New-York tribune., 1918-03-27
Bond Sales on
Stock Exchange
Set New Record
More Than $26,O00,000 of
Liberty Issues Change
Hands

Secretary McAdoo's announcement OF
the essential details Of the Forthcoming
third Liberty Loan was followed ycster-
day by the largest trading in bonds ever
recorded by the New York Stock EX-
change, and sharp rise in prices.
The total dealings for the day in
Liberty bonds reached $26,940, 900 par
value, of which $23 ,435,0 900 consisted of
4s. the issue sold last October. Stu
dents of the market attributed the un-
precedented buying to the fact that the
outstanding Liberty bonds are conver-
tble INTO the new Third Liberty Loan
4 As, which will be offered at par. An
other factor. according to the experts
WAS that inaSMuch rs tho new bonds
will be acceptable for inheritance taxes
at par and interest the outstanding
bonds, which may be converted into the
new issue, afford at the existing market
prices an appreclable saving.
Makes New Record
Total dealings in all bonds broke all
records of the New York Stock Ex
change with turnover of S27,786,0OO,
compared with $3,749,000 on Monday
The nearest approach to yesterdays
huge turnover of bonds was on Novem-
Der II, 1914 during the Russo-Japanese
War; when $14,8l6,000 were sold at the
exchange.
Buying of the Liberty Loan bonds
came from all quarters. but the prin-
cipal single source of buying orders
was the Stock Exchange house of
one Of the floor members of this firm,
executed orders in the bond section of
the exchange aggregating 100000
of the second As. The house acted
simply in the capacity of broker and
bought the bonds for rich clients
whose identity was not divulged.
Bond Buyers Eager
The buying of the second Liberty
affair, and the scramble of brokers to
get off Buying orders was likened to
the stock market in the throcs OF Il
bear panic In the first three min
utes of trading approximately $1,000
coo of the government issues had
changed hands on a rising market. The
second 4s opened at 81 Il, Up Y from
the Monday closing. Subsequently, in
the afternoon, when some OF the big
gcst buying of the day came into the
market, the price climbed to 979S. a
gam over the close oil Monday OF al
most a full point. The bonds sold off
somewhat later, closing at 1856, net
gain on the day of slightly more than
half point.
When the buying movement in the
second As reached its height one order
for 81 ZOO, 900 appeared on the stock
tape. followed by two transactions Of
81 zoos GOA each. These were a part of
the orders Put through by the Barney
firm.
The Liberty Loan 3la per cent bonds,
though not nearly 50 active as the sec
ond is, nevertheless showed turnover
Of $3,57l 900. They advanced to 90,
compared With 9S20 on Monday. and
closed at oS.76. Of the first Liberty
Loan 4s $ilH,0OO changed hands, sell
ing up to 97.70 and closing at $780,
compared with a close Monday of 90. 78.
Stock market prices advanced fur
Their yesterday, confidence increasing in
! important Wall Street quarters over
the ability Of the British and French
to check the German attack on the
West front. Some of the representa-
tive issues gained to . points in the
early trading, but part Of the gains
were lost when profit taking sales ap-
peared shortly before the close. Deal
ings in stocks contracted sharply, the
total turnover falling to 375 900 shares.
compared with G33, 500 on Monday. The
Anglo-French per cent bonds were
strong, selling above 80, compared with
S9M the day before. City of Paris 6
per cent bonds were steady, closing at
S2& off 10