FUR MARKETS OF WORLD 19 



the skinning, or dulled in the curing — are placed at the very bot- 

 tom of grades and usually sold only for hatting and felting or fill- 

 ings, which explains to the outsider why at the same sale silver 

 fox sold at #1200 and also sold at $1.50, why a small mink skin sold 

 at $60 and another larger at 50^. 



You will hear a true fur trader grit his teeth over these sales 

 of unprimes. "Here," he says, "is a young silver fox spoiled by a 

 fool in the trapping. If this young fellow had been allowed to grow 

 up, he would have brought $800; but now, bah, $1.50, wasting the 

 trade's time." 



The buyers fall on the unprimes with the ferocity of wolves. 

 The fur trade wants to slaughter the prices of the unprimes off the 

 market. 



The trapper may ship direct to the fur auction with his name 

 tagged to the back of the pelt and a game warden's stamp, for 

 in most of the States and Provinces, the trapper has had a license 

 and conformed with the local law ; or he may sell to a local trader, 

 who ships to the big auction. For the fur so shipped forward a 

 certain advance is made, rendered possible by the banks financing 

 the fur auction corporations. For selling the furs a commission is 

 charged of 5 to 6% with a discount. All transactions are necessarily 

 on a cash basis ; for the furs sold in April must afford the trader 

 back on the hunting field cash resources to buy his goods for trade 

 the following autumn. Each of the fur auction corporations is 

 financed by subscription to a joint stock company, which can pledge 

 its joint stock to the banks for credit to advance a percentage of 

 purchase money to the individual shipper. All this is to facilitate 

 quick action in a big wide area of a complicated, highly complex 

 and technical industry. 



Each trader if he thinks his pelts are being knocked down at a 

 price too low has the privilege of buying in his own goods ; but 

 once the hammer has knocked down, the bids are irrevocable. 



For a month before the auction, buyers from every part of the 

 world frequent the storerooms. Dressed in linen dusters, they are 



