New-York tribune., 1897-08-19
WOOL UNDER THE HAMMER
MANY BUYERS ATTEND THE FIRST AUC-
TION AT THE EXCHANGE.
THE EARLY OFFERINGS GO AT FRACTION OVER
CURRENT PRICES AT PRIVATE SALE
OFFICIALS WE'LL PLEASED
WITH THE RESULT.

WITH THE RESULT
The first large auction sale OF wool ever "e''
the United States brought together large "u''"''
of New-York buyers. besides many puYeis @ rom
most Of he large cities east OF Chicago d. '"e "0'
Exchange Yesterday afternoon. The moor ana gar
Ieres NJ the Exchange crowded. and seats were
orlv ohtainable by those for whom they hao ree''
reserved upon previous application ''ea' ''
was taken in the sale. which marks ne" uepA''
ure I'm the wool trade Sales by aucton haNe "''e
been customary in London. Liverpool ana o'"e'
British markets. but in America inc system oi "a
vate trading has hitherto been followed. only lie"
unimpor.ant auction sa,es by separate "ii"S w
ha wing been held When the auction was nrs' P'o-
iected It was regarded as in the nature OF an eA-
pertinent but great was the interest TAKEN !" 'i'e
sale and so large the number OF buyers present "a'
A. Wills Lighbourn. secretary OF me ENchanse' ue
clared Yesterday that auctions had already passed
from the experimental stage. and would be hed reg
ularly in the future. -.
Two o'clock was the time set for the sac 10 start.
At that hour every one of the seats on 'he "oo' u
the Exchange was occupied, and addi'iohai c"diiS'
which were brought. were entirely ihsu'i'c.e,' io'
the number present Among those who ATTENDED were
Mayor Strong Senator T. c. Plat. EDWARD r. foo''
president OF the National Park Bank Cofheiu' van
Cott Postmaster of New-York CITY: Ciehe"t ~
Crscom and George Coppell. chairman OF the bA-
ecutive Committee OF the Denver and Rlo Grahoe
Railroad. .
Allan Macnaushtan president OF the Exchange'
opened the sale with brief address he saiu 'ha'
wool had hitherto not shared so Iargely III .e w
velopment and progress that hah at'ehueu o'". ~
dustres in America. but II was hopeu ''d' "
auctions would mark the beginning OF ne" era
With them the Wool Exchange ceased 10 oe Pi'
,,,o en,ernrjse and became a public institution
The sale was then begun. the auctioneer pe'hs
John W Wmerding. OF the firm OF " '''''e' u."s,
Morris & Mitchell. The best prices were rea"~e'
NJ the beginning for Australian cross-oreu "oo'.'
which sold for from "a cents 10 26l2 cents pou""'
The svstem generally followed during the SAFE was
"a MI, I'm small number OF bags or bales from each
CONSIGNMENT first as OF price. and II the DID,
ding was weak to hold the remainder over lor iu'u'
sale The first lots were sold at fracuoh over '"e
current figures at private sale during 'hc rest oi
the sale the bidding. except In few cases was hot
so spirited but the officials Of the Exchange de-
clared themselves well pleased with the result. ana
said that if for no other reason than the large num-
mber OF buyers who attended, the sale was most
satisfactory Six lots consigned by swift q Co.,
Of Chicago were among those which brought the
hest prices as follows: 600 pounds OF > A puiied
% cents pound: 1900 pounds OF NJ 5. pulled l5i2
cents: 1900 pounds c. 5. pulled. l1i2 cents l5oD
mounds F. NJ secured shearling. 26i2 cents; lbV"
pounds Med secured pulled. 9sis cents. and loVVo
mounds fine Med secured pulled. 37la cents In
,wenty-four lots OF South American wool consisned
by W r. Grace e. Co. only one lot was sod.
The total number OF pounds Of wool offered dur
ing the sale was S,5000Oo. The heaviest buyers
were from this city and Philadelphia Many OF the
largest manufacturers and woollen dealers OF these
and other cities were present and Mr.. Wilmerdlhg
the auctioneer declared in a few opening remarks
that he had never faced more wealthy or inteil
gent audience. Among those present were me i ioi
lowing: r. s. Dix, Boston John Lnnn; ;s fnlaaed Ssrd
phia: T. II. Higgins, New-iork; Juius CayaTn
Now-York c. A. Furbush., Phtadelphia; a., =: W, W.
Sss g5snen \ i Kasnans
Philadelphia; Joseph H Wheelock Boston aaron
We'll a 6; C;uimares. George +. Brown. Morris
Lobiiiz and l. MAYNARD, New-York Joseph IS s.
Dupee G. c Cotton J n. Emmott Charles ), j.
Wehb Charles j. Cole. Frederick Cass Henry
and f H Wilson New,York William Brown
and William Dawson Philadelphia; Frederick
Wides. Charles Simon and W ,hI,o; Henry
John A. Leslie, ,Philsdelphia:, w, styrsberg
" Nauer J. II Dewes. J. G. Webster
~ Rawitzer NJ Bcrmas and Henry Drummer. city,
Charles A. Boyce Boston; a. 6. Bigelow Pha-
dephia; H. A. Cae.er. h. W. Tiffany. c. 9. Nalen-
tine and Joseph c. Tully. New-York.
Secretary Lightbourn said at the close OF the
sale that the low prices for some lots would
encourage the bidders and the high prices IN
others would encourage the consignors He expects
even lvelier interest and bidding at the next sale
an September