MARKETING 227 



Live stock exchange. — On most of the large markets, 

 especially those of the West and North, we find live stock 

 exchanges, which serve a most useful purpose. They 

 handle all the larger matters for the better interests of 

 the shipper, stockyards company, packing houses, com- 

 mission men and all interested parties. They decide such 

 questions as dockage, post-mortem examinations, freight 

 rates, insurance, and yard regulations and charges. Be- 

 fore the development of the exchange the shipper was 

 at the mercy of the larger buyers, who made prices and 

 controlled the markets. The exchanges handle all dis- 

 putes, guarantee security of property, and are beneficial 

 in many ways. The live stock exchange is a necessary 

 adjunct to any large market and its usefulness is only 

 limited by the support given it. 



Market classifications. — Owing to the great variations 

 that exist among the hogs that are shipped to any mar- 

 ket, it has been found necessary to standardize and 

 classify those of certain qualifications into certain classes 

 and grades. These classifications are based to a very 

 large extent upon weight, condition, age, sex, quality 

 and utility, and we find each class and grade better 

 adapted to some particular commercial purpose than any 

 other class or grade. 



Market classes and grades of hogs. — Hogs that are 

 sent to the market are classified into groups or classes 

 according to the specific commercial purposes to which 

 they are best adapted. These classes are numerous when 

 the market receipts are large. When a small market is 

 concerned the number of classes and grades is small. 

 In order to give some idea of the extent of market clas- 



