The auction sale . The auction sales group is made up of (1) the auction- 

 neer, (2) the warehouseman or his representative, who calls an opening bid, (3) 

 a corps of buyer representatives (usually 6 to 8) , known as a "set of buyers," 

 and (4) the warehouse clerk who follows and records the details of the sale 

 such as buyer's name and grademark and the price bid onto the basket ticket. 

 Usually, a number of growers and other spectators are observing the sale. 



The starting bid is made by the warehouseman or his representative, and 

 since it indicates the warehouseman's valuation of the tobacco, it has an im- 

 portant effect on following bids and on the price paid. The auctioneer calls 

 out the starter's opening bid, receives other bids, and announces the selling 

 price and buyer when the bidding is finished. Various quick signs are made by 

 the buyers and accepted as bids by the auctioneer, and the auction sale moves 

 along very rapidly. In the flue-cured district, the rate of sales is 500 lot? 

 per hour, and in burley, 360 baskets. 



Figure 32.--Flue-ciir\ed tobacco auction sale in progress. 



After the sale . As soon as the sale is underway, truckers begin moving 

 the auctioned tobacco to side doors and loading it on trucks to be taken to 

 the processing facilities of the various companies. 



A farmer has the right to reject the bid price offered for any basket of 

 his tobacco. He does this by "turning" the ticket, that is, by folding it 

 with a crease, tearing off a portion, or otherwise mutilating it. Such lots 

 are usually "dressed up" and put back in line for later sale on the same ware- 

 house floor. It is assumed that, at the second sale, it will be bid in at a 

 higher price. However, the grower may take the tobacco to another warehouse or 

 market. 



34 



