176 Early History of American Auctions 



have left the city (a regulation at once equitable and necessary), 

 as otherwise there would be no protection for the auctioneer in 

 the settlement of his accounts, or for the seller against the 

 fraudulent claims of strangers. This being however, a declared 

 condition at all times, the publicity of the rule insures the prompt 

 examination of the goods. 



"Package sales are resorted to when entire cargoes are to be 

 sold, or where the quantity of goods is too great to be disposed 

 of in detail. Large assortments of merchandise are daily offered 

 at the piece sales, where packages are opened, and the goods 

 sold in small or large lots, as may most tend to the interest of the 

 seller and the convenience of the purchaser. These sales are 

 regular and systematic, being held by each auctioneer of extensive 

 business on two or more specified days in each week, and are 

 principally depended upon by the retailers as well as the larger 

 dealers for their uniform supplies ; they are held under the same 

 implied regulations which govern sales by package. Every article 

 is opened and exhibited on shelves on the morning of the sale ; 

 a sample piece of every package, as it is offered by the auctioneer, 

 is displayed upon the counter for examination, and several others 

 distributed among the company in original folds ; the rest of the 

 packages, if of similar quality, is sold in order ; but the same 

 process takes place whenever any difference in value exists, or 

 where the accommodation of the purchasers makes it necessary. 

 Ample time is given during the sale to examine accurately every 

 article as it is offered. 



"A credit of three, four, or six months, is usually given on 

 sales by the piece, where the amount purchased exceeds $100, 

 and approved security is always required by the auctioneer. 

 Legal interest is allowed for cash payment ; and men of limited 

 means, by a combination of their purchases, secure the credit 

 which is at all times convenient, and frequently necessary — their 

 united responsibility being admitted for amounts for which either 

 individual would not be accepted. When it is considered that 

 these transactions take place daily, and that the supplies so 

 obtained are essential to the support of numerous inferior estab- 

 lishments, the importance and value of the accommodation will 

 be evident." 



As the auctioneers grew in number and wealth they became 



I 



