328 IOWA DEPARTMENT OF AGRICULTURE. 



resentative committee to quote prices every day of the year in accordance 

 with the spirit of the injunction. It is reasonably easy for any well 

 posted operator to Tinoiv what the market really is, not what somebody 

 thinks it is or ought to be, and when personal interests, spite, jealousy 

 and unfairness are put aside right conclusions must follow. 



Turning from the work of the quotation committee, which ceased on 

 August 12, 1907, when the supreme court injunction went into effect, let 

 us consider briefly the system which is now employed. If you will kindly 

 forget the part that I have in making these quotations I will take you 

 around the market and show you how the reporter digs out the informa- 

 tion that is needful to a proper understanding of values. 



It is Monday morning and the closing quotation on Saturday was 30 14 

 cents. The reporter joins seventy-five to one hundred of the receivers 

 and jobbers of butter at 10 o'clock on the floor of the Mercantile Ex- 

 change. The receipts of the day as posted on the bulletin are studied 

 and frequently information as to whether the stock has arrived and is 

 ready for delivery is obtained from the fast freight line agents, most of 

 whom have just come from the unloading depots. Telegraphic reports 

 from other distributing points and country markets are read and their in- 

 fluence on the position here weighed carefully. However big we may 

 consider ourselves, it is safe to say that no important market can run 

 long without being influenced to some extent by what is going on at other 

 points. Then follows a discussion as to the situation, the force and 

 character of the demand, advices of supplies in transit and the prices at 

 which buyers and sellers are willing to do business. When trade is mov- 

 ing along smoothly the demand absorbing the available supply, quite 

 early in the day, it is clear that there will be no change in quotations. 

 This was the concensus of opinion by those who were on 'change that 

 morning, and by eleven to eleven thirty the reporter starts down the 

 street, visiting anywhere from fifteen to thirty of the stores to see 

 whether buyers are taking hold, and if the early impressions of the 

 market are borne out by actual trading. He meets perhaps a dozen 

 buyers and is shown tickets of purchases, some with the price left open, 

 but with the understanding that it will be whatever is quoted, and others 

 at a definite price. By twelve thirty or one p. m. there is no longer any 

 question about the market and the reporter goes to the office, prepares 

 his copy for the printer, and between two and three o'clock the Price 

 Current is ready for distribution. 



Tuesday morning the posted receipts are heavy and the tone changes 

 a little. In a half hour the reporter is accosted by four or five of the 

 largest buyers with a query as to "How it looks," "Do you think there 

 will be any change," etc. He has already found a slight difference of 

 opinion among the receivers, so his reply to the buyers is, "I wish you 

 would see the men from whom you usually get your goods and then come 

 and let me know what price you can buy at." In a short time they begin 

 coming back and all have the same story to tell — "we can buy easily at 

 yesterday's price, but no less." Later investigation on the street develops 

 the same situation and the quotations are left unchanged. 



Wednesday still shows a little unsettled feeling, which become more 

 pronounced on Thursday, when it is seen that stock is not selling up as 



