an association called a board of trade, chamber
of commerce or similar title for the purpose of assisting "each other
in the pursuit of common ends." The result has been uniformity of
methods and charges; but above all in importance, perhaps, has been
the definition of classes and grades of the products placed on sale.
The tendency is for the associations in the different cities to adopt
uniform rules for the grading of products, so that No. 2 red winter
wheat may mean the same thing in Toledo and New York; that the
quotation on prime beef may refer to the same quality of cattle in
Pittsburgh as it does in Chicago; and that No. 1 Timothy hay in
Baltimore and St. Louis may be alike. While the tendency is towards
uniformity, much yet remains to be accomplished. The shipper must be
on his guard lest he suffer loss through the variations in the
classification or variations in their interpretations on the different
markets.

There has grown up around these markets some agency which stands as a
disinterested party between seller and buyer impartially determining
the weight and in some cases the quality of the object under
negotiation. The State of Illinois employs agents who inspect all cars
of grain consigned to the Chicago market. These inspectors determine
the kind, grade and weight of the grain in each car. The car is then
delivered under seal to the purchaser. If either seller or buyer is
dissatisfied with the inspector's decision he may, by complying with
certain regulations, have this decision reviewed by a higher
authority. The decision of this higher authority is final and must be
accepted by both parties. Brokers selling grain in carload lots ship
the cars subject to the weight and grade as determined by the
inspector at Chicago. Grain of a specific grade may thus be bought in
Chicago or other great grain markets with almost perfect security as
to weight and quality by persons living in any part of this or any
other country. At Elgin the quality of butter is determined by a
committee appointed by the Board of Trade from its own members. In the
live stock markets, the stock yards company, in addition to furnishing
yards, shelter, food and water, acts as agent between seller and buyer
in determining the weight of the animals. The purchaser or his agent
must determine for himself the quality of the animals he buys.

GRAIN MARKETS

The Chicago and St. Paul Boards of Trade and the New York