financing f- f fi- fi has been held back for months because of poor markets market but dealers in this class of security say that hat given a maintenance of current curren trends rends there should be a substantial and steady increase se in the number of successful borrowers The largest new issue in prospect is isa isa isa a block of New Jersey Jerse state bonds proceeds of which are arc arcLo areto areto to Lo be used for highway and institutional institutional tonal building construction Bids are scheduled for June The state of oC Mississippi it i is reported reported re re- re ported here will wi offer ofer a 3 issue while Minnesota will wIl soon be beill bein bein in ill the market iLk ith ih a batch of highway bonds The city of Philadelphia Phil Phil- Phi adelphia has announced that it would sell issue el publicly on June 3 a |