22 BULLETIN 456, TJ. S. DEPARTMENT OF AGRICULTUBE. 
agencies. The methods employed in arriving at the quotations vary 
somewhat in the different markets. It is the usual custom for a mar- 
ket reporter who is acquainted with the wholesale receivers and job- 
bers on the market to interview these dealers and obtain current in- 
formation from them regarding the condition of the market, buying 
and selling prices of the various grades of butter, and the general 
movement of receipts. He also attends the meeting of the exchanges 
where he interviews members of the wholesale trade organization and 
notes the offers and bids on the "call."* With this general informa- 
tion he is able to make a report of the market prices of butter which 
when published becomes the market quotation. 
INFLUENCE OF EXCHANGE TRADING ON QUOTATIONS. 
In a feAv markets the quotations for butter are established in 
accordance with the method just described, and the exchange trading 
has a considerable influence on the quotations. The sales on the 
"call" represent a very small percentage of the total receipts. 
Therefore it is apparent that the market reporter should be able to 
detect irregularities in the offers and bids in order to establish a 
quotation which reflects the actual market value. "When market 
values- are continually underquoted, the paying of premiums over 
quotations usually results. Exchange trading, therefore, which 
reflects the true market value of butter, must be free from manipula- 
tions. 
That the Xew York Mercantile Exchange, the Chicago Butter and 
Egg Board, the Elgin Board of Trade, and the San Francisco Whole- 
sale Dairy Produce Exchange have a widespread influence on the 
price and movement of creamery butter is generally recognized. The 
Xew York Mercantile Exchange meets at 10 each morning, eastern 
time : the Chicago Butter and Egg Board at 9.30, central time : and 
the Elgin Board about 12 m. on each Saturday. 
Various methods of effecting sales on " call " are employed. 
Usually the offerings are numbered, and the bidder stipulates the 
number of the lot for which he is bidding. A sale is effected when- 
ever a bid and offer of the same grade coincide. During the " call " 
the offers, bids, and sales are usually posted on the blackboard or 
" call r ' board. 
THE BASIS FOR MARKET QUOTATIONS. 
The true basis for a market quotation is the price at which the 
majority of the sales of a definite grade are made. By majority of 
the sales is implied the sales made under the free influence of the law 
of supply and demand. The greatest difficulty in establishing 
accurate market quotations at the present time is to obtain the price 
