Page:The New International Encyclopædia 1st ed. v. 13.djvu/95

* MARKET AND MARKETING. MARKHAM. goods. The liiiii i.-< applic'il at tlic picsi'iit time more jmrticularly tu certain pulilif places or buildings where goods are ollered for purchase and sale. In a hroader sense, it is the country, city, or locality, where goods are bought and sold, as the foreign market, domestic market, New York market, etc. Markets have existed from the time when men first l)egan to diversify their products. They were the meeting idaces f(ir barter and exchange, and during the .MidiUe Ages were a source of considerable revcmie to the State. The State authorized them, made laws for their control, and collected certain tolls. In Europe to-day nearly every town and in America nearly all the large cities have one or more market places. These may be simply open public squares in some centrally located district, or they may be a commodious, substantial building, fitted up with stalls, booths, and containing cold stor- age rooms for the preservation of quickly perish- able goods. Modern stores and shops are the outgrowths of the early markets and have de- veloped in comparatively recent times. Owing to local productions, to transit facili- ties, or to some other favorable circumstances, many cities have developed special markets, as for example the Liverpool wheat market. Bullalo live-stock market. New Orleans cotton market, Leipzig book and fur market, etc. The manner of marketing has changed greatly in modern times. JIuch of the produce formerly .sold in bulk is now marketed in small attractive pack- ages ready for family use. .Many firms have built up a lucrative business by buying commodities in bulk and repacking them in smaller, more convenient and attractive packages. The development of the cold storage system, in- cluding the use of refrigerator cars for goods in transit, has in recent years profoundly affected the niethods of marketing perishalde products and indefinitely prolonged the season during which many kinds of agricultural products may be found on sale, even in the markets of regions remote from the place of original shipment. Con- sult United States Department of Agriculture, Farmers' Bulletin f)2. Marketiiiri Farm Produce (Washington, 1807). MARKET OVERT ( Fr. ouvert. open). In the English law. certain 'open' or public markets, where the law protects a purchaser in his title to any goods which he may buy in good faith, even though the tradesman did not own or have a right to sell them. The law originated in an old Saxon custom which prohibited the sale of anything alxive the value of twenty pence, except in open market an<l in the presence of witnesses. The theory was that lost or stolen goods would probably be identified in a public market by the owner, before the tradesman or original thief <'ould dispose of them. This custom became the law of England after the Conquest, and was modilled to include goods of any value, and by dispensing with the necessity of witnesses. It is applied to every kind of personal property except horses. By sub.sequent statutes the law- was further modified so that at present if stolen goods are sold in open market, the title revests in the owner upon the conviction of the thief. Only certain ancient markets have this character, outside of London, where every public shop is a market overt and every day is market dav. This law never existed in the United States. See S.LES. Vol. XIII.— 6. MARKET VALUE. Ihc value of an article as established by public sales of such property in a particular locality. At times this value is proved by regular market quotations. It is also proved by persons familiar with the price at which such property sells regularly in the market. If the market price is abnormally en- hanced or depressed at the time and place for delivery of any goods, b}- wrongful cond)ination3 or by an illegal monopolj-, other evidence than the market sales may be resorted to for the pur- po.se of showing the fair value of the property in question. Consult the authorities referred to under Tort ; Damages; Cri.minai. Law. MARK'HAM, Albert (1841 — ). A vice- admiral of the English Royal Xav}', born at li.ign&res. After his education in the Royal Navy Academy at Southsea, he entered the navy and served in China, taking an active part in the fall of Peking. He rose to lieutenant (1862), commander (1872), captain (1876), and rear- admiral (1802). He commanded the Ahrl in the Arctic expedition of 1875-76, when he planted the Union Jack in the most northern point reached up to that time (83° 20' 26"). He ex- plored Davis Strait. Lancaster Sound, Nova Zemlila, and Hudson Bay. His contributions to the periodicals are numerous. Among his pub- lications arc: The Cruise of the Rosario (1873) ; The Great Frozen Sea (1877); Xorthirard Bo! (1878) ; The Life of John Daris the Navigator (18821: .-1 Polar Reconnaissance (1880); and Life of Sir John Franklin (1890). MARKHAM, Sir Clemext.s Robert ( 18.30 — ). An English traveler, geographer, and au- thor, born at Stillingfleet, County York. He was educated at Westminster, and in 1844 entered the navy. In 18.50 he was commissioned lieutenant, and the ne.>;t year accompanied the expedition sent to search for Sir .lohn Franklin. He traveled in Peru, aceompanjed the British military ex- pedition against Abyssinia in 1867-68. entered the geographical department of the India Office, and later he became editor of the (leofiraphiral Maga- zine and secretary of the Royal (ieographical So- ciety and of the Hakluyt Society. He published: Franklin's Footsteps (18.52) ; Trarels in Peru and India (1862) ; A History of the Aiyssiniati Ex- pedition (1809) ; The Threshold of the Unknou-n Region (1874) ; Major James Rennell and the Rise of Modern English Geography (1895) : and Richard Hakluyt: His Life and Work, icith a Short Account of the Aims and Achievements of the Hakluyt Society (1896). MARKHAM, Edwin (1852—). An Ameri- can i)uet, born in Oregon City. Ore. When five years old he was taken to live in California and struggled for an education there while engaged in general farm work. He began to write verse for the California papers at an early age, be- came a teacher, and rose to be principal and school superintendent. In 1899 he removed to Brooklyn. N. Y.. and subsequently to Staten Isl- and. His best-known poem is The Man with the Hor. nublisbed in book form with other verses in 1890. His other books inchule Linroln and Other Poems (1901) ani Field Folk : Interpreta- tions of Millet (1901). MARKHAM, Oerva.se (c. 1.568- 1637). . Kmrlisli author, born at Ootham. Nottingham- shire. He sered as a soldier in the Low Coim- tries. and attained a captaincy in the English