e bought at $5 per cwt., 5,000
hogs will be without buyers, and their owners will seek, by lowering the
price, to find buyers at $4.50 per cwt., if necessary. Since all the
sellers will feel the same pressure, the tendency of market value will
immediately be downward. Buyers willing to pay $5 per cwt., finding many
sellers, will expect a reduction in price, and the price will certainly go
down until the hogs purchased equal the entire supply. And that will not
be until the buyers are stimulated by reduction of price, so that as many
hogs are wanted as there are for sale. If that point is reached at a price
of $4.50 per cwt., the market value is found there. The limit of time
within which this reduction takes place will depend upon the ability and
willingness of sellers to wait. If the product offered is perishable, or
costly in keeping on the market, the reduction will be speedy. Otherwise
it may be held indefinitely with the hope of compelling buyers to come to
the higher prices, in which case it is practically taken out of the
market. Only those commodities are practically in the market which are
held for sale at the market price. Only those buyers practically enter the
market who are able and willing to give the market price.

_The higgling of the market._--The process of reaching an agreement between
buyers and sellers is called the higgling of the market, and represents
the conflict between the wishes of sellers to get the most possible for
their products, and the wishes of buyers to get the most possible for
their money. In fact, both buyers and sellers have the same motive: to
make their own exertions go as far as possible in supplying their own
wants. The fact that money enters into the transaction makes no difference
with the bargain. Two farmers trading horses have exactly the same desire:
to get the full worth of the horse to be given. A genuine bargain usually
benefits both parties. Even in a horse trade each owner expects to be
benefited by the exchange; and only a jockey seeks that benefit in taking
advantage of his neighbor's ignorance or inexperience.

So, in the general market, every seller gains what he desires more than
what he possesses, and every buyer has exactly the same experience. Two
friends may exchange books if either would be benefited by the exchange.
In that case the one gaining the less valuable book gains the satisfaction
of giving to his friend. Both are still profited, one by the larger