I9I3.] EXCHANGE VALUE OF METEORITES. 541 



viduals, were commercially quoted at figures averaging 5 per cent, 

 lower than Wulfing. They controlled one to three falls each. 



3. Forty-one falls controlled by the three oldest and largest in- 

 stitutional collections, were commercially quoted at figures averag- 

 ing 45 per cent, higher than Wulfing. They controlled 8, 12 and 

 21 falls respectively. 



These figures require some analysis before acceptance. It 

 should be emphasized that they are not necessarily institutional 

 prices, but rather prices asked by dealers for institutionally con- 

 trolled falls. 



We have noted that the sixty-one falls controlled by the smaller 

 institutional and private collections afforded market prices 5 per 

 cent, below Wiilfing. That meant that their need of each fall con- 

 trolled was less than the need of the " big three " institutions, whose 

 controlled falls found market prices 45 per cent, higher than 

 Wiilfing. The smaller holders let their surplus stock go at low 

 figures on exchange, being eager to advance the growth of their col- 

 lections, or because they had merely local holdings of a nearby fall, 

 or again because they were uninformed on values. The larger in- 

 stitutional owners, on the contrary, were probably well informed 

 about relative values. Accordingly they parted with their surplus 

 only on the most attractive offers. Moreover they required a larger 

 proportion of each fall than did the smaller collections and had 

 correspondingly less to part with, thus tending to advance the price. 

 Summed up, the price of any fall depends somewhat on how willing 

 the controlling owner is to part with his property, the demand being 

 fully established. However, as with all commodities, such demand 

 varies inversely with the price. 



The Use of WiUfing's Tables. — In accepting the much criticized 

 Wulfing formula as the only theoretical system of evaluation yet 

 devised, one must do so with clearly expressed conditions. 



Since some of Wiilfing's critics apparently take his approxima- 

 tions as more exact than he intended them to be, let us in fairness 

 read his words on p. 431. "Even though I only succeed in estab- 

 lishing the standard of value to such an extent that one may at least 

 sav: the value of such a meteorite is not more than double nor less 



