Buoyed by the second and third highest-priced mares of the sale, the level of trade rose somewhat during the second session of the Keeneland November breeding stock sale on Tuesday in Lexington. Keeneland reported 179 horses sold for a total of $57,168,000 and an average of $319,374. At the comparable session last year, 223 horses sold for a total of $72,513,000 and an average of $325,170. Buy-back rate was markedly lower than the first session at 26.9%.

Through the first two sessions of selected horses, 331 have been sold for $105,903,000, an average of $319,374. At the same point last year, 649 horses had been sold for $203,058,100, an average of $312,878, but that sale included a "dispersal day" session absent from this sale.

"Today was a little more solid than I expected," said Geoffrey Russell, Keeneland's director of sales. "Maybe they liked what they saw today better than yesterday. We knew going in Phone Chatter was going to bring a lot of money. We were a little surprised by Tiznow's dam, but when you have something as special as Tiznow it happens."

"At the upper end, horses are bringing their full value. If these mares were brought in last year I think they would have brought the same money," Russell said.

Coolmore Stud's John Magnier struck late in the session to purchase 1993 champion two-year-old filly Phone Chatter, in foal to Dixie Union, for $3.6-million, the second highest price of the sale.

The ten-year-old daughter of Phone Trick, winner of the 1993 Breeders' Cup Juvenile Fillies (G1) and Oak Leaf Stakes (G1), is already dam of graded stakes winner Cat Chat. Fred Setiz's Brookdale Farm consigned Phone Chatter on behalf of California breeder Herman Sarkowsky, who is reducing his breeding stock.

Agent Reynolds Bell paid the second highest price of the day when he went to $3-million for Dancing Mahmoud, an 11-year-old mare by Topsider in foal to Seeking the Gold, consigned by Eaton Sales. Bell was seated with his principal clients, Richard Santulli and George Prussin of Jayeff B Stable, but declined to comment.

"This is a better sale than yesterday," said Reiley McDonald of Eaton Sales, "but it's certainly not three or four buyers even on the better horses. We showed these horses a lot for mares, so I don't know where the buyers are."

The sale continues at 10:00 a.m. EST on Wednesday.—John P. Sparkman