387] PRESENT ORGANIZATION OF BUTTER MARKET ^3 



siderable risk and responsibility. He receives large lots of 

 butter and pays mostly for the goods outright. For this 

 reason the wholesale dealers must watch the butter market 

 of the world. It is therefore in the minds of this group of 

 dealers that the market price develops into a definite figure, 

 and from them a skillful reporter of prices may determine 

 an average of their estimates as to what the market prices 

 should be. 



THE ORGANIZED MARKETS 



One of the most important functions that the organized 

 market serves is the collection of data concerning supplies 

 and the condition of the market. A good deal of this work 

 in recent years has been taken up by publishers of daily or 

 weekly reports giving all facts available. Such reporters 

 get much of their information from the sales under the 

 " call " of the organized market, but in addition they inter- 

 view its members individually as well as other dealers and 

 exporters, and ascertain the receipts of butter into a city 

 and the amount of stock on hand. Similar market data for 

 other cities are also secured. Facts are gathered from the 

 field of production. All this information is published daily 

 and distributed among the dealers. An example of this 

 kind of publication is the Producers'' Price Current 1 issued 

 daily at about four p. m. Members of organized markets, 

 as well at other dealers, and producers place considerable 

 reliance upon information appearing in such publications. 

 But in addition to this source of information the organized 

 market has its own publicity service. Bulletins of receipts 

 and prices of butter are exhibited in the exchange rooms. 

 Upon a large glass weather map the daily weather condi- 

 tions of the entire country are charted for the New York 



1 Published by the Urner-Barry Co. of New York City. 



