34 
The auction disposes of a large volume of goods in a relatively 
short time. Every lot offered can be sold at some price, regardless 
of its quality or condition, as all classes of the quantity-buying trade 
are represented among the buyers. 
Auction sales are open to the public, and anyone may buy. The 
selling is done in the open, and the prices realized are published. 
This publicity tends to minimize rebates, secret agreements, private 
adjustments, manipulation of accounts, and similar practices. 
Charges and commission rates assessed by the various auction com- 
panies lack imiformity but in most cases are less than the cost of 
selling by private sale. 
Auction companies customarily forward the net returns to the 
shipper within 24 to 48 hours after the sale is made. Credit is often 
extended to the buyers; but this does not affect the returns to the 
shipper, as any losses from bad accounts are borne by the auction. 
