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Show Third, in 1689, this method was prescribed for the selling of goods and merchandise imported from the East Indies. A few years later, about 1700, Elihu Yale, the founder of Yale College, and one time governor of the East Indies, sold goods he shipped to England by Auction. So you see, the auction system has served mankind for a long period of time and it will continue in operation as long as men buy and gell, barter and trade. There is hardly one portion of our great country in which property owners are not benefited by its existence Whether it be the selling of livestock, real estate, jewelry, merchandise, paintings, rugs, antiques, fruit, wool, tobacco, or what not, a certain amount of competition is brought together that cannot be assembled in any other agency. Every day of the year, millions of dollars worth of commodities pass under the auction hammer. Most of the purebred livestock of England, Scotland, and the United States and Canada is now sold at auction. I believe that buyers prefer to buy at auction because it gives them the chance to measure values. The auction way offers a measure of values in open competition. 6 - written by Colonel Arthur W. Thompson, Lincoln, Nebraska Colonel Thompson was the man who became auctioneer at the Ram Sale in Salt Lake City after Colonel Lincoln was unable to continue the responsibility. One day Colonel Thompson told this amusing story. He said that auctioneers were occasionally heckled by some smart man in the audience 144 |
