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A typical warehouse floor of tobacco being graded by Federal tobacco 

 i nspectors Just prior to the auction sale. 



The actual auction sale is participated in by buyers represent- 

 ing domestic and foreign companies. At the beginning of the auction 

 the buyers line up on one side of the row of tobacco directly across 

 the row from the warehousemen, the auctioneer, and a ticker marker. 

 The warehouseman starts the auction with the first bid, based on his 

 judgment of the market price of each lot according to quality. How- 

 ever, like any article being sold at auction, the buyers have dif- 

 ferent ideas of the value. At this point the auctioneer cries the 

 warehouseman's bid and buyers take over, signifying their bids in 

 various ways: by winks, signs or sounds, until in the judgment of 

 the auctioneer, the lot of tobacco has brought the top dollar. The 

 auctioneer then names the buyer and the price paid for the lot sold. 



12 



