New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-24
OFFICIAL AUCTION WOOL SALES.
FIRST SERIES TO BEGIN ON AUGUST 10
EACH SUBSEQUENT SALE ON
WEDNESDAY

The Wool Exchange yesterday announced the oates
for the first series Of official auction sales OF wool to
take place In this country Wednesday, August TO-
IL the date for the first SALE and each subsequent
sale will be on a Wednesday. The dates Tor the
second. third and fourth sales in the series were
announced as September 5. September 70 and Octo-
her H. Other sales at auction will be announced
later. The sales will take place In the WOOL Elk
change at West Broadway and Beach-st and VIII
bs in charge of Wmerding Morris & Mitchell. the
official auctioneers
The announcement of the auction sales is directly
I'm line with the purposes for which the Wool Ex-
change was organized. The project for giving an
omen market to the American wool trade was
formed many years ago. but the plan was not made
possible until the formation OF the Exchange anu
the erection of the present building. In making
the announcement Of the dates for the hrst Official
sales at the Wool Exchange, A. w. Lghtoourh'
the secretary OF the Exchange, said yesterday
The sales announced will be of woods consigned
to the warehouses allied with the Exchange:, inc inc
woods Of various grades IN doineSuT , ahu The
catalogues now being prepared py WIlhe,u cru y,
Morris Mitchell the official auc.iomT ns,eni in
detail will be made Of the WOODS to be SOLO me me
door of the Exchange has been declared open Ior
sale will be bulletined from thIs ua,e are on
,br h ean Of he London Wool auctions which have
been in operation for about NIFTY years ;eq the
pedient to sell in this fashion Sales are .eiI III
fiverpooi Leeds Manchester and elsewhere from
time to time. Many other industries have adoptedd
the same system Of selling The results III tIhslnu
seemed to justify an effort OF THIS Khd III Ne"
York. +, oo,oI o,,o
ton room In Coloman-st, and are held by various
brokers in turn. There are usually nVe SCI o 200
sales a year and the wool sold averages 4 4vp,uW
bales each series. or 100000 bales year. Imeno
are sales five DAYS a week from to In the even
ing Seventeen thousand bales nave been soid III
a day but about 1900 IL the average sale W.,
This system is modified in the new ork w oos
supervision by the Exchange. and by inc system EN-
of trading privately on the floor on DAYS "neh tIe
auctions do not take place. An improvement oyer
the London wool plan OF having pfokers elI III M
not however infringe on brokers' rights
A member of the firm OF Wilmerding. MOTIFS ~
Mitchell the official auctoneers of the Wool Ex-
change said yesterday: Very satisfactory con-
sgnments of wool from many important dealers
have been already received. and advance sheets OF
the catalogues have been sent 10 the printers.
These sheets will be added TO from day 10 nay as
other consgnments are received. The WOODS repre-
sented in the catalogue are desirable ana attractive
in character and condition. embracing foreign ana
domestic, fleece and pulled woods, secured WOODS
and those In the grease . -,
a rule of interest to wool growers throughout the
United States has been made for private tradins
the floor of the Wool Exchange By TINS rue
the selling broker receives from the seler per cent
commission, and the buying broker receives from
the buyer / per cent commission. the RUE was
made in the interest OF the wool grower, VINO tnus
avs only half the cost of selling his WOOL IN the
market Wool growers are advised by ofrcers OF the
Wool Exchange 10 bale or bag their wool and ship
II directly Of the official warehouses; OF Ine
Exchange. The official warehouse men OF the FIX
change are the New-Yo Wool Warehouse com,
pany. F. c. Lnde Company and II. +. Campoeh